Alphabet Inc. GOOGL
As our founders Larry and Sergey wrote in the original founders' letter, "Google is not a conventional company. We do not intend to become one." That unconventional spirit has been a driving force throughout our history, inspiring us to tackle big problems and invest in moonshots. It led us to be a pioneer in the development of artificial intelligence (AI) and, since 2016, be an AI-first company. We continue this work under the leadership of Alphabet and Google CEO, Sundar Pichai.
Alphabet is a collection of businesses — the largest of which is Google. We report Google in two segments, Google Services and Google Cloud, and all non-Google businesses collectively as Other Bets. Supporting these businesses, we have centralized certain AI-related research and development focused on advanced research in AI and developing the frontier models that serve our businesses, which is reported in Alphabet-level activities. Alphabet's structure is about helping each of our businesses prosper through strong leaders and independence.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $402.84B | $350.02B | $307.39B | $282.84B | $257.64B | $182.53B | $161.86B | $136.82B | $110.86B | $90.27B |
| Cost of revenue | $162.53B | $146.31B | $133.33B | $126.20B | $110.94B | $84.73B | $71.90B | $59.55B | $45.58B | $35.14B |
| Gross profit | $240.30B | $203.71B | $174.06B | $156.63B | $146.70B | $97.80B | $89.96B | $77.27B | $65.27B | $55.13B |
| R&D | $61.09B | $49.33B | $45.43B | $39.50B | $31.56B | $27.57B | $26.02B | $21.42B | $16.62B | $13.95B |
| SG&A | $21.48B | $14.19B | $16.43B | $15.72B | $13.51B | $11.05B | $9.55B | $6.92B | $6.84B | $6.99B |
| Total operating expenses | $273.80B | $237.63B | $223.10B | $207.99B | $178.92B | $141.30B | $127.63B | $109.30B | $84.68B | $66.56B |
| Operating income | $129.04B | $112.39B | $84.29B | $74.84B | $78.71B | $41.22B | $34.23B | $27.52B | $26.18B | $23.72B |
| Interest expense | $736.0M | $268.0M | $308.0M | $357.0M | $346.0M | $135.0M | $100.0M | $114.0M | $109.0M | $124.0M |
| Pre-tax income | $158.83B | $119.81B | $85.72B | $71.33B | $90.73B | $48.08B | $39.62B | $34.91B | $27.19B | $24.15B |
| Income tax | $26.66B | $19.70B | $11.92B | $11.36B | $14.70B | $7.81B | $5.28B | $4.18B | $14.53B | $4.67B |
| Net income | $132.17B | $100.12B | $73.80B | $59.97B | $76.03B | $40.27B | $34.34B | $30.74B | $12.66B | $19.48B |
| EPS, basic | 10.91 | 8.13 | 5.84 | 4.59 | 5.69 | 2.96 | 49.59 | 44.22 | 18.27 | 28.32 |
| EPS, diluted | 10.81 | 8.04 | 5.80 | 4.56 | 5.61 | 2.93 | 49.16 | 43.70 | 18.00 | 27.85 |
| Shares, diluted (wtd. avg.) | $12.23B | $12.45B | $12.72B | $13.16B | — | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.71B | $23.47B | $24.05B | $21.88B | $20.95B | $26.46B | $18.50B | $16.70B | $10.71B | $12.92B |
| Short-term investments | $96.14B | $72.19B | $86.87B | $91.88B | $118.70B | $110.23B | $101.18B | $92.44B | $91.16B | — |
| Receivables | $62.89B | $52.34B | $47.96B | $40.26B | $39.30B | $30.93B | $25.33B | $20.84B | $18.34B | $14.14B |
| Inventory | — | — | — | $2.67B | $1.17B | $728.0M | $999.0M | $1.11B | $749.0M | $268.0M |
| Total current assets | $206.04B | $163.71B | $171.53B | $164.79B | $188.14B | $174.30B | $152.58B | $135.68B | $124.31B | $105.41B |
| Property, plant and equipment | — | $171.04B | $134.34B | $112.67B | $97.60B | $84.75B | $73.65B | $59.72B | $42.38B | $34.23B |
| Goodwill | $33.38B | $31.89B | $29.20B | $28.96B | $22.96B | $21.18B | $20.62B | $17.89B | $16.75B | $16.47B |
| Other intangibles | — | — | — | $2.08B | $1.42B | $1.45B | $1.98B | $2.22B | $2.69B | $3.31B |
| Total assets | $595.28B | $450.26B | $402.39B | $365.26B | $359.27B | $319.62B | $275.91B | $232.79B | $197.29B | $167.50B |
| Accounts payable | $12.20B | $7.99B | $7.49B | $5.13B | $6.04B | $5.59B | $5.56B | $4.38B | $3.14B | $2.04B |
| Short-term debt | $2.00B | $999.0M | $1.00B | $0 | $0 | $999.0M | $0 | — | — | $0 |
| Total current liabilities | $102.75B | $89.12B | $81.81B | $69.30B | $64.25B | $56.83B | $45.22B | $34.62B | $24.18B | $16.76B |
| Long-term debt | $46.55B | $10.88B | $11.87B | $15.31B | $15.44B | $15.32B | $3.96B | $3.95B | $3.94B | $3.94B |
| Total liabilities | $180.02B | $125.17B | $119.01B | $109.12B | $107.63B | $97.07B | $74.47B | $55.16B | $44.79B | $28.46B |
| Retained earnings | $324.06B | $245.08B | $211.25B | $195.56B | $191.48B | $163.40B | $152.12B | $134.88B | $113.25B | $105.13B |
| Total equity | $415.26B | $325.08B | $283.38B | $256.14B | $251.63B | $222.54B | $201.44B | $177.63B | $152.50B | $139.04B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $164.71B | $125.30B | $101.75B | $91.50B | $91.65B | $65.12B | $54.52B | $47.97B | $37.09B | $36.04B |
| Depreciation and amortisation | $21.14B | $15.31B | $11.95B | $13.47B | $10.27B | — | — | — | — | — |
| Stock-based compensation | $24.95B | $22.79B | $22.46B | $19.36B | $15.38B | $12.99B | $10.79B | $9.35B | $7.68B | $6.70B |
| Capital expenditure | $91.45B | $52.53B | $32.25B | $31.48B | $24.64B | $22.28B | $23.55B | $25.14B | $13.18B | $10.21B |
| Investing cash flow | -$120.29B | -$45.54B | -$27.06B | -$20.30B | -$35.52B | -$32.77B | -$29.49B | -$28.50B | -$31.40B | -$31.16B |
| Financing cash flow | -$37.39B | -$79.73B | -$72.09B | -$69.76B | -$61.36B | -$24.41B | -$23.21B | -$13.18B | -$8.30B | -$8.33B |
| Dividends paid | $10.05B | $7.36B | $0 | $0 | — | — | — | — | $0 | $0 |
| Buybacks | $45.71B | $62.22B | $61.50B | $59.30B | $50.27B | $31.15B | $18.40B | $9.07B | $4.85B | $3.69B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000342.
Others in SIC 7370
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|---|---|---|---|---|
| META | Meta Platforms, Inc. | $1.57T | 26.3x | 22.2% |
| TBLA | Taboola.com Ltd. | $1.07T | 29.7x | 8.3% |
| APP | AppLovin Corp | $107.64B | 32.9x | 70.0% |
| ZM | Zoom Communications, Inc. | $29.68B | 16.4x | 4.4% |
| FLUT | Flutter Entertainment plc | $17.37B | — | 16.6% |
| DOCN | DigitalOcean Holdings, Inc. | $13.22B | 44.6x | 15.5% |
| PINS | PINTEREST, INC. | $11.48B | 33.4x | 15.8% |
| FDS | FACTSET RESEARCH SYSTEMS INC | $10.74B | 19.4x | 5.4% |