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Alphabet Inc. GOOG

Communication Services  —  Internet Content & Information
341.08 2.07 0.61% as of 25 Sep
Market cap
$4.17T
P/E
16.9×
S&P 500 Member Dividend Champion (3y) Cash Flow Champion (3y) Revenue Champion (10y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Alphabet Inc. (GOOG) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Alphabet generated $402.8 billion of revenue, $129.0 billion of operating income, and $132.2 billion of net income in FY2025. Diluted EPS was $10.81 in FY2025, on weighted average shares of 12.1 billion shares in FY2025.

In Q2 FY2026, revenue was $119.8 billion, gross profit was $73.9 billion, operating income was $40.8 billion, and net income was $112.2 billion. Diluted EPS was $9.11 in Q2 FY2026, with weighted average shares of 12.2 billion shares in Q2 FY2026. Revenue over the TTM to Q2 FY2026 was $445.9 billion, while net income over the TTM to Q2 FY2026 was $244.2 billion. Market capitalisation was $4.12 trillion as of September 24, 2026.

Growth

Revenue reached $402.8 billion in FY2025, growing 15.1% in FY2025 against FY2024. Revenue’s compound annual growth rate was 12.5% in FY2022–FY2025 and 17.2% in FY2020–FY2025. Diluted EPS was $10.81 in FY2025 and grew 34.5% in FY2025 against FY2024; its compound annual growth rate was 33.3% in FY2022–FY2025.

Free cash flow was $73.3 billion in FY2025, up 0.69% in FY2025 against FY2024, with a 6.88% compound annual growth rate in FY2022–FY2025. In Q2 FY2026, revenue was $119.8 billion, increasing 9.01% against Q1 FY2026 and 24.2% against Q2 FY2025. Diluted EPS was $9.11 in Q2 FY2026, up 78.3% against Q1 FY2026 and 294.4% against Q2 FY2025. Free cash flow was −$5.9 billion in Q2 FY2026.

Profitability

Gross margin was 59.7% in FY2025, an increase of 6.1 percentage points from FY2020 to FY2025. Operating margin was 32.0% in FY2025, up 9.4 percentage points from FY2020 to FY2025, although it changed by −0.1 percentage points from FY2024 to FY2025. Pre-tax margin was 39.4% in FY2025, rising 13.1 percentage points from FY2020 to FY2025, while net margin was 32.8% in FY2025, up 10.7 percentage points over the same period.

Return on equity was 35.7%, return on assets was 25.3%, and return on invested capital was 24.1% in FY2025. In Q2 FY2026, gross margin was 61.6% and operating margin was 34.0%. Industry-median profitability comparisons are not reported.

Balance sheet

Total debt was $46.5 billion in FY2025, compared with $10.9 billion in FY2024. Cash and short-term investments were $126.8 billion in FY2025, compared with $95.7 billion in FY2024. Net debt was −$80.3 billion in FY2025, indicating cash and short-term investments exceeded total debt in FY2025.

Shareholders’ equity was $415.3 billion in FY2025, while working capital was $103.3 billion in FY2025. Book value per share was $34.27 in FY2025. In Q2 FY2026, net debt was −$144.3 billion, compared with −$49.3 billion in Q1 FY2026. The current ratio was 2.7× in Q2 FY2026, and debt to equity was 0.2× in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $164.7 billion in FY2025, growing 31.5% in FY2025 against FY2024. Capital expenditure was $91.4 billion in FY2025, compared with $52.5 billion in FY2024. Free cash flow was $73.3 billion in FY2025, compared with $72.8 billion in FY2024, and represented 55.4% of net income in FY2025.

Dividends paid were $10.0 billion in FY2025, compared with $7.4 billion in FY2024. Net share repurchases were $45.7 billion in FY2025, compared with $62.2 billion in FY2024. Capital returned to shareholders was $55.8 billion in FY2025. Weighted average shares were 12.1 billion shares in FY2025, and the share count changed by −11.0% from FY2020 to FY2025. Free cash flow was −$5.9 billion in Q2 FY2026.

Valuation

The P/E was 16.8× as of September 24, 2026, below the five-year median of 23.9× and the ten-year median of 26.2× as of September 24, 2026. The P/S was 9.2× as of September 24, 2026, above the five-year median of 6.7× and the ten-year median of 6.3× as of September 24, 2026.

The P/B was 6.6× as of September 24, 2026, below the five-year median of 7.2× but above the ten-year median of 5.1× as of September 24, 2026. EV/Sales was 8.9× as of September 24, 2026, above the five-year median of 6.5× and ten-year median of 5.6×. EV/Cash flow was 74.6× as of September 24, 2026, above the five-year median of 27.0× and ten-year median of 26.8×. Industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue was $119.8 billion in Q2 FY2026, increasing 9.01% against Q1 FY2026 and 24.2% against Q2 FY2025. Gross margin was 61.6% in Q2 FY2026, changing by −0.8 percentage points against Q1 FY2026 and by 2.1 percentage points against Q2 FY2025. Operating margin was 34.0% in Q2 FY2026, changing by −2.1 percentage points against Q1 FY2026 and by 1.6 percentage points against Q2 FY2025.

Diluted EPS was $9.11 in Q2 FY2026, rising 78.3% against Q1 FY2026 and 294.4% against Q2 FY2025. Free cash flow was −$5.9 billion in Q2 FY2026, with changes of −157.9% against Q1 FY2026 and −210.5% against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the difference between the increase in operating cash flow and the decline in free cash flow over the trailing twelve months?
  • What accounts for the change in net income in the latest reported quarter?
  • What uses of cash contributed to the change in net debt in the latest reported quarter?
  • What explains the increase in total debt during the latest fiscal year?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.