Alphabet Q2: Cloud Revenue Surges 82% to $24.77B, Operating Income Hits $40.77B

Google Cloud delivered the standout quarter with $24.77B revenue (+82% YoY), accounting for 63% of Alphabet's operating profit increase. YouTube ads rose 13% to $11.06B, subscriptions hit $12.91B, and Gemini reached 950M MAU. But the capex burn rate — $44.9B in a single quarter — consumed all operating cash flow and then some, turning free cash flow negative for the first time since the AI buildout began.