Alphabet Q3 2026 财报电话会：营收增长 25%，发布 Gemini 4 Carbon

Oct 28, 2026

On today’s Q3 2026 earnings call, Google and Alphabet CEO Sundar Pichai recapped a strong quarter, with our full-stack approach driving momentum across the business. Below is an edited transcript of his remarks.

Q3 was a strong quarter for Alphabet. Our deep, full-stack approach is driving momentum across the business, with many opportunities ahead.

Alphabet revenues grew 25% year-over-year. We’re now at a half-trillion-dollar annual run rate — that’s remarkable growth.

Search has strong momentum. Our AI investments are driving increased usage and overall query growth, including commercial queries. In fact, our year-over-year query growth rate is the highest it’s been in the last five years.

Google Cloud revenues grew 103%. Our AI infrastructure and solutions are the major drivers for Cloud growth and our customers see us as the leading provider here, so there’s huge demand. We are working hard to bring more capacity online to meet this long-term demand. At the same time, we’re seeing strong demand for our TPU systems across a wide range of customers, and we expect that to continue as we scale.

On our AI models: Customers are using our models more than ever. Our first-party model APIs are now processing nearly 32 billion tokens per minute — 40% more than last quarter and more than four times what we processed a year ago. And with Gemini 4 Argon and now Carbon, which we announced today, we’re excited to be leading at the frontier.

The Gemini app is now at one billion users and is the fastest-growing product in Google’s history.

Lastly, we’ve surpassed 150 million YouTube Music and Premium subscribers globally, including trials.

Today, I'll talk more about our AI progress, our global consumer platforms led by Search and YouTube, then our long-term bets.

AI progress

Starting with AI, highlighted by our Gemini 4 series of frontier models.

We’re seeing strong demand and usage for Argon, which we launched two weeks ago. In fact, on our developer platforms, usage in the first week ramped up three-and-a-half times faster than Gemini 3, even with capacity constraints.

Argon is proving to do really well in areas like finance, legal, cybersecurity, and science. Developers and Cloud customers are already using it for things like untangling legacy codebases, accelerating scientific research, robotics, discovering product improvements, and domain-specific tasks requiring in-depth reasoning. And at Google, just in the last few weeks, teams across Chrome, Ads, and Search have used Argon to write and optimize code much faster, shipping 35% more code with 30% fewer errors.

Argon is just the start of the Gemini 4 series. Today, we announced Carbon. It’s our strongest frontier model, with state-of-the-art cybersecurity and long horizon capabilities. It ranks #1 on the recently updated Artificial Analysis Intelligence Index at 59.

Carbon outperforms Argon across almost every domain, like full-stack web development, multimodal understanding, complex knowledge work, and scientific reasoning.

We're rolling Carbon out first to a subset of trusted cyber defenders before we expand access, and it's being tested by the U.S. government.

Beyond our Gemini 4 series, yesterday we announced Genie 4, our most advanced world model yet that simulates safe, realistic, interactive worlds with native audio in real time. This is an important building block for training robots and agents.

This rapid progress underscores our incredible model momentum. We’re at the point where AI is helping us increase our training and launch velocity. I would expect the next 12 months to see continued acceleration because of RSI. We have more models coming soon, including more efficient versions to help developers optimize for speed and cost and to deploy across our billions of users.

Search

Search is bringing the benefits of AI to more people than any other product in the world. Just like our shift to mobile over a decade ago, we are focused on building the best Search user experience, followed by monetization.

We are building one seamless experience across AI Overviews, AI Mode, and traditional Search. And people are using our AI features more, searching in entirely new ways. Their queries are longer, personalized, and multimodal. Queries in AI Mode are on average three times longer than traditional searches, and one in five AI Mode searches globally use voice, images, or documents. We’ve now crossed over 50 billion visual searches per month.

Agentic experiences

One area I’m excited about is helping people get things done, be it booking reservations, filling in forms, scheduling appointments, or making purchases. As AI becomes more personal and starts taking action for people and businesses, trust and security matter more than ever. People already put their trust in Google to get things done in their daily lives, and our leadership here remains an important differentiator.

We focused first on getting these agentic experiences right with the Gemini agent for enterprise because the bar for security, safety, and governance is extremely high.

As a next step, we’re bringing these features to Search. And also, of course, to our billion users on the Gemini app. People are already using the Gemini app to do more than ask questions; they’re using it to do things, including complex, multi-step agentic queries. Our Gemini 4 series has been a really big step forward here, and has already been handling these complex tasks really well.

Agents will operate as a unifying layer across our products, so you’ll see us extend these agentic experiences beyond Search and the Gemini app to Chrome, Android, and our Workspace products as well.

YouTube

On to YouTube, which continues to lead in the living room as the number-one streaming platform in the U.S. in terms of watch time. It’s also seeing good subscriber growth, as I mentioned.

At Made on YouTube last month, we announced more than 30 products and features for creators and viewers. One great example is custom feeds, where you can simply pick a topic you love and get a tailored video home feed based on that topic.

Other Bets

On to our long-term bets. Waymo is on a great trajectory. We’ve now driven more than 300 million fully autonomous miles. Waymo now operates in 15 major U.S. cities and just recently opened up service to the public in San Antonio, San Diego, and Tampa, with planned expansions into Canada, Germany, Singapore, and Spain.

We’re also seeing strong progress across our other long-term initiatives. Isomorphic is using Argon to support drug design research. We demonstrated “magic state cultivation” for the first time in quantum computing, and launched our TPUs into space with Project Suncatcher.

So it’s been a busy quarter and there’s much more to come. I want to thank our employees for their work this quarter.

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