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Meta reported Q2 2026 revenue of $60.80bn, up 28% year over year, while costs and expenses rose 55% to $42.03bn. Income from operations fell 8% to $18.78bn, the operating margin dropped to 31% from 43%, and diluted EPS declined 13% to $6.18. Family daily active people reached 3.60 billion, up 3%, with ad impressions up 14% and average price per ad up 12%.

For the quarter ended 30 June 2026 Microsoft reported revenue of $90.0bn (+18%, +17% cc), operating income $40.6bn (+18%), net income $35.8bn (+31% GAAP; $35.3bn non-GAAP, +22%) and diluted EPS $4.81 (+32% GAAP; $4.74 non-GAAP). Satya Nadella said Azure revenue surpassed $100bn for the first time during the fiscal year and Microsoft 365 Copilot reached over 30 million paid seats. Microsoft Cloud revenue was $59.3bn, up 27%. Discrete items added $0.27 to diluted EPS versus April guidance, including a $3.2bn gain on Microsoft's investment in Anthropic and lower-than-expected Voluntary Retirement Program costs, partly offset by severance and impairment charges in Xbox.

Alphabet reported second quarter 2026 results on 22 July 2026 for the quarter ended 30 June 2026. Consolidated revenues rose 24% (23% constant currency) to $119,796m, a 12th consecutive quarter of double-digit growth. Google Services grew 15% to $94.5bn, led by 17% growth in Google Search & other, 15% in subscriptions/platforms/devices and 13% in YouTube ads. Google Cloud accelerated again, up 82% to $24.8bn. Operating income rose 30% and operating margin expanded two points to 34%. Other income carried a $98.0bn net gain, overwhelmingly unrealised gains on equity securities, so net income available to common stockholders rose 298% and EPS rose 294% to $9.11 - a figure driven by mark-to-market gains rather than operations, and worth reading alongside the 34% operating margin. Sundar Pichai reported nearly 90% of the Fortune 100 using Gemini Enterprise, Gemini models processing 22 billion API tokens per minute, 950 million monthly active users on the Gemini App, the new Gemini 3.5 Flash Cyber security model, and over 1.7 billion unique viewers of World Cup-related video on YouTube during FIFA World Cup 2026. The financing story shows in the cash flow statement: purchases of property and equipment were $44,924m in the quarter against $22,446m a year earlier, and $80,598m for the first half against $39,643m - capex has almost exactly doubled year on year.

Alphabet reported first quarter 2026 results on 29 April 2026 for the quarter ended 31 March 2026. Consolidated revenues rose 22% (19% constant currency) to $109,896m - an 11th consecutive quarter of double-digit growth. Google Services grew 16% to $89.6bn, led by 19% growth in Google Search & other, 19% in subscriptions/platforms/devices and 11% in YouTube ads. Google Cloud accelerated sharply, up 63% to $20.0bn on enterprise AI Solutions and AI Infrastructure demand. Operating income rose 30% and operating margin expanded two points to 36.1%. Other income carried a $37.7bn net gain, largely unrealised gains on non-marketable equity securities, lifting net income 81% and EPS 82% to $5.11. The quarterly dividend was raised 5% to $0.22. Sundar Pichai disclosed that Cloud backlog nearly doubled quarter on quarter to over $460bn, paid subscriptions reached 350 million, Gemini Enterprise paid monthly active users grew 40% quarter on quarter, first-party models process more than 16 billion tokens per minute via direct customer API use (up 60% QoQ), and Waymo passed 500,000 fully autonomous rides a week. Capital expenditure more than doubled year on year to $35,674m in the quarter (from $17,197m), the first clear sign of the AI-infrastructure spending step-up that drove the year's financing programme.

Meta reported Q1 2026 revenue of $56.31bn, up 33% year over year, with income from operations of $22.87bn (up 30%) and a flat 41% operating margin. It raised 2026 capital expenditure guidance to $125-145bn from $115-135bn, and Mark Zuckerberg cited the release of the first model from Meta Superintelligence Labs. The shares fell on the spending increase.

Microsoft reported results for the quarter ended 31 March 2026: revenue $82.9bn (+18%, +15% cc), operating income $38.4bn (+20%), net income $31.8bn (+23% GAAP) and diluted EPS $4.27 (+23% GAAP). Microsoft Cloud revenue was $54.5bn (+29%) and commercial remaining performance obligation rose 99% to $627bn. Satya Nadella said the AI business "surpassed an annual revenue run rate of $37 billion, up 123% year-over-year". Productivity and Business Processes was $35.0bn (+17%) with Microsoft 365 Commercial cloud +19%, M365 Consumer cloud +33%, LinkedIn +12% and Dynamics 365 +22%; Intelligent Cloud was $34.7bn. Non-GAAP figures exclude the impact of Microsoft's investments in OpenAI.