Alphabet ($GOOGL) reported Q2 2026 revenue of $119.8B (up 24% YoY) and net income of $112.1B (up 298% YoY), alongside Google Cloud revenue reaching $24.8B. Despite posting its first negative free cash flow in years at -$5.8B driven by heavy capital expenditures, the quarter featured strong revenue acceleration and significant growth in AI metrics like Gemini API token processing.