GOOGL Nasdaq Interactive Media & Services Financials FY2016βFY2025
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.
Hi! I read Alphabetβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+15.1%
Yes. Sales grew 15.1% last year.
Does it make a profit?
32.8%
Yes. It keeps 32.8% of every sale as profit.
Does profit turn into cash?
18.2%
Yes. 18.2% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
8 / 9
Solid. It passes 8 of 9 health tests.
How is the share priced?
15.9x
One share costs 15.9 times its yearly profit per share. Typical for its sector: 17.3x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA Β· Alphabet had $402.8B of revenue in fiscal 2025, up 15.1% on the year before. Over five years, revenue changed +17.2% a year on average. Its operating margin was 32.0%, down 0.1Β pts: of every 100 in sales, about 32 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Alphabet made $132.2B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 25.6% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $73.3B in fiscal 2025, 18.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Alphabet returned $55.8B to shareholders in fiscal 2025, 76% of free cash flow. The diluted share count fell 1.7%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $132M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$132M
6 insiders
Of sales under plans
100%
$132M
| 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 |
| Apr 1, 2026 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 617 | $289.63 | $0.2M | Form 4 |
| Mar 30, 2026 | Frances ArnoldDirector | Sold plan | 102 | $275.19 | $0.0M | Form 4 |
| Mar 27, 2026 | John Kent WalkerPresident, Global Affairs, CLO | Sold plan | 8,993 | $275.89 | $2.5M | Form 4 |
| Mar 18, 2026 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $307.89 | $10.0M | Form 4 |
| Mar 16, 2026 | John L. HennessyDirector | Sold plan | 1,050 | $303.41 | $0.3M | Form 4 |
| Mar 4, 2026 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $303.38 | $9.9M | Form 4 |
| Mar 3, 2026 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 955 | $298.00 | $0.3M | Form 4 |
| Mar 2, 2026 | Frances ArnoldDirector | Sold plan | 112 | $302.99 | $0.0M | Form 4 |
| Feb 18, 2026 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $303.92 | $9.9M | Form 4 |
| Feb 17, 2026 | John Kent WalkerPresident, Global Affairs, CLO | Sold plan | 47,574 | $301.45 | $14.3M | Form 4 |
| Feb 13, 2026 | John L. HennessyDirector | Sold plan | 600 | $306.73 | $0.2M | Form 4 |
| Feb 4, 2026 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $335.18 | $10.9M | Form 4 |
| Feb 2, 2026 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 933 | $336.55 | $0.3M | Form 4 |
| Jan 29, 2026 | Frances ArnoldDirector | Sold plan | 102 | $340.00 | $0.0M | Form 4 |
| Jan 21, 2026 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $327.30 | $10.6M | Form 4 |
| Jan 13, 2026 | John L. HennessyDirector | Sold plan | 600 | $337.52 | $0.2M | Form 4 |
| Jan 7, 2026 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $321.22 | $10.4M | Form 4 |
| Dec 31, 2025 | Frances ArnoldDirector | Sold plan | 102 | $313.45 | $0.0M | Form 4 |
| Dec 30, 2025 | John Kent WalkerPresident, Global Affairs, CLO | Sold plan | 17,829 | $314.89 | $5.6M | Form 4 |
| Dec 15, 2025 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $299.80 | $9.7M | Form 4 |
| Dec 15, 2025 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 2,778 | $312.30 | $0.9M | Form 4 |
| Dec 15, 2025 | John L. HennessyDirector | Sold plan | 600 | $308.19 | $0.2M | Form 4 |
| Dec 3, 2025 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $319.50 | $10.4M | Form 4 |
| Dec 2, 2025 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 954 | $317.00 | $0.3M | Form 4 |
| Dec 1, 2025 | Frances ArnoldDirector | Sold plan | 102 | $317.66 | $0.0M | Form 4 |
| Nov 19, 2025 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $296.64 | $9.6M | Form 4 |
| Nov 17, 2025 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 2,778 | $288.26 | $0.8M | Form 4 |
| Nov 13, 2025 | John L. HennessyDirector | Sold plan | 590 | $280.01 | $0.2M | Form 4 |
| Nov 5, 2025 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $283.48 | $9.2M | Form 4 |
| Nov 3, 2025 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 954 | $282.33 | $0.3M | Form 4 |
| Oct 30, 2025 | Frances ArnoldDirector | Sold plan | 112 | $291.80 | $0.0M | Form 4 |
| Oct 15, 2025 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 2,778 | $250.05 | $0.7M | Form 4 |
| Oct 15, 2025 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $250.15 | $8.1M | Form 4 |
| Oct 13, 2025 | John L. HennessyDirector | Sold plan | 600 | $242.92 | $0.1M | Form 4 |
| Oct 1, 2025 | Sundar PichaiChief Executive Officer, Director | Sold plan | 32,500 | $243.41 | $7.9M | Form 4 |
| Oct 1, 2025 | Amie Thuener O'TooleVP, Chief Accounting Officer | Sold plan | 953 | $241.20 | $0.2M | Form 4 |
| Sep 29, 2025 | John Kent WalkerPresident, Global Affairs, CLO | Sold plan | 17,816 | $247.42 | $4.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Alphabet has $75.3B more cash than debt.
Cash, debt and the ratios that show how comfortably Alphabet can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β1.4x | β1.1x | β1.0x | β0.6x | β0.5x |
| 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 (β = net cash) | β$122.1B | β$96.3B | β$96.3B | β$79.7B | β$75.3B |
KIRA Β· Its return on capital was 36.7%: every 100 invested in the business earned about 37 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Alphabet passes 8 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 8 / 9 | 8 / 9 | 8 / 9 |
| Accruals ratio | β7.3% | β5.9% | β6.2% |
| Altman Z'' | 7.08 | 7.27 | 6.79 |
What does the share cost, and how does it compare?
KIRA Β· At $316.80 a share, the company is worth $3.90T: 15.9 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
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.
Value per share
β
Reference multiples: today 16.1x Β· peers 25.6x Β· sector 17.3x.
KIRA Β· Alphabet grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 0 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Alphabet GOOGL | $3.90T | 15.1% | 32.0% | 18.2% | 36.7% | 15.9x | 8 | |
| Meta Platforms META | $1.62T | 22.2% | 41.4% | 22.9% | 35.5% | 21.5x | 6 | Compare β |
| Microsoft MSFT | $3.97T | 17.8% | 46.8% | 20.2% | 30.9% | β | 6 | Compare β |
| Amazon AMZN | $2.72T | 12.4% | 11.2% | 1.1% | 20.6% | 20.0x | 6 | Compare β |
| Apple AAPL | $5.06T | 6.4% | 32.0% | 23.7% | 102.9% | 39.5x | 8 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | β | β | β | β | β | 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 | β | β | β | β | β | $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 | β | β | β | β | β | 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% | β35.0% | 142.7% | 11.7% | 17.3% | 88.8% | β21.1% | 23.1% | 35.7% | 32.0% |
| EPS growth | β | β35.4% | 142.8% | 12.5% | 19.2% | 91.5% | β18.7% | 27.2% | 38.6% | 34.5% |
| FCF growth | 55.4% | β7.4% | β4.5% | 35.7% | 38.3% | 56.4% | β10.5% | 15.8% | 4.7% | 0.7% |
| Share count change | β | β | β | β | β | β | β | β3.3% | β2.2% | β1.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β1.4x | β1.1x | β1.0x | β0.6x | β0.5x |
| 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 | β | β | β | β | β | β | β | 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 | β10.5% | β13.4% | β8.0% | β7.9% | β8.4% | β4.6% | β8.7% | β7.3% | β5.9% | β6.2% |
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 β not investment advice. Check the original filings before relying on any figure.
