Alphabet’s record net income was boosted by $99B in unrealized SpaceX gains, outpacing peers despite non-cash distortions.
Alphabet reported $112.1 billion in net income for the June quarter, the highest among U.S. companies, driven by a $99 billion unrealized gain from SpaceX equity. The figure surpasses Apple, Microsoft, Amazon, and NVIDIA in their latest reporting periods.
Amazon followed with $62.6 billion in net income, including a $53 billion non-cash gain from Anthropic. NVIDIA posted $58.3 billion, while Microsoft and Apple reported $35.8 billion and $29.8 billion, respectively. Apple’s result marked its strongest June quarter on record.
The gains for Alphabet and Amazon were largely non-cash, raising questions about the sustainability of such profits. NVIDIA’s earnings, by contrast, were backed entirely by revenue growth in AI-related demand.