NASDAQ: GOOG · Interactive Media & Services
Alphabet Inc. (Class C)
Alphabet is the parent of Google and a group of Other Bets. Google Services (Search, YouTube, Android, Chrome, Google Play, subscriptions and devices) earned $342,721 million of 2025 revenue and $139,404 million of operating income; Google Cloud grew to $58,705 million of revenue and $13,910 million of operating income. Total 2025 revenue rose 15% to $402,836 million and net income to $132,170 million; capital expenditures nearly doubled to $91,447 million as it builds AI infrastructure, and it expects to invest significantly more in 2026. In 2026 it closed the $29.5 billion Wiz acquisition and raised large amounts of debt and equity (including a $40 billion at-the-market program), while first-half net income reached $174,771 million on $114 billion of unrealized gains on non-marketable equity securities. US courts found Google violated antitrust law in search and in publisher ad tech. This page covers the Class C capital stock (GOOG), which has no voting rights; the one-vote Class A shares trade as GOOGL.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 03:01 (SEC EDGAR) · Source 10-K filed: February 5, 2026
Built on10-K FY2025 · filed 2026-02-0510-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 17.2%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 32.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +16.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.5x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.25x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 15.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.12
Higher than 84% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 85% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 82% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 13% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 29% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$293.43close on 2026-11-04
Market cap$3,546.98B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 15.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 8.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 23.1x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.3%
At FY2025 year-end: 29.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 9.1x
Book value at FY2025 year-end
At FY2025 year-end: 25.4x
EBITDA for FY2025
At FY2025 year-end: 1.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$102.35B → $127.58B (vs. a year earlier)↑ +24.7%$102.35B → $127.58B (vs. a year earlier)
- Operating margin30.5% → 31.8% (vs. a year earlier)↑ +1.3 pts30.5% → 31.8% (vs. a year earlier)
- Net income$34.98B → $26.47B (vs. a year earlier)↓ −24.3%$34.98B → $26.47B (vs. a year earlier)
- Diluted EPS$2.87 → $2.12 (vs. a year earlier)↓ −26.1%$2.87 → $2.12 (vs. a year earlier)
- Cash$55.91B → $56.33B (vs. previous quarter-end)↑ +0.8%$55.91B → $56.33B (vs. previous quarter-end)
- Long-term debt$100.16B → $126.12B (vs. previous quarter-end)↑ +25.9%$100.16B → $126.12B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Key changes
Q3 revenues up 25% to $127.6B. Source sentence
Consolidated Alphabet revenues increased 25% to $127.6 billion, reflecting strong performance across the business and our 13th consecutive quarter of double-digit revenue growth.
Google Cloud revenues up 103% to $30.7B. Source sentence
Google Cloud delivered record growth as revenues increased 103% to $30.7 billion, led by strong growth in Google Cloud Platform (GCP) across enterprise AI infrastructure and enterprise AI solutions, as well as core GCP services.
Operating margin 31.8%. Source sentence
Consolidated Alphabet operating income increased 30% and operating margin was 31.8%.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Alphabet Inc.
- Headquarters
- MOUNTAIN VIEW, CA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: GOOG
- Industry
- Interactive Media & Services
- CIK
- 1652044
- Website
- https://abc.xyz/ ↗
- IR page
- https://abc.xyz/investor/ ↗
Workforce (as of FY2025 year-end)
Employees
190,820
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 30–35 days after quarter end (Feb 4, 2026; Feb 4, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–35 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 22, 2026 (+22 days) | Jul 23, 2026 10-Q (+23 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 5, 2026 10-K (+36 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Jul 24, 2025 10-Q (+24 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 25, 2025 10-Q (+25 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 5, 2025 10-K (+36 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 24, 2024 10-Q (+24 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 26, 2024 10-Q (+26 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Jan 31, 2024 10-K (+31 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Google Services
Google Search & other
Search and other Google properties’ ads; $224,532M (+$26.4B), driven by more search queries and advertiser spending.
Google Services
YouTube ads
$40,367M in 2025.
Google Services
Google Network
Ads on partner properties via AdMob, AdSense and Google Ad Manager; $29,792M.
Google Services
Subscriptions, platforms and devices
Paid subscriptions (YouTube services, Google One), Google Play and devices such as Pixel 10; $48,030M.
Google Cloud
Google Cloud
Cloud infrastructure, AI and data platforms, Workspace and, from March 2026, Wiz security.
Other Bets
Other Bets
Non-Google businesses; $1,537M revenue and $(7,515)M operating loss.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $402,836M (+15%); net income $132,170M; capex $91,447M.
Source: Form 10-K (FY2025)
Q3 2026
Revenue rose 25% to $127.6B; Google Services +11% to $96.3B with Search +12%, and Google Cloud +103% to $30.7B on AI infrastructure and TPU demand. Operating margin was 31.8%; EPS $2.12.
Source: Q3 2026 earnings release
Wiz
Completed the Wiz acquisition on March 11, 2026 for $29.5B; included in Google Cloud.
Source: Form 10-Q (quarter ended 2026-06-30)
Capital raising
June 2026: $40B equity distribution agreement, Class A/Class C stock offering and mandatory convertible preferred stock; notes in euros, Canadian dollars, yen and $25B in U.S. dollars.
Source: Form 8-K (2026-06-05) — Items 1.01/3.03 mandatory convertible preferred stock offering
Legal
Paid $5.2B for the EU Android fine (July 2026); recognized about $2.1B for the PriceRunner damages award in Sweden (appealed) and $1.0B for EU Digital Markets Act fines (appealed). The ad tech remedies decision in September 2026 rejected the DOJ's request for divestitures.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
Capex ÷ D&A (FY2025)
4.33x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$91,447M ÷ $21,136M = 4.33x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
15.2%
formularesearch & development expense ÷ revenue × 100
e.g.$61,087M ÷ $402,836M × 100 = 15.2%
Where the money goes, over time
Unit: $M. Capex went from $22.28B in FY2020 to $91.45B in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-05
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$402.84B
As reported in the 10-K
Revenue CAGR (5 years)
+17.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($402,836M ÷ $182,527M) ^ (1÷5) − 1 = 17.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
32.0%▲favorable
+9.4pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$129,039M ÷ $402,836M × 100 = 32.0%
ROE (FY2025)
35.7%▲favorable
6-year average: 28.3%
As reported in the 10-K
P/B (FY2025 end)
9.13x
formulafiscal year-end closing price ÷ book value per share
e.g.$313.80 ÷ $34.35 = 9.13x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
25.4x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($3,793,214M + $49,085M − $30,708M) ÷ ($129,039M + $21,136M) = 25.4x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +17.2% a year over 5 years (strong growth)
From $182.53B in FY2020 to $402.84B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 22.6% → 32.0%
How much operating profit is left per $100 of revenue. It moved +9.4 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 69.8% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 28.3% over 6 years (latest: 35.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Wiz
07 · what it does
Key activities
- Search and YouTube advertising
- Subscriptions, platforms and devices
- Google Cloud (infrastructure, platform, Workspace, AI)
- Other Bets (e.g. Waymo autonomous ride-hailing)
06 · what it draws on
Key resources
- 190,820 employees
- Technical infrastructure: servers, network equipment and data centers (2025 capex $91.4B)
- AI research and frontier models developed centrally
02 · why customers buy
Value propositions
- Free consumer services (Search, YouTube, Android, Maps) funded by advertising, plus cloud and AI services on AI-optimized infrastructure.
04 · how it keeps them
Customer relationships
- Subscriptions (YouTube Premium, Google One); consumption-based Google Cloud contracts.
03 · how it reaches them
Channels
- Its own websites and apps, Android and Chrome; Google Ads for advertisers; Cloud sales teams and partners.
01 · who it serves
Customer segments
- Advertisers
- Consumers and subscribers
- Enterprises and developers (Cloud)
09 · where money goes
Cost structure
FY2025, share of revenue ($402.84B)
- Cost of revenue40.3%
- Research & development15.2%
- Selling, general & administrative5.3%
- Other operating costs7.1%
Operating profit left: 32.0% of revenue. Depreciation & amortization (inside the costs above): $21.14B. Capital spending: $91.45B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Google Search & other $224,532M (2025)
- YouTube ads $40,367M
- Google Network $29,792M
- Subscriptions, platforms and devices $48,030M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Offers free consumer services funded mainly by advertising (Search, YouTube, Network), and sells subscriptions, devices, Google Play and Google Cloud infrastructure, platform and AI services.
01 what it draws on
Inputs & resources
- 190,820 employees
- Technical infrastructure: servers, network equipment and data centers (2025 capex $91.4B)
- AI research and frontier models developed centrally
02 what it does
Activities
- Search and YouTube advertising
- Subscriptions, platforms and devices
- Google Cloud (infrastructure, platform, Workspace, AI)
- Other Bets (e.g. Waymo autonomous ride-hailing)
03 who it serves
Customers
- Advertisers
- Consumers and subscribers
- Enterprises and developers (Cloud)
04 how money comes in
How it earns
- Google Search & other $224,532M (2025)
- YouTube ads $40,367M
- Google Network $29,792M
- Subscriptions, platforms and devices $48,030M
- Google Cloud $58,705M
How the business makes money
- Advertising was $294,691M, about 73% of revenue.
- Larry Page and Sergey Brin hold about 52.7% of voting power through Class B stock.
- Repurchased 240 million shares for $45.4B in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Alphabet faces regulatory and antitrust proceedings that have produced fines and injunctions.
Approvals & licenses
Regulatory proceedings
Proceedings have resulted, and may result, in substantial fines, penalties and injunctions.
Constrains the businessTouches: Activities · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Google Services
342,721 (85%)Google Cloud
58,705 (15%)Other Bets
1,537 (0%)
Source: Form 10-K (FY2025) Plus hedging losses of $(127)M; total revenues $402,836M. Operating income: Services $139,404M, Cloud $13,910M, Other Bets $(7,515)M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 48% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
194,229 (48%)EMEA
117,152 (29%)APAC
67,680 (17%)Other Americas
23,902 (6%)
Source: Form 10-K (FY2025) Revenue by customer address, before hedging.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Wiz
Acquired March 11, 2026 for $29.5B to add multicloud and AI-driven security to Google Cloud.
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Advertisers, consumers, subscribers and enterprises worldwide.
Named by the company
The 10-K names no customer accounting for 10% or more of revenue.
Suppliers
Hardware, contract manufacturers and data center suppliers.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competition by type — search engines, vertical search and e-commerce, ad platforms, cloud providers, AI model developers, hardware makers, video services and social networks — but names no companies.
Competitors named in the 10-K
The 10-K names no specific competitor.
Peer group the company chose
2025 compensation peer group (11 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
High-technology or media companies that are key talent competitors with at least $50B revenue and $150B market cap.
- Amazonsite ↗
- Meta Platformssite ↗
- Oraclesite ↗
- Applesite ↗
- Microsoftsite ↗
- Salesforcesite ↗
- Cisco Systemssite ↗
- Netflixsite ↗
- Walt Disneysite ↗
- IBMsite ↗
- NVIDIAsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-05
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-05
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-05
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-05
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY2022In next year’s 10-K | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 182,527 | 257,637 | 282,836 | 307,394 | 350,018 | 402,836 |
| Operating income | 41,224 | 78,714 | 74,842 | 84,293 | 112,390 | 129,039 |
| Pretax income | 48,082 | 90,734 | 71,328 | 85,717 | 119,815 | 158,826 |
| Net income (attributable) | 40,269 | 76,033 | 59,972 | 73,795 | 100,118 | 132,170 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 41.2% | 9.8% | 8.7% | 13.9% | 15.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 22.6% | 30.6% | 26.5% | 27.4% | 32.1% | 32.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 22.1% | 29.5% | 21.2% | 24.0% | 28.6% | 32.8% |
| Balance sheet ($M) | ||||||
| Total assets | 319,616 | 359,268 | 365,264 | 402,392 | 450,256 | 595,281 |
| Total equity | 222,544 | 251,635 | 256,144 | 283,379 | 325,084 | 415,265 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 15,319 | 15,440 | 15,312 | 13,000 | 14,300 | 49,085 |
| Equity ratio | 69.6% | 70.0% | 70.1% | 70.4% | 72.2% | 69.8% |
| ROE | 18.1% | 32.1% | 23.6% | 27.4% | 32.9% | 35.7% |
| Cash flow ($M) | ||||||
| Operating CF | 65,124 | 91,652 | 91,495 | 101,746 | 125,299 | 164,713 |
| Investing CF | -32,773 | -35,523 | -20,298 | -27,063 | -45,536 | -120,291 |
| Financing CF | -24,408 | -61,362 | -69,757 | -72,093 | -79,733 | -37,388 |
| Free cash flowcalccash flow from operations − capital expenditures | 42,843 | 67,012 | 60,010 | 69,495 | 72,764 | 73,266 |
| Cash and equivalents | 26,465 | 20,945 | 21,879 | 24,048 | 23,466 | 30,708 |
| Per share & other | ||||||
| EPS ($) | 2.93 | 5.61 | 4.56 | 5.80 | 8.04 | 10.81 |
| BVPS ($) | 16.48 | 19.00 | 19.93 | 22.74 | 26.62 | 34.35 |
| Dividend per share ($) | — | — | — | — | 0.60 | 0.83 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | — | — | 7.5% | 7.7% |
| P/E (x) | 29.9 | 25.8 | 19.5 | 24.3 | 23.7 | 29.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | 21.5 | 12.8 | 18.1 | 18.1 | 25.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 5.32 | 7.61 | 4.45 | 6.20 | 7.15 | 9.13 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $127.58B+24.7% | $40.58B+29.9% | $26.47B-24.3% | $2.12 |
| 2026-06-30 | $119.8B+24.2% | $40.77B+30.4% | $112.19B+297.9% | $9.11 |
| 2026-03-31 | $109.9B+21.8% | $39.7B+29.7% | $62.58B+81.2% | $5.11 |
| 2025-12-31 † | $113.83B | $35.93B+16.0% | $34.46B+29.8% | — |
| 2025-09-30 | $102.35B | $31.23B | $34.98B | $2.87 |
| 2025-06-30 | $96.43B | $31.27B | $28.2B | $2.31 |
| 2025-03-31 | $90.23B | $30.61B | $34.54B | $2.81 |
| 2024-12-31 † | — | $30.97B | $26.54B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
27.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$129,039M × (1 − 16%) ÷ $401,867M × 100 = 27.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
10.98%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $3,793.21B ÷ ($3,793.21B + $49.09B) = 98.7%
e.g.Debt weight: $49.09B ÷ ($3,793.21B + $49.09B) = 1.3%
e.g.WACC: 11.1% × 98.7% + 1.5% × (1 − 16%) × 1.3% = 10.98%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.0%–13.4% and ROIC − WACC runs +13.6 to +18.0 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 10.98% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.12 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.11%
- Cost of debt
- 1.50%
- Tax rate
- 16% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 99% : 1%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 10.98%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.12 (price-derived adjusted beta. Raw β 1.19, R² 0.32, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.185 + 0.33 = 1.124
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.12 × 5.5% = 11.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
8.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 11.0% − 2.1%
Past FCF growth (FY2020–FY2025)
+11.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+17.2%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $73.27B (operating CF − capex); enterprise value $3,469.22B = market cap $3,546.98B (latest close, 2026-11-04) + debt $49.09B − cash and short-term investments $126.84B; r = WACC of 11.0% using this page’s default assumptions (β 1.12, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$3,488.86B
FCF $73.27B ÷ (11.0% − 8.9%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 9.0% | 10.0% | 11.0% | 12.0% | 13.0% |
|---|---|---|---|---|---|
| 0% | 0.23x | 0.21x | 0.19x | 0.18x | 0.16x |
| 2% | 0.30x | 0.26x | 0.23x | 0.21x | 0.19x |
| 4% | 0.42x | 0.35x | 0.30x | 0.26x | 0.23x |
| 6% | 0.70x | 0.53x | 0.42x | 0.35x | 0.30x |
| 8% | 2.11x | 1.06x | 0.70x | 0.53x | 0.42x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.37x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -6.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 81%
Most profit comes from core operations.
- ✓
Days sales outstanding: 62 → 52 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-05
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-05
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$164,713M ÷ $132,170M = 1.25x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$129,039M ÷ $158,826M × 100 = 81%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($52,340M + $62,886M) ÷ 2 ÷ $402,836M × 365 = 52 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class C shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 61.4%
- Directors & officers (shares)
- —
- Everyone else (est.)
- 38.6%
- Directors & officers (voting power)
- 54.3%
- Institutional-ownership rank
- 404 of 416
- Beta (adjusted)
- 1.12
of Class C shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 97% of covered companies have more
above 1 = swings more than the market
- 3,395.2M shares reported by 5,234 13F filers ÷ 5,527.0M Class C shares outstanding on 2026-07-15. Option positions are excluded.
- Only the listed Class C shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. They hold less than 1% of Class A and 92.2% of Class B shares; Class C shares have no votes.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-15)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale in search and video
Google Search & other revenue of $224,532M and YouTube ads of $40,367M in 2025.
Evidence: Form 10-K (FY2025)
2. Cloud profitability
Google Cloud operating income rose to $13,910M from $6,112M.
Evidence: Form 10-K (FY2025)
3. Cash generation
Operating cash flow of $164,713M in 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Huge capex
Capex rose to $91,447M in 2025 and Alphabet expects to increase it significantly in 2026.
Evidence: Form 10-K (FY2025)
2. Antitrust losses
Courts ruled against Google in the U.S. search case and in part of the ad tech case; the EU Android fine became final and was paid ($5.2B) in July 2026, and EU Digital Markets Act fines of €890M followed (a $1.0B charge in Q3 2026).
Evidence: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
3. Dilution and leverage
Debt rose to $49.1B at end-2025, and in 2026 Alphabet issued common and mandatory convertible preferred stock and set up a $40B ATM program.
Evidence: Form 8-K (2026-06-04) — Items 1.01/8.01 $40 billion equity distribution agreement and Class A/Class C stock offering
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
29.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.26%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
8%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.9%
(Operating CF − capex) ÷ market cap
1. Cloud and AI growth
Cloud revenue +36% and operating income more than doubled in 2025.
- What has to hold
- AI demand keeps growing.
- The other side
- Capex and competition.
Evidence: Form 10-K (FY2025)
2. Dividends and buybacks
Dividend started in 2024 ($0.21 quarterly in 2025); $69.5B of buyback authorization remained at end-2025.
- What has to hold
- Cash flow funds both.
- The other side
- 2026 equity issuance runs the other way.
Evidence: Form 10-K (FY2025)
2020 share count and book value per share are restated to the July 2022 20-for-1 split basis. Earnings in 2026 include very large unrealized gains on non-marketable equity securities, which can reverse. This page covers the Class C capital stock (GOOG), which has no voting rights; the one-vote Class A shares trade as GOOGL.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
63.5x
$126.84B vs. $2B
Interest coverage (operating income ÷ interest expense)
175.3x
$129.04B vs. $736M
Free cash flow ÷ dividends paid
7.3x
$73.27B vs. $10.05B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -4.9% in FY2022 ($78.71B → $74.84B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Diverse revenue
Services, Cloud and subscriptions together; non-advertising revenue was about $108B in 2025.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Alphabet faces major antitrust cases: the U.S. search judgment (December 2025) is on appeal by both sides; the ad tech case awaits a remedies ruling where the DOJ seeks structural remedies; the EU Android fine became final and was paid ($5.2 billion) and the EU ad tech fine (€3.0 billion) is on appeal; a Swedish court awarded PriceRunner about $2.1 billion. Epic v. Google remedies are in effect.
6 open matters (4 flagged as major) · 3 settled or closed
U.S. v. Google (Search)
On appealAntitrustMajorU.S. DOJ and states v. Google
The D.C. district court ruled against Google in August 2024; the December 2025 final judgment restricts distribution practices and requires sharing certain search data and offering syndication to competitors. Google, the DOJ and states all appealed.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
U.S. v. Google (Advertising Technology)
PendingAntitrustMajorU.S. DOJ and states v. Google
In April 2025 the E.D. Virginia court found Google's publisher tools unlawfully excluded rivals (advertiser tools and DoubleClick/AdMeld acquisitions were not). In September 2026 the court issued its remedies decision, denying the DOJ's request for structural divestitures and ordering behavioral remedies on interoperability, data access and auction conduct. Google plans to appeal after final judgment; a Texas-led state case will be tried after the remedies proceedings.
- Next step
- Remedies judgment, then appeal.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
EC ad tech decision
On appealAntitrustMajorEuropean Commission v. Google
September 2025 EC decision on self-preferencing in ad tech with a €3.0B fine; Google recognized $3.5B and posted bank guarantees, and appealed.
- Amounts
- €3.0 billion fine
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
PriceRunner (Klarna) damages
On appealAntitrustMajorPriceRunner v. Google
In July 2026 the Stockholm Patent and Market Court awarded about $2.1B plus interest over shopping search results; Google recognized it in Q2 2026 and appealed.
- Amounts
- About $2.1 billion
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
EC AdSense for Search
On appealAntitrustEuropean Commission v. Google
The General Court annulled the €1.5B fine in September 2024; the EC appealed to the Court of Justice.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
EU Digital Markets Act fines
On appealRegulatory proceedingEuropean Commission
After March 2025 preliminary findings, the EC issued non-compliance decisions in July 2026 fining Google €430 million (Google Play) and €460 million (Search). Google appealed both in October 2026 and recognized a $1.0 billion charge in Q3 2026.
- Amounts
- €890 million ($1.0 billion charge)
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
EC Android decision
Closed, no actionAntitrustEuropean Commission v. Google
The €4.1B fine (reduced from €4.3B) became final when the European Court of Justice denied Google’s appeal in July 2026; Google paid $5.2B including interest.
- Amounts
- $5.2 billion paid
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
Epic Games v. Google (Play)
ResolvedAntitrustEpic Games v. Google
A 2023 jury verdict led to remedies changing Android and Google Play practices; Google is complying with the October 2024 remedies decision after a 2026 settlement attempt to modify them was withdrawn.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
Google Play state AG settlement
SettledAntitrustState Attorneys General v. Google
Settlement with 50 states and three territories, funded to escrow in May 2024; preliminarily approved November 2025.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments and Contingencies (Legal Matters), reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Antitrust remedies
- Company disclosure (summarized from the 10-K)
- The search judgment requires data sharing and syndication to rivals; the DOJ seeks structural ad tech remedies that could have a material adverse effect.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
AI disruption
- Company disclosure (summarized from the 10-K)
- AI is reshaping how ads are delivered and how users find information; competitors include AI model developers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Demand & macro
Advertising cycle
- Company disclosure (summarized from the 10-K)
- About 73% of revenue comes from advertising.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 4Funding & liquidity
Infrastructure spending
- Company disclosure (summarized from the 10-K)
- Rising capex and depreciation; 2026 funding from bonds, preferred and common equity.
- Company’s stated mitigation
- We also have a commercial paper program of up to $25.0 billion, which is used for general corporate purposes.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Privacy and EU rules
- Company disclosure (summarized from the 10-K)
- Privacy investigations and lawsuits; EU Digital Markets Act preliminary non-compliance findings.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We believe AI is quickly reshaping the advertising industry, including how ads are delivered online, and we and our competitors are constantly adjusting to meet this shift and provide new and evolving advertising formats. Read more
There is no assurance that we will adapt effectively and competitively to meet this shift, and that such advertising formats, strategies, and offerings will be successful.
To meet the compute capacity demands of AI training and inference, as well as traditional cloud computing services, we are entering into significant leasing arrangements with third party operators, which may increase costs and operational complexity. We also have a number of large, long-duration commercial agreements, which could increase our liabilities and obligations in the event of nonperformance by us, our counterparties, or vendors. In such nonperformance or an industry downturn, we may incur additional liabilities, have excess capacity that we cannot easily redeploy, and not receive payments from our counterparties or customers.
Our ability to scale our technical infrastructure is increasingly constrained by the availability of power, water, and land. Read more
For example, energy supply is constrained globally due to the significant increase in demand for and limited availability of energy to power AI compute. Securing this capacity involves entering into complex, long-lead-time arrangements. Additionally, manufacturing and supply of servers and network equipment for our technical infrastructure, particularly for specialized AI chips, is limited to a small number of qualified suppliers. Extended or unforeseen disruptions at these suppliers could impact our ability to meet customer demand. Failure to secure sufficient capacity in a timely manner would limit our ability to train models and serve Cloud customers.
Disruptions in our ability to access future financing or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition.
We may from time to time access capital markets for debt or seek to enter into other forms of financing, such as leases. Read more
Any difficulty in accessing capital markets, entering into other forms of financing on favorable terms, or managing our existing indebtedness could increase our costs of financing and restrict our ability to invest in our business. Furthermore, the combination of our current and any future indebtedness, including obligations arising under
leases, backstops, guarantees, and potential liabilities from large commercial agreements, could harm our financial condition and reduce our financial and business flexibility.
For example, the DOJ and a number of state Attorneys General filed a lawsuit concerning our Search and Search advertising practices and our compliance with US antitrust laws. Read more
In August 2024, the US District Court for the District of Columbia ruled against Google, and in December 2025, entered a final judgment requiring remedies, which, among other things, imposes restrictions on how we distribute our services and requires us to share certain search data with and offer syndication services to certain competitors. In January 2026, we appealed the final judgment and moved to pause implementation of certain remedies. In February 2026, the DOJ and state Attorneys General also appealed.
Furthermore, in December 2020, a number of state Attorneys General, led by the Texas Attorney General, filed a lawsuit in the US District Court for the Eastern District of Texas concerning our advertising technology and our compliance with US antitrust laws and other laws. In January 2023, the DOJ and a number of state Attorneys General sued in the Eastern District of Virginia alleging similar antitrust violations relating to our advertising technology. In April 2025, the presiding judge issued a mixed decision in the DOJ case against us, ruling that neither our advertiser tools nor the DoubleClick and AdMeld acquisitions were anticompetitive, but that our publisher tools unfairly excluded rivals. A separate proceeding to determine remedies, the range of which varies widely, took place in September 2025 with the parties presenting differing remedy proposals. The DOJ's remedy proposal…
No longer in the text (4)
We face a number of risks related to manufacturing and supply chain management, which could affect our ability to supply both our products and our services.
For example, the DOJ and a number of state Attorneys General filed a lawsuit alleging that Google violated antitrust laws relating to Search and Search advertising, and in August 2024, the U.S. Read more
District Court for the District of Columbia ruled that Google violated such antitrust laws. The Court is holding a separate proceeding to determine remedies, which could include alterations to our products and services and our business models and operations, including structural remedies, and/or our distribution arrangements, among other changes. While we plan to appeal, there can be no assurance that our appeal will succeed, or that we will be able to change or decrease the severity of any remedies that may be ordered, and any or all of these potential remedies could harm our business, reputation, financial condition, and operating results.
regimes. The U.S. has imposed a 1% excise tax on the fair market value of shares repurchased, which could potentially increase in the future. Read more
The Organization for Economic Cooperation and Development (OECD) is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%, on which various jurisdictions around the world have either introduced draft legislation or adopted final legislation. O ur effective tax rate and cash tax payments could increase as a result of these changes.
The trading price for our Class A stock and non-voting Class C stock may continue to be volatile.
1 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 5, 2026 ↗ with the 10-K filed Feb 5, 2025 ↗.
26
What to watch going forwardSite analysis
- Ad tech remedies decision (E.D. Va.).
- Search case appeals.
- Google Cloud growth and margins.
- 2026 capex and how it is funded (ATM, preferred, bonds).
- Volatility from unrealized gains on equity investments.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
- Form 10-K (FY2025)
- Form 10-Q (quarter ended 2026-09-30)
- Proxy statement (2026)
- Form 10-K (FY2022)
- Form 8-K (2026-06-04) — Items 1.01/8.01 $40 billion equity distribution agreement and Class A/Class C stock offering
- Form 8-K (2026-06-05) — Items 1.01/3.03 mandatory convertible preferred stock offering
- Form 8-K (2026-08-10) — Item 8.01 $25 billion senior notes offering
- Form 8-K (2026-10-28) — Q3 2026 earnings release
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 03:01 (SEC EDGAR) · Source 10-K filed: February 5, 2026
Built on10-K FY2025 · filed 2026-02-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Alphabet Inc. (Class C)’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.