What it does
Alphabet states that Google is its largest business and that it reports Google through Google Services and Google Cloud, while grouping its non-Google businesses as Other Bets. Google Services includes products and platforms such as Search, YouTube, Android, Chrome, Gmail, Maps, Play, devices, and Gemini. Google Cloud provides infrastructure, platform, application, cybersecurity, data, analytics, and AI-related services. Other Bets includes businesses addressing transportation and health technology, with examples in the filing including Waymo and Isomorphic Labs. The company also reports Alphabet-level AI research and development activities.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that Google Services generates revenue primarily from performance and brand advertising shown on Google Search & other properties, YouTube, and Google Network properties. It also generates Google Services revenue from consumer subscriptions, platform transactions including Google Play sales, and devices including the Pixel family. Google Cloud primarily earns consumption-based fees and subscriptions for infrastructure, platform, applications, and other cloud services. The filing states that Other Bets revenue is generated primarily by autonomous transportation and internet services. Alphabet reports Google Services, Google Cloud, and Other Bets as distinct reporting areas.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Alphabet describes Google Services as serving users around the world, while its advertising technologies serve advertisers, agencies, and publishers. The company states that its advertising solutions help companies market across products, devices, and formats. Google Cloud customers use its infrastructure, development platform, cybersecurity, data and analytics, and AI offerings. The filing describes Other Bets as addressing industries including transportation and health technology; its disclosed revenue sources include autonomous transportation and internet services. The supplied business excerpt characterizes the company’s products and users as global, but does not provide a geographic revenue breakdown.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that Alphabet operates in a business characterized by rapid change and new and disruptive technologies. It lists competition from general-purpose and vertical search engines, e-commerce providers, online advertising platforms and networks, other advertising media, digital content and application platforms, enterprise cloud providers, AI model developers, hardware providers, digital video services, social networks, and workspace communication and connectivity providers. The filing does not name individual competitors in the supplied competition discussion. It states that competing successfully depends heavily on developing and distributing products and technologies across its businesses.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s risk-factor headings and opening statements identify the following risks:
- The company generates a significant portion of its revenues from advertising.
- Issues in the development and use of AI may result in reputational harm and increased liability exposure.
- New, existing, and changing laws and regulations worldwide could harm its business.
- Its operating results may fluctuate, making results difficult to predict and potentially causing them to fall short of expectations.
- Share repurchase or dividend programs may not remain active or be fully completed, and could increase stock-price volatility or reduce cash reserves.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, Alphabet had 190,820 employees. The company states that it uses work councils and has statutory employee-representation obligations in certain countries. It also describes an extended workforce that includes supplier and staffing-partner employees, vendors, temporary staff, and self-employed independent contractors. The filing states that it uses outside companies on a contractual basis when specialized services are needed or to cover short-term needs, and that it reviews partners’ compliance with Google’s Supplier Code of Conduct. The supplied excerpt does not state seasonality or provide facilities information.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov