Earnings, read for you.

“CapEx more than doubled sequentially, and we expect it to increase further in the second half of 2026. We continue to expect that CapEx for this year will be more than $25 billion.”

“We achieved record Q2 deliveries globally with sequential growth across the Americas, APAC and EMEA of 60%, 27% and 12%, respectively.”

“Long term, we believe the energy business should normalize at a gross margin rate in the mid- to low-20% range.”

“Note that we are in a big investment cycle and expect our operating expenses largely driven by R&D to continue to grow in 2026 and beyond.”

“we are being opportunistic in securing certain debt facilities that will give us the capacity to borrow up to $30 billion to help accelerate such investments.”

“Consolidated revenues were $119.8 billion, up 24% or 23% in constant currency.”

“Google Search and other advertising revenues increased by 17% to $63.3 billion with retail and finance driving the largest contributions.”

“We are updating our full year 2026 CapEx guidance range to $195 billion to $205 billion, up from our previous estimate of $180 billion to $190 billion. The increase in the range is primarily due to an acceleration in the delivery of capacity to meet growing”

“given the supply-constrained environment, we plan to expand the use of third-party capacity in Q3 as a bridging strategy while we build up more internal capacity.”

“Cloud revenue grew 82% powered by strong demand for AI infrastructure and AI solutions and Cloud backlog grew to $514 billion.”