Alphabet Inc. (GOOGL) — Company Research

Last Updated: 2 September 2026

Alphabet is the holding company for Google, and in the twelve months to 30 June 2026 it produced $445.9bn of revenue, roughly two-thirds of it from advertising. The FY2025 accounts were the first to pass $400bn. The story in 2026, however, is not the advertising engine — it is what Alphabet is doing with the cash that engine throws off. Capital expenditure guidance for 2026 has been raised twice since February, from $175–185bn to $195–205bn, and in the June 2026 quarter the company reported its first negative free cash flow quarter in its history as a public company. Alongside that, Google Cloud grew 82% year on year and closed the quarter with a $513.9bn revenue backlog. This report sets out what the filings say, without ratings or price targets.

1. Company Snapshot

Field	Value
Company	Alphabet Inc.
Ticker / exchange	GOOGL (Class A) and GOOG (Class C), Nasdaq
Sector	Communication services and technology
Market cap	~$4,097bn (~$4.10 trillion) at the close on 1 September 2026
Share price	$335.02 (close, 1 September 2026)
Revenue (FY2025)	$402,836m, up 15.1% year on year; trailing twelve months to 30 June 2026 $445,866m
Net income (FY2025)	$132,170m
GAAP diluted EPS (FY2025)	$10.81
CEO / Leadership	Sundar Pichai, Chief Executive Officer of Alphabet and Google since December 2019; Anat Ashkenazi, Chief Financial Officer since July 2024; Ruth Porat, President and Chief Investment Officer
Employees	198,933 as at 30 June 2026 (Q2 2026 supplemental disclosure), up from 190,820 at 31 December 2025
Dividend	$0.22 per share per quarter, an annualised $0.88; first declared April 2024
Share classes	Class A 5,868m, Class B 835m, Class C 5,527m at 30 June 2026, plus 19,000 shares of 6.25% mandatory convertible preferred
Fiscal year end	31 December

Cross-reference: this report also links to the ChartsView Live Charts tool and the Economic Calendar.

2. The Bull and Bear Case

Bull Case

• Cloud is now a genuine second engine: Google Cloud revenue rose 82% year on year to $24,768m in Q2 2026, and segment operating income rose from $2,826m to $8,814m, lifting the margin from 20.7% to 35.6%. Cloud is 20.7% of group revenue, against 14.6% for the whole of FY2025.
• The backlog quantifies the demand: remaining performance obligations stood at $519.5bn at 30 June 2026, of which $513.9bn sits in Google Cloud, having nearly doubled from over $460bn at the end of Q1 2026. Management expects a little over half of it to convert to revenue within 24 months.
• Full-stack ownership is rare: Alphabet owns the model, the accelerator, the data centre and the consumer distribution surface. The seventh-generation Ironwood TPU became generally available at Google Cloud Next in April 2026, and two eighth-generation parts — TPU 8t and TPU 8i, on a 2nm process — were previewed for late 2027. From Q2 2026 the company describes Cloud product revenue as coming primarily from the sale of TPU systems, a new disclosure.
• The distribution deals survived the antitrust remedy: the final judgment entered on 5 December 2025 left Chrome and Android with Alphabet and allowed payments to distribution partners to continue, subject to non-exclusivity, an annual re-negotiation limit and a ban on tying. The largest structural threat to the business model did not materialise.
• The advertising base is still compounding: Google Search and other revenue rose 17% in Q2 2026 to $63,271m, and Google Services operating income was $39,544m. The Gemini app reached 950 million monthly active users, from 750 million at the end of 2025, giving Alphabet a consumer distribution surface for AI that no rival model developer has.

Bear Case

• Capital intensity has stepped up violently: FY2026 capex guidance of $195–205bn is roughly 2.2 times the $91,447m spent in FY2025, and has been raised twice in five months. H1 2026 capex was already $80,598m against $39,643m a year earlier.
• Free cash flow turned negative: Q2 2026 operating cash flow of $39,069m was exceeded by $44,924m of capex, producing negative free cash flow of $5,855m for the quarter. Trailing twelve-month free cash flow of $53,273m is below the $73,266m of FY2025 despite far higher revenue.
• Reported earnings are flattered by non-operating gains: Q2 2026 diluted EPS of $9.11 includes roughly $6.26 per share from a $99.0bn net gain on equity securities, most of it unrealised. Q1 2026 included a further $2.35 per share from a $36.9bn gain. On an underlying basis Q2 2026 EPS is closer to $2.85, and the headline growth rate is not a trading result.
• The balance sheet is being levered to fund the build: long-term debt rose from $10,883m at the end of FY2024 to $46,547m at the end of FY2025 and $98,165m at 30 June 2026. Alphabet issued $31.1bn of notes in Q1 2026, $49.6bn of equity and mandatory convertible preferred in June 2026 — its first ever preferred issue — and closed a further $25bn bond in August 2026. Buybacks stopped entirely in H1 2026 after $28.3bn in H1 2025.
• The regulatory bill keeps arriving: the EU fined Alphabet €2.95bn on ad tech in September 2025, the Court of Justice made the €4.125bn Android fine final on 2 July 2026, and a further €890m Digital Markets Act fine landed on 23 July 2026 with a 60-day compliance deadline and exposure to periodic penalties of up to 5% of average daily worldwide turnover. The US ad-tech remedies decision has not yet issued.

3. Revenue Segments

Alphabet reports three segments — Google Services, Google Cloud and Other Bets — and discloses revenue lines within Google Services. The table below uses FY2025, the last complete year.

Segment	% of revenue	What it is
Google Search & other	55.7% ($224,532m)	Search advertising across Google.com, Maps, Play and other owned surfaces. Grew 17% in Q2 2026.
Google subscriptions, platforms & devices	11.9% ($48,030m)	YouTube Premium and TV, Google One, Play store fees and Pixel hardware. Over 325 million paid consumer subscriptions at the end of 2025.
YouTube ads	10.0% ($40,367m)	Advertising on YouTube. Combined YouTube advertising and subscription revenue exceeded $60bn in FY2025.
Google Network	7.4% ($29,792m)	AdSense, AdMob and Ad Manager revenue from third-party publisher sites. The only line shrinking, down 0.7% in Q2 2026.
Google Cloud	14.6% ($58,705m)	Google Cloud Platform consumption, Workspace subscriptions and, newly disclosed in 2026, sales of TPU systems. FY2025 segment operating income $13,910m.
Other Bets	0.4% ($1,537m)	Waymo, Verily, Wing and other early-stage businesses. FY2025 segment operating loss $7,515m.
Hedging gains and losses	−0.0% (−$127m)	Foreign-exchange hedging reported outside the segments.

By geography in Q2 2026: United States $60,846m (up 32%), EMEA $32,501m (up 15%), Asia-Pacific $19,317m (up 17%) and Other Americas $7,026m (up 23%). Total traffic acquisition cost was $16,179m in the quarter, up 10%.

4. Business Model and Moat

How it makes money. Roughly 68% of Q2 2026 revenue is advertising, and the single largest line is Google Search and other at 52.8% of group revenue. Advertisers bid in real-time auctions for placement against user intent; Alphabet takes the auction proceeds and pays a portion away as traffic acquisition cost to the partners — Apple, Samsung, Android original equipment manufacturers and Mozilla among them — who deliver the query. The remainder of revenue comes from consumption-based cloud contracts, recurring consumer subscriptions, Play store take rates and hardware.

Where the defensibility sits. The search franchise is self-reinforcing: more queries produce better ranking data, which produces better results, which attracts more queries and therefore more advertiser demand. The US District Court found in August 2024 that Alphabet holds monopolies in general search services and general search text advertising — a finding Alphabet is appealing, but one that describes the commercial position accurately.

Vertical integration is the newer part of the story. Alphabet is the only hyperscaler that designs its own AI accelerator, trains its own frontier model on it, runs it in its own data centres over its own subsea network, and then puts it in front of consumers through Android, Chrome, Search, YouTube and Gmail. Anthropic expanded its commitment to Google Cloud and TPUs to up to one million chips in April 2026, and subsequently to multiple gigawatts of next-generation capacity with Google and Broadcom — an arrangement that is simultaneously a customer contract and a validation of the silicon.

Distribution deals, post-remedy. Judge Mehta's remedies opinion of 2 September 2025, entered as a final judgment on 5 December 2025, permits Alphabet to keep paying Apple for Safari default placement. The restrictions are that the agreement cannot be exclusive, Alphabet cannot prevent Apple promoting rival search or assistant products, it cannot tie Search placement to Gemini placement, and revenue share cannot be conditioned on default status for more than one year at a time. The arrangement survives, but it is now non-exclusive and re-negotiable annually, and whether distribution payments should have been banned outright is the central question in the Department of Justice cross-appeal.

5. Financial Health

All figures below are taken from Alphabet's own earnings releases, 10-K and 10-Q filings, and from its XBRL company facts on SEC EDGAR. Alphabet publishes no adjusted or non-GAAP earnings per share; its only non-GAAP measures are free cash flow and constant-currency revenue.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	257,637	+41.1%	$5.61	$5.61 †	Nil	$14,817m
FY2022	282,836	+9.8%	$4.56	$4.56 †	Nil	$14,701m
FY2023	307,394	+8.7%	$5.80	$5.80 †	Nil	$13,253m
FY2024	350,018	+13.9%	$8.04	$8.04 †	$0.60	$10,883m
FY2025	402,836	+15.1%	$10.81	$10.81 †	$0.83	$46,547m

† Alphabet does not report an adjusted earnings per share figure. The GAAP number is repeated so the column is not left blank. ‡ The long-term debt column is the balance-sheet long-term debt line as reported in each year's annual filing; the FY2024 and FY2025 figures tie exactly to the XBRL tag LongTermDebtNoncurrent, while earlier years as originally presented included finance-lease obligations within that line. Long-term debt had risen further to $98,165m at 30 June 2026, with a further $1,999m classified as current.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026 (to 30 Jun 2026)	119,796	$9.11 †	$9.11
Q1 2026 (to 31 Mar 2026)	109,896	$5.11 †	$5.11
Q4 2025 (to 31 Dec 2025)	113,828	$2.82 †	$2.82
Q3 2025 (to 30 Sep 2025)	102,346	$2.87 †	$2.87
FY2025 total	402,836	$10.81 †	$10.81

The two 2026 quarters need reading with care. Q2 2026 diluted EPS of $9.11 includes approximately $6.26 per share from a $99.0bn net gain on equity securities, the great majority of it unrealised; Q1 2026 included a further $2.35 per share from a $36.9bn gain. Stripping those out, underlying earnings per share were closer to $2.85 in Q2 2026 and $2.76 in Q1 2026. Operating income tells a cleaner story: $40,770m in Q2 2026 against $31,271m a year earlier, a 30% increase on a 34% operating margin. Two prior-period distortions are also worth noting — Q3 2025 absorbed a $3.5bn European Commission charge, and Q4 2025 a $2.1bn Waymo employee compensation charge.

On cash: FY2025 operating cash flow was $164,713m against $91,447m of capital expenditure, giving free cash flow of $73,266m. For the trailing twelve months to 30 June 2026, operating cash flow was $185,675m and capital expenditure $132,402m, giving free cash flow of $53,273m. Total equity stood at $640,480m at 30 June 2026, on total assets of $921,983m. Purchase commitments and other contractual obligations were disclosed at $811.0bn, of which $200.7bn is short-term — a figure that quantifies how much infrastructure Alphabet has already committed to buy.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$4,097bn at $335.02 per share, the close on 1 September 2026, across 12,230m shares in all three classes
Trailing P/E (GAAP)	~16.8x on trailing twelve-month GAAP diluted EPS of $19.91 (Q3 2025 $2.87 + Q4 2025 $2.82 + Q1 2026 $5.11 + Q2 2026 $9.11). That figure is heavily distorted: roughly $8.61 of it comes from the unrealised equity-securities gains booked in the two 2026 quarters. Excluding those gains, trailing EPS is closer to $11.30 and the multiple to ~29.6x, which is the more representative number.
P/E (forward)	~22.6x on a consensus forward EPS of $14.83. Alphabet issues no earnings guidance of any kind, so this is a third-party consensus input rather than a company figure, and it is measured against a base period inflated by non-operating gains.
P/S (TTM)	9.19x (market cap ~$4,097bn / trailing twelve-month revenue $445,866m, being Q3 2025 $102,346m + Q4 2025 $113,828m + Q1 2026 $109,896m + Q2 2026 $119,796m)
Enterprise value	~$3,955bn (market cap ~$4,097bn + total debt ~$100.2bn − cash and marketable securities ~$242.5bn, per the 30 June 2026 balance sheet). Debt is long-term $98,165m plus current $1,999m; cash is $55,911m plus current marketable securities $186,563m. Enterprise value sits below market cap because Alphabet remains substantially net cash.
EV/EBITDA (TTM)	~22.8x (enterprise value ~$3,955bn / trailing twelve-month EBITDA ~$173.2bn). EBITDA is trailing operating income of $147,628m plus depreciation of $25,237m and intangible amortisation of roughly $0.6bn. Note that depreciation lags the capex programme badly — much of the 2026 spend is not yet in service — so this multiple will compress mechanically as assets are commissioned.
P/FCF	~76.9x (market cap ~$4,097bn / free cash flow ~$53.3bn; free cash flow = trailing operating cash flow $185,675m − capital expenditure $132,402m). On FY2025 free cash flow of $73,266m the multiple would be ~55.9x; the deterioration is entirely the capex step-up.
52-week high	$408.61
52-week low	$206.20
Short interest (% of float)	~1.2% — 72,705,550 Class A shares short at the 14 August 2026 settlement date, against 5,868m Class A shares outstanding. A very lightly shorted position; the peak this year was 89.8m shares on 15 June 2026.
Days to cover	~2.4 days on the trailing average daily volume used by the data provider (Nasdaq's own calculation for the same settlement date is 2.67 days)

7. What Are They Building

Silicon. Ironwood, the seventh-generation Tensor Processing Unit, became generally available to Cloud customers at Google Cloud Next in April 2026, positioned as Google's first TPU designed for the inference era at 4.6 petaFLOPS per chip and 42.5 exaFLOPS in a 9,216-chip superpod. At the same event Google previewed its eighth generation and, for the first time, split training from inference: TPU 8t, designed with Broadcom for training, and TPU 8i, designed with MediaTek for inference, both on a TSMC 2nm process and targeted at late 2027.

Models. The Gemini 3.5 family launched at Google I/O on 19 May 2026. A further release on 21 July 2026 added three models including Gemini 3.5 Flash Cyber, the only one of the three named in Alphabet's own quarterly release. August brought Gemini 3.5 Transcribe on 26 August and Gemini Omni 1.1 Flash on 27 August, and on 31 August 2026 Gemini 3.7 Flash shipped paired with Google Antigravity for multi-agent engineering work. On 1 September 2026 Alphabet added agentic video understanding to Gemini. The naming across the 3.5 to 3.7 tiers is inconsistent in third-party coverage; the release cadence is not.

Usage. Management disclosed 22 billion API tokens per minute in Q2 2026, up from more than 16 billion in Q1, 950 million monthly active users of the Gemini app, and around 90% of the Fortune 100 using Gemini Enterprise. YouTube carried 1.7 billion unique viewers of FIFA World Cup 2026 content.

Power. On 1 September 2026 Fervo Energy and Google signed a 396 MW enhanced-geothermal power purchase agreement at Cape Station, Utah — the largest such agreement in the world — coming online in 2028, with a Google option to expand by roughly 600 MW to nearly 1 GW by June 2030 and a potential Utah data centre attached to it. Securing firm clean power is now a gating constraint on the capex programme, not a public-relations exercise.

Waymo. The autonomous-driving unit closed a $16bn round at a $126bn valuation announced in February 2026, majority funded by Alphabet. It passed 500,000 fully autonomous rides a week in Q1 2026, announced four further US cities on 8 July 2026, and is targeting one million weekly rides by the end of 2026, with Tokyo and London as first international markets. Waymo is the substance of the Other Bets segment and the reason for its $7,515m FY2025 operating loss.

8. Competitive Position

Peer	Market cap (September 2026)	Key 2025/2026 metric
Nvidia (NVDA)	~$5,251bn	Fiscal Q2 2027 to 26 July 2026: revenue $96.2bn, up 106%; Data Center revenue $89.0bn, up 117%. Simultaneously Alphabet's largest accelerator supplier and the competitor its TPU programme exists to reduce dependence on.
Apple (AAPL)	~$4,745bn	Fiscal Q3 2026 to 27 June 2026: revenue $109.4bn, up 16%; Services revenue $30.7bn, a June-quarter record. Services is where Alphabet's Safari default-search payment lands, making Apple both a distribution partner and the counterparty in the antitrust appeal.
Microsoft (MSFT)	~$3,720bn	Fiscal Q4 2026 to 30 June 2026: Microsoft Cloud revenue $59.3bn, up 27%; Azure passed $100bn of annual revenue for the first time and grew 43% in the quarter. Second in cloud infrastructure at a 20% share.
Amazon (AMZN)	~$2,750bn	Q2 2026: AWS revenue $42.2bn, up 37% — its fastest growth since 2021 — on a $169bn annualised run rate, with AWS operating income of $27.5bn, up 43%. Cloud infrastructure leader at a 28% share.
Meta Platforms (META)	~$1,474bn	Q2 2026: advertising revenue $59.36bn, up 27%, being 97.6% of total revenue of $60.80bn; 3.60 billion daily active people across the family of apps. The closest pure comparator to Alphabet's advertising business, and growing faster off a smaller base.
Oracle (ORCL)	~$407bn	Trailing twelve-month revenue $67.4bn. A tier-two cloud provider whose AI infrastructure backlog has made it a direct bidder against Google Cloud for large training contracts.

On Synergy Research Group's Q2 2026 numbers, total enterprise cloud infrastructure spending reached $143bn in the quarter, growing 43% year on year — the fastest rate in eight years. Amazon Web Services held 28%, Microsoft 20% and Google Cloud 15%, with Google having gained a point sequentially from 14% in Q1 2026. The fastest-growing providers outside the big three were CoreWeave, OpenAI, Oracle, Crusoe, Nebius, Anthropic and Nscale — several of which are also Alphabet customers or partners. Separately, OpenAI's annualised revenue run rate passed $40bn by August 2026, up from roughly $20bn at the end of 2025; it is the principal competitive threat to search query volume and is not captured in the cloud share table.

9. Insider Activity

Chief Executive Sundar Pichai's most recent open-market disposal on the SEC record is 18 March 2026; since then his only Form 4 activity has been routine share-unit vesting and the mandatory share withholding that accompanies it. Across Alphabet as a whole there have been no open-market purchases by any insider in 2026. Every discretionary disposal found is executed under a Rule 10b5-1 plan, and the dominant pattern in the filings is unit vesting plus tax withholding rather than a trading decision.

Name	Date	Type	Shares	Price	Value	Plan Type
Frances Arnold, Director	28 Aug 2026	Sale (S)	82 Class C	$337.71	$27,692	Rule 10b5-1
Sundar Pichai, CEO and Director	25 Aug 2026	Vesting and tax withholding (C/F)	3,669 vested; 3,703 withheld	$344.59	~$1.28m withheld	Non-discretionary
Anat Ashkenazi, CFO	25 Aug 2026	Vesting and tax withholding (C/F)	1,764 vested; 1,781 withheld	$344.59	~$0.61m withheld	Non-discretionary
Philipp Schindler, SVP and Chief Business Officer	25 Aug 2026	Vesting and tax withholding (C/F)	1,996 vested; 2,015 withheld	$344.59	~$0.69m withheld	Non-discretionary
Sergey Brin, Director and 10% owner	7 Aug 2026	Conversion and gift (C/G)	673,200 Class A and 673,200 Class C gifted	Nil	Nil — no consideration	Bona fide gift
Marsida Saraci, VP and Chief Accounting Officer	29 Jul 2026	Sale (S)	449 Class C	$333.20 weighted average	$149,607	Rule 10b5-1
Kent Walker, President Global Affairs and Chief Legal Officer	29 Jun 2026	Sale (S)	8,998 Class C across 8 tranches	$345.18–$351.90	~$3.14m	Rule 10b5-1
Sundar Pichai, CEO and Director	18 Mar 2026	Sale (S)	32,500 Class C across 5 tranches	$306.21–$310.18	~$10.0m	Rule 10b5-1

One trap worth naming: Form 4 filings appearing under Alphabet's SEC identifier from GV 2019 GP, L.L.C. — Google Ventures — are disposals of portfolio-company stock in which Alphabet is the reporting owner, not the issuer. The sub-$20 prices on those filings distinguish them immediately from genuine GOOGL transactions.

10. Key Risks

• Capital-cycle risk: $195–205bn of 2026 capex, twice revised upward, creates a fixed depreciation and operating-cost burden that persists whether or not AI demand sustains. Management explicitly signalled continued margin pressure on the Q2 2026 call. Free cash flow has already turned negative for a quarter.
• Antitrust remedies not yet settled: the search case is on appeal at the D.C. Circuit, with the Department of Justice cross-appealing to have distribution payments banned outright. A ruling against Alphabet on that point would remove the mechanism by which it secures default placement on Apple devices — a payment estimated at around $20bn a year.
• Ad-tech remedies decision is an undated binary: Judge Brinkema found in April 2025 that Alphabet unlawfully monopolised the publisher ad server and ad exchange markets and unlawfully tied them. Closing arguments were heard on 21 November 2025 and no final remedies order has issued. The Department of Justice sought divestiture of AdX. The timing is unknown and the outcome could be structural.
• Escalating European enforcement: the €4.125bn Android fine became final on 2 July 2026, a €2.95bn ad-tech fine from September 2025 is under appeal, and the €890m Digital Markets Act fine of 23 July 2026 carries a compliance deadline around 21 September 2026 with periodic penalties of up to 5% of average daily worldwide turnover for non-compliance.
• Search substitution by conversational AI: OpenAI's revenue run rate passed $40bn by August 2026. Query volume migrating from a monetised auction surface to an unmonetised or differently-monetised chat interface is the structural threat to 52.8% of Alphabet's revenue, and Alphabet's own Gemini app is part of that migration.
• Key-person and research attrition: on 5 August 2026 Chief Scientist Jeff Dean left after 27 years to found a startup, and Demis Hassabis moved from Chief Executive of Google DeepMind to Chair of the unit and Chief Scientist of Alphabet. The shares fell 4–5% in a session. Frontier AI research is unusually person-dependent.
• Earnings quality and volatility: $135.9bn of largely unrealised equity-securities gains across the two 2026 quarters flow straight through the income statement. These reverse as readily as they arise, and they make reported earnings and any multiple derived from them unreliable as a run rate.
• Governance and accounting turnover: the Principal Accounting Officer changed twice in 2026 — Amie Thuener O'Toole resigned effective 9 April 2026 and Marsida Saraci was appointed on 5 June 2026 — during a period of unprecedented balance-sheet activity including a first-ever preferred issuance and a $40bn at-the-market equity programme.

11. Recent Developments

• 19 May 2026 — Gemini 3.5 launched at Google I/O. Alphabet unveiled the Gemini 3.5 family, characterised as frontier intelligence with agentic action, with a two-million-token context window and a Deep Think reasoning layer.
• 05 Jun 2026 — Annual meeting and a new Chief Accounting Officer. Shareholders approved a 200 million Class C share increase to the 2021 Stock Plan reserve, and Marsida Saraci, at Alphabet since 2011, was appointed VP, Controller and Principal Accounting Officer.
• 30 Jun 2026 — First-ever preferred issuance completed. Alphabet raised aggregate net proceeds of $49.6bn from a combined Class A and Class C stock offering plus 6.25% mandatory convertible preferred stock, and put in place an at-the-market programme for up to a further $40.0bn.
• 02 Jul 2026 — Android appeal lost definitively. The EU Court of Justice dismissed Alphabet's challenge and confirmed the €4.125bn Android abuse-of-dominance fine. There is no further avenue of appeal.
• 22 Jul 2026 — Q2 2026 results: revenue beat, capex shock. Revenue of $119.8bn was up 24% and Google Cloud grew 82% to $24.8bn on a $514bn backlog, but 2026 capex guidance was lifted to $195–205bn, free cash flow turned negative at minus $5.9bn for the quarter, and the shares fell.
• 23 Jul 2026 — Largest-ever Digital Markets Act fine. The European Commission fined Alphabet €890m, split €460m for search self-preferencing and €430m for Play Store anti-steering, with a 60-day window to end the infringements.
• 05 Aug 2026 — AI leadership shake-up. Chief Scientist Jeff Dean departed after 27 years to found Discovery Loop, with Alphabet investing; Demis Hassabis became Chair of Google DeepMind and Chief Scientist of Alphabet; Koray Kavukcuoglu became SVP reporting directly to Sundar Pichai. The shares fell 4–5%.
• 10 Aug 2026 — $25bn bond offering closed. Alphabet's largest single debt deal, spanning floating-rate notes due 2028 to 6.500% notes due 2066, taking long-term debt to $98.2bn at the half year.
• 31 Aug 2026 — Gemini 3.7 Flash shipped with Google Antigravity. Paired for multi-agent mathematics and engineering work, closing a five-day run that also delivered Gemini 3.5 Transcribe on 26 August and Gemini Omni 1.1 Flash on 27 August.
• 01 Sep 2026 — World's largest enhanced-geothermal power agreement signed. Fervo Energy and Google announced a 396 MW power purchase agreement at Cape Station, Utah, online in 2028, with an option to expand to nearly 1 GW by June 2030. Alphabet also launched agentic video understanding in Gemini the same day.

12. Key Dates to Watch

• 04 Sep 2026 — ex-dividend date for the $0.22 quarterly common dividend declared on 22 July 2026
• 07 Sep 2026 — record date for that dividend
• 14 Sep 2026 — payment date for the $0.22 quarterly common dividend
• 21 Sep 2026 — approximate expiry of the 60-day Digital Markets Act compliance window following the European Commission's 23 July 2026 decision, after which periodic penalty payments of up to 5% of average daily worldwide turnover become available to the Commission
• 27 Oct 2026 — Q3 2026 results, after the close. Third-party earnings calendars list this as confirmed; Alphabet's own investor events page could not be verified directly. A dividend declaration normally accompanies the release.
• Expected Nov 2026 — next quarterly instalment on the Series A and Series B mandatory convertible preferred stock, following the $12.15 per share paid on 15 August 2026
• TBD — final remedies order in the Department of Justice ad-tech case before Judge Brinkema in the Eastern District of Virginia. Closing arguments were heard on 21 November 2025 and no decision has issued as at 2 September 2026.
• Expected Feb 2027 — Q4 and FY2026 results, and the FY2026 Form 10-K, on the pattern of the 4 February 2026 release
• Expected Jun 2027 — 2027 annual meeting of shareholders, on the pattern of the 5 June 2026 meeting

Two further items have no fixed date. Oral argument before the D.C. Circuit in the search-monopoly appeal and the Department of Justice cross-appeal was expected in late 2026 or early 2027, with briefing still under way in late August 2026. Alphabet has issued no capital expenditure guidance for 2027; the first indication is likely to come with the Q4 2026 release. Readers tracking the schedule may find the ChartsView Economic Calendar useful, and discussion continues on the ChartsView Forum.

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