Growth keeps accelerating

• Q3 2025: 34%

• Q4 2025: 48%

• Q1 2026: 63%

• Q2 2026: 82%

• Q3 2026: 103%

In Q3 alone, Google Cloud added $5.9B on top of Q2. A year earlier, adding $3.8B took a full 12 months. That puts its annualized revenue run rate at ~$123B.

Sundar Pichai said growth was “powered by huge demand for our AI infrastructure and AI solutions.”

TPU system sales were a “meaningful contributor,” so part of the jump is hardware.

Profitable, and still building

Operating income tripled from $3.6B to $11.1B. Margin went from 23.7% to 36.2%.

At the same time, Alphabet’s capital spending hit $51.4B in Q3, up 114%. That’s the data center and compute capacity this growth runs on.

My read: Google Cloud is scaling profitably while Google keeps building capacity at record pace. More capacity means it can take on bigger AI workloads.

It also means Google needs that capacity used, so expect a push for consumption across its field and partners.

What Gemini usage tells us

Google’s own models now process nearly 32B tokens per minute through the API.

That’s up 40% in one quarter and more than 4x in a year.

More AI products are being built on Google’s models every quarter, and that usage turns into cloud spend over time.

What this means for alliance leaders

Google Cloud is no longer the cloud you get to “later.”

A business doing $30.7B a quarter and doubling year on year is hard to treat as a side bet.

If Google sits at the edge of your 2027 plan, revisit it now:

• Seller coverage sized to this growth momentum

• A joint story built around AI workloads and Gemini

Is Google Cloud a core part of your 2027 partner plan?