Alphabet: Contracted Revenue

Metric

RPO · Segment

Contracted balance

$514B

Denominator

Google Cloud segment revenues for the four quarters to June 30, 2026: $15.16bn (Q3 2025) plus $17.66bn (Q4 2025) plus $20.0bn (Q1 2026) plus $24.8bn (Q2 2026).

Coverage

6.62x (scopes match)

Scope

The Google Cloud portion of Alphabet's remaining performance obligations. Alphabet disclosed $519.5bn of company-wide RPO at June 30, 2026, of which $513.9bn related to Google Cloud. The denominator is Google Cloud segment revenue, so numerator and denominator match.

Duration

Alphabet is the only company here that publishes a 24-month split instead of a 12-month one: it expects to recognise just over 50% of the backlog as revenue over the next 24 months. That is a genuine disclosure, but it is not comparable with a cRPO figure, and reading it as 50% within a year overstates near-term conversion by roughly half.

Notes

The backlog that did not save the stock. Alphabet disclosed $513.9bn of Google Cloud commitments against cloud revenue growing 82%, and the shares fell anyway, because the same quarter carried the first negative free cash flow since the 2004 IPO on $44.9bn of capex and a capex guide raised to $195bn to $205bn. Cloud backlog stood at about $155bn as recently as Q3 2025, so the balance has more than tripled inside a year. It is the cleanest scope match in the table: a segment backlog measured against that segment's own revenue.

Sources: company filing or release · company filing or release · tier-1 report