Alphabet
GOOGL Nasdaq Interactive Media & Services Financials FY2016–FY2025
Alphabet's revenue rose 15.1% to $402.8 billion in fiscal 2025. Its operating margin was 32.0%, down from 32.1% a year earlier. Free cash flow was $73.3 billion, up 0.7%. It paid out $55.8 billion in dividends and buybacks, 76% of free cash flow. The diluted share count fell 1.7%.
About these figures. Alphabet reported its share count separately for each share class until 2022, so the diluted share count is blank for earlier years. Earnings per share are shown for every year. Share counts and per-share figures for earlier years are restated for a stock split (20-for-1), so every year is on today's share basis.
What Alphabet does
Alphabet is the parent company of Google. Google runs Search, YouTube, the Android phone software, the Chrome browser, Gmail, Maps, the Google Play app store and the Gemini artificial intelligence (AI) assistant, most of them free to use. It also sells Pixel phones and other devices, and rents computing power, data tools and AI models to businesses through Google Cloud.
Alphabet reports two Google segments plus a group of smaller ventures. Google Services makes most of its money from ads shown on Search, YouTube and partner websites and apps, plus YouTube subscriptions, app sales on Google Play and devices. Google Cloud charges businesses subscriptions and usage fees for cloud services and the Workspace office apps. Other Bets includes Waymo, which runs paid driverless taxi rides in several cities. Revenue in 2025 was $402.8 billion, and Alphabet says more than 70% came from online advertising. Cloud revenue grew 36%. Alphabet says it competes with other search engines, shopping and travel sites, social networks, other ad sellers, AI model developers and hardware makers.
Alphabet had 190,820 employees at the end of 2025. It also develops its own AI chips, called Tensor Processing Units, and in 2025 agreed to buy the cloud security company Wiz for $32.0 billion in cash, a deal not yet completed when the 10-K was filed.
- Legal name
- Alphabet Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Accession · CIK
- 0001652044-26-000018
0001652044
Revenue and margins
Alphabet had $402.8B of revenue in fiscal 2025, up 15.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 25.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $73.3B in fiscal 2025, 18.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Alphabet returned $55.8B to shareholders in fiscal 2025, 76% of free cash flow. The diluted share count fell 1.7%.
Value Alphabet yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $75.3B and divides by 12,230.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 16.1x · peers 25.6x · sector 17.3x.
Balance sheet
Cash, debt and the ratios that show how comfortably Alphabet can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $139.6B | $113.8B | $110.9B | $95.7B | $126.8B |
| Debt incl. finance leases | $17.5B | $17.5B | $14.7B | $16.0B | $51.6B |
| Net debt / EBITDA | −1.4x | −1.1x | −1.0x | −0.6x | −0.5x |
| Debt / equity | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x |
| Interest coverage | 227.5x | 209.6x | 273.7x | 419.4x | 175.3x |
| Current ratio | 2.9x | 2.4x | 2.1x | 1.8x | 2.0x |
| Quick ratio | 2.9x | 2.3x | 2.1x | 1.8x | 2.0x |
| Total assets | $359.3B | $365.3B | $402.4B | $450.3B | $595.3B |
| Total liabilities | $107.6B | $109.1B | $119.0B | $125.2B | $180.0B |
| Shareholders' equity | $251.6B | $256.1B | $283.4B | $325.1B | $415.3B |
| Net debt (− = net cash) | −$122.1B | −$96.3B | −$96.3B | −$79.7B | −$75.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$4.8M
4 insiders
Of sales under plans
100%
$4.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Frances ArnoldDirector | Sold plan | 83 | $340.45 | $0.0M | Form 4 |
| Aug 28, 2026 | Frances ArnoldDirector | Sold plan | 82 | $337.71 | $0.0M | Form 4 |
| Jul 30, 2026 | Frances ArnoldDirector | Sold plan | 82 | $333.39 | $0.0M | Form 4 |
| Jul 29, 2026 | Marsida SaraciVP, Chief Accounting Officer | Sold plan | 449 | $333.20 | $0.1M | Form 4 |
| Jun 30, 2026 | Frances ArnoldDirector | Sold plan | 112 | $351.28 | $0.0M | Form 4 |
| Jun 29, 2026 | John Kent WalkerPresident, Global Affairs, CLO | Sold plan | 8,998 | $349.29 | $3.1M | Form 4 |
| Jun 26, 2026 | Marsida SaraciVP, Chief Accounting Officer | Sold plan | 449 | $341.72 | $0.2M | Form 4 |
| Jun 15, 2026 | John L. HennessyDirector | Sold plan | 1,050 | $368.63 | $0.4M | Form 4 |
| May 29, 2026 | Frances ArnoldDirector | Sold plan | 102 | $381.00 | $0.0M | Form 4 |
| May 15, 2026 | John L. HennessyDirector | Sold plan | 1,050 | $393.26 | $0.4M | Form 4 |
| Apr 30, 2026 | Frances ArnoldDirector | Sold plan | 102 | $371.00 | $0.0M | Form 4 |
| Apr 15, 2026 | John L. HennessyDirector | Sold plan | 1,050 | $331.65 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 8 / 9 | 8 / 9 | 8 / 9 |
| Accruals ratio | −7.3% | −5.9% | −6.2% |
| Altman Z'' | 7.08 | 7.27 | 6.79 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Alphabet GOOGL | $3.94T | 15.1% | 32.0% | 18.2% | 36.7% | 16.1x | 8 | |
| Meta Platforms META | $1.65T | 22.2% | 41.4% | 22.9% | 35.5% | 21.9x | 6 | Compare → |
| Microsoft MSFT | $3.91T | 17.8% | 46.8% | 20.2% | 30.9% | 29.2x | 6 | Compare → |
| Amazon AMZN | $2.70T | 12.4% | 11.2% | 1.1% | 20.6% | 20.0x | 6 | Compare → |
| Apple AAPL | $5.12T | 6.4% | 32.0% | 23.7% | 102.9% | 39.9x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $90.3B | $110.9B | $136.8B | $161.9B | $182.5B | $257.6B | $282.8B | $307.4B | $350.0B | $402.8B |
| Gross profit | $55.1B | $65.3B | $77.3B | $90.0B | $97.8B | $146.7B | $156.6B | $174.1B | $203.7B | $240.3B |
| Research and development | $13.9B | $16.6B | $21.4B | $26.0B | $27.6B | $31.6B | $39.5B | $45.4B | $49.3B | $61.1B |
| Operating income | $23.7B | $26.2B | $27.5B | $34.2B | $41.2B | $78.7B | $74.8B | $84.3B | $112.4B | $129.0B |
| Interest expense | $124M | $109M | $114M | $100M | $135M | $346M | $357M | $308M | $268M | $736M |
| Pretax income | $24.2B | $27.2B | $34.9B | $39.6B | $48.1B | $90.7B | $71.3B | $85.7B | $119.8B | $158.8B |
| Income tax | $4.7B | $14.5B | $4.2B | $5.3B | $7.8B | $14.7B | $11.4B | $11.9B | $19.7B | $26.7B |
| Net income | $19.5B | $12.7B | $30.7B | $34.3B | $40.3B | $76.0B | $60.0B | $73.8B | $100.1B | $132.2B |
| Diluted EPS | $1.39 | $0.90 | $2.19 | $2.46 | $2.93 | $5.61 | $4.56 | $5.80 | $8.04 | $10.81 |
| Diluted shares | — | — | — | — | — | — | 13.16B | 12.72B | 12.45B | 12.23B |
| Cash flow | ||||||||||
| Cash from operations | $36.0B | $37.1B | $48.0B | $54.5B | $65.1B | $91.7B | $91.5B | $101.7B | $125.3B | $164.7B |
| Capital expenditure | $10.2B | $13.2B | $25.1B | $23.5B | $22.3B | $24.6B | $31.5B | $32.3B | $52.5B | $91.4B |
| Free cash flow | $25.8B | $23.9B | $22.8B | $31.0B | $42.8B | $67.0B | $60.0B | $69.5B | $72.8B | $73.3B |
| Depreciation and amortization | — | — | — | — | — | $10.3B | $13.5B | $11.9B | $15.3B | $21.1B |
| Stock-based compensation | $6.7B | $7.7B | $9.4B | $10.8B | $13.0B | $15.4B | $19.4B | $22.5B | $22.8B | $25.0B |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $3.7B | $4.8B | $9.1B | $18.4B | $31.1B | $50.3B | $59.3B | $61.5B | $62.2B | $45.7B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $7.4B | $10.0B |
| Dividends and buybacks | $3.7B | $4.8B | $9.1B | $18.4B | $31.1B | $50.3B | $59.3B | $61.5B | $69.6B | $55.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $86.3B | $101.9B | $109.1B | $119.7B | $136.7B | $139.6B | $113.8B | $110.9B | $95.7B | $126.8B |
| Total debt | $4.0B | $4.0B | $4.1B | $4.7B | $15.3B | $15.4B | $15.3B | $13.0B | $14.3B | $49.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $711M | $1.2B | $2.1B | $2.1B | $1.7B | $1.7B | $2.5B |
| Current assets | $105.4B | $124.3B | $135.7B | $152.6B | $174.3B | $188.1B | $164.8B | $171.5B | $163.7B | $206.0B |
| Current liabilities | $16.8B | $24.2B | $34.6B | $45.2B | $56.8B | $64.3B | $69.3B | $81.8B | $89.1B | $102.7B |
| Inventory | $268M | $749M | $1.1B | $999M | $728M | $1.2B | $2.7B | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $34.2B | $42.4B | $59.7B | $73.6B | $84.7B | $97.6B | $112.7B | $134.3B | $171.0B | $246.6B |
| Total assets | $167.5B | $197.3B | $232.8B | $275.9B | $319.6B | $359.3B | $365.3B | $402.4B | $450.3B | $595.3B |
| Total liabilities | $28.5B | $44.8B | $55.2B | $74.5B | $97.1B | $107.6B | $109.1B | $119.0B | $125.2B | $180.0B |
| Shareholders' equity | $139.0B | $152.5B | $177.6B | $201.4B | $222.5B | $251.6B | $256.1B | $283.4B | $325.1B | $415.3B |
| Margins | ||||||||||
| Gross margin | 61.1% | 58.9% | 56.5% | 55.6% | 53.6% | 56.9% | 55.4% | 56.6% | 58.2% | 59.7% |
| Operating margin | 26.3% | 23.6% | 20.1% | 21.2% | 22.6% | 30.6% | 26.5% | 27.4% | 32.1% | 32.0% |
| EBITDA margin | — | — | — | — | — | 34.5% | 31.2% | 31.3% | 36.5% | 37.3% |
| Net margin | 21.6% | 11.4% | 22.5% | 21.2% | 22.1% | 29.5% | 21.2% | 24.0% | 28.6% | 32.8% |
| FCF margin | 28.6% | 21.6% | 16.7% | 19.1% | 23.5% | 26.0% | 21.2% | 22.6% | 20.8% | 18.2% |
| Returns | ||||||||||
| Return on capital | 35.0% | 23.5% | 38.1% | 37.2% | 36.4% | 56.9% | 43.5% | 41.8% | 43.4% | 36.7% |
| Return on capital employed | 17.0% | 16.2% | 14.8% | 16.0% | 16.7% | 28.2% | 25.3% | 27.3% | 33.0% | 30.2% |
| Return on equity | 15.0% | 8.7% | 18.6% | 18.1% | 19.0% | 32.1% | 23.6% | 27.4% | 32.9% | 35.7% |
| Return on assets | 12.4% | 6.9% | 14.3% | 13.5% | 13.5% | 22.4% | 16.6% | 19.2% | 23.5% | 25.3% |
| Growth | ||||||||||
| Revenue growth | 20.4% | 22.8% | 23.4% | 18.3% | 12.8% | 41.2% | 9.8% | 8.7% | 13.9% | 15.1% |
| Net income growth | 19.2% | −35.0% | 142.7% | 11.7% | 17.3% | 88.8% | −21.1% | 23.1% | 35.7% | 32.0% |
| EPS growth | — | −35.4% | 142.8% | 12.5% | 19.2% | 91.5% | −18.7% | 27.2% | 38.6% | 34.5% |
| FCF growth | 55.4% | −7.4% | −4.5% | 35.7% | 38.3% | 56.4% | −10.5% | 15.8% | 4.7% | 0.7% |
| Share count change | — | — | — | — | — | — | — | −3.3% | −2.2% | −1.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | — | −1.4x | −1.1x | −1.0x | −0.6x | −0.5x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x |
| Interest coverage | 191.3x | 240.2x | 241.4x | 342.3x | 305.4x | 227.5x | 209.6x | 273.7x | 419.4x | 175.3x |
| Current ratio | 6.3x | 5.1x | 3.9x | 3.4x | 3.1x | 2.9x | 2.4x | 2.1x | 1.8x | 2.0x |
| Quick ratio | 6.3x | 5.1x | 3.9x | 3.4x | 3.1x | 2.9x | 2.3x | 2.1x | 1.8x | 2.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 11.3% | 11.9% | 18.4% | 14.6% | 12.2% | 9.6% | 11.1% | 10.5% | 15.0% | 22.7% |
| Stock comp / revenue | 7.4% | 6.9% | 6.8% | 6.7% | 7.1% | 6.0% | 6.9% | 7.3% | 6.5% | 6.2% |
| Payouts / FCF | 14.3% | 20.3% | 39.8% | 59.4% | 72.7% | 75.0% | 98.8% | 88.5% | 95.6% | 76.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | — | — | — | 8.0 | 8.0 | 8.0 |
| Altman Z'' | 11.6 | 9.7 | 8.9 | 8.0 | 7.4 | 7.9 | 7.3 | 7.1 | 7.3 | 6.8 |
| Accruals ratio | −10.5% | −13.4% | −8.0% | −7.9% | −8.4% | −4.6% | −8.7% | −7.3% | −5.9% | −6.2% |
Source: SEC EDGAR XBRL filings (CIK 0001652044). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.