TAC
TransAlta Corporation
stock NYSE

ALPHABET $GOOGL
Q2’26 EARNINGS HIGHLIGHTS
🔹 EPS ex disclosed equity-gain impact: ~$2.85 (Est. $2.90)
🔹 Revenue: $119.80B (Est. $117.02B) ; +24% YoY
🔹 Revenue ex-TAC: $103.62B (Est. $101.07B) ; +27% YoY
🔹 CapEx: $44.92B (Est. $44.1B) ; +100% YoY
Segment:
🔹 Google Cloud: $24.77B (Est. $22.46B) ; +82% YoY
🔹 Cloud Operating Margin: 35.6% (Est. 30.8%) ; UP from 20.7% YoY
🔹 Search & Other: $63.27B (Est. $63.28B) ; +17% YoY
🔹 YouTube Ads: $11.06B (Est. $10.81B) ; +13% YoY
Google Services:
🔹 Revenue: $94.54B (Est. $94.32B) ; +15% YoY
🔹 Operating Income: $39.54B; +20% YoY
🔹 Operating Margin: 41.8%; UP from 40.1% YoY
🔹 Google Advertising: $81.63B (Est. $81.12B) ; +14% YoY
🔹 Search & Other: $63.27B (Est. $63.28B) ; +17% YoY
🔹 YouTube Ads: $11.06B (Est. $10.81B) ; +13% YoY
🔹 Google Network: $7.30B; -1% YoY
🔹 Subscriptions, Platforms & Devices: $12.91B (Est. $12.82B) ; +15% YoY
Google Cloud:
🔹 Revenue: $24.77B (Est. $22.46B) ; +82% YoY
🔹 Operating Income: $8.81B; +212% YoY
🔹 Operating Margin: 35.6% (Est. 30.8%)
🔹 Incremental Operating Margin: ~53.7%
🔸 Cloud growth cleared the 70%-75% buy-side bogey and even the aggressive ~80% expectation
Other Bets:
🔹 Revenue: $382M; +2% YoY
🔹 Operating Loss: -$1.80B vs. -$1.25B YoY
Alphabet-Level Activities:
🔹 Operating Loss: -$5.79B
🔸 Primarily reflects expenses related to shared AI research and development
AI and Other Metrics:
🔹 Gemini App: 950M monthly active users
🔹 Gemini API Usage: 22B tokens per minute
🔹 Gemini Enterprise: Used by nearly 90% of the Fortune 100
🔹 Employees: 198,933; +6% YoY
🔹 Total TAC: $16.18B; +10% YoY
🔹 World Cup-related YouTube videos reached over 1.7B unique viewers
Financials:
🔹 Operating Income: $40.77B (Est. $40.55B) ; +30% YoY
🔸 Equity-security gains added $6.26/share to GAAP EPS
🔹 Operating Margin: 34.0%; UP 2 percentage points YoY
🔹 Net Income: $112.19B; +298% YoY
🔹 Other Income, Net: $97.98B
🔹 Gain on Equity Securities, Net: $99.03B
🔹 Operating Cash Flow: $39.07B
🔹 Free Cash Flow: -$5.86B
🔹 TTM Free Cash Flow: $53.27B
🔹 Cash & Marketable Securities: $242.47B
🔹 Long-Term Debt: $98.17B
Capital Allocation:
🔹 Equity Capital Raised: $49.6B
🔹 Senior Unsecured Notes Issued: $20.3B
🔹 Stock Repurchases: $0
🔹 Dividend: $0.22/share
🔸 Alphabet also authorized an ATM program to sell up to $40B of stock, but had not sold any shares under it as of quarter-end
CEO Sundar Pichai Commentary:
🔸 “Our AI investments are redefining what’s possible across every part of our business.”
🔸 AI features are driving Search query growth.
🔸 Cloud growth accelerated due to demand for AI infrastructure and enterprise AI solutions.

ALPHABET $GOOGL
Q2’26 EARNINGS HIGHLIGHTS
🔹 EPS ex disclosed equity-gain impact: ~$2.85 (Est. $2.90)
🔹 Revenue: $119.80B (Est. $117.02B) ; +24% YoY
🔹 Revenue ex-TAC: $103.62B (Est. $101.07B) ; +27% YoY
🔹 CapEx: $44.92B (Est. $44.1B) ; +100% YoY
Segment:
🔹 Google Cloud: $24.77B (Est. $22.46B) ; +82% YoY
🔹 Cloud Operating Margin: 35.6% (Est. 30.8%) ; UP from 20.7% YoY
🔹 Search & Other: $63.27B (Est. $63.28B) ; +17% YoY
🔹 YouTube Ads: $11.06B (Est. $10.81B) ; +13% YoY
Google Services:
🔹 Revenue: $94.54B (Est. $94.32B) ; +15% YoY
🔹 Operating Income: $39.54B; +20% YoY
🔹 Operating Margin: 41.8%; UP from 40.1% YoY
🔹 Google Advertising: $81.63B (Est. $81.12B) ; +14% YoY
🔹 Search & Other: $63.27B (Est. $63.28B) ; +17% YoY
🔹 YouTube Ads: $11.06B (Est. $10.81B) ; +13% YoY
🔹 Google Network: $7.30B; -1% YoY
🔹 Subscriptions, Platforms & Devices: $12.91B (Est. $12.82B) ; +15% YoY
Google Cloud:
🔹 Revenue: $24.77B (Est. $22.46B) ; +82% YoY
🔹 Operating Income: $8.81B; +212% YoY
🔹 Operating Margin: 35.6% (Est. 30.8%)
🔹 Incremental Operating Margin: ~53.7%
🔸 Cloud growth cleared the 70%-75% buy-side bogey and even the aggressive ~80% expectation
Other Bets:
🔹 Revenue: $382M; +2% YoY
🔹 Operating Loss: -$1.80B vs. -$1.25B YoY
Alphabet-Level Activities:
🔹 Operating Loss: -$5.79B
🔸 Primarily reflects expenses related to shared AI research and development
AI and Other Metrics:
🔹 Gemini App: 950M monthly active users
🔹 Gemini API Usage: 22B tokens per minute
🔹 Gemini Enterprise: Used by nearly 90% of the Fortune 100
🔹 Employees: 198,933; +6% YoY
🔹 Total TAC: $16.18B; +10% YoY
🔹 World Cup-related YouTube videos reached over 1.7B unique viewers
Financials:
🔹 Operating Income: $40.77B (Est. $40.55B) ; +30% YoY
🔸 Equity-security gains added $6.26/share to GAAP EPS
🔹 Operating Margin: 34.0%; UP 2 percentage points YoY
🔹 Net Income: $112.19B; +298% YoY
🔹 Other Income, Net: $97.98B
🔹 Gain on Equity Securities, Net: $99.03B
🔹 Operating Cash Flow: $39.07B
🔹 Free Cash Flow: -$5.86B
🔹 TTM Free Cash Flow: $53.27B
🔹 Cash & Marketable Securities: $242.47B
🔹 Long-Term Debt: $98.17B
Capital Allocation:
🔹 Equity Capital Raised: $49.6B
🔹 Senior Unsecured Notes Issued: $20.3B
🔹 Stock Repurchases: $0
🔹 Dividend: $0.22/share
🔸 Alphabet also authorized an ATM program to sell up to $40B of stock, but had not sold any shares under it as of quarter-end
CEO Sundar Pichai Commentary:
🔸 “Our AI investments are redefining what’s possible across every part of our business.”
🔸 AI features are driving Search query growth.
🔸 Cloud growth accelerated due to demand for AI infrastructure and enterprise AI solutions.