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Alphabet Earnings: The Conglomerate Discount Explained
Alphabet Q2 2026 earnings show a company with two different stories depending on where you look, and we break down the conglomerate discount hiding in the balance sheet.
Google Cloud revenue jumped to over 24 billion dollars for the quarter, up 80 percent year over year, with operating income approaching nine billion dollars, now over 20 percent of Alphabet's total operating income. Trailing twelve month GAAP operating profit has grown faster than revenue, driven by Search and Cloud strength.
But capital expenditures are changing the picture fast. Alphabet's 2026 capex guidance now sits near…
The skinny
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