Alphabet said on 28 October 2026 that revenue from customers in the United States was $67.7 billion in the third quarter, up 39% from $48.8 billion a year earlier. Revenue from the rest of the world rose more slowly: EMEA up 9% to $32.7 billion, APAC up 12% to $19.9 billion and Other Americas up 17% to $7.1 billion.
By our arithmetic, the US supplied $18.9 billion, or 76%, of the $24.8 billion Alphabet added in a year, excluding hedging. In the same quarter of 2025 the US supplied 39% of the increase.
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The key insight: By our arithmetic from Alphabet’s releases, US customers supplied 76% of the revenue Alphabet added in a year, up from 39% a year earlier, while revenue outside the US grew 11.0%.
Across Alphabet’s quarterly releases, US revenuegrowth year over year was 13.5% in the first quarter of 2025, then 11.8%, 13.0%, 17.0%, 22.8%, 32.1% and 38.8% in the third quarter of 2026, by our arithmetic from the reported figures.
Revenue from outside the US, the sum of EMEA, APAC and Other Americas, grew 19.2% in the third quarter of 2025 and 21.9% in the first quarter of 2026, then 16.6% and 11.0%, by our arithmetic. The US share of Alphabet’s revenue, excluding hedging, rose to 53.1% from 47.5% a year earlier.
In constant currency, Alphabet’s release puts third-quarter EMEA growth at 10% and APAC at 15%. By our arithmetic, revenue outside the US grew 12.3% at constant currency, against 16.3% a year earlier, compared with 11.0% and 19.2% as reported.
Share of Alphabet’s year-over-year revenue increase by customer location, excluding hedging: Q3 2025 (+$14.3 billion) US 39%, EMEA 31%, APAC 23%, Other Americas 7%; Q3 2026 (+$24.8 billion) US 76%, EMEA 11%, APAC 8%, Other Americas 4%. Shares are our arithmetic. Sources: Alphabet Q3 2025 and Q3 2026 results releases.
What Alphabet Says About the Jump
Alphabet revenuegrowth year over year by customer location, Q1 2025 to Q3 2026: United States 13.5% to 38.8%; outside the US (EMEA, APAC, Other Americas) 10.3% to 11.0%, peaking at 21.9% in Q1 2026. Growth rates are our arithmetic. Sources: Alphabet quarterly results releases.
The release does not explain the regional figures. It says Google Cloud revenue rose 103% to $30.7 billion and that “TPU systems sales were also a meaningful contributor to revenuegrowth.” It also says Google Cloud “generates product revenues primarily from the sale of TPU systems.”
Alphabet’s 10-Q for the quarter ended 30 June 2026 says revenue by geography is “determined based on the addresses of our customers”, and that “in the second quarter of 2026, we began recognizing revenue from the sale of TPU systems.” That was the quarter US growth rose to 32.1% from 22.8%, by our arithmetic. Neither filing links the two, and Alphabet does not report Google Cloud or TPU revenue by region.
Google Cloud added $15.6 billion of revenue in a year, by our arithmetic from the release. Alphabet does not report how Google Cloud’s increase splits by region.
As we read the geography tables, US growth has risen in each of the last five quarters, from 11.8% in the second quarter of 2025 to 38.8%, while growth outside the US peaked at 21.9% in the first quarter of 2026 and has slowed since, by our arithmetic.
By our arithmetic, the US share of Alphabet’s revenue, excluding hedging, rose to 53.1% from 47.5% a year earlier.
Alphabet’s release says TPU systems sales were a meaningful contributor to revenuegrowth, and its June-quarter 10-Q says TPU revenue recognition began in the second quarter of 2026; neither filing reports those sales by region.
Sundar Pichai, CEO of Google and Alphabet, Q3 2026 release, 28 October 2026
“Weโre also seeing strong demand for our TPU systems across a wide range of customers”
Three Implications
FOR THE US US revenue was $67.7 billion in the third quarter, up 39%, according to Alphabet’s release.
FOR EMEA AND APAC Alphabet’s release puts growth at 9% in EMEA and 12% in APAC as reported, and 10% and 15% at constant currency.
FOR THE MIX By our arithmetic, revenue outside the US grew 12.3% at constant currency, against 16.3% a year earlier.
The framework argues that enterprise vendors now sell integration depth rather than features, and puts it this way: “The product is the interconnection.”
Alphabet’s 28 October release says Google Cloud’s productrevenue comes primarily from the sale of TPU systems. The framework does not discuss Alphabet’s regional figures, and Alphabet does not report TPU sales by region.
What Is Not Established
Alphabet does not say what drove US revenuegrowth to 39%, and it does not report its segments or its TPU sales by region. Revenue is assigned by customer address, which need not match where the products are used.
Growth rates, shares and constant-currency totals here are our arithmetic from the geography tables in Alphabet’s releases. Any comments made on the earnings call are not included.
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Alphabet’s US revenue grew 38.8% in the third quarter, against 11.0% for the rest of the world, by our arithmetic. Seventy-six cents of every added dollar came from US customers, up from 39 cents a year earlier.
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A note on sourcing. Regional figures come from the revenues-by-geography tables in Alphabet’s quarterly results releases, Q1 2025 to Q3 2026, the latest dated 28 October 2026 (SEC Form 8-K, Exhibit 99.1); the TPU and customer-address statements come from that release and Alphabet’s 10-Q for the quarter ended 30 June 2026. Growth rates, shares and constant-currency totals are our arithmetic; linked earlier pieces carry their own sources.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
