Google Cloud revenue grew 63.4 percent year on year in Q1 2026, driven by enterprise AI adoption and a full-stack integration strategy.

Google Cloud processed 2,050.6 trillion tokens in Q1 2026, up from 1,310.4 trillion tokens in Q4 2025. Revenue from AI-model products grew nearly 800 percent year over year, and 330 customers processed over 1 trillion tokens each in the past twelve months.

Google is the only cloud provider offering first-party solutions across the entire enterprise AI stack, from TPUs (specialized processors for AI) through Gemini models and the Gemini Enterprise Agent Platform. Customers using BigQuery (a data analysis tool) with Gemini grew by 30X in the past year.

Google Cloud operating income rose by more than a factor of 3X year on year to $6.6 billion, and the company has a revenue backlog of $462 billion, about half of which will be recognized within the next two years. In Q1 2026, Google spent $35.67 billion on capital expenses, with about 60 percent for servers and 40 percent for networking and datacenters.