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Alphabet Inc.

GOOG Communication Services Internet Content & Information

Alphabet Inc.’s revenue for fiscal 2025 (year ended December 2025) was $402.8 billion, up 15.1% from fiscal 2024.

Revenue
+24.7%
EPS
−26.0%
Free cash flow
−137.1%
Total debt
+479.0%

Quarter to September 2026, against a year earlier · Fiscal Q2 2026 earnings digest →

286.05 4.31 +1.53%
Market cap
$3.45T
P/E
14.6×
Fwd P/E
—
Dividend yield
0.30%
F-score
7/9
Altman Z
15.03
Beneish M
−2.64
Dividend safety
85/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Google Services
  • Google Cloud
  • Other Bets

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 101.74
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 7 4 5 5 3 2 4 2 1 1 1 —
Insider Ownership 58.14%

Capital & Financial Ratios $m

Size
Market Cap 3,454,410.00
Revenue ttm 471,097.00
Net income ttm 235,694.00
Free cash flow ttm 19,747.00
Net debt Q (139,996.00)
Valuation
P/E 14.57
Forward P/E —
Price / sales 7.35
Forward P/S Powerpack
Price / FCF 175.37
Price / book 5.25
Financial health
Current ratio Q 2.79 (at or above 1.5: strong)
Debt / equity Q 0.18 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +24.65% (above 0%: growing)
Operating income growth Q +29.93% (above 0%: growing)
EPS, this year +82.11% (at or above 15%: strong)
EPS, next year A −23.63% (below 0%: weak)
Revenue, next year A —
EPS, past 5 yrs +29.83% (at or above 15%: strong)
EPS, next 5 yrs A +19.04% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.1×, against a ten-year median of 5.6×; over the ten years it ranged from 3.7× in 2022 to 10.8× in 2026.
P/E against its own 10 years 0.18%
10-year low 10-year high
P/S against its own 10 years 80.60%
10-year low 10-year high
P/B against its own 10 years 48.77%
10-year low 10-year high
EV/Sales against its own 10 years 81.88%
10-year low 10-year high
EV/FCF against its own 10 years 99.19%
10-year low 10-year high

Dividends

Yield
0.30%
Annual rate
0.86
Payout ratio
4.49%
Growth, 2024–26
+4.08%/yr
  1. 0.60 ’24
  2. 0.83 ’25 +38
  3. 0.65 ’26 −22
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 110,916 95,657 126,843 265,098
Receivables 47,964 52,340 62,886 72,784
Inventory — — — 13,308
Other 12,650 15,714 16,309 23,475
171,530 163,711 206,038 374,665
2023 2024 2025 Q'26
Payables 7,493 7,987 12,200 21,975
ST’ Debt — — — —
Other — — — —
81,814 89,122 102,745 134,501

Compound Annual Growth %

10y 5y 3y
Sales 18.31% 17.15% 12.51%
Cash Flow 20.01% 20.39% 21.65%
Earnings 23.64% 26.83% 30.14%
Book Value 13.19% 13.29% 17.48%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.94 Actual 2.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.57 2.82 Beat by 0.25
Q1 FY26 2.64 5.11 Beat by 2.47
Q2 FY26 2.88 9.11 Beat by 6.23
Q3 FY26 2.94 2.12 Miss by 0.82
Q4 FY26 3.16 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 5.11 9.11 2.12 — —
’25 2.81 2.31 2.87 2.82 10.81
’24 1.89 1.89 2.12 2.15 8.04
’23 1.17 1.44 1.55 1.64 5.80
’22 1.23 1.21 1.06 1.05 4.56
’21 1.31 1.36 1.40 1.53 5.61
’20 0.49 0.51 0.82 1.12 2.93
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 109,896 119,796 127,577 — —
’25 90,234 96,428 102,346 113,828 402,836
’24 80,539 84,742 88,268 96,469 350,018
’23 69,787 74,604 76,693 86,310 307,394
’22 68,011 69,685 69,092 76,048 282,836
’21 55,314 61,880 65,118 75,325 257,637
’20 41,159 38,297 46,173 56,898 182,527
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 45,790 39,069 42,290 — —
’25 36,150 27,747 48,414 52,402 164,713
’24 28,848 26,640 30,698 39,113 125,299
’23 23,509 28,666 30,656 18,915 101,746
’22 25,106 19,422 23,353 23,614 91,495
’21 19,289 21,890 25,539 24,934 91,652
’20 11,451 13,993 17,003 22,677 65,124
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 10,116 (5,855) (9,065) — —
’25 18,953 5,301 24,461 24,551 73,266
’24 16,836 13,454 17,637 24,837 72,764
’23 17,220 21,778 22,601 7,896 69,495
’22 15,320 12,594 16,077 16,019 60,010
’21 13,347 16,394 18,720 18,551 67,012
’20 5,446 8,602 11,597 17,198 42,843
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 25.1% a year for ten years. It grew 13.8% a year over the last ten.

Implied
25.1%
10 years, reported
13.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 90,272 110,855 136,819 161,857 182,527 257,637 282,836 307,394 350,018 402,836 471,097 +18.1% — — — —
Gross margin, % 61.08 58.88 56.48 55.58 53.58 56.94 55.38 56.63 58.20 59.65 60.86 (1.4) pt
EBT 24,150 27,193 34,913 39,625 48,082 90,734 71,328 85,717 119,815 158,826 287,637 +23.3%
EBT margin, % 26.75 24.53 25.52 24.48 26.34 35.22 25.22 27.89 34.23 39.43 61.06 +12.7 pt
Net income 19,478 12,662 30,736 34,343 40,269 76,033 59,972 73,795 100,118 132,170 235,694 +23.7%
Per share, $
Per share, $ Revenue 6.56 8.00 9.84 11.68 13.41 19.29 21.65 24.34 28.41 33.25 38.44 +19.8%
Earnings 1.42 0.91 2.21 2.48 2.96 5.69 4.59 5.84 8.13 10.91 19.39 +25.5%
Cash flow 2.62 2.68 3.45 3.94 4.78 6.86 7.00 8.06 10.17 13.59 14.65 +20.1%
Capex (0.72) (0.95) (1.81) (1.70) (1.64) (1.85) (2.41) (2.55) (4.26) (7.55) (13.04) +29.7%
Free cash flow 1.89 1.73 1.64 2.24 3.15 5.02 4.59 5.50 5.91 6.05 1.61 +13.8%
Book value 10.11 11.00 12.78 14.54 16.34 18.84 19.61 22.44 26.39 34.27 55.28 +14.5%
Shares, m 13,756 13,858 13,903 13,852 13,616 13,353 13,063 12,630 12,319 12,116 12,156 (1.4%)
Valuation, ×
Valuation, × P/E 27.86 58.45 23.42 26.96 29.56 25.40 19.52 23.86 23.42 28.76 14.57 28.7
P/S 5.99 6.66 5.26 5.72 6.53 7.50 4.14 5.73 6.70 9.44 7.35 6.4
P/B 3.89 4.84 4.05 4.60 5.36 7.68 4.57 6.22 7.22 9.16 5.25 5.8
EV/Sales 5.08 5.77 4.49 5.01 5.86 7.01 3.79 5.41 6.46 9.24 7.05 5.8
EV/FCF 17.58 26.77 26.93 60.17 24.97 26.97 17.88 23.94 31.08 50.80 168.28 30.7
Cash, $m
Cash, $m Operating cash flow 36,036 37,091 47,971 54,520 65,124 91,652 91,495 101,746 125,299 164,713 179,551 +18.4%
Capex (9,972) (13,184) (25,139) (23,548) (22,281) (24,640) (31,485) (32,251) (52,535) (91,447) (159,804) +27.9%
Free cash flow 26,064 23,907 22,832 30,972 42,843 67,012 60,010 69,495 72,764 73,266 19,747 +12.2%
Balance, $m
Balance, $m Working capital 88,652 100,125 101,056 107,357 117,462 123,889 95,495 89,716 74,589 103,293 240,164 +1.7%
Net debt (82,398) (97,902) (105,128) (115,121) (122,762) (124,832) (99,061) (99,046) (84,774) (80,296) (139,996) (0.3%)
Shareholders’ equity 139,036 152,502 177,628 201,442 222,544 251,635 256,144 283,379 325,084 415,265 677,549 +12.9%
Returns, %
Returns, % ROA 12.37 6.94 14.29 13.50 13.52 22.40 16.55 19.23 23.48 25.28 30.56 +12.9 pt
ROIC 26.17 29.97 23.73 24.78 25.82 38.80 29.78 28.58 29.23 24.08 18.25 (2.1) pt
ROE 15.02 8.69 18.62 18.12 19.00 32.07 23.62 27.36 32.91 35.70 44.98 +20.7 pt
People
People Employees 72,053 80,110 98,771 118,899 135,301 156,500 190,234 182,502 183,323 190,820 — +11.4%
Revenue/emp, $m 1.25 1.38 1.39 1.36 1.35 1.65 1.49 1.68 1.91 2.11 — +6.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Alphabet is a collection of businesses centered on Google. Founded on 2015-10-02 and headquartered in Mountain View, it is led by Chief Executive Officer Sundar Pichai.

Google Services includes Search, YouTube, Android, Chrome, Gmail, Google Play, Gemini and Pixel devices. People use these products to find information, watch video, communicate, use apps and access AI tools. Businesses pay to advertise alongside some of those experiences, while consumers can also buy subscriptions, apps and devices.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Google Services 342,721 85.08%
Google Cloud 58,705 14.57%
Other Bets 1,537 0.38%
Gross margin 59.65%
Operating margin 32.03%
Pre-tax margin 39.43%

Revenue by segment since 2013

Alphabet Inc. vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GOOG Alphabet Inc. $3.45T 14.6× — +24.65% (above 0%: growing) −25.95% (below 0%: shrinking) −137.06% (below 0%: shrinking) 59.70% 31.81%
GOOGL Alphabet Inc. $3.45T 14.6× 14.2× +24.65% (above 0%: growing) −25.95% (below 0%: shrinking) −137.06% (below 0%: shrinking) 59.70% 31.81% Compare
META Meta Platforms, Inc. $1.55T 20.4× 21.1× +26.07% (above 0%: growing) +257.41% (above 0%: growing) −110.36% (below 0%: shrinking) 79.31% 20.10% Compare
SPOT Spotify Technology $126.5B 36.8× 45.1× +14.53% (above 0%: growing) −43.14% (below 0%: shrinking) −16.05% (below 0%: shrinking) 32.98% 13.52% Compare
BIDU Baidu, Inc. $22.0B — (loss-making) 15.7× +1.09% (above 0%: growing) −69.18% (below 0%: shrinking) −128.87% (below 0%: shrinking) 39.03% 9.66% Compare
RDDT Reddit Inc. $18.1B 18.2× 16.6× +53.01% (above 0%: growing) +69.06% (above 0%: growing) +98.02% (above 0%: growing) 91.53% 29.23% Compare
PINS Pinterest, Inc. $11.4B 79.5× 49.6× +11.89% (above 0%: growing) −72.93% (below 0%: shrinking) −5.70% (below 0%: shrinking) 77.72% 2.58% Compare
MTCH Match Group Inc. $8.9B 12.7× 14.8× −2.52% (below 0%: shrinking) +13.45% (above 0%: growing) −0.54% (below 0%: shrinking) 76.83% 30.13% Compare
SNAP Snap Inc. $8.6B — (loss-making) — (loss-making) +14.31% (above 0%: growing) n/m +75.99% (above 0%: growing) 62.30% 4.45% Compare
Median of peers $20.0B 19.3× 16.6× +14.42% −25.95% −10.87% 69.57% 16.81%

All 68 Internet Content & Information stocks →

From the latest earnings call

Updated

  • Sundar Pichai said AI investment was increasing Search usage and query growth, while Google Cloud CEO Thomas Kurian said TPU system sales contributed to Cloud growth.
  • CFO Anat Ashkenazi said infrastructure investment and TPU inventory building would pressure free cash flow, while third-party computing capacity would create near-term Cloud margin headwinds.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Nov 1, 2026 Reiterated Underperform —
JPMorgan Nov 1, 2026 Target cut Outperform 425.00 → 375.00
Barclays Oct 31, 2026 Target cut Outperform 405.00
TheStreet Pro Oct 30, 2026 Target cut — 410.00 → 380.00
Pivotal Research Oct 30, 2026 Reiterated Buy 475.00
Goldman Sachs Oct 30, 2026 Reiterated Buy 435.00 → 385.00
Citizens Oct 29, 2026 Downgrade Outperform → Hold —
Mizuho Oct 29, 2026 Reiterated Outperform 460.00
Truist Securities Oct 28, 2026 Reiterated Buy —
Evercore ISI Oct 28, 2026 Reiterated Buy —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 70.49%
Held by the ten largest 34.39%
Holder Shares Stake Change
Vanguard 978.89m 8.59% +16.71m
BlackRock 830.90m 7.29% +19.16m
State Street 429.90m 3.77% +17.93m
Fidelity (FMR) 372.67m 3.27% +27.57m
Capital Group 288.14m 2.53% +4.20m
Geode Capital Management 264.86m 2.32% +1.31m
JPMorgan Chase 229.75m 2.02% +39.02m
Morgan Stanley 192.94m 1.69% +313.29k
T. Rowe Price 173.83m 1.53% +16.62m
Invesco 157.37m 1.38% +2.90m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.91m 213.90m 360.95
2024 10.80m 215.75m 218.20
2023 8.80m 235.11m 160.89
2022 225.99m 115.82m 101.30
2021 6.32m 267.28m 165.17

Ownership

Directors and executive officers, together 54.30% of the votes
Larry Page 27.40% of the votes
Sergey Brin 25.30% of the votes
BlackRock, Inc. 2.50% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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GOOG metrics, ten years each

stockrow.com/GOOG · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com