Alphabet Q3 2026: revenue up 25% to $127.6B, Google Cloud up 103%, first-party model APIs near 32B tokens per minute
After the US market close on Oct 28, Alphabet reported Q3 2026 results: revenue rose 25% to $127.6B, and Google Cloud revenue more than doubled, up 103% to $30.7B, which the company attributes to enterprise AI infrastructure, AI solutions and TPU system sales. In the release and on X, Sundar Pichai said first-party model APIs now process nearly 32B tokens per minute, more than four times a year ago, and that the Gemini app has reached one billion users. The cost: Q3 capital expenditures of $51.4B and free cash flow of negative $9.1B.

Key Takeaways
- Revenue of $127.58B, up 25% year over year and the 13th straight quarter of double-digit growth; Pichai says Alphabet is on a $500B annual revenue run rate
- Google Cloud revenue of $30.71B versus $15.16B a year ago, up 103%; Cloud operating income of $11.12B versus $3.59B
- First-party model APIs process nearly 32B tokens per minute, more than 4x a year ago; Pichai's X post puts quarter-over-quarter growth at 40%
- The Gemini app reached one billion users, which Google calls the fastest-growing product in its history; Search query growth is the highest in five years
- Q3 capex of $51.36B versus $23.95B a year ago, and free cash flow of negative $9.07B, the second negative quarter in a row



