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Alphabet Q2 2026 Earnings Set for July 22 — $116.8B Revenue and 63% Cloud Growth Expected as $190B Capex Bet Faces Scrutiny

Alphabet reports Q2 2026 results after the close on July 22, with consensus projecting revenue of $116.8 billion, up 21% year-over-year, and EPS of $2.87 to $2.95. Google Cloud is expected to sustain roughly 63% growth after posting a record $20 billion and $462 billion backlog in Q1. The central question is whether $180 to $190 billion in capital expenditure for 2026 — plus a planned further increase in 2027 — is translating to sustainable free cash flow growth or compressing returns.