Return on Capital Employed snapshot
Google's return on capital employed was 26.2% in FY2025, compared with 31.1% in FY2024. On a trailing-twelve-month basis it was 23.3% as of Q1 FY26. Return on capital employed (ROCE) is operating income divided by capital employed (total assets less current liabilities). It measures operating return relative to long-term capital.
Return on Capital Employed (latest FY)
26.2%
Return on Capital Employed (TTM)
23.3%
Return on equity (latest FY)
31.8%
Return on invested capital (latest FY)
24.7%
Google Return on Capital Employed
Operating income ÷ (total assets − current liabilities)
Return on Capital Employed vs. related metrics
Google Return on Capital Employed — by fiscal year
| Fiscal year | Return on capital employed | Return on equity | Return on invested capital |
|---|---|---|---|
| FY2025 | 26.2% | 31.8% | 24.7% |
| FY2024 | 31.1% | 30.8% | 29.7% |
| FY2023 | 26.3% | 26.0% | 26.6% |
| FY2022 | 25.3% | 23.4% | 25.2% |
| FY2021 | 26.7% | 30.2% | 26.9% |
| FY2020 | 15.7% | 18.1% | 16.4% |
| FY2019 | 14.8% | 17.0% | 15.8% |
| FY2018 | 13.9% | 17.3% | 14.7% |
| FY2017 | 15.1% | 8.3% | 8.4% |
| FY2016 | 15.7% | 14.0% | 14.7% |
| FY2015 | 15.1% | 13.6% | 14.7% |
| FY2014 | 14.7% | 13.6% | 14.3% |
| FY2013 | — | 14.6% | — |
| FY2012 | — | — | — |
By quarter (trailing-twelve-month basis)
| Quarter | Return on capital employed | Return on equity | Return on invested capital |
|---|---|---|---|
| Q1 FY26 | 23.3% | 33.5% | 21.8% |
| Q4 FY25 | 26.2% | 31.8% | 24.7% |
| Q3 FY25 | 28.4% | 32.1% | 25.8% |
| Q2 FY25 | 29.3% | 31.8% | 27.0% |
| Q1 FY25 | 30.6% | 32.1% | 29.1% |
| Q4 FY24 | 31.1% | 30.8% | 29.7% |
| Q3 FY24 | 30.1% | 30.0% | 28.6% |
| Q2 FY24 | 29.1% | 29.1% | 29.4% |
| Q1 FY24 | 28.0% | 28.1% | 28.2% |
| Q4 FY23 | 26.3% | 26.0% | 26.6% |
| Q3 FY23 | 25.4% | 24.4% | 26.0% |
| Q2 FY23 | 24.4% | 22.8% | 24.1% |
Figures normalized from SEC filings. See the full Google ratios & metrics.