The Ledger

GOOGLAlphabet Inc.

Industry Megacap tech Updated 28 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

$320 → $356

What the podcasts say

12 bullish · 2 bearish · 12 speakers · 9 shows

What investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.

  1. Bearish
    Short Google against long Meta on the DeepMind talent exodus and lingering search riskCitrini · Monetary Matters with Jack Farley · 25 Oct 2026
  2. Bullish
  3. Bullish
    Alphabet is one of the few AI names Moses wants to own, on pullbacksDanny Moses · The Real Eisman Playbook · 19 Oct 2026
  4. Bearish
    Vinokur sold Alphabet and won't buy back: no margin of safety amid the AI spending raceMike Vinokur · In the Money with Amber Kanwar · 6 Oct 2026
  5. Bullish
    Eight years in Alphabet, held through every scare, and still compoundingJeremy Kokemor · Planet MicroCap Podcast · 3 Oct 2026
  6. Bullish
    Long-standing Google bull because of WaymoEd Elson · The Compound and Friends · 2 Oct 2026
  7. Bullish
  8. Bullish

All 14 statements on the Podcast Heatmap

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$320 → $356

Show the math

company value if delivered, less net debt, divided by the shares. Alphabet puts a number on one line that earns money: the Cloud backlog, just over half of which the CFO expects to turn into revenue within 24 months, at Cloud's 33-36% operating margin. Everything else is held at 2025's operating income: no number, no growth. Each figure management gave as a range is taken at its middle. From Oct 2028 nothing management has put a number on grows the business faster than its share count, so the figure is held where the arithmetic last had it; the arithmetic alone gives $349 at 36 months.

0$100$200$300$400Today (Oct 2026): $320, the market price$320TodayOct 202612 months (Oct 2027): $356 a share if management delivers$35612 monthsOct 202724 months (Oct 2028): $364 a share if management delivers; held at the earlier level, see the note$36424 monthsOct 202836 months (Oct 2029): $364 a share if management delivers; held at the earlier level, see the note$36436 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace, all shares + the preferredshares +2.4% a year as in H1 '26, when buybacks stopped and $30.7B of stock was sold, plus 54M preferred shares$320$35612666M sh$36412965M sh · held$36413270M sh · held
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. Cloud backlog. $514B at Jun '26 (Q2 '26 slides); just over 50% recognised within 24 months (CFO, Q2 '26 call) is $128.5B a year, $69.8B more than 2025's $58.7B of Cloud revenue.
  2. Margin. Cloud's 35.6% operating margin in Q2 '26, less up to the 3-point Intersect headwind the CFO named for 2026: 32.6-35.6%.
  3. Today's multiple. Alphabet's value today is about 29× 2025's operating income of $129.0B, held on the added Cloud profit from 2027.
  4. Shares. 12230.0M at Jun '26, growing at the H1 '26 pace, plus the mandatory preferred at its maximum conversion of 54M shares in 2029.
  5. Arithmetic. (company value − net debt) ÷ shares. Net debt is negative: -$121.7B, counting marketable equities as cash and the preferred as debt. The $195-205B of 2026 capex is not charged.
  6. Held. From October 2028 nothing management has put a number on grows the business faster than its share count, so the figure is held where the arithmetic last had it; the arithmetic alone gives $349 at 36 months, $348 at the end of 2029.

Promises vs. what happened

9 claims · 6 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
Cloud run-rate $70B+, Q4 '25Q4 '25$99B a quarter laterHeld
2025 capex $91-93BQ3 '25 call$91.4BHeld
Cloud backlog $460B+Q1 '26$514B; half due in 24 monthsOpen
2026 capex $195-205BQ2 '26 callH1 $80.6B; reports Feb '27Open
2027 capex significantly higherQ1 '26 callno number yetOpen
Half the backlog to revenue in 24 monthsQ1 '26 callcheckable from 2028Open
TPU revenue mostly in 2027Q1 '26 calldeliveries began Q2 '26Open
2025 capex ~$75BQ4 '24 call$91.4B, +22%Missed
2026 capex $175-185BQ4 '25 callraised twice, to $195-205BMissed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q1
'25
Q2
'25
Q3
'25
Q4
'25
Q1
'26
Q2
'26

CloudPage one since Q4 '25

SearchPage one since Q4 '25

GeminiPage one since Q2 '26

TokensPage one since Q4 '25

SubscriptionsOff page one Q2 '26

CapexFirst seen Q1 '25

MilestonesPage one since Q4 '25

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Google Cloud growth and backlog

Q1 '25 · further in the deck

“Google Cloud Revenues and Operating Income in Millions, except Percentages; unaudited”

Deck First Quarter 2025 — Earnings Slides · p. 7 ·

Google Cloud growth and backlog

Q2 '25 · further in the deck

“Google Cloud Revenues and Operating Income in Millions, except Percentages; unaudited”

Deck Second Quarter 2025 — Earnings Slides · p. 7 ·

Google Cloud growth and backlog

Q3 '25 · further in the deck

“Google Cloud Revenues and Operating Income in Millions, except Percentages; unaudited”

Deck Third Quarter 2025 — Earnings Slides · p. 7 ·

Google Cloud growth and backlog

Q4 '25 · headline page

“$70B+ annualized revenue run-rate;”

Deck Fourth Quarter 2025 — Earnings Slides · p. 3 ·

Google Cloud growth and backlog

Q1 '26 · headline page

“Q1 Y/Y Cloud revenue growth, $460B+ backlog, Gemini Enterprise paid”

Deck First Quarter 2026 — Earnings Slides · p. 3 ·

Google Cloud growth and backlog

Q2 '26 · headline page

“Q2 Y/Y revenue growth; $514B backlog”

Deck Second Quarter 2026 — Earnings Slides · p. 4 ·

Search revenue growth

Q1 '25 · further in the deck

“Google Services Revenues and Operating Income in Millions, except Percentages; unaudited”

Deck First Quarter 2025 — Earnings Slides · p. 6 ·

Search revenue growth

Q2 '25 · further in the deck

“Google Services Revenues and Operating Income in Millions, except Percentages; unaudited”

Deck Second Quarter 2025 — Earnings Slides · p. 6 ·

Search revenue growth

Q3 '25 · further in the deck

“Google Services Revenues and Operating Income in Millions, except Percentages; unaudited”

Deck Third Quarter 2025 — Earnings Slides · p. 6 ·

Search revenue growth

Q4 '25 · headline page

“+17% y/y revenue growth in Search”

Deck Fourth Quarter 2025 — Earnings Slides · p. 3 ·

Search revenue growth

Q1 '26 · headline page

“Q1 Y/Y Search & Other revenue growth”

Deck First Quarter 2026 — Earnings Slides · p. 3 ·

Search revenue growth

Q2 '26 · headline page

“Q2 Y/Y revenue growth in Search”

Deck Second Quarter 2026 — Earnings Slides · p. 4 ·

Gemini App users

Q4 '25 · headline page

“YouTubeGemini App 750M+”

Deck Fourth Quarter 2025 — Earnings Slides · p. 3 ·

Gemini App users

Q2 '26 · headline page

“Gemini App monthly active users”

Deck Second Quarter 2026 — Earnings Slides · p. 4 ·

Model API tokens per minute

Q4 '25 · headline page

“Direct API usage 10B+ tokens per minute”

Deck Fourth Quarter 2025 — Earnings Slides · p. 3 ·

Model API tokens per minute

Q1 '26 · headline page

“Tokens per minute (+60% Q/Q)”

Deck First Quarter 2026 — Earnings Slides · p. 3 ·

Model API tokens per minute

Q2 '26 · headline page

“Tokens per minute vs.”

Deck Second Quarter 2026 — Earnings Slides · p. 4 ·

Paid subscriptions

Q4 '25 · headline page

“Google Cloud 325M+ paid consumer subscriptions”

Deck Fourth Quarter 2025 — Earnings Slides · p. 3 ·

Paid subscriptions

Q1 '26 · headline page

“~350M Paid subscriptions”

Deck First Quarter 2026 — Earnings Slides · p. 3 ·

Capital expenditures

Q1 '25 · further in the deck

“Capital Expenditures ($MM)”

Deck First Quarter 2025 — Earnings Slides · p. 8 ·

Capital expenditures

Q2 '25 · further in the deck

“Capital Expenditures ($MM)”

Deck Second Quarter 2025 — Earnings Slides · p. 8 ·

Capital expenditures

Q3 '25 · further in the deck

“Capital Expenditures ($MM)”

Deck Third Quarter 2025 — Earnings Slides · p. 8 ·

Capital expenditures

Q4 '25 · further in the deck

“Capital Expenditures ($MM)”

Deck Fourth Quarter 2025 — Earnings Slides · p. 10 ·

Capital expenditures

Q1 '26 · further in the deck

“Capital Expenditures ($MM)”

Deck First Quarter 2026 — Earnings Slides · p. 9 ·

Capital expenditures

Q2 '26 · further in the deck

“Capital Expenditures ($MM)”

Deck Second Quarter 2026 — Earnings Slides · p. 10 ·

Scale milestones and product cadence

Q4 '25 · headline page

“Earnings Highlights: Annual revenues exceeded $400B for the first time”

Deck Fourth Quarter 2025 — Earnings Slides · p. 3 ·

Scale milestones and product cadence

Q1 '26 · headline page

“Waymo fully autonomous rides per week”

Deck First Quarter 2026 — Earnings Slides · p. 3 ·

Scale milestones and product cadence

Q2 '26 · headline page

“Shipping innovation at scale with incredible velocity”

Deck Second Quarter 2026 — Earnings Slides · p. 3 ·

What they keep talking about · 9

The themes that show up deck after deck, and the ones that disappear.

Cloud
A Cloud slide in all six; on the highlights page from Q4 '25 as a $70B+ run-rate, which backlog replaced a quarter later ($460B+, then $514B).
Search
Growth on the highlights page from Q4 '25 (+17%); the services table in every deck.
Gemini
750M+ monthly users in Q4 '25, absent in Q1 '26, 950M in Q2 '26.
Tokens
10B+, then 16B+, then ~22B tokens a minute through the first-party APIs.
Subscriptions
325M+ then ~350M paid subscriptions, gone from the Q2 '26 highlights.
Capex
A five-quarter bar chart in every deck, never on the highlights page and never with the guide, which is said only on the call.
Milestones
$400B of annual revenue (Q4 '25), Waymo rides (Q1 '26 only), a launch timeline (Q2 '26).
New
Q2 '26: preferred dividends and net income available to common on the income statement — the new mandatory preferred.
Quiet
Other Bets never shown; Waymo rides and paid subscriptions each appear and vanish; free cash flow TTM falls from $74.9B to $53.3B without comment.

What analysts asked them

8 calls · Q3 24 – Q2 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Demand & customers20%·20%22%25%14%50%33%
Growth & sales20%23%20%22%38%36%40%22%
Pricing & margins7%23%40%33%38%7%70%56%
Guidance & outlook·8%·11%·7%20%22%
Capacity & supply·8%·22%·21%40%33%
Capital & financing7%15%10%33%·21%20%22%
Competition7%23%····10%·
Products & technology40%46%40%22%38%29%10%67%
Macro & regulation·8%40%·····
Other47%38%20%33%12%43%··
Questions1513109814109

Who’s in charge, who’s selling

read from the filings · 7 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 1 · worsening

    Capex raised three times, paid for with ~$50B of new stock and $77B of notes

    2026 capex $175-185B → $180-190B → $195-205B; Q2 free cash flow -$5.9B; no buybacks in H1. In June: a $40B ATM, $20.7B of stock underwritten, $10B placed with Berkshire, $19.25B of mandatory preferred converting in 2029. $51.8B of notes in H1 and $25B in August; long-term debt $12.0B → $98.2B in eighteen months.

  2. Tier 2 · stable

    Two founders hold 52.7% of the votes on about 6% of the shares

    Page 27.4%, Brin 25.3%; insiders 54.3%. The one-share-one-vote proposal drew about 31% of votes cast in both 2025 and 2026, roughly two-thirds of outside votes.

  3. Tier 2 · worsening

    A $385M triennial CEO award, and 18.9% against say on pay

    March 2026: $126M of TSR-tested units, $84M time-vesting, ~$130M Waymo and ~$45M Wing units at target. Reported 2025 pay was $10.9M, an off-year of the cycle.

  4. Tier 2 · worsening

    Net income carries $136B of unrealised gains; stock pay is half of free cash flow

    H1 '26 net income $174.8B against operating income $80.5B; SBC 52.8% of FCF; capex 4.3× depreciation.

  5. Tier 3 · stable

    The chair draws the largest protest; the controller left before the raise

    Hennessy (chair since 2018, director since 2004) 16.6% then 14.8% against. The controller resigned in April 2026 and was replaced internally in June; non-audit work was 45% of EY's 2025 fees.

Accounting rule changes 1 in 1 quarters

  1. Q2 '26EPS now on net income available to common, after dividends on the new mandatory convertible preferred

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one.—2,333.6M18.9%
Hennessy (Chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.2,070.4M1,833.2M14.8%
ArnoldA board seat.1,231.6M1,227.8M9.9%
DoerrA board seat.1,841.0M1,001.8M8.1%
PageA board seat.2,385.3M253.8M2.1%
Stock plan +200M sharesStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much.—1,181.5M9.6%

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

SEC insider data sets, Jul '25-Jun '26SoldNote
All insiders$208.1M302 sales by 7 people; none flagged as pre-planned
Against that$0 boughtno open-market purchase in the year