Alphabet is poised to open at a fresh all-time high after its blowout Q1 earnings report. The stock surged over 8% in pre-market trading, following an intraday peak of $355.79 in the previous session.
The parent company of Google and YouTube reported Q1 revenue of $109.9 billion, up 22% year-over-year, marking its 11th consecutive quarter of double-digit growth. Net income soared to $62.6 billion, nearly double the $34.5 billion from a year ago.
Google Cloud crossed $20 billion in quarterly revenue for the first time, a 63% increase. Operating income for the segment tripled to $6.6 billion. The backlog of contracts signed but not yet converted to revenue nearly doubled quarter-over-quarter to $462 billion.
Google Search revenue grew 19% to $60.4 billion. YouTube ad revenue climbed 11% to $9.9 billion. The subscription business, including YouTube Premium and Google One, reached 350 million total paid subscribers, adding 25 million in the quarter.
Gemini models now process over 16 billion tokens per minute through direct API usage, a 60% increase from the previous quarter. Gemini’s share of the AI model market rose from 14% in October 2025 to 24% by February 2026.
Waymo, Alphabet's autonomous driving unit, crossed 500,000 fully autonomous rides per week but posted $2.1 billion in operating losses for the quarter.