Google Cloud Hits 24.1% of Alphabet Revenue, but SpaceX Writedown Causes First Miss in Four Years

Google Cloud revenue more than doubled year-over-year to $30.7 billion in Q3 2026, reaching 24.1% of Alphabet's total revenue versus 14.8% a year earlier. An $8.2 billion equity loss from a decline in Alphabet's SpaceX stake pushed revenue and adjusted EPS below analyst estimates for the first time in nearly four years, sending shares down about 10% after hours.

• Google Cloud revenue: $30.7 billion, up 103% year-over-year
• Cloud operating income rose from $3.59 billion to $11.12 billion
• Cloud contracted backlog reached $561 billion
• SpaceX stake writedown: $8.2 billion loss, shares down 10%