Updated $GOOGL: The $9.11 EPS Is Mostly a Mirage, and Free Cash Flow Just Went Negative

Special report, July 22, 2026, 4:40 PM ET. Sourced directly from Alphabet’s Q2 2026 earnings release (filed today). Brought to you by SignalDeck.live.

Alphabet’s headline numbers look like a blowout: revenue +24%, EPS +294% to $9.11. Read past the headline and the story is messier: most of that EPS is a one-time accounting gain, and the company just posted its first negative free-cash-flow quarter in this data series while raising nearly $70B in fresh capital.

TL;DR

• Revenue $119.8B, +24% YoY, beat the ~…