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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brian Nowak | Morgan Stanley | 9 (0%) |
| Eric Sheridan | Goldman Sachs | 9 (0%) |
| Doug Anmuth | JPMorgan | 9 (0%) |
| Ken Gawrelski | Wells Fargo | 8 (0%) |
| Michael Nathanson | MoffettNathanson | 7 (0%) |
| Ross Sandler | Barclays | 7 (0%) |
| Mark Shmulik | Bernstein | 7 (0%) |
| Justin Post | Bank of America | 6 (0%) |
| Ron Josey | Citigroup | 3 (0%) |
| Mark Mahaney | Evercore ISI | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 9 (0%) |
| Morgan Stanley | 1 | 9 (0%) |
| JPMorgan | 1 | 9 (0%) |
| Wells Fargo | 1 |
Revenue surged 22% to $109.9 billion with EPS of $5.11 up 82% as Cloud revenue exceeded $20 billion for the first time and Search grew 19% to $60.4 billion. Cloud backlog nearly doubled to $462 billion, and subscriptions reached 350 million across platforms. The Wiz acquisition strengthened the cybersecurity stack, and CAPEX guidance was updated to $180-$190 billion as compute constraints persisted.
Cloud & AI | Revenue Growth | Capex Investment | Competitive Dynamics | Margin | Innovation & R&D | Subscriber Growth | Demand | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 3 | 1 | 2 | 1 | 1 | 1 | |
| 2025Q1 | 6 | 2 | 2 | 1 | 4 | |||
| 2025Q2 | 6 | 3 | 3 | 2 | 1 | 1 | 1 | |
| 2025Q3 | 6 | 5 | 1 | 2 | 1 | 1 | ||
| 2025Q4 | 6 | 3 | 3 | 3 | 2 | 1 | ||
| 2026Q1 | 6 | 2 | 4 | 4 | 2 | 6 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 7 | 6 | 6 | 6 | 6 | 6 |
| Revenue Growth | 3 | 2 | 3 | 5 | 3 | 2 |
| Capex Investment | 1 | 2 | 3 | 1 | 3 | 4 |
| Competitive Dynamics | 2 | 1 | 2 | 3 | 4 | |
| Margin | 1 | 4 | 1 | 2 | 2 | 2 |
| Innovation & R&D | 1 | 1 | 1 | 6 | ||
| Subscriber Growth | 1 | 1 | 1 | 1 | ||
| Demand | 1 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $96.47B | +11.8% | $2.15 | +31.1% | 32.1% | 27.5% | $24.84B |
| FY2025 Q1 | $90.23B | +12.0% | $2.81 | +48.7% | 33.9% | 38.3% | $18.95B |
| FY2025 Q2 | $96.43B | +13.8% | $2.31 | +22.2% | 32.4% |
| 8 (0%) |
| Bernstein | 1 | 7 (0%) |
| MoffettNathanson | 1 | 7 (0%) |
| Barclays | 1 | 7 (0%) |
| Bank of America | 1 | 6 (0%) |
| 29.2% |
| $5.30B |
| FY2025 Q3 | $102.35B | +15.9% | $2.87 | +35.4% | 30.5% | 34.2% | $24.46B |
| FY2025 Q4 | $113.90B | +18.1% | $2.82 | +31.2% | 31.6% | 30.3% | $24.55B |
| FY2026 Q1 | $109.90B | +21.8% | $5.11 | +81.9% | 36.1% | 56.9% | $10.12B |
| FY2026 Q2 | $119.80B | +24.2% | $9.11 | +294.4% | 34.0% | 93.7% | $-16.76B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What GOOGL and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“through our partnership with Google Cloud, customers now have access to the latest Gemini models natively within Snowflake, further expanding model choice and availability.”
Snowflake partnered with Google Cloud to bring Gemini models natively into the platform, a read-through on Google's enterprise AI model distribution.
“We're enhancing our shopping assistants like Sparky and building new experiences with partners like OpenAI and Alphabet that are shaping the future of agentic commerce.”
Walmart is building agentic-commerce experiences with Alphabet as a technology partner, a positive read-through for Alphabet's AI/commerce platform adoption.
“Anthropic, Google and OpenAI, all run Workday.”
Workday cites Google as one of the leading AI companies that run Workday, a positive read on Google as an enterprise customer.
“Robotaxi rides are growing exponentially with commercial fleets from Waymo, Tesla, Uber, WeRide and Zoox, and many others are expected to scale from thousands of vehicles in 2025 to millions over the next decade, creating a market poised to generate hundreds of billions of dollars of revenue.”
Waymo (Alphabet) named among robotaxi fleets scaling on NVIDIA's platform, implying growing autonomous-vehicle compute demand.
“we support Google on its new universal commerce protocol, a cross-industry standard that helps create a more seamless agentic shopping journey across the web.”
Best Buy is building agentic checkout with Google (AI mode in Search and the Gemini app) via Google's universal commerce protocol.
“At Google Cloud Next, Google announced TPU 8t for training and TPU 8i for inference, in both cases, replacing x86 host processors with custom Arm Axion CPUs.”
Google is replacing x86 host processors with custom Arm-based Axion CPUs in its latest TPU systems, an 80% performance improvement; strong read-through on Google's Arm adoption.
“we secured significant business with multiple customers, including a multiyear contract with Google, underpinning our strong CPI growth expectations of 65% to 75% in FY '27 and 80% plus for FY '28.”
Flex signed a multiyear contract with Google underpinning its cloud/power infrastructure growth, a read-through to Google's AI data center capex buildout.
“In fact, we are working with all frontier model providers, including OpenAI, Anthropic, xAI, Microsoft, and Google to advance our mission of protecting and delivering the trust layer to hundreds of millions of consumers.”
Gen counts Google among the frontier model providers it works with to build its consumer AI trust layer.
“on the last earnings call, Google Genie had just launched in beta.”
An analyst references Google Genie / Gemini's AI world-model capabilities in the debate over whether AI could accelerate game asset creation.
“as AI overviews have expanded rapidly over the past year to now trigger on an estimated 50% plus of Google searches, revenue from our proprietary campaigns on Google has grown by over 100% over the same period”
Google's AI Overviews now trigger on an estimated 50%+ of searches while QuinStreet's Google campaign revenue grew over 100%, a positive read-through on Google's AI-driven search monetization expanding ad inventory.
“We created our multicloud partnerships with first Microsoft, then Google, and finally Amazon to bring the best database platform to all clouds.”
Google Cloud is one of Oracle's multicloud database partners, with 14 regions live, expanding the reach of Oracle Database into Google's cloud.
“Yet you, Google and Amazon are showing higher margins tonight as you report.”
An analyst frames Microsoft, Google and Amazon as hyperscalers all reporting higher margins despite AI spend, an implied positive read-through on Google's cloud/AI margins.
“Vodafone is proactively resolving outages, automating network planning and precisely targeting capacity.”
Vodafone is cited as a Google Cloud data-platform customer automating network operations.
“In March, we closed the acquisition of Wiz, a leading cloud and security AI platform, which is an incredible fit for the moment we are in.”
Google closed its acquisition of cloud-security platform Wiz, now reported in Google Cloud.
“They joined founding members Shopify, Etsy, Target, Wayfair and Google to further accelerate the transition towards an agentic future.”
Shopify is a founding member of Google's Universal Commerce Protocol.
“Last week, we welcomed Amazon, Meta, Microsoft, Salesforce and Stripe as new members to the UCP tech Council.”
Salesforce joined Google's Universal Commerce Protocol tech council as a new member.
“Last week, we welcomed Amazon, Meta, Microsoft, Salesforce and Stripe as new members to the UCP tech Council.”
Microsoft joined Google's Universal Commerce Protocol tech council as a new member.
“Last week, we welcomed Amazon, Meta, Microsoft, Salesforce and Stripe as new members to the UCP tech Council.”
Meta joined Google's Universal Commerce Protocol tech council as a new member.
“Last week, we welcomed Amazon, Meta, Microsoft, Salesforce and Stripe as new members to the UCP tech Council.”
Amazon joined Google's Universal Commerce Protocol tech council as a new member.
“That includes major global brands like Bosch, Cityweft, Merck and Mars Inc.”
Merck is named among major global brands adopting Gemini Enterprise.
“Ulta Beauty just last week launched agentic e-commerce within AI mode and search and the Gemini app.”
Ulta Beauty is an early adopter of Google's Universal Commerce Protocol, launching agentic e-commerce in AI mode.
“This quarter, Kingfisher, Target and Wayfair closed significant multiyear cloud and ads deals.”
Target closed a significant multiyear cloud and ads deal with Google.
“continues to expand across the U.S. in partnership with Walmart and DoorDash and announced plans to operate in the Bay Area.”
DoorDash is named as a partner in Alphabet's U.S. delivery expansion; the transcript's subject for this sentence is [indiscernible].
“continues to expand across the U.S. in partnership with Walmart and DoorDash and announced plans to operate in the Bay Area.”
Walmart is named as a partner in Alphabet's U.S. delivery expansion; the transcript's subject for this sentence is [indiscernible].
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
GOOGL Alphabet Inc. | 9 | +21.8% | |
| DASH DoorDash | 7 | +33.1% | |
| EVER EverQuote, Inc. | 8 | +14.5% | |
| MAX MediaAlpha, Inc. | 8 | +17.3% | |
| META Meta Platforms, Inc. | 8 | +33.1% | |
| NBIS Nebius Group N.V. | 8 | +621.5% | |
| PINS Pinterest, Inc. | 8 | +17.8% | |
| RDDT Reddit, Inc. | 9 | +69.1% | |
| SNAP Snap Inc. | 7 | +12.2% | |
| YELP Yelp Inc. | 6 | +0.8% |