The S&P 500 blended net profit margin reached 15.7% in Q2 2026, the highest level recorded since 2009, up from 14.8% in Q1. Alphabet reported net income of $112.1 billion for the quarter, a 298% year-over-year increase. Approximately $77.1 billion came from post-tax unrealized gains on equity securities, primarily from Alphabet’s stake in SpaceX. Excluding Alphabet’s contribution, S&P 500 earnings growth for Q2 2026 drops from 37.9% to 25.9%. Alphabet’s revenue hit $119.8 billion, up 24%, with Google Cloud reaching $24.8 billion, growing 82%.
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