48 slides from Alphabet Inc (google) Class C's investor presentation, Jun 3, 2026
Slide 1: Alphabet Investor Presentation
Alphabet Investor Presentation
Slide 2: AI is the most profound platform shift of our lifetimes
AI is the most profound platform shift of our lifetimes. It’s lighting up every part of our business, driving an expansionary moment in Search, turbocharging Cloud, and much more. At the same time, we are experiencing strong demand for our AI solutions and services from enterprises and consumers, at
Slide 3: Innovating at scale with incredible velocity
We’re innovating at scale with incredible velocity. Since launching Gemini 3 last November, our momentum has accelerated. We've rolled out increasingly capable generative media models; shipped features across Chrome and the Gemini app, launched Antigravity and our first model in our Gemini 3.5 serie
Slide 4: Advances shown at I/O developer conference
Recently at our I/O annual developer conference, we showcased new advances across models, coding, and agents. This progress reflects our deep focus on delivering tangible value to people in the products they use every day.
Slide 5: Massive compute investments and CapEx outlook
Supporting all of this at scale for our users, while also serving enterprises and developers around the world, requires massive compute investments. In 2022, we spent approximately $31 billion in CapEx. This year, we expect that number to be 6 times larger than 2022 and double last year’s at $180-19
Slide 6: Balanced funding of investments
We plan to fund our investments in a balanced way, including: strong operating cash flow, debt issuances, and today’s equity offering. Maintaining a strong balance sheet while accelerating our investments is a strategic advantage, and helps us meet surging demand for our AI products and services.
Slide 7: Six key areas positioning Alphabet to capture the opportunity
I want to highlight six key areas where our innovation and leadership are positioning us well to capture the opportunity ahead and drive shareholder value: First, our accelerating business momentum Second, our differentiated full stack approach to AI Third, our unmatched global product footprint Fou
Slide 8: Accelerating Business Momentum
Accelerating Business Momentum Alphabet
Slide 9: Significant milestones across every area of the business
We are reaching significant milestones across every area of the business: From 2020 to 2025, our annual revenue more than doubled to over $400 billion. Over the last 12 months alone, we added $63 billion dollars to our top line.
Slide 10: Q1 revenue and operating income growth
This growth continued in Q1 of this year – revenue climbed 22% year-over-year to $110 billion. Finally, our operating income grew 30% year-over-year to $40 billion.
Slide 11: Momentum across Search, Cloud, YouTube and Waymo
This momentum spans our entire portfolio. I’ll call out five areas in particular: In Search, revenue grew 19% year-over-year last quarter. AI Overviews and AI Mode are driving user engagement and AI-powered ad tools are driving better ROI for advertisers. In Cloud, Q1 year-over-year revenue growth w
Slide 12: Subscriptions reached 350 million
Subscriptions recently reached 350 million, driven by YouTube and GoogleOne. Our AI plans are performing exceptionally well. Users are realizing the value of our most capable AI models, expanded storage, and productivity tools. We had the strongest quarter ever for our consumer AI plans.
Slide 13: Positioned to drive profitable revenue growth
We believe we are well positioned to drive profitable revenue growth. We’re reaching new AI-driven market opportunities, spanning ads and subscriptions, model development, cloud, infrastructure, and services in the physical world.
Slide 14: Differentiated, Full Stack Approach to AI
2 Differentiated, Full Stack Approach to Al Alphabet
Slide 15: Decade-long full-stack approach to AI
This momentum is a direct result of our decade-long full-stack approach to AI, our unique differentiator. The foundational layer of the stack is our unrivaled AI infrastructure.
Slide 16: AI infrastructure: fiber, data centers and compute options
This includes 10 million kilometers of terrestrial and subsea fiber connecting over 30 data centers and over 40 Cloud regions around the world. Our recent acquisition of Intersect will help us come to market even faster. We pride ourselves on building efficiently and sustainably, and supporting loca
Slide 17: Eighth-generation TPUs
It’s been ten years since we introduced our first commercial TPU. Today, they power Gemini model training and serving at scale across our APIs and biggest products like Search. Our eighth-generation TPUs, 8i and 8t, offer a new dual-chip design specifically for the massive training and inference nee
Slide 18: Efficiency gains reducing Gemini serving costs
We continue to drive tremendous efficiency gains - for example in 2025, we reduced Gemini serving costs by 78%.
Slide 19: Security as the second layer of the stack
Security is the critical second layer of our full stack, built directly into our foundational code. With the rapid adoption of AI, protecting data and privacy grows more complex every day. Our secure-by-default architecture automatically blocks 10 million spam emails every minute, and protects billi
Slide 20: World-class research teams led by Google DeepMind
The next layer is our world-class research teams, led by Google DeepMind. These teams are the engine of our entire AI stack, from inventing the Transformer architecture to developing our highly capable Gemini models. Research teams are also pioneering advances in science, medicine, and climate. That
Slide 21: Models and tooling layer
That brings us to our fourth layer: models and tooling. We offer the most extensive model portfolio in the world, and we continue to stay on the cutting edge in reasoning, multimodality, and cost.
Slide 22: Gemini 3.5 introduction
We recently introduced Gemini 3.5 with improvements focused on agentic coding, long-horizon tasks, and real-world capabilities. Gemini 3.5 Flash is now available, and we expect Gemini 3.5 Pro will be coming in June.
Slide 23: Generative media models
Beyond the Gemini series, our generative media models are incredibly popular. This includes Nano Banana, which people have used to generate more than 50B images to date. And we were excited to unveil our latest Omni model at I/O.
Slide 24: Token growth and developer adoption
One way to measure growth is tokens, the fundamental units of data our models process. Two years ago, we were processing 9.7 trillion tokens a month. Today, that number has jumped to 3.2 quadrillion, a more than 300 times increase across our surfaces. The speed of adoption from enterprises and devel
Slide 25: Antigravity agentic development platform
Tooling is another important part of this layer. Antigravity, our agentic development platform, launched six months ago and we have millions of developers building with it. We recently expanded Antigravity to a unified platform for builders to work with agents. This includes a standalone desktop app
Slide 26: Antigravity accelerating internal development
The Antigravity coding harness has accelerated how we build internally. Every few weeks, we’re doubling the number of tokens we’re processing across our developer tooling. Recently, we reached more than three trillion tokens a day. This scale creates a powerful feedback loop to improve our current a
Slide 27: Fifth layer: Products and Platforms
Finally, the fifth layer of our stack is our unmatched portfolio of Products and Platforms used by billions of people every day.
Slide 28: Unmatched Global Product Footprint
3 Unmatched Global Product Footprint Alphabet
Slide 29: Gemini powering products with over a billion users
Gemini is now powering all of our 13 products that have over a billion users, including five that surpass 3 billion users. It all begins with our founding product, Search.
Slide 30: AI Overviews and AI Mode in Search
AI Overviews now have over 2.5 billion users each month. This means Google Search is delivering AI to more people than any other product in the world. And AI Mode has revolutionized Search. Launched just a year ago, it’s already surpassed 1 billion monthly users. Just as the shift to mobile drove gr
Slide 31: Gemini app adoption
The Gemini app is also seeing incredible adoption. It’s one of our fastest growing products, with over 900 million monthly users, more than doubling in a year.
Slide 32: Personal Intelligence and agents
Across Search and the Gemini app, we have started to roll out Personal Intelligence, which connects you to your Google apps to provide personalized suggestions. It’s now available in more than 190 countries. Both Search and the Gemini app are entering a new era of agents: At I/O this year, we announ
Slide 33: YouTube streaming leadership and Ask YouTube
Turning to YouTube, which has led streaming watch time in the U.S. for three years running, with over 200 million hours of watch time in the living room every day. At I/O, we announced an entirely reimagined conversational search experience powered by Gemini, called Ask YouTube.
Slide 34: Google Ads and agentic commerce
Google Ads is a growth engine for millions of businesses worldwide. Gemini is enabling them to reach more customers with greater speed and precision. Through AI Max and Performance Max, advertisers can use genAI to automatically customize text, synthesize creative assets, and dynamically bid across
Slide 35: Google Cloud Leadership
A Google Cloud Leadership Alphabet
Slide 36: Google Cloud enterprise AI stack and deal velocity
Google Cloud is a world-class enterprise business, and we are the only provider to offer first party solutions across the entire enterprise AI stack, including: infrastructure, the Google Cloud Platform, Workspace and security. These pillars are underpinning progress: 75% of our Cloud customers are
Slide 37: Cloud backlog over $460 billion
The opportunity for Cloud has never been clearer: our backlog nearly doubled quarter-on-quarter to over $460 billion, and we expect to recognize just over 50% of the backlog as revenue over the next 24 months. That means our customers aren't just buying services; they are committing to a long-term A
Slide 38: Visionary Long-term Bets
2 Visionary Long-term Bets Alphabet
Slide 39: Long-term Bets: Waymo, Wing and Intrinsic
We are also extending our AI leadership into two frontiers through our long-term Bets: bringing unique services to the physical world and the life sciences. First, the physical world: Waymo is on an extraordinary commercial trajectory. Already this year, we’ve launched six new markets. That brings o
Slide 40: Life sciences: Isomorphic Labs and Calico
In life sciences, Isomorphic Labs is using our latest models to accelerate drug discovery, identifying novel compounds for previously untreatable diseases in a fraction of the time. Calico is applying deep computer science and foundational research to the biology of aging so people can live longer,
Slide 41: Beyond AI: Quantum computing
Beyond AI: We are excited about our leadership in Quantum computing. We are actively moving this out of the lab and into the real world through our Willow Early Access Program.
Slide 42: A unique moment in our history
This is a unique moment in our history. Between our rapid pace of innovation and the massive surge in AI demand, the opportunity ahead has never been clearer. Our performance today gives us deep confidence in the investments we’re making for tomorrow.
Slide 43: Strong Financial Discipline
6 Strong Financial Discipline Alphabet
Slide 44: Business performance and capital investment rationale
As you’ve seen in our results over the past several quarters, we are driving strong business performance. Let me dive a bit deeper into the drivers of this performance, how our capital investments are informed by our view of ROIC, and share our balance sheet strategy and rationale for today’s capita
Slide 45: Q1 results: monetizing AI investments
Our AI investments and full stack approach are being monetized and are delivering tangible value across our business as evidenced in our Q1 results. Beginning with Google Services: Revenue grew 16% year over year and operating margin expanded to 45%, from 42% a year ago. In Search, we are seeing an
Slide 46: 2026 CapEx outlook
We are investing to meet the unprecedented demand we are seeing from enterprises and consumers. For the full-year 2026, we expect our CapEx to be in the range of $180B to $190B. And looking further ahead to 2027, we expect a significant increase in our CapEx compared to 2026.
Slide 47: Balance sheet strategy
Turning to our balance sheet strategy. Our financial foundation is exceptionally strong. Over the last twelve months, we generated operating cash flow of $174B. We ended the first quarter of 2026 with $127B in cash and marketable securities and $81B in debt. Since the end of the first quarter, we ha
Slide 48: Funding the AI opportunity with balanced approach
Our strong financial results, and record customer demand, reinforce our conviction to invest the capital required to continue capturing the AI opportunity in front of us. We intend to fund these investments through a balanced approach, combining our strong operating cash flow with debt and today's e