Google Cloud revenue jumped 82% year over year to $24.8 billion in Q2 2026, while its contracted backlog, formally called remaining performance obligations, reached $514 billion. The backlog grew by more than $50 billion sequentially and exceeded Belgium’s GDP in the comparison provided. Alphabet’s overall revenue rose 24% to $119.8 billion, with Google Cloud contributing nearly half of the increase and roughly two-thirds of incremental operating profit. Cloud operating income tripled to $8.8 billion, producing an operating margin of approximately 35.6%. CEO Sundar Pichai attributed much of the expansion to multi-year commitments for AI workloads, with more than 50% of the backlog expected to become recognized revenue within 24 months. Nearly 90% of Fortune 100 companies now use Gemini Enterprise, Alphabet’s flagship AI offering for businesses. Alphabet raised its full-year 2026 capital expenditure guidance to $195 billion-$205 billion. Google Cloud’s 82% growth outpaced Microsoft Azure’s 43% and AWS’s 37%, suggesting customers are moving from AI pilots toward production deployments through multi-year contracts.