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Alphabet

Platforms· Nasdaq: GOOGL· Updated Nov 2, 2026

Compare
Revenue
$402.8B
FY2025
Revenue growth
+17.2%
a year over 5 years
Gross margin
–
FY2025
Operating margin
32.0%
FY2025
FCF margin
18.2%
FY2025
ROIC
40.2%
5-year average
Net cash
$78.3B
FY2025
Share count
–
a year over 5 years

Performance

Ten years from the 10-Ks · point at a year

Revenue

$402.8B

+18.1% a year over 9 years

FY2016: Revenue $90.3BFY2017: Revenue $110.9BFY2018: Revenue $136.8BFY2019: Revenue $161.9BFY2020: Revenue $182.5BFY2021: Revenue $257.6BFY2022: Revenue $282.8BFY2023: Revenue $307.4BFY2024: Revenue $350.0BFY2025: Revenue $402.8B
FY2016FY2025

Margins

Operating32.0%Net32.8%

FY2025

FY2016: Operating 26.3%, Net 21.6%FY2017: Operating 23.6%, Net 11.4%FY2018: Operating 20.1%, Net 22.5%FY2019: Operating 21.1%, Net 21.2%FY2020: Operating 22.6%, Net 22.1%FY2021: Operating 30.6%, Net 29.5%FY2022: Operating 26.5%, Net 21.2%FY2023: Operating 27.4%, Net 24.0%FY2024: Operating 32.1%, Net 28.6%FY2025: Operating 32.0%, Net 32.8%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$73.3BOwner earnings$48.3B

Free cash flow +12.3% a year

FY2016: Free cash flow $25.8B, Owner earnings $19.1BFY2017: Free cash flow $23.9B, Owner earnings $16.2BFY2018: Free cash flow $22.8B, Owner earnings $13.5BFY2019: Free cash flow $31.0B, Owner earnings $20.2BFY2020: Free cash flow $42.8B, Owner earnings $29.9BFY2021: Free cash flow $67.0B, Owner earnings $51.6BFY2022: Free cash flow $60.0B, Owner earnings $40.6BFY2023: Free cash flow $69.5B, Owner earnings $47.0BFY2024: Free cash flow $72.8B, Owner earnings $50.0BFY2025: Free cash flow $73.3B, Owner earnings $48.3B
FY2016FY2025

Diluted shares

12.23B

-7.1% over 9 years, net buybacks

FY2016: Diluted shares –FY2017: Diluted shares –FY2018: Diluted shares –FY2019: Diluted shares –FY2020: Diluted shares –FY2021: Diluted shares –FY2022: Diluted shares 13.16BFY2023: Diluted shares 12.72BFY2024: Diluted shares 12.45BFY2025: Diluted shares 12.23B
FY2016FY2025

Return on invested capital

31.9%

FY2025

FY2016: ROIC 14.7%FY2017: ROIC 22.3%FY2018: ROIC 33.5%FY2019: ROIC 34.6%FY2020: ROIC 34.1%FY2021: ROIC 51.8%FY2022: ROIC 39.9%FY2023: ROIC 39.2%FY2024: ROIC 38.6%FY2025: ROIC 31.9%
FY2016FY2025

Net cash

$78.3B

$78.3B more cash than debt

FY2016: Net cash $9.0BFY2017: Net cash $97.9BFY2018: Net cash $105.2BFY2019: Net cash $115.7BFY2020: Net cash $121.4BFY2021: Net cash $124.2BFY2022: Net cash $98.5BFY2023: Net cash $98.0BFY2024: Net cash $81.5BFY2025: Net cash $78.3B
FY2016FY2025

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Revenue
$402.8B
Operating income
$129.0B
Free cash flow
$73.3B
Owner earnings
$48.3B
Diluted shares
12.23B

Margins · FY2025

Gross
–
Operating
32.0%
Net
32.8%
Free cash flow
18.2%
Owner earnings
12.0%
Stock pay
6.2%

Returns

ROIC, FY2025
31.9%
ROIC, 5 yr avg
40.2%
ROE, FY2025
31.8%
ROE, 5 yr avg
28.5%

Growth (CAGR)

Revenue, 3 yr
12.5%
Revenue, 5 yr
17.2%
Revenue, 9 yr
18.1%
Diluted EPS, 3 yr
33.3%
Diluted EPS, 5 yr
29.8%
Diluted EPS, 9 yr
25.6%
Free cash flow, 3 yr
6.9%
Free cash flow, 5 yr
11.3%
Free cash flow, 9 yr
12.3%

Financial health · FY2025

Cash and investments
$126.8B
Total debt
$48.5B
Net cash
$78.3B
Debt/Equity
0.1x
Debt/FCF
0.7x

Capital returned · FY2025

Dividends paid
$10.0B
Payout ratio
7.6%
Share repurchases
$45.7B
Returned / FCF
76.1%
Share count, 5 yr
–

Research

Updated November 2, 2026

The business

Alphabet earns most of its money from Google Search ads: advertisers bid in auctions to appear next to queries, and Google collects when users click. YouTube adds video ads and subscriptions; the ad network places ads on other sites. Google Cloud sells infrastructure, data tools and AI models to businesses, and is now profitable. Alphabet also designs its own AI chips (TPUs) and models (Gemini, from Google DeepMind).

Revenue in FY2025 was $402.8B, up 15.1%, with operating margin of 32%.

Moat and switching costs

Search's moat is scale on both sides: the most queries produce the best ads auction and the best data to improve results, and default placement (in Chrome, Android and on Apple devices) keeps the queries coming. AI chat assistants attack the first part: a user who gets an answer instead of a list of links may never see an ad.

The less visible moat is cost. Owning the chips, the data centres and the models means Alphabet can serve AI answers more cheaply than most rivals, which matters when AI answers become the product.

How the technology shows up in the numbers

The business converts most revenue into profit, but it is now capital hungry. Free cash flow was $73.3B in FY2025, roughly flat for three years while net income rose from $73.8B to $132.2B: the difference is data-centre and chip spending for AI.

Stock-based compensation is large ($25.0B in FY2025), so owner earnings (free cash flow minus stock pay) were $48.3B. Buybacks more than offset the dilution: diluted shares fell 1.7% in FY2025 and 3.3% in FY2023.

Our read

The common view is that search's best years are behind it. If AI answers are monetised at close to the economics of today's search ads, and Cloud keeps compounding on its own chips, earnings keep growing double digits and the capex cycle pays back.

The scenario to take seriously is search shrinking while cloud and YouTube carry the growth.

Risks

  • AI answers cannibalising search ads faster than new ad formats replace them.
  • Antitrust remedies in the US search case and EU rulings that weaken default placement or the ad-tech business.
  • Capex that grows faster than the revenue it supports.
  • Other Bets and moonshots consuming cash without a path to returns.

What to watch

  • Paid clicks or search revenue declining for several consecutive quarters.
  • Losing default search placement on a major platform.
  • Cloud operating margin falling back toward zero.

Updates

0 since the first view

No updates since the view was published.

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$90.3B$110.9B$136.8B$161.9B$182.5B$257.6B$282.8B$307.4B$350.0B$402.8B
Revenue growth20.4%22.8%23.4%18.3%12.8%41.2%9.8%8.7%13.9%15.1%
Gross margin––––––––––
Operating margin26.3%23.6%20.1%21.1%22.6%30.6%26.5%27.4%32.1%32.0%
Net income$19.5B$12.7B$30.7B$34.3B$40.3B$76.0B$60.0B$73.8B$100.1B$132.2B
Net margin21.6%11.4%22.5%21.2%22.1%29.5%21.2%24.0%28.6%32.8%
Diluted EPS$1.39s$0.90s$2.19s$2.46s$2.93$5.61$4.56$5.80$8.04$10.81
Return on invested capital?14.7%22.3%33.5%34.6%34.1%51.8%39.9%39.2%38.6%31.9%
Cash
Operating cash flow$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
Stock-based compensation$6.7B$7.7B$9.4B$10.8B$13.0B$15.4B$19.4B$22.5B$22.8B$25.0B
Owner earnings?$19.1B$16.2B$13.5B$20.2B$29.9B$51.6B$40.6B$47.0B$50.0B$48.3B
Free cash flow per share––––––$4.56$5.46$5.85$5.99
Capital allocation
Dividends paid$0$0––––$0$0$7.4B$10.0B
Share repurchases$3.7B$4.8B$9.1B$18.4B$31.1B$50.3B$59.3B$61.5B$62.2B$45.7B
Diluted shares––––––13.16B12.72B12.45B12.23B
Share count change?–––––––-3.3%-2.2%-1.7%
Balance sheet
Cash and equivalents$12.9B$10.7B$16.7B$18.5B$26.5B$20.9B$21.9B$24.0B$23.5B$30.7B
Short-term investments–$91.2B$92.4B$101.2B$110.2B$118.7B$91.9B$86.9B$72.2B$96.1B
Total debt$3.9B$3.9B$4.0B$4.0B$15.3B$15.4B$15.3B$12.9B$14.2B$48.5B
Net debt-$9.0B-$97.9B-$105.2B-$115.7B-$121.4B-$124.2B-$98.5B-$98.0B-$81.5B-$78.3B
Shareholders' equity$139.0B$152.5B$177.6B$201.4B$222.5B$251.6B$256.1B$283.4B$325.1B$415.3B

Latest filings

All on EDGAR
2026-10-2910-QQuarterly report
2026-10-288-KEarnings release
2026-07-2310-QQuarterly report
2026-07-228-KEarnings release
2026-04-3010-QQuarterly report
2026-04-298-KEarnings release
2026-04-24DEF 14AProxy statement
2026-02-0510-KAnnual report
2026-02-048-KEarnings release
2025-10-3010-QQuarterly report

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