Google stock is the stock of Alphabet Inc., the parent of Google, YouTube, Google Cloud, and Waymo, listed on Nasdaq under the tickers GOOGL (Class A) and GOOG (Class C). In the second quarter of 2026, Alphabet reported revenue of US$119.8 billion (up 24%), with Google Cloud growing 82%. But ballooning AI capital expenditure (capex) has pushed its free cash flow negative, and that is what investors are watching most closely now.

This article summarizes Alphabet's business, the latest quarterly figures, valuation, risks, and how investors in Indonesia can get exposure. If US stocks are new to you, start with US stock tokens vs regular stocks.

Key Takeaways

• Alphabet reported Q2 2026 revenue of US$119.8 billion, up 24%, with operating income of US$40.8 billion (34% margin).
• Google Cloud is the growth engine: revenue of US$24.8 billion (up 82%), operating income of US$8.8 billion, and a backlog of US$514 billion.
• Q2 net income of US$112.2 billion and EPS of US$9.11 were boosted by a non-recurring equity securities gain of about US$99 billion. That gain added US$6.26 to EPS, so EPS excluding it is about US$2.85.
• Q2 capex reached US$44.9 billion and 2026 capex guidance was raised to US$195 to 205 billion. Free cash flow for the quarter was negative US$5.9 billion.
• Alphabet did not repurchase shares in Q2, raised US$49.6 billion from common and mandatory convertible preferred stock in June, and set up a US$40 billion at-the-market share program.
• Q3 results are scheduled for 28 October 2026 after the US market closes (date from third-party sources).

What Is Google Stock

Google is not listed on its own. Since 2015 it has sat under Alphabet Inc., a holding company that also owns YouTube, Google Cloud, Waymo (autonomous vehicles), and other experimental units. When people say "Google stock," they mean Alphabet stock.

Alphabet has three share classes:

• GOOGL (Class A): one vote per share. This is what is most often meant by "Google stock."
• GOOG (Class C): no voting rights.
• Class B: carries higher voting power, held by founders and insiders, and is not traded on an exchange.

GOOGL and GOOG usually trade at only a small difference. According to Top1Markets, GOOGL closed at US$344.18 on 19 October 2026 after touching US$353.78 on 13 October. Daily prices keep changing, so check the latest price before making a decision.

Where Alphabet Makes Its Money

Q2 2026 revenue (quarter ended 30 June 2026), according to Alphabet's official report:

Within Google Services, Search and other recorded US$63.3 billion (up 17%), YouTube ads US$11.1 billion (up 13%), and subscriptions, platforms, and devices US$12.9 billion (up 15%), according to BigGo Finance's summary of the report. Google Services is still about 79% of total revenue, so Search advertising remains the backbone of the business.

Google Cloud and AI: The New Growth Engine

Cloud is the part that changes the Alphabet story most. Cloud revenue rose from US$13.6 billion to US$24.8 billion in a year, and its operating income rose from US$2.8 billion to US$8.8 billion (a margin of about 35.6%). The backlog, meaning signed contracts not yet recognized as revenue, reached US$514 billion at the end of June 2026, up more than US$50 billion in one quarter. About half is expected to become revenue within 24 months.

On the product side, Alphabet said Gemini Enterprise is used by nearly 90% of the Fortune 100, and AI Mode in Search has passed 1 billion monthly active users. Revenue from sales of TPU systems (Google's own AI chips) began to be recognized in Q2, and this kind of revenue can be lumpier than cloud consumption revenue.

Read Q2 Profit Carefully

Q2 2026 net income looks extraordinary: US$112.2 billion, up 298%, with EPS of US$9.11. But the figure was driven by a gain on equity securities of about US$99 billion recorded as other income. According to Alphabet's report, that gain added about US$77.1 billion to net income and US$6.26 to EPS.

That means the better measure of the core business is operating income: US$40.8 billion, up 30%, with a 34% margin. Using EPS without that gain gives about US$2.85 (9.11 minus 6.26). This is our own calculation from the official figures, not a number reported by Alphabet. A price-to-earnings (P/E) ratio computed from Q2 net income would look very cheap, but it is distorted.

Capex, Cash Flow, and Dilution: The Biggest Issue Right Now

Three figures explain why the market became uneasy after the Q2 report:

1. Capex is rising sharply. Q2 capital expenditure reached US$44.9 billion, more than double the prior year. 2026 capex guidance was raised from US$180 to 190 billion to US$195 to 205 billion, and management said 2027 spending will increase significantly.
2. Free cash flow is negative. Operating cash flow of US$39.1 billion did not cover capex, so Q2 free cash flow was negative US$5.9 billion (positive US$10.4 billion a year earlier).
3. Funding from the market. Alphabet did not repurchase shares in Q2 (US$13.2 billion a year earlier), raised US$49.6 billion from common and mandatory convertible preferred stock plus US$20.3 billion from senior notes in June, and set up a US$40 billion at-the-market share program that was unused as of 30 June. New share issuance means existing holders can be diluted.

According to Top1Markets, the stock fell about 7.1% in the session after the Q2 report on capex concerns, then recovered. The question the market is now weighing: does the US$514 billion Cloud backlog justify spending on this scale?

Valuation and Dividend

Alphabet's valuation is hard to compare because Q2 profit is distorted. Yahoo Finance cites about 17 times forward earnings, while Top1Markets calculates about 29 times on core earnings. The numbers differ because the earnings base differs, so do not compare one source with another without checking the definition.

Alphabet pays a cash dividend of US$0.22 per share per quarter on Class A, B, and C (paid 14 September 2026 to holders of record on 7 September). At a price of about US$344, the annual dividend of US$0.88 is a yield of about 0.26%, so the dividend is not the main reason to hold this stock. That yield figure is our estimate.

Risks to Watch

1. Antitrust. In September 2025, a US court ruled on the search remedies with behavioral restrictions rather than breaking up the company. Google's request for a partial stay of the judgment was denied by Judge Amit Mehta on 7 May 2026, and both sides' cross-appeals are still pending. In the ad tech case, on 2 September 2026 the judge rejected the US government's request to force a sale of Google's ad exchange and chose behavioral remedies, including integration with the Prebid standard and six years of oversight, according to a Goodwin law firm summary. Google plans to appeal the April 2025 liability ruling.

2. Capex outrunning cash flow. If AI demand or backlog conversion slows, heavy spending could pressure margins and cash flow.

3. The shift of search to AI chatbots. Search is still growing 17%, but the market judges that growth needs to hold so that concerns about rival AI products do not strengthen.

4. Dilution. Share issuance and the at-the-market program increase the share count.

5. Valuation and volatility. The price can move sharply around earnings, and the range can widen when AI sentiment shifts.

6. Advertising dependence. About 79% of revenue comes from Google Services, mostly advertising, which is sensitive to the economic cycle.

The Next Catalyst: Q3 Results on 28 October 2026

According to Yahoo Finance and Top1Markets, Alphabet is scheduled to report Q3 2026 on Wednesday 28 October 2026 after the US market closes. Analyst consensus is about US$2.94 per share for earnings and about US$127.5 billion for revenue. What will be watched: Search growth, Cloud backlog conversion, capex guidance, and signals about 2027 capex. Because the US market closes at 03:00 or 04:00 WIB depending on the season (see what time the US market opens), the price reaction is usually visible the next morning in Indonesia.

How to Get Exposure to Google Stock from Indonesia

There are two common routes: through a brokerage or platform that offers access to US exchanges, or through stock tokens on a digital asset platform. The differences between them (ownership rights, voting rights, dividends, and issuer risk) are covered in US stock tokens vs regular stocks and how xStocks work.

On Mobee, exposure to Alphabet is available through the GOOGL/IDR pair, the Alphabet Class A Tokenized Stock (Ondo). It is a token representing Alphabet Class A stock, not the stock itself. As of around 10:40 WIB on 21 October 2026, its price was Rp6,120,466 per token, down 1.38% over 24 hours, with a range of Rp6,082,001 to Rp6,197,440 and volume of about Rp975 million. Dividend treatment, voting rights, and redemption on a token can differ from those of a direct shareholder, so read the product terms in the app. See also US stock tokenization and the xStocks product page.

If you want to monitor without staring at the screen, set a price alert on Mobee. Other US tech stocks already covered: NVIDIA stock, Apple stock, and Microsoft stock.

Conclusion

Alphabet today is two stories at once: a core business that keeps growing and becoming more profitable, with Cloud as a new engine, and a company investing so heavily in AI infrastructure that its free cash flow is negative and it is issuing new shares. The question is not whether Google is big, but whether spending on this scale pays off. The Q3 report on 28 October is the next test.

Frequently Asked Questions

What is Google stock?

Google stock is the stock of Alphabet Inc., the parent company of Google, YouTube, Google Cloud, and Waymo, listed on Nasdaq under the tickers GOOGL (Class A) and GOOG (Class C). Google itself is not listed separately. Alphabet's revenue in the second quarter of 2026 reached US$119.8 billion.

What is the difference between GOOGL and GOOG?

GOOGL is Class A stock with voting rights, while GOOG is Class C stock without voting rights. Both represent the same business and are entitled to the same dividend, so their prices usually differ only slightly.

Does Google stock pay a dividend?

Yes. Alphabet pays a cash dividend of US$0.22 per share per quarter (paid 14 September 2026). At a price of about US$344, the yield is about 0.26% per year by our calculation, so the dividend is not the main attraction of this stock.

Why did Google stock fall after the Q2 2026 report?

According to Top1Markets, the stock fell about 7.1% in the session after the report because of capex concerns: 2026 guidance rose to US$195 to 205 billion and free cash flow for the quarter was negative US$5.9 billion. The stock then recovered to near its pre-report level.

When does Alphabet report earnings next?

According to Yahoo Finance and Top1Markets, Alphabet is scheduled to report third-quarter 2026 results on Wednesday 28 October 2026 after the US market closes. Check the official date on Alphabet's investor relations site, as dates can change.

How can I buy Google stock from Indonesia?

Through a brokerage or platform that offers US exchange access, or through stock tokens. Mobee offers the GOOGLX/IDR pair, a token representing Alphabet Class A stock, not the stock itself. Read the product terms before trading.

Disclaimer

This article is educational and not an investment recommendation, not an invitation to buy or sell stocks, and contains no price target. Stocks, stock tokens, and digital assets carry risk, including the risk of losing value. Do your own research and consider your risk profile before making a decision. Mobee is operated by PT CTXG Indonesia Berkarya, licensed and supervised by the Financial Services Authority (OJK).