What it does
Alphabet states that it is a collection of businesses, with Google as its largest business. For reporting, it places Google in Google Services and Google Cloud segments, while non-Google businesses are reported collectively as Other Bets; certain AI research and development is reported in Alphabet-level activities. Google Services includes products and platforms such as Search, YouTube, Android, Chrome, Gmail, Maps, Google Play, devices, and Gemini. Google Cloud provides infrastructure, platform, application, and other cloud services. Other Bets includes businesses addressing areas including transportation and health technology.
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 displayed on Google Search & other properties, YouTube, and Google Network partners’ properties. It also generates Google Services revenue from consumer subscriptions, platforms such as Google Play sales of apps and in-app purchases, 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 from sales of autonomous transportation and internet services. The segment table shown below provides the reported segment revenue detail.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Alphabet describes users, advertisers, content providers, partners, customers, developers, enterprises, and communities as groups served by its businesses. Google Services products have adoption by users around the world, according to the company. Its advertising tools serve advertisers, agencies, and publishers, while Google Cloud customers use cloud infrastructure, development tools, cybersecurity, data and analytics, and AI-related offerings. The filing refers to operations and legal requirements in the US and foreign jurisdictions, but the supplied excerpt does not provide revenue by geography. It also states that Waymo is entering international markets, but does not provide geographic operating or customer figures here.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing characterizes Alphabet’s business as facing rapid change and new and disruptive technologies. It lists competition from general-purpose and vertical search services, e-commerce providers, online advertising platforms and networks, other advertising media, digital content and application platforms, enterprise cloud providers, AI model developers, consumer hardware companies, digital video services, social networks, and workspace communication and connectivity providers. The company states that competition in advertising depends in part on attracting and retaining users, advertisers, and content providers. The supplied filing excerpt does not name individual competitor companies.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing highlights the following risks:
- The company generates a significant portion of its revenues from advertising.
- Maintaining and enhancing the brands within Google Services, Google Cloud, and Other Bets is identified as important to its business.
- 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 the business.
- Operating results may fluctuate, making results difficult to predict and potentially causing results to fall short of expectations.
- Sanctions, tariffs, market-access barriers, political unrest, geopolitical tensions, and armed conflict may affect continuity, costs, demand, sourcing, or operations.
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 offers benefits, career-development programs, financial-health resources, healthcare choices, compensation programs, and manager training and support. It reports work councils and statutory employee-representation obligations in certain countries. The company also uses outside companies contractually for specialized services or temporary short-term needs; supplier employees, temporary staff, and independent contractors form its extended workforce. The supplied excerpt does not state facility information or seasonality.
Source: Alphabet Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov