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Google Cloud Margin and Backlog Growth Drive Alphabet Stock Surge

Alphabet (Google) logoAlphabet (Google)
Sig3.20Sen+4.80Env0.00Soc0.00Gov0.00

Google Cloud’s margin expansion preceded its later revenue acceleration. In fiscal Q2 2024 it posted an 11% operating margin on $10.3 billion revenue; by fiscal Q2 2025 it nearly doubled to 20.7% while revenue growth stayed in a 29%–35% range. Backlog rose from $106 billion to $514 billion, and by fiscal Q2 2026 revenue grew 82% to $24.8 billion as margin reached 35.6%.

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