Exhibit 99.1
Alphabet Announces Third Quarter 2026 Results
MOUNTAIN VIEW, Calif. – October 28, 2026 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended September 30, 2026.
•Consolidated Alphabet revenues increased 25% to $127.6 billion, reflecting strong performance across the business and our 13th consecutive quarter of double-digit revenue growth.
•Google Services revenues increased 11% to $96.3 billion, led by 12% growth in Google Search & other with the year-over-year Search query growth rate the highest it has been in the last five years.
•Google Cloud delivered record growth as revenues increased 103% to $30.7 billion, led by strong growth in Google Cloud Platform (GCP) across enterprise AI infrastructure and enterprise AI solutions, as well as core GCP services. TPU systems sales were also a meaningful contributor to revenue growth.
•Consolidated Alphabet operating income increased 30% and operating margin was 31.8%.
•Net income available to common stockholders was $26.2 billion and EPS was $2.12.
Sundar Pichai, CEO of Google and Alphabet, said:
“We had a strong quarter and are now on a half-trillion dollar revenue run rate. Our deep full stack approach is driving momentum across the business, with Alphabet revenues growing 25% year-over year.
Our AI investments are driving overall Search query growth, including commercial queries. In fact, our year-over-year query growth rate is the highest it’s been in the last five years.

Google Cloud revenues grew 103%, powered by huge demand for our AI infrastructure and AI solutions. We’re also seeing strong demand for our TPU systems across a wide range of customers.

Gemini 4 Argon and Carbon are now leading at the frontier. Overall, our first-party model APIs are now processing nearly 32 billion tokens per minute, more than four times what we processed a year ago.

On top of that, the Gemini app has reached one billion users—making it the fastest-growing product in Google’s history—and we surpassed 150 million YouTube Music and Premium subscribers globally, including trials.

We’re excited by the range of big opportunities ahead of us.”
Q3 2026 Financial Highlights (unaudited)
The following table summarizes our consolidated financial results for the quarters ended September 30, 2025 and 2026 (in millions, except for per share information and percentages).
Quarter Ended September 30,
20252026
Revenues$102,346 $127,577 
Change in revenues year over year16 %25 %
Change in constant currency revenues year over year(1)
15 %25 %
Operating income$31,228 $40,576 
Operating margin
31 %32 %
Other income (expense), net
$12,759 $(8,221)
Net income available to common stockholders$34,979 $26,170 
Diluted net income per common share$2.87 $2.12 
(1)    Non-GAAP measure. See the section captioned “Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues” for more details.


Q3 2026 Supplemental Information (in millions, except for number of employees; unaudited)
Revenues, Traffic Acquisition Costs (TAC), and Number of Employees

Quarter Ended September 30,
20252026
Google Search & other$56,567 $63,350 
YouTube ads10,261 11,207 
Google Network7,354 7,455 
Google advertising74,182 82,012 
Google subscriptions, platforms, and devices12,870 14,290 
Google Services total87,052 96,302 
Google Cloud15,157 30,709 
Other Bets344 372 
Hedging gains (losses)(207)194 
Total revenues$102,346 $127,577 
Total TAC$14,876 $16,366 
Number of employees190,167204,757
Segment Operating Results

Quarter Ended September 30,
20252026
Operating income (loss):
Google Services$33,527 $39,157 
Google Cloud3,594 11,121 
Other Bets(1,426)(2,047)
Alphabet-level activities(1)
(4,467)(7,655)
Total income from operations$31,228 $40,576 
(1)Alphabet-level activities primarily reflect expenses related to our shared AI research and development.
Additional Information Relating to the Quarter Ended September 30, 2026 (unaudited)
At-the-Market Program
During the three months ended September 30, 2026, we issued 12 million shares of Class A stock for net proceeds of $4.3 billion and 24 million shares of Class C stock for net proceeds of $8.1 billion. As of September 30, 2026, $27.6 billion remained available for future issuance under the ATM Program.
Issuance of Senior Unsecured Notes
In the third quarter of 2026, we issued senior unsecured notes for net proceeds of $28.7 billion, to be used for general corporate purposes.
Preferred and Common Dividend Programs
In October 2026, the company's Board of Directors declared a quarterly cash dividend of $15.63 per share on each of our Series A and Series B mandatory convertible preferred stock (equivalent to approximately $0.78 per share on each of our Series A and Series B Depositary Shares) and a quarterly cash dividend of $0.22 per share on our Class A, Class B, and Class C stock. The mandatory convertible preferred stock dividend is payable on November 15, 2026 to stockholders of record for each of the company's Series A and Series B shares as of November 1, 2026, and the common stock dividend is payable on December 14, 2026 to stockholders of record for each of the company's Class A, Class B, and Class C shares as of December 7, 2026.
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Webcast and Conference Call Information
A live audio webcast of our third quarter 2026 earnings release call will be available on YouTube at https://www.youtube.com/watch?v=X9mmCagxJTo. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available at http://abc.xyz/investor.
We also provide announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs, on our investor relations website (http://abc.xyz/investor).
We also share Google news and product updates on Google's Keyword blog at https://www.blog.google/ and News From Google page on X at x.com/NewsFromGoogle, and our executive officers may also use certain social media channels, such as X and LinkedIn, to communicate information about earnings results and company updates, which may be of interest or material to our investors.
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 and our most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which are on file with the SEC and are available on our investor relations website at http://abc.xyz/investor and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and may be set forth in other reports and filings we make with the SEC. All information provided in this release and in the attachments is as of October 28, 2026. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: free cash flow; constant currency revenues; and percentage change in constant currency revenues. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, such as our revenues excluding the effect of foreign exchange rate movements and hedging activities, which are recognized at the consolidated level. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.
For more information on these non-GAAP financial measures, please see the sections captioned “Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow” and “Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues” included at the end of this release.
Contact
Investor relations
Media
investor-relations@abc.xyzpress@abc.xyz

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Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
As of
December 31, 2025		As of
September 30, 2026
(unaudited)
Assets
Current assets:
Cash and cash equivalents$30,708 $56,334 
Marketable securities96,135 208,764 
Total cash, cash equivalents, and marketable securities126,843 265,098 
Accounts receivable, net62,886 72,784 
Inventory2,439 13,308 
Other current assets13,870 23,475 
Total current assets206,038 374,665 
Non-marketable securities68,687 135,230 
Deferred income taxes9,113 1,458 
Property and equipment, net246,597 372,827 
Operating lease assets15,221 20,273 
Goodwill33,380 58,117 
Intangible assets, net1,283 8,817 
Other non-current assets14,962 31,925 
Total assets$595,281 $1,003,312 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$12,200 $21,975 
Accrued compensation and benefits17,546 17,729 
Accrued expenses and other current liabilities55,557 74,317 
Accrued revenue share10,864 11,051 
Deferred revenue6,578 9,429 
Total current liabilities102,745 134,501 
Long-term debt46,547 125,102 
Income taxes payable, non-current9,531 12,219 
Deferred income taxes919 27,833 
Operating lease liabilities12,744 16,815 
Other long-term liabilities7,530 9,293 
Total liabilities180,016 325,763 
Commitments and contingencies
Stockholders’ equity:
Series A and Series B preferred stock and additional paid-in capital, $0.001 par value per share, 100 shares authorized; 6.25% mandatory convertible preferred stock, 0 and 19 shares issued and outstanding allocated equally between each series with a liquidation preference of $1,000 per share
0 18,023 
Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,088 (Class A 5,822, Class B 837, Class C 5,429) and 12,294 (Class A 5,888, Class B 828, Class C 5,578) shares issued and outstanding
93,126 147,068 
Accumulated other comprehensive income (loss)(1,916)(4,326)
Retained earnings324,055 516,784 
Total stockholders’ equity415,265 677,549 
Total liabilities and stockholders’ equity$595,281 $1,003,312 
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts, unaudited)
Quarter Ended September 30,Year To Date September 30,
2025202620252026
Revenues$102,346 $127,577 $289,007 $357,269 
Costs and expenses:
Cost of revenues41,369 51,419 116,768 138,633 
Research and development15,151 20,640 42,515 55,891 
Sales and marketing7,205 8,804 20,478 24,813 
General and administrative7,393 6,138 16,141 16,890 
Total costs and expenses71,118 87,001 195,902 236,227 
Income from operations31,228 40,576 93,105 121,042 
Other income (expense), net12,759 (8,221)26,604 127,478 
Income before income taxes43,987 32,355 119,709 248,520 
Provision for income taxes9,008 5,887 21,994 47,281 
Net income34,979 26,468 97,715 201,239 
Preferred stock dividends0 298 0 384 
Net income available to common stockholders$34,979 $26,170 $97,715 $200,855 
Basic net income per common share$2.89 $2.14 $8.06 $16.51 
Diluted net income per common share$2.87 $2.12 $7.99 $16.33 
Number of shares used in basic net income per common share calculation12,086 12,256 12,130 12,169 
Number of shares used in diluted net income per common share calculation12,203 12,368 12,230 12,324 

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Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Quarter Ended September 30,Year To Date September 30,
2025202620252026
Operating activities
Net income$34,979 $26,468 $97,715 $201,239 
Adjustments:
Depreciation of property and equipment5,611 8,369 15,096 21,955 
Stock-based compensation expense6,368 8,630 17,882 23,338 
Deferred income taxes8,726 5,539 7,130 33,077 
Loss (gain) on debt and equity securities, net(10,855)9,048 (22,266)(126,755)
Other(198)1,664 843 4,825 
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net(2,381)(3,917)(3,582)(10,821)
Inventory(526)(3,220)(1,154)(10,959)
Income taxes, net(858)(3,702)(3,292)4,602 
Other assets(767)(7,807)(2,906)(17,757)
Accounts payable(444)(165)(771)1,925 
Accrued expenses and other liabilities8,078 (1,168)6,299 (860)
Deferred revenue681 2,551 1,317 3,340 
Net cash provided by operating activities48,414 42,290 112,311 127,149 
Investing activities
Purchases of property and equipment(23,953)(51,355)(63,596)(131,953)
Purchases of marketable securities(20,964)(39,987)(60,834)(116,467)
Maturities and sales of marketable securities20,371 21,820 61,301 88,516 
Purchases of non-marketable securities(1,000)(2,109)(3,312)(24,160)
Maturities and sales of non-marketable securities323 208 1,196 1,875 
Acquisitions, net of cash acquired, and purchases of intangible assets(1,072)(406)(1,425)(34,103)
Other investing activities(1,482)480 (1,845)(879)
Net cash used in investing activities(27,777)(71,349)(68,515)(217,171)
Financing activities
Net payments related to stock-based award activities(3,270)(5,368)(9,001)(17,424)
Repurchases of stock(11,504)0 (39,810)0 
Dividend payments on preferred and common stock(2,537)(2,936)(7,513)(8,167)
Proceeds from issuance of common stock, net of costs0 12,371 0 42,870 
Proceeds from issuance of mandatory convertible preferred stock, net of costs0 0 0 19,063 
Proceeds from issuance of debt, net of costs6,624 28,996 38,002 85,222 
Repayments of debt(7,696)(3,626)(26,094)(8,879)
Proceeds from sale of interest in consolidated entities, net0 0 400 3,758 
Other financing activities0 0 (400)(686)
Net cash provided by (used in) financing activities(18,383)29,437 (44,416)115,757 
Effect of exchange rate changes on cash and cash equivalents(200)45 244 (109)
Net increase (decrease) in cash and cash equivalents2,054 423 (376)25,626 
Cash and cash equivalents at beginning of period21,036 55,911 23,466 30,708 
Cash and cash equivalents at end of period$23,090 $56,334 $23,090 $56,334 
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Segment Results
The following table presents our segment revenues and operating income (loss) (in millions; unaudited):
Quarter Ended September 30,
20252026
Revenues:
Google Services$87,052 $96,302 
Google Cloud15,157 30,709 
Other Bets344 372 
Hedging gains (losses)(207)194 
Total revenues$102,346 $127,577 
Operating income (loss):
Google Services$33,527 $39,157 
Google Cloud3,594 11,121 
Other Bets(1,426)(2,047)
Alphabet-level activities
(4,467)(7,655)
Total income from operations$31,228 $40,576 
We report our segment results as Google Services, Google Cloud, and Other Bets:
•Google Services includes products and services such as ads, Android, Chrome, consumer devices, Google Maps, Google Play, Search, and YouTube. Google Services generates revenues primarily from advertising; fees received for consumer subscription-based products such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One; the sale of apps and in-app purchases; and consumer devices.
•Google Cloud includes infrastructure and platform services, applications, and other products and services for enterprise customers. Google Cloud generates services revenues primarily from consumption-based fees and subscriptions received for Google Cloud Platform services, Google Workspace communication and collaboration tools, and other enterprise services. Google Cloud generates product revenues primarily from the sale of TPU systems.
•Other Bets is a combination of multiple operating segments that are not individually material. Revenues from Other Bets are generated primarily from the sale of autonomous transportation services and internet services.
Certain costs are not allocated to our segments because they represent Alphabet-level activities. These costs primarily include:
•certain AI-focused shared research and development activities, including employee compensation expenses and technical infrastructure usage costs associated with the development of our general AI models;
•corporate initiatives such as our philanthropic activities; and
•corporate shared costs such as certain finance, human resource, and legal costs, including certain fines and settlements.
Charges associated with employee severance and office space reductions are also not allocated to our segments. Additionally, hedging gains (losses) related to revenue are not allocated to our segments.


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Other Income (Expense), Net
The following table presents our other income (expense), net (in millions; unaudited):
Quarter Ended September 30,
20252026
Interest income$1,076 $1,768 
Interest expense(143)(967)
Foreign currency exchange gain (loss), net(143)22 
Gain (loss) on debt securities, net122 (383)
Gain (loss) on equity securities, net(1)
10,734 (8,664)
Income (loss) and impairment from equity method investments, net(30)(143)
Other1,143 146 
Other income (expense), net$12,759 $(8,221)
(1)Includes all gains and losses, unrealized and realized, on equity securities. For Q3 2026, the net effect of the loss on equity securities of $8.7 billion decreased the provision for income tax, net income, and diluted net income per common share by $1.9 billion, $6.7 billion, and $0.55, respectively. Fluctuations in the value of our investments may be affected by market dynamics and other factors and could significantly contribute to the volatility of OI&E in future periods.
Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (in millions; unaudited):
We provide non-GAAP free cash flow for the current quarter and trailing twelve months (“TTM”) because it is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be used for strategic opportunities, including investing in our business and acquisitions, and to strengthen our balance sheet.
Quarter Ended
TTM
Q4 2025Q1 2026Q2 2026Q3 2026Q3 2026
Net cash provided by operating activities$52,402 $45,790 $39,069 $42,290 $179,551 
Less: purchases of property and equipment(27,851)(35,674)(44,924)(51,355)(159,804)
Free cash flow$24,551 $10,116 $(5,855)$(9,065)$19,747 
Free cash flow: We define free cash flow as net cash provided by operating activities less capital expenditures.
TTM free cash flow: We define trailing twelve months free cash flow as net cash provided by operating activities less capital expenditures for the most recent twelve consecutive months.
Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues (in millions, except percentages; unaudited):
We provide non-GAAP constant currency revenues (“constant currency revenues”) and non-GAAP percentage change in constant currency revenues (“percentage change in constant currency revenues”), because they facilitate the comparison of current results to historic performance by excluding the effect of foreign exchange rate movements (“FX Effect”) as well as hedging activities, which are recognized at the consolidated level, as they are not indicative of our core operating results.
Non-GAAP constant currency revenues is defined as revenues excluding the effect of foreign exchange rate movements and hedging activities and is calculated by translating current period revenues using prior period exchange rates and excluding any hedging effect recognized in the current period. We calculate the percentage change in constant currency revenues by comparing constant currency revenues to the prior year comparable period revenues, excluding any hedging effect recognized in the prior period.
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Revenues by Geography
Comparison from the Quarter Ended September 30, 2025 to the Quarter Ended September 30, 2026
Quarter Ended September 30, 2026
% Change from Prior Period
Quarter Ended September 30,Less FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
20252026
United States$48,758 $67,681 $0 $67,681 39 %0 %39 %
EMEA29,911 32,695 (336)33,031 9 %(1)%10 %
APAC17,819 19,906 (517)20,423 12 %(3)%15 %
Other Americas6,065 7,101 151 6,950 17 %2 %15 %
Revenues, excluding hedging effect(1)
102,553 127,383 (702)128,085 24 %(1)%25 %
Hedging gains (losses)(207)194 
Total revenues
$102,346 $127,577 $128,085 25 %1 %(1)%25 %
(1)Total constant currency revenues of $128.1 billion for the quarter ended September 30, 2026 increased $25.5 billion compared to $102.6 billion in revenues, excluding hedging effect, for the quarter ended September 30, 2025.
Comparison from the Quarter Ended June 30, 2026 to the Quarter Ended September 30, 2026
Quarter Ended September 30, 2026
% Change from Prior Period
Quarter EndedLess FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
June 30, 2026September 30, 2026
United States$60,846 $67,681 $0 $67,681 11 %0 %11 %
EMEA32,501 32,695 (325)33,020 1 %(1)%2 %
APAC19,317 19,906 (66)19,972 3 %0 %3 %
Other Americas7,026 7,101 (42)7,143 1 %(1)%2 %
Revenues, excluding hedging effect(1)
119,690 127,383 (433)127,816 6 %(1)%7 %
Hedging gains (losses)106 194 
Total revenues
$119,796 $127,577 $127,816 6 %0 %(1)%7 %
(1)Total constant currency revenues of $127.8 billion for the quarter ended September 30, 2026 increased $8.1 billion compared to $119.7 billion in revenues, excluding hedging effect, for the quarter ended June 30, 2026.

Total Revenues — Prior Year Comparative Periods
Comparison from the Quarter Ended September 30, 2024 to the Quarter Ended September 30, 2025
Quarter Ended September 30, 2025
Quarter Ended September 30,% Change from Prior Period
Less FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
20242025
Revenues excluding hedging effect$88,251 $102,553 $1,339 $101,214 16 %1 %15 %
Hedging gains (losses)$17 $(207)
Total revenues$88,268 $102,346 $101,214 16 %0 %1 %15 %
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