Alphabet reported Q2 2026 earnings after market close Wednesday: $119.8B revenue (+24% YoY), $44.9B capex (+100% YoY), cloud revenue of $24.77B (+82% YoY, blowing past $22.4B estimates), YouTube ads $11.06B (+13%), and Search $63.3B (+17%) — missing StreetAccount's $63.4B estimate by 0.16%. The company posted $112.1B net income, boosted by $99B in equity gains from Anthropic and SpaceX stakes. Free cash flow turned negative at -$5.9B for the first time this AI buildout cycle. Gemini App hits 950M MAU, processing 22B API tokens/min. CFO Ashkenazi revealed 60/40 capex split (servers/datacenters). 2026 capex guidance held at $180-190B; 2027 capex "likely to significantly increase" per April guidance.