Alphabet Inc Class A (GOOGL) - Rapport boursier

Alphabet Inc Class A sells digital services to advertisers, businesses, consumers, and users. Advertisers pay to reach people on Search, YouTube, and partner websites. Businesses pay Google Cloud for computing infrastructure, software platforms, applications, and artificial-intelligence tools through usage fees and subscriptions. Consumers also pay for subscriptions, apps, and devices. Other Bets contains early-stage businesses, with revenue primarily from autonomous transportation and internet services. The business earns operating profit and cash when this demand exceeds the cost of running its services.

Google Cloud revenue rose 82% year over year to $24.8 billion in the second quarter of fiscal year 2026, while Cloud operating income rose to $8.8 billion. Alphabet also raised about $49.5 billion through equity and mandatory convertible preferred funding for purposes including AI infrastructure. The key question is whether new capacity creates durable profit and cash beyond the already-profitable Cloud business.

Second-quarter revenue rose 24% year over year to $119.8 billion, operating income rose 30% to $40.8 billion, and operating margin reached 34%, up from 32% in the same quarter of the previous fiscal year. This makes Alphabet worth understanding now: the established business is performing well while a much larger AI investment cycle tests whether that performance can continue.