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The latest data point for GOOG's EV/EBITDA ratio in Q1'26 stands at 88.97, marking a significant increase from the previous quarter's 84.04 and reflecting heightened market valuation relative to earnings before interest, taxes, depreciation, and amortization. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio has exhibited volatility with an overall upward trend, starting at 61.35 and peaking at 88.97; notable fluctuations include a decline to 57.22 in Q3'24 followed by a sharp recovery, and a brief drop to 40.69 in Q1'25 before surging in subsequent quarters, indicating periods of market optimism interspersed with corrections in the company's valuation multiples.