| Income statement | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $402.84B | $350.02B | $307.39B | $282.84B | $257.64B | $182.53B |
| Cost of revenue | $162.53B | $146.31B | $133.33B | $126.20B | $110.94B | $84.73B |
| Gross margin | 59.7% | 58.2% | 56.6% | 55.4% | 56.9% | 53.6% |
| R&D | $61.09B | $49.33B | $45.43B | $39.50B | $31.56B | $27.57B |
| Operating income | $129.04B | $112.39B | $84.29B | $74.84B | $78.71B | $41.22B |
| Operating margin | 32.0% | 32.1% | 27.4% | 26.5% | 30.6% | 22.6% |
| Pretax income | $158.83B | $119.81B | $85.72B | $71.33B | $90.73B | $48.08B |
| Income tax | $26.66B | $19.70B | $11.92B | $11.36B | $14.70B | $7.81B |
| Net income | $132.17B | $100.12B | $73.80B | $59.97B | $76.03B | $40.27B |
| Net margin | 32.8% | 28.6% | 24.0% | 21.2% | 29.5% | 22.1% |
| EPS (diluted) | $10.81 | $8.04 | $5.80 | $4.56 | $5.61 | $2.93 |
| EPS (basic) | $10.91 | $8.13 | $5.84 | $4.59 | $5.69 | $2.96 |
| Shares (diluted) | 12.23B | 12.45B | 12.72B | 13.16B | — | — |
| Shares (basic) | 12.12B | 12.32B | 12.63B | 13.06B | — | — |
| Balance sheet | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Total assets | $595.28B | $450.26B | $402.39B | $365.26B | $359.27B | $319.62B |
| Cash & equivalents | $30.71B | $23.47B | $24.05B | $21.88B | $20.95B | $26.46B |
| Total liabilities | $180.02B | $125.17B | $119.01B | $109.12B | $107.63B | $97.07B |
| Stockholders' equity | $415.26B | $325.08B | $283.38B | $256.14B | $251.63B | $222.54B |
| Cash flow | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $164.71B | $125.30B | $101.75B | $91.50B | $91.65B | $65.12B |
| Capital expenditure | $91.45B | $52.53B | $32.25B | $31.48B | $24.64B | $22.28B |
| Free cash flow | $73.27B | $72.76B | $69.50B | $60.01B | $67.01B | $42.84B |
| Profitability | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Gross margin | 59.7% | 58.2% | 56.6% | 55.4% | 56.9% | 53.6% |
| Operating margin | 32.0% | 32.1% | 27.4% | 26.5% | 30.6% | 22.6% |
| EBITDA margin | 32.0% | 32.1% | 27.4% | 26.5% | 30.6% | 22.6% |
| Net margin | 32.8% | 28.6% | 24.0% | 21.2% | 29.5% | 22.1% |
| Returns | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Return on equity | 31.8% | 30.8% | 26.0% | 23.4% | 30.2% | 18.1% |
| Return on assets | 22.2% | 22.2% | 18.3% | 16.4% | 21.2% | 12.6% |
| Return on invested capital | 24.7% | 29.7% | 26.6% | 25.2% | 26.9% | 16.4% |
| Return on capital employed | 26.2% | 31.1% | 26.3% | 25.3% | 26.7% | 15.7% |
| Liquidity | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Current ratio | 2.01 | 1.84 | 2.10 | 2.38 | 2.93 | 3.07 |
| Quick ratio | — | — | — | 2.34 | 2.91 | 3.05 |
| Cash ratio | 0.30 | 0.26 | 0.29 | 0.32 | 0.33 | 0.47 |
| Working capital | $103.29B | $74.59B | $89.72B | $95.50B | $123.89B | $117.46B |
| Leverage | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Debt to equity | 0.12 | 0.04 | 0.05 | 0.06 | 0.06 | 0.07 |
| Debt to assets | 0.09 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 |
| Net debt | $20.34B | -$9.05B | -$10.89B | -$6.88B | -$6.01B | -$11.43B |
| Net debt / EBITDA | 0.16 | -0.08 | -0.13 | -0.09 | -0.08 | -0.28 |
| Interest coverage | 175.3× | 419.4× | 273.7× | 209.6× | 227.5× | 305.4× |
| Financial leverage | 1.43 | 1.39 | 1.42 | 1.43 | 1.43 | 1.44 |
| Efficiency | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Asset turnover | 0.68 | 0.78 | 0.76 | 0.77 | 0.72 | 0.57 |
| Inventory turnover | — | — | — | 47.27 | 94.82 | 116.39 |
| Receivables turnover | 6.41 | 6.69 | 6.41 | 7.03 | 6.55 | 5.90 |
| Days sales outstanding | 57 days | 55 days | 57 days | 52 days | 56 days | 62 days |
| Days inventory outstanding | — | — | — | 8 days | 4 days | 3 days |
| Days payables outstanding | 27 days | 20 days | 21 days | 15 days | 20 days | 24 days |
| Cash flow | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Free cash flow | $73.27B | $72.76B | $69.50B | $60.01B | $67.01B | $42.84B |
| Free cash flow margin | 18.2% | 20.8% | 22.6% | 21.2% | 26.0% | 23.5% |
| Income quality (CFO / net income) | 1.25 | 1.25 | 1.38 | 1.53 | 1.21 | 1.62 |
| Capex to revenue | 22.7% | 15.0% | 10.5% | 11.1% | 9.6% | 12.2% |
| Per share | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue per share | $33.25 | $28.41 | $24.34 | $21.65 | — | — |
| Book value per share | $34.27 | $26.39 | $22.44 | $19.61 | — | — |
| Cash per share | $2.53 | $1.90 | $1.90 | $1.67 | — | — |
| Free cash flow per share | $6.05 | $5.91 | $5.50 | $4.59 | — | — |
| Growth | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue growth (YoY) | 15.1% | 13.9% | 8.7% | 9.8% | 41.2% | — |
| Net income growth (YoY) | 32.0% | 35.7% | 23.0% | -21.1% | 88.8% | — |
| EPS growth (YoY) | 34.2% | 39.2% | 27.2% | -19.3% | 92.2% | — |
Alphabet Inc. is the holding company for Google and a portfolio of separate technology businesses described as Other Bets. Google generates substantially all of Alphabet's revenue and operating profit, primarily through digital advertising on Search, YouTube, and the broader display and partner network, with substantial and growing contributions from Google Cloud, Google subscriptions (YouTube Premium, YouTube TV, Google One), Pixel hardware, and Android licensing.
Google Search remains the world's dominant general-purpose search engine and the single largest digital advertising property by revenue. Search has been the structural foundation of Google's business since the company's founding in 1998. The integration of generative AI into Search through AI Overviews and Gemini-augmented results is the most consequential product change in Search's history and central to Alphabet's defense of the franchise against AI-native search competitors.
YouTube is the largest global video platform, monetizing through advertising on long-form, short-form (Shorts), and creator content. YouTube TV (live television subscription bundle), YouTube Premium (ad-free subscription), and YouTube Music compose a substantial recurring subscription business that complements advertising. Creator economy infrastructure (monetization, analytics, livestreaming) is core platform investment.
Google Cloud is the third-largest hyperscale cloud platform, behind AWS and Azure. Google Cloud has invested heavily in AI infrastructure and is the only major cloud platform with first-party frontier AI silicon at scale: the Tensor Processing Unit (TPU) family, which has powered Google's internal AI workloads since 2015 and is increasingly offered to external customers. Gemini, the company's frontier model series, runs on TPU and is integrated across Google products and offered through Vertex AI for enterprise developers.
Alphabet's AI strategy is structurally distinctive in that the company controls every layer of the stack: foundation models (Gemini, developed by Google DeepMind), custom AI silicon (TPU), data center infrastructure, the cloud platform (Google Cloud), distribution (Search, YouTube, Android, Workspace), and consumer applications (Gemini app, AI Overviews, Google Photos). This vertical integration is the strategic counterpart to Microsoft's partnership-based AI distribution model.
Android is the operating system on the majority of smartphones globally outside of Apple's iOS. Google licenses Android freely while monetizing through Google Play store revenue, default search placement, and integration with Google services. Pixel is Google's first-party hardware brand, used both as a high-margin product line and as a reference implementation that demonstrates Google's silicon, software, and AI integration to the broader Android ecosystem.
Other Bets includes Waymo (autonomous vehicle technology, operating commercial driverless ride-hail in multiple U.S. cities), Verily (life sciences), X (the moonshot factory), and various other early-stage technology investments. Other Bets has historically run at a meaningful operating loss as a portfolio of long-horizon technology bets.
The principal regulatory exposures include U.S. antitrust litigation around Search default placement and the digital advertising stack, European Union digital regulation under the Digital Markets Act and Digital Services Act, and ongoing data and competition regulation globally.
Stanford computer science PhD student who co-founded Google in 1998 with Sergey Brin. Served as CEO of Google through 2001 and again from 2011 to 2015, then as CEO of Alphabet through 2019. Holds controlling voting power alongside Brin through dual-class share structure.
Stanford computer science PhD student who co-founded Google in 1998 with Larry Page. Served as President of Alphabet through 2019. Returned to active involvement in 2023, focusing on Google's Gemini and DeepMind work.
Alphabet's customer base spans every major segment of digital and physical economic activity. Advertisers from small businesses to global enterprises buy Search ads, YouTube ads, and display network inventory; this is the largest revenue category. Consumers use Search, YouTube, Maps, Gmail, Drive, Workspace, Android, and Pixel hardware globally. Google Cloud enterprise customers include Fortune 500 enterprises (Walmart, HSBC, PayPal), large native cloud consumers (Spotify, Snap, Twitter/X historically), AI labs (Anthropic, character.ai, and others use Google Cloud TPU), and public sector buyers. Google Workspace serves enterprise productivity customers as the Microsoft 365 alternative. Developers consume Google's APIs, Android, Firebase, and Google Cloud platform services. Creators monetize through YouTube's partner program. Governments at every level use Google products and Google Cloud, particularly for compute-intensive AI and large-scale data workloads.
| Date | Insider | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | Washington Robin L | Director | Grant | 980 | — | — |
| Jul 1, 2026 | Ferguson Roger W. Jr. | Director | Grant | 980 | — | — |
| Jul 1, 2026 | Doerr L John | Director | Grant | 980 | — | — |
| Jul 1, 2026 | Hennessy John L. | Director | Grant | 1,400 | — | — |
| Jul 1, 2026 | Shriram Kavitark Ram | Director | Grant | 980 | — | — |
| Jul 1, 2026 | Chavez R. Martin | Director | Grant | 980 | — | — |
| Jul 1, 2026 | Arnold Frances | Director | Grant | 980 | — | — |
| Jul 1, 2026 | Walker John Kent | President, Global Affairs, CLO | Gift | 1,624 | — | — |
| Jul 1, 2026 | Walker John Kent | President, Global Affairs, CLO | Gift | 1,624 | — | — |
| Jun 30, 2026 | Walker John Kent | President, Global Affairs, CLO | Gift | 8,998 | — | — |
| Jun 30, 2026 | Walker John Kent | President, Global Affairs, CLO | Gift | 8,998 | — | — |
| Jun 30, 2026 | Arnold Frances | Director | Sell | 112 | $351.28 | $39,343 |
| Jun 29, 2026 | Walker John Kent | President, Global Affairs, CLO | Sell | 760 | $345.18 | $262,337 |
| Jun 29, 2026 | Walker John Kent | President, Global Affairs, CLO | Sell | 920 | $346.13 | $318,440 |
| Jun 29, 2026 | Walker John Kent | President, Global Affairs, CLO | Sell | 520 | $347.25 | $180,570 |
Source: SEC Form 4. Grants, gifts and option exercises show no market value.
732 institutional holders · $28.6B · 13F, Jun 2026
| Holder | Shares | Value |
|---|---|---|
| Assenagon Asset Management S.A. | 11,838,155 | $4.2B |
| Handelsbanken Fonder Ab | 5,804,442 | $2.1B |
| Pinestone Asset Management Inc. | 4,607,821 | $1.6B |
| Wellcome Trust Ltd (The) As Trustee Of The Wellcome Trust | 3,600,000 | $1.3B |
| Cardano Risk Management B.V. | 3,316,739 | $1.2B |
| Czech National Bank | 3,014,342 | $1.1B |
| Pensiondanmark Pensionsforsikringsaktieselskab | 2,100,054 | $746M |
| Qrg Capital Management, Inc. | 1,971,400 | $701M |
| Sarasin & Partners Llp | 1,828,421 | $653M |
| Aegon Asset Management Uk Plc | 1,559,950 | $555M |
| Hyperion Asset Management Ltd | 1,380,352 | $493M |
| Congress Asset Management Co | 1,083,252 | $387M |
| Davenport & Co Llc | 1,048,717 | $373M |
| Douglas Lane & Associates, Llc | 924,284 | $327M |
| E. Ohman J:Or Asset Management Ab | 881,153 | $314M |
| Eastern Bank | 811,625 | $290M |
| Salem Investment Counselors Inc | 759,702 | $270M |
| Sapient Capital Llc | 741,097 | $264M |
| Steginsky Capital Llc | 702,647 | $248M |
| Mogy Joel R Investment Counsel Inc | 632,632 | $225M |
Source: SEC Form 13F (latest reported quarter; managers file up to 45 days after quarter-end).
What does Alphabet do?
Who founded Google?
When did Google go public?
What is Gemini?
What is a TPU?
Who are Alphabet's main competitors?
What is Google DeepMind?
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