Quick ReadMeta (META) saw operating margin collapse from 43% to 31% while Alphabet (GOOGL) expanded margins, powered by Google Cloud growing 82%. Meta (NASDAQ: META) and Alphabet (NASDAQ: GOOGL) reported Q2 2026 earnings this summer with opposite profitability trajectories. Google carries the headline dilution, but Meta faces the deeper structural threat. Alphabet moved the opposite direction: revenue reached $119.80B and operating margin expanded to 34%, powered by Google Cloud growing 82% to $24.8B. Pichai pointed at revenue already flowing: "Q2 was an amazing quarter, with Alphabet revenues growing 24% year-over-year and Google Cloud revenues accelerating to 82% growth."