Alphabet generated $127.6 billion in revenue in the third quarter of 2026, up 25% year over year, bringing its annual revenue run rate to $500 billion. Sundar Pichai attributed the growth to strong artificial intelligence demand across Search and Google Cloud, whose revenue more than doubled to $30.71 billion. However, capital spending aimed at expanding artificial intelligence capabilities pushed quarterly free cash flow to negative $9.07 billion. Following the results, Alphabet shares fell more than 6% in US after-hours trading.
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