Alphabet: Google Cloud accelerates to +82% in Q2 2026, backlog at $514 billion

2026-07-22 · Publisher : Google · Domain : Cloud & DevOps

Alphabet reports Google Cloud revenue of $24.8 billion in Q2 2026, up 82%, with operating income of $8.8 billion and a backlog of $514 billion. In Q3 2025, the backlog was $155 billion.

### What changes On 22 July 2026, Alphabet publishes its second-quarter results. Google Cloud posts revenue of $24.8 billion, up 82% from $13.6 billion a year earlier. The segment's operating income reaches $8.8 billion, against $2.8 billion, a margin of 35.6% against 20.7%. Sundar Pichai, chief executive, says the cloud backlog reaches $514 billion. ### Key facts - Google Cloud revenue: $24.8 billion (+82%); operating income: $8.8 billion; margin: 35.6%. - Cloud backlog: $514 billion, according to Sundar Pichai's letter. In Q3 2025 (29 October 2025) it was $155 billion, with cloud revenue of $15.2 billion (+34%). - Alphabet: revenue of $119.8 billion, up 24%. - Pichai attributes the acceleration to demand for AI infrastructure and AI solutions, and says nearly 90% of the Fortune 100 use Gemini Enterprise. - Alphabet raised $49.6 billion in equity in June 2026, intended in part for capital expenditure on AI infrastructure. - Alphabet also issued $20.3 billion of senior unsecured notes, according to the release. ### Why it matters In three quarters, Google Cloud's growth rate went from 34% to 82%, and its operating margin from 20.7% to 35.6% in a year. For customers, it signals strong demand for AI capacity, on which Google says it remains supply constrained. The backlog measures contractual commitments, not revenue already earned: it depends on the ability to deliver. ### Takeaway Google Cloud changes scale in a year: quarterly revenue up 82%, with an operating margin above 35%.

Tags : Google Cloud, Hyperscaler, Cloud, IA