Source documents: Alphabet Inc. Form 10-K for the fiscal year ended December 31, 2025 (filed February 5, 2026; auditor's report dated February 4, 2026), the main source for every figure unless stated otherwise. Alphabet 2026 Proxy Statement (Record Date April 6, 2026), used only where marked "Proxy".
Market data supplied by the user, not taken from the documents: closing price at December 31, 2025: US$313. Shares outstanding: 12,097 million at January 28, 2026 (matches the 10-K cover: Class A 5,822 + Class B 837 + Class C 5,438 = 12,097 million).
Fiscal-year label: the company labels the period "fiscal year ended December 31, 2025". These tables use FY2025 for that year, FY2024 and FY2023 for the comparatives.
All amounts in US$ millions unless stated. Abbreviations: IS = Consolidated Statements of Income; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; SE = Consolidated Statements of Stockholders' Equity; MD&A = Item 7.
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Revenues | 307,394 | 350,018 | 402,836 | IS, Revenues |
| Cost of revenues | 133,332 | 146,306 | 162,535 | IS, Cost of revenues |
| Gross profit (calculated) | 174,062 | 203,712 | 240,301 | Revenues − Cost of revenues |
| Research and development | 45,427 | 49,326 | 61,087 | IS |
| Sales and marketing | 27,917 | 27,808 | 28,693 | IS |
| General and administrative | 16,425 | 14,188 | 21,482 | IS |
| Total operating expenses (calculated) | 89,769 | 91,322 | 111,262 | Sum of the three lines; FY2024–25 match MD&A "Operating expenses" |
| Income from operations | 84,293 | 112,390 | 129,039 | IS |
| Other income (expense), net | 1,424 | 7,425 | 29,787 | IS; Note 7 |
| — of which interest income | 3,865 | 4,482 | 4,337 | Note 7 |
| — of which interest expense (net of capitalized interest) | (308) | (268) | (736) | Note 7 |
| — interest capitalized | 181 | 194 | 447 | Note 7, footnote 1 |
| — FX gain (loss), net | (1,238) | (409) | (382) | Note 7 |
| — gain (loss) on debt securities, net | (1,215) | (1,043) | 540 | Note 7; Note 3 |
| — gain (loss) on equity securities, net | 392 | 3,714 | 24,080 | Note 7; Note 3 |
| — equity method income (loss) and impairment | (628) | (188) | 281 | Note 7 |
| — other | 556 | 1,137 | 1,667 | Note 7 |
| Income before income taxes | 85,717 | 119,815 | 158,826 | IS |
| Provision for income taxes | 11,922 | 19,697 | 26,656 | IS; Note 14 |
| Net income | 73,795 | 100,118 | 132,170 | IS (no separate NCI line; net loss attributable to NCI "not material", included in OI&E "other", Note 5) |
| Basic EPS (US$) | 5.84 | 8.13 | 10.91 | IS; Note 12 |
| Diluted EPS (US$) | 5.80 | 8.04 | 10.81 | IS; Note 12 |
| Weighted-average shares, basic (mn) | 12,630 | 12,319 | 12,116 | Note 12, consolidated column |
| Weighted-average shares, diluted (mn) | 12,722 | 12,447 | 12,230 | Note 12, consolidated column |
| TAC | not available | 54,900 | 59,926 | MD&A, Cost of revenues table (FY2023 not in this document) |
| Other cost of revenues | not available | 91,406 | 102,609 | MD&A |
| TAC rate (TAC / advertising revenues) | not available | 20.7% | 20.3% | MD&A (company figure) |
| Advertising and promotional expense (US$ bn) | 8.7 | 8.7 | 9.9 | Note 1 |
| Revenue line | FY2023 | FY2024 | FY2025 | % of FY2025 total | YoY FY2024 | YoY FY2025 | Source |
|---|---|---|---|---|---|---|---|
| Google Search & other | 175,033 | 198,084 | 224,532 | 55.7% | +13.2% | +13.4% | Note 2 |
| YouTube ads | 31,510 | 36,147 | 40,367 | 10.0% | +14.7% | +11.7% | Note 2 |
| Google Network | 31,312 | 30,359 | 29,792 | 7.4% | −3.0% | −1.9% | Note 2 |
| Google advertising | 237,855 | 264,590 | 294,691 | 73.2% | +11.2% | +11.4% | Note 2 |
| Google subscriptions, platforms, and devices | 34,688 | 40,340 | 48,030 | 11.9% | +16.3% | +19.1% | Note 2 |
| Google Services | 272,543 | 304,930 | 342,721 | 85.1% | +11.9% | +12.4% | Note 2; Note 15 |
| Google Cloud | 33,088 | 43,229 | 58,705 | 14.6% | +30.6% | +35.8% | Note 2; Note 15 |
| Other Bets | 1,527 | 1,648 | 1,537 | 0.4% | +7.9% | −6.7% | Note 2; Note 15 |
| Hedging gains (losses) | 236 | 211 | (127) | 0.0% | n.m. | n.m. | Note 2 |
| Total | 307,394 | 350,018 | 402,836 | 100.0% | +13.9% | +15.1% | Note 2 |
| Region | FY2023 | % | FY2024 | % | FY2025 | % | YoY FY2025 | Source |
|---|---|---|---|---|---|---|---|---|
| United States | 146,286 | 47.6% | 170,447 | 48.7% | 194,229 | 48.2% | +14.0% | Note 2 |
| EMEA | 91,038 | 29.6% | 102,127 | 29.2% | 117,152 | 29.1% | +14.7% | Note 2 |
| APAC | 51,514 | 16.8% | 56,815 | 16.2% | 67,680 | 16.8% | +19.1% | Note 2 |
| Other Americas | 18,320 | 6.0% | 20,418 | 5.8% | 23,902 | 5.9% | +17.1% | Note 2 |
| Hedging gains (losses) | 236 | 0.1% | 211 | 0.1% | (127) | 0.0% | n.m. | Note 2 |
| Total | 307,394 | 100% | 350,018 | 100% | 402,836 | 100% | +15.1% | Note 2 |
The document rounds the percentages to whole numbers (47/30/17/6 for FY2023, 49/29/16/6 for FY2024, 48/29/17/6 for FY2025). The percentages above are recalculated to one decimal.
| Segment | FY2023 | FY2024 | FY2025 | Op. margin FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|---|---|---|
| Google Services | 95,858 | 121,263 | 139,404 | 35.2% | 39.8% | 40.7% | Note 15 |
| Google Cloud | 1,716 | 6,112 | 13,910 | 5.2% | 14.1% | 23.7% | Note 15 |
| Other Bets | (4,095) | (4,444) | (7,515) | n.m. | n.m. | n.m. | Note 15 |
| Alphabet-level activities (unallocated) | (9,186) | (10,541) | (16,760) | — | — | — | Note 15 |
| Total income from operations | 84,293 | 112,390 | 129,039 | 27.4% | 32.1% | 32.0% | Note 15 |
| Google Services employee compensation | 46,224 | 44,560 | 45,124 | Note 15 | |||
| Google Services other costs and expenses | 130,461 | 139,107 | 158,193 | Note 15 | |||
| Google Cloud employee compensation | 19,054 | 20,519 | 22,078 | Note 15 | |||
| Google Cloud other costs and expenses | 12,318 | 16,598 | 22,717 | Note 15 |
Segment assets: not available ("Our operating segments are not evaluated using asset information", Note 15). Segment capex: not available.
| Metric | FY2025 vs FY2024 | Source |
|---|---|---|
| Google Search & other: paid clicks change | +6% | MD&A, Monetization Metrics |
| Google Search & other: cost-per-click change | +7% | MD&A |
| Google Network: impressions change | −7% | MD&A |
| Google Network: cost-per-impression change | +7% | MD&A |
| Item | Dec 31, 2024 | Dec 31, 2025 | Source |
|---|---|---|---|
| Cash and cash equivalents | 23,466 | 30,708 | BS |
| Marketable securities | 72,191 | 96,135 | BS |
| Cash, cash equivalents and marketable securities | 95,657 | 126,843 | BS |
| — of which marketable equity securities | 4,813 | 6,313 | Note 3 |
| Accounts receivable, net | 52,340 | 62,886 | BS |
| Other current assets | 15,714 | 16,309 | BS |
| Total current assets | 163,711 | 206,038 | BS |
| Non-marketable securities | 37,982 | 68,687 | BS; Note 3 |
| Deferred income taxes (asset) | 17,180 | 9,113 | BS |
| Property and equipment, net | 171,036 | 246,597 | BS; Note 7 |
| Operating lease assets | 13,588 | 15,221 | BS |
| Goodwill | 31,885 | 33,380 | BS; Note 9 |
| Other non-current assets | 14,874 | 16,245 | BS |
| Total assets | 450,256 | 595,281 | BS |
| Accounts payable | 7,987 | 12,200 | BS |
| Accrued compensation and benefits | 15,069 | 17,546 | BS |
| Accrued expenses and other current liabilities | 51,228 | 55,557 | BS; Note 7 |
| Accrued revenue share | 9,802 | 10,864 | BS |
| Deferred revenue (current) | 5,036 | 6,578 | BS |
| Total current liabilities | 89,122 | 102,745 | BS |
| Long-term debt | 10,883 | 46,547 | BS; Note 6 |
| Income taxes payable, non-current | 8,782 | 9,531 | BS |
| Operating lease liabilities (non-current) | 11,691 | 12,744 | BS |
| Other long-term liabilities | 4,694 | 8,449 | BS |
| Total liabilities | 125,172 | 180,016 | BS |
| Stock and additional paid-in capital | 84,800 | 93,126 | BS |
| Accumulated other comprehensive income (loss) | (4,800) | (1,916) | BS |
| Retained earnings | 245,084 | 324,055 | BS |
| Total stockholders' equity | 325,084 | 415,265 | BS |
| — of which noncontrolling interests (inside APIC) | 4,200 | 3,400 | Note 5 ("$4.2 billion and $3.4 billion") |
| — of which redeemable NCI | 1,100 | 841 | Note 5 |
| Shares issued and outstanding (mn) | 12,211 | 12,088 | BS |
Only two balance sheets are presented. Balance-sheet items for December 31, 2023 are not available, except total equity (SE: 283,379) and cash and cash equivalents (CF: 24,048).
| Component | Dec 31, 2024 | Dec 31, 2025 | Source |
|---|---|---|---|
| Senior notes, long-term portion (carrying value) | 10,883 | 46,547 | BS; Note 6 |
| Senior notes, current portion | 999 | 1,996 | Note 6 |
| Senior notes, total carrying value | 11,882 | 48,543 | Note 6; Item 7A ("$11.9 billion and $48.5 billion") |
| Commercial paper | 2,300 | 0 | Note 6 |
| Finance lease liabilities | 1,677 | 2,500 | Note 4 |
| Financial debt excluding operating leases | 15,859 | 51,043 | sum |
| Operating lease liabilities (current + non-current) | 14,578 | 15,954 | Note 4 |
| Gross debt including operating leases | 30,437 | 66,997 | sum |
| Memo: face value of notes | 12,000 | 49,085 | Note 6 |
| Memo: unamortized discount and issuance costs | (118) | (542) | Note 6 |
| Memo: estimated fair value of notes | ~9,000 | ~45,600 | Note 6 ("approximately $9.0 billion and $45.6 billion") |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Net cash provided by operating activities | 101,746 | 125,299 | 164,713 | CF |
| Depreciation of property and equipment | 11,946 | 15,311 | 21,136 | CF |
| Stock-based compensation expense (CF line) | 22,460 | 22,785 | 24,953 | CF |
| Deferred income taxes | (7,763) | (5,257) | 8,348 | CF |
| Loss (gain) on debt and equity securities, net | 823 | (2,671) | (24,620) | CF |
| Other non-cash adjustments | 4,330 | 3,419 | 2,108 | CF |
| Change in working capital (sum of seven CF lines) | (3,845) | (8,406) | 618 | CF, "Changes in assets and liabilities" |
| Purchases of property and equipment (capex) | (32,251) | (52,535) | (91,447) | CF |
| Free cash flow (CFO − capex) | 69,495 | 72,764 | 73,266 | calculated |
| Acquisitions, net of cash acquired, and purchases of intangibles | (495) | (2,931) | (1,592) | CF |
| Repurchases of stock (cash) | (61,504) | (62,222) | (45,709) | CF |
| Dividend payments | 0 | (7,363) | (10,049) | CF |
| Net payments related to stock-based award activities | (9,837) | (12,190) | (14,167) | CF |
| Proceeds from issuance of debt, net of costs | 10,790 | 13,589 | 64,564 | CF |
| Repayments of debt | (11,550) | (12,701) | (32,427) | CF |
| Proceeds from sale of interest in consolidated entities | 8 | 1,154 | 400 | CF |
| Cash paid for income taxes, net of refunds | 19,164 | 27,353 | 21,526 | Note 14 |
| Capex included in accrued liabilities and accounts payable (non-cash) | 7,435 | 10,326 | 15,090 | CF, supplemental |
| Employees at year-end | not available | not available | 190,820 | Item 1; MD&A |
| Check | FY2023 | FY2024 | FY2025 | Result |
|---|---|---|---|---|
| Gross profit = revenues − cost of revenues | 307,394 − 133,332 = 174,062 | 350,018 − 146,306 = 203,712 | 402,836 − 162,535 = 240,301 | OK |
| Operating income = gross profit − opex | 174,062 − 89,769 = 84,293 | 203,712 − 91,322 = 112,390 | 240,301 − 111,262 = 129,039 | OK, matches IS |
| Pre-tax income − taxes = net income | 85,717 − 11,922 = 73,795 | 119,815 − 19,697 = 100,118 | 158,826 − 26,656 = 132,170 | OK |
| Operating income + OI&E = pre-tax income | 84,293 + 1,424 = 85,717 | 112,390 + 7,425 = 119,815 | 129,039 + 29,787 = 158,826 | OK |
| Sum of segments + hedging = total revenues | 272,543 + 33,088 + 1,527 + 236 = 307,394 | 304,930 + 43,229 + 1,648 + 211 = 350,018 | 342,721 + 58,705 + 1,537 − 127 = 402,836 | OK; residual line is "Hedging gains (losses)" |
| Sum of geographies = total revenues | 146,286 + 91,038 + 51,514 + 18,320 + 236 = 307,394 | 170,447 + 102,127 + 56,815 + 20,418 + 211 = 350,018 | 194,229 + 117,152 + 67,680 + 23,902 − 127 = 402,836 | OK |
| Percentages sum to 100% (FY2025, one decimal) | — | — | 48.2 + 29.1 + 16.8 + 5.9 + 0.0 = 100.0 | OK |
| Advertising lines sum | 175,033 + 31,510 + 31,312 = 237,855 | 198,084 + 36,147 + 30,359 = 264,590 | 224,532 + 40,367 + 29,792 = 294,691 | OK |
| Gross debt = sum of components | — | 11,882 + 2,300 + 1,677 + 14,578 = 30,437 | 48,543 + 0 + 2,500 + 15,954 = 66,997 | OK |
| Notes: face − discount − current = long-term | — | 12,000 − 118 − 999 = 10,883 | 49,085 − 542 − 1,996 = 46,547 | OK, matches BS |
| CFO − capex = FCF | 101,746 − 32,251 = 69,495 | 125,299 − 52,535 = 72,764 | 164,713 − 91,447 = 73,266 | OK |
| Segment operating income − unallocated = consolidated | 95,858 + 1,716 − 4,095 − 9,186 = 84,293 | 121,263 + 6,112 − 4,444 − 10,541 = 112,390 | 139,404 + 13,910 − 7,515 − 16,760 = 129,039 | OK |
| Total assets = total liabilities + equity | — | 125,172 + 325,084 = 450,256 | 180,016 + 415,265 = 595,281 | OK |
| Cash: change in cash reconciles | 21,879 + 2,169 = 24,048 | 24,048 − 582 = 23,466 | 23,466 + 7,242 = 30,708 | OK |
| PP&E: in service − accumulated depreciation + not in service = net | — | 199,829 − 79,390 + 50,597 = 171,036 | 266,490 − 98,485 + 78,592 = 246,597 | OK |
| Debt maturities sum to face value | — | — | 2,000 + 1,000 + 2,676 + 1,764 + 5,500 + 36,145 = 49,085 | OK |
| Check | Result |
|---|---|
| Shares: 10-K cover (Jan 28, 2026) vs user figure | 5,822 + 837 + 5,438 = 12,097 = user figure. OK |
| Shares: BS year-end vs cover | 12,088 at Dec 31, 2025 vs 12,097 at Jan 28, 2026: three different share counts (diluted average 12,230; year-end 12,088; cover 12,097). The report uses diluted average for per-share figures and the cover figure for market capitalization. |
| Buybacks: CF cash vs SE cost | 45,709 (CF) vs 45,398 (SE, Note 11); gap 311. Note 11 states the SE figure "include[s] any unsettled repurchases"; the document does not itemize the gap. FY2024: 62,222 vs 62,047; FY2023: 61,504 vs 62,184. |
| SBC: CF vs SE vs Note 13 | FY2025: 24,953 (CF) vs 25,130 (SE) vs US$27.1 bn total SBC expense (Note 13), of which US$24.1 bn expected to be settled in Alphabet stock. The difference to Note 13 is awards settled in cash or in Other Bet stock (liability-classified). Not reconciled line by line in the document. |
| Taxes: provision vs current vs cash | FY2025: provision 26,656; current provision 18,406; cash paid 21,526. |
| Debt issuance: CF vs notes | CF proceeds 64,564 vs notes issued US$22.5 bn + €13.25 bn (carrying 15,585 at year-end FX) and MD&A "net proceeds of $37.3 billion". The remainder of the CF line includes commercial paper activity and contract-manufacturer flows that MD&A says are presented in financing. Not itemized. |
| Capex: cash vs accrual | Cash capex 91,447; accrued capex payable rose from 10,326 to 15,090 (+4,764); accrual-basis capex ≈ 91,447 + 4,764 = 96,211 (calculated). |
| Accounts payable: BS change vs CF change | BS change 12,200 − 7,987 = +4,213; CF operating change +907. The non-cash capex in AP explains most of the gap (see A-ter). |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Pre-tax income, domestic | 73,600 | 108,076 | 143,591 | Note 14 |
| Pre-tax income, foreign | 12,117 | 11,739 | 15,235 | Note 14 |
| Current tax provision | 19,651 | 24,953 | 18,406 | Note 14 |
| Deferred tax provision | (7,729) | (5,256) | 8,250 | Note 14 |
| Effective tax rate | 13.9% | 16.4% | 16.8% | Note 14 |
| Rate reconciliation: US federal statutory | 21.0% | 21.0% | 21.0% | Note 14 |
| — State and local | 1.0% | 1.0% | 1.0% | Note 14 |
| — Brazil withholding taxes | 1.2% | 0.9% | 0.9% | Note 14 |
| — Brazil other / other foreign jurisdictions | 0.1% / (0.1)% | 0.0% / 0.3% | 0.0% / 0.2% | Note 14 |
| — Change in tax laws | (1.0)% | 0.0% | 0.0% | Note 14 |
| — FDII deduction | (4.6)% | (3.8)% | (2.5)% | Note 14 |
| — Other cross-border | 0.2% | 0.3% | 0.2% | Note 14 |
| — Federal research credit | (1.8)% | (1.5)% | (1.3)% | Note 14 |
| — Foreign tax credits | (1.6)% | (1.1)% | (1.1)% | Note 14 |
| — Other credits | (0.6)% | (0.2)% | (0.1)% | Note 14 |
| — Changes in valuation allowances | 0.6% | 0.5% | 0.7% | Note 14 |
| — SBC (nontaxable/nondeductible) | (0.7)% | (1.5)% | (1.6)% | Note 14 |
| — Other nondeductible items | 0.2% | 0.2% | 0.6% | Note 14 |
| — Changes in unrecognized tax benefits | 0.5% | 0.6% | (0.7)% | Note 14 |
| — Other adjustments | (0.5)% | (0.2)% | (0.6)% | Note 14 |
| Cash taxes paid | 19,164 | 27,353 | 21,526 | Note 14 |
| Gross unrecognized tax benefits (year-end) | 9,438 | 12,619 | 11,512 | Note 14 |
| — of which would affect ETR if recognized | 7,400 | 10,000 | 9,700 | Note 14 |
| UTB: decreases from settlements | (21) | (311) | (2,183) | Note 14 |
| Accrued interest and penalties | not available | 1,100 | 1,200 | Note 14 |
| Deferred taxes | Dec 31, 2024 | Dec 31, 2025 | Source |
|---|---|---|---|
| DTA: accrued employee benefits | 1,834 | 1,951 | Note 14 |
| DTA: accruals and reserves | 2,552 | 3,570 | Note 14 |
| DTA: tax credits | 6,384 | 7,314 | Note 14 |
| DTA: net operating losses | 3,472 | 4,953 | Note 14 |
| DTA: operating leases | 3,336 | 3,337 | Note 14 |
| DTA: capitalized R&D | 25,903 | 24,758 | Note 14 |
| DTA: other | 1,376 | 2,143 | Note 14 |
| Total DTA | 44,857 | 48,026 | Note 14 |
| Valuation allowance | (11,493) | (13,942) | Note 14 (change +2,449) |
| DTL: property and equipment | (9,932) | (13,256) | Note 14 |
| DTL: net investment gains | (2,978) | (8,242) | Note 14 |
| DTL: operating leases | (2,986) | (3,103) | Note 14 |
| DTL: other | (1,008) | (1,289) | Note 14 |
| Net DTA (liability) | 16,460 | 8,194 | Note 14 |
| NOL carryforwards: federal / state / foreign (US$ bn) | — | 13.0 / 25.1 / 2.9; begin to expire 2026; "more likely than not that the majority ... will not be realized" | Note 14 |
| R&D credit carryforwards: federal / California | — | 771 / 6,400 | Note 14 |
| State investment tax credit carryforwards | — | 1,300, expire from 2033 | Note 14 |
| Income taxes payable, non-current | 8,782 | 9,531 | BS; MD&A ("$9.5 billion primarily related to unrecognized tax benefits") |
| Item | Value | Source |
|---|---|---|
| Maturities of face value | 2026: 2,000 · 2027: 1,000 · 2028: 2,676 · 2029: 1,764 · 2030: 5,500 · thereafter: 36,145 · total 49,085 | Note 6 |
| 2016 USD notes | 2,000, due 2026, coupon 2.00%, effective 2.23% | Note 6 |
| 2020 USD notes | 9,000, due 2027–2060, coupons 0.80%–2.25% | Note 6 |
| 2025 USD notes | 22,500, due 2028–2075, coupons 3.88%–5.70%; includes 500 floating (SOFR + 0.52%) due 2028 | Note 6 |
| 2025 EUR notes | 15,585 carrying (€13.25 bn), due 2028–2064, coupons 2.38%–4.38% | Note 6 |
| May 2025 issues | US$5.0 bn fixed, weighted coupon 4.89%, ~24 years; €6.75 bn fixed, 3.31%, ~14 years | Note 6 |
| November 2025 issues | US$0.5 bn floating; US$17.0 bn fixed, 4.92%, ~20 years; €6.5 bn fixed, 3.44%, ~16 years | Note 6 |
| Fixed vs floating | All notes fixed-rate except US$500 mn floating | Note 6 |
| Ranking | Senior unsecured, rank equally | Note 6 |
| Covenants | not available (the document does not describe any) | — |
| Revolving credit facilities | 10,000 undrawn: 4,000 expiring April 2026, 6,000 expiring April 2030 | Note 6 |
| Commercial paper program | up to 25,000; 0 outstanding at Dec 31, 2025 (2,300 at Dec 31, 2024, rate 4.4%) | Note 6 |
| Euro debt designated as net investment hedge | 15,400 carrying value | Note 3 |
| Future interest on notes | short-term 1,800; long-term 35,700 | MD&A, Financing |
| Convertible/exchangeable instruments issued | not applicable | — |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Total SBC expense (US$ bn) | 22.1 | 22.8 | 27.1 | Note 13 |
| — expected to settle in Alphabet stock (US$ bn) | 21.7 | 22.0 | 24.1 | Note 13 |
| Split by instrument (RSU / PSU / Other Bets) | not available | not available | not available | — |
| Tax benefit on SBC (US$ bn) | 4.5 | 4.6 | 5.0 | Note 13 |
| Unrecognized RSU cost (US$ bn) | — | — | 42.9, over weighted 2.6 years | Note 13 |
| Unvested RSUs (mn) | — | 299 | 282 | Note 13 |
| RSUs granted / vested / forfeited in FY2025 (mn) | — | — | 198 / 181 / 34 | Note 13 |
| Weighted grant-date fair value of RSUs granted in the year (US$) | 97.59 | 140.04 | 188.82 | Note 13 |
| Fair value of RSUs vested (US$ bn) | 26.6 | 33.3 | 39.7 | Note 13 |
| Class C shares reserved for future issuance (mn) | — | — | 534 | Note 13; Proxy (534,281,345) |
| Proposed reserve increase (mn) | — | — | 200 (to a plan total of 1,650.2) | Proxy, Proposal 3 |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Shares issued (mn) | 139 | 130 | 117 | SE |
| Shares repurchased and retired (mn) | 528 | 379 | 240 | SE; Note 11 |
| — Class A (mn / US$ mn) | 78 / 9,316 | 73 / 11,855 | 37 / 6,501 | Note 11 |
| — Class C (mn / US$ mn) | 450 / 52,868 | 306 / 50,192 | 203 / 38,897 | Note 11 |
| Repurchase cost (SE) | 62,184 | 62,047 | 45,398 | SE; Note 11 |
| Average price paid (calculated) (US$) | 117.77 | 163.71 | 189.16 | cost / shares |
| Q4 FY2025 repurchases | — | — | 20.24 mn shares; October avg US$253.20 (A) / 255.03 (C); November US$286.00 / 281.46; December none | Item 5 |
| Remaining authorization | — | — | 69,500 (programs of US$70 bn authorized April 2024 and April 2025; no expiry) | Note 11 |
| Antidilutive instruments excluded from diluted EPS | not available | not available | not available | Note 12 does not report them |
| Dilutive RSUs in diluted share count (mn) | 92 | 128 | 114 | Note 12 |
| Dividends declared per share (US$) | 0 | 0.60 | 0.83 | SE |
| Quarterly dividend after April 2025 (US$) | — | — | 0.21 | Note 11 |
| Item | Value | Source |
|---|---|---|
| Deferred revenue, total | 6.0 bn at Dec 31, 2024; 8.6 bn at Dec 31, 2025 | Note 2 |
| Revenue recognized in FY2025 from opening deferred revenue | 4.6 bn | Note 2 |
| Remaining performance obligations ("revenue backlog") | 242.8 bn at Dec 31, 2025, "primarily related to Google Cloud"; prior-year value not available in this document | Note 2 |
| Share expected within 24 months | "just over 50%"; 12-month share not available | Note 2 |
| Gross vs net | Network ads mostly gross (TAC in cost of revenues); Google Play reported net | Note 1 |
| Customer concentration | No customer above 10% of revenues in any year | Note 2 |
| Matter | Accrued / paid | Reasonably possible additional loss | Source |
|---|---|---|---|
| Accrued fines and settlements (total, current) | 9,830 → 15,594 | — | Note 7 |
| EC Shopping (2017) | €2.4 bn fine; paid US$3.0 bn in 2024 | closed | Note 10 |
| EC Android (2018) | US$5.1 bn charge, reduced by US$217 mn in 2022; fine reduced to €4.1 bn; ECJ appeal pending | not disclosed | Note 10 |
| EC AdSense for Search (2019) | US$1.7 bn charge; fine annulled Sept 2024; EC appealed | not disclosed | Note 10 |
| EC ad tech (Sept 2025) | €3.0 bn fine; US$3.5 bn charge Q3 2025; bank guarantees instead of cash | not disclosed | Note 10 |
| DOJ Search (D.D.C.) | Final judgment Dec 2025 (distribution restrictions, data sharing, syndication); appealed Jan 2026; DOJ/states appealed Feb 2026 | not disclosed | Note 10 |
| DOJ ad tech (E.D. Va.) | Liability on publisher tools (Apr 2025); remedies pending; DOJ proposal includes structural remedies | "we cannot estimate a possible loss" | Note 10 |
| Texas-led states ad tech (E.D. Tex.) | Trial after DOJ remedies decision | "we cannot estimate a possible loss" | Note 10 |
| ACCC (Australia) | Settlement Aug 2025; charge Q2 2025 (amount not disclosed) | — | Note 10 |
| JFTC (Japan) | Cease-and-desist Apr 2025; no monetary penalty | — | Note 10 |
| Google Play states | Settlement funded to escrow May 2024; final approval pending | — | Note 10 |
| Epic v. Google | Remedies implemented Oct 2025; settlement contingent on court approval | — | Note 10 |
| EU Digital Markets Act (2 investigations) | Preliminary non-compliance findings Mar 2025 | "we cannot estimate a possible loss" | Note 10 |
| Private follow-on actions | — | "we cannot estimate a possible loss" | Note 10 |
| Privacy | US$1.4 bn settlement of "certain privacy matters" finalized Oct 2025. MD&A separately cites "a $1.4 billion legal accrual made in the second quarter of 2025" without naming the matter | — | Note 10; MD&A |
| Russia | Compounding civil penalties; "do not expect ... material adverse effect" | — | Note 10 |
| Item | Dec 31, 2024 | Dec 31, 2025 | Source |
|---|---|---|---|
| Goodwill — Google Services | 23,521 | 24,870 | Note 9 |
| Goodwill — Google Cloud | 7,490 | 7,660 | Note 9 |
| Goodwill — Other Bets | 874 | 850 | Note 9 |
| Goodwill additions in year | 2,736 | 1,432 | Note 9 |
| Impairment test: date, outcome, headroom | "Goodwill impairments were not material"; date and headroom not available | Note 1 | |
| Intangible assets by category, useful lives, expected amortization | not available (not separately presented) | — |
| Item | Dec 31, 2024 | Dec 31, 2025 | Source |
|---|---|---|---|
| Level 1 (cash equivalents and marketable securities) | 12,862 | 15,751 | Note 3 |
| Level 2 | 70,388 | 95,787 | Note 3 |
| Cash (not levelled) | 12,407 | 15,305 | Note 3 |
| Non-marketable equity, measurement alternative: carrying value | 35,218 | 64,094 | Note 3 |
| — initial cost | 20,940 | 28,429 | Note 3 |
| — cumulative upward adjustments | 22,709 | 44,485 | Note 3 |
| — cumulative downward adjustments (incl. impairments) | (8,431) | (8,820) | Note 3 |
| — remeasured during FY2025 | — | 45,600, "primarily ... Level 2" at measurement | Note 3 |
| Equity method investments and other | 2,764 | 4,593 | Note 3 |
| Unrealized net gain on non-marketable equity (FY2023 / FY2024 / FY2025) | (1,088) / 3,372 / 21,395 | Note 3 | |
| Unrealized net gain on marketable and other equity | 790 / 156 / 1,907 | Note 3 | |
| Realized net gain on equity securities sold | 690 / 186 / 778 | Note 3 | |
| Subsequent event: unrealized gains recognized January 2026 | ~32,000 | Note 16 |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Allowance for credit losses on receivables (year-end) | not available | 879 | 924 | Note 7 |
| Allowance for credit losses and sales credits, combined: opening / additions / usage / closing | 1,213 / 3,115 / (2,737) / 1,591 | 1,591 / 2,895 / (2,850) / 1,636 | 1,636 / 4,128 / (3,408) / 2,356 | Schedule II |
| Inventory | not available (inside other current assets; FIFO, lower of cost and NRV) | Note 1 | ||
| Insurance/technical reserves | not applicable | — |
| Item | Value | Source |
|---|---|---|
| Operating leases: remaining term / discount rate | 7.8 yrs / 3.4% (2024); 7.6 yrs / 3.6% (2025) | Note 4 |
| Finance leases: remaining term / discount rate | 10.4 yrs / 2.8% (2024); 8.3 yrs / 3.1% (2025) | Note 4 |
| Undiscounted lease payments | operating 18,251; finance 2,869 | Note 4 |
| Leases signed, not yet commenced | 5,800 short-term + 52,700 long-term = 58,500; commence 2026–2031; terms 1–25 years | Note 4 |
| Power purchase agreement, January 2026 | 9,900 (2027–2047), or one-time ~3,500 if conditions unmet | Note 4 (subsequent) |
| Purchase commitments and other contractual obligations | 149,100, of which 113,000 short-term, "mostly related to technical infrastructure and inventory orders" | MD&A |
| Content licensing commitments | 7,700, mostly through Q1 2030 | Note 10 |
| Financial guarantees (energy backstops) | maximum 5,700, through August 2026 | Note 10 |
| Credit derivatives (data center lease backstops) | notional 0 (2024) → 16,940 (2025), up to 15 years | Note 3 |
| VIE funding commitments | 1,500 (2024) → 1,100 (2025) | Note 5 |
| Assets of consolidated VIEs usable only for VIE obligations | 8,700 (2024) → 5,600 (2025), primarily cash | Note 5 |
| Pending acquisitions | Wiz: 32,000 all-cash; Intersect: 4,800 cash plus assumed debt | Note 8 |
| Waymo funding round (Feb 2026) | 16,000, "the significant majority of which was funded by Alphabet" | Note 5 (subsequent) |
| Item | Value | Source |
|---|---|---|
| Auditor | Ernst & Young LLP, San Jose; auditor since 1999 | Auditor's report |
| Critical Audit Matters | One: "Loss Contingencies" (Note 10) | Auditor's report |
| Internal control opinion | Effective; unqualified; no material weakness reported | Item 9A; auditor's report |
| Changes in ICFR, Q4 2025 | None | Item 9A |
| Restatements | None (cover check-boxes unmarked) | Cover |
| Audit fees FY2024 / FY2025 (US$ thousands) | audit 31,130 / 37,900; audit-related 11,767 / 9,506; tax 1,386 / 1,894; other 21,229 / 19,400; total 65,512 / 68,700 | Proxy |
| Related parties | Hangar license to LTA (Sergey Brin affiliate): ~US$8.43 mn charged from Jan 2025 to Mar 2026; hangar license from BCH (Page, Brin, Schmidt): ~US$1.58 mn paid; GV/CapitalG co-investments with KPCB funds ~US$42.43 mn | Proxy |
| Subsequent events | Jan 2026 unrealized gains ~US$32.0 bn; Waymo round US$16.0 bn (Feb 2026); PPA US$9.9 bn (Jan 2026); appeals in DOJ Search (Jan/Feb 2026); OECD "Side-by-Side Safe Harbor" (Jan 2026) | Notes 16, 5, 4, 10; MD&A |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Depreciation of property and equipment | 11,946 | 15,311 | 21,136 | CF |
| Amortization of intangibles | not available | not available | not available | not separately disclosed |
| Inventory | not available | not available | not available | — |
| Accounts receivable, gross (net + allowance) | not available | 53,219 | 63,810 | calculated from BS and Note 7 |
| Allowance for credit losses | not available | 879 | 924 | Note 7 |
| Accounts payable | not available | 7,987 | 12,200 | BS |
| — of which capex payables (calculated: non-cash capex − accrued capex in Note 7) | not available | 10,326 − 7,104 = 3,222 | 15,090 − 8,877 = 6,213 | CF supplemental; Note 7 |
| — operating payables (calculated) | not available | 4,765 | 5,987 | our construction |
| Other current assets / accrued expenses and other current liabilities | — | 15,714 / 51,228 | 16,309 / 55,557 | BS |
| Accrued expenses detail: fines; accrued capex; customer liabilities; broker payables; income taxes; other | — | 9,830; 7,104; 4,304; 3,866; 2,905; 23,219 | 15,594; 8,877; 5,029; 950; 523; 24,584 | Note 7 |
| CF working-capital lines: receivables / income taxes / other assets / payables / accrued & other / revenue share / deferred revenue | (7,833) / 523 / (2,143) / 664 / 3,937 / 482 / 525 | (5,891) / (2,418) / (1,397) / 359 / (1,161) / 1,059 / 1,043 | (8,779) / (3,226) / (4,542) / 907 / 12,939 / 899 / 2,420 | CF |
| Acquisitions net of cash acquired (incl. intangibles purchased) | 495 | 2,931 | 1,592 | CF |
| PP&E in service, gross | not available | 199,829 | 266,490 | Note 7 |
| — technical infrastructure | not available | 141,852 | 203,679 | Note 7 (~60% servers and network equipment) |
| — office space | not available | 45,403 | 48,348 | Note 7 |
| — corporate and other | not available | 12,574 | 14,463 | Note 7 |
| Accumulated depreciation | not available | (79,390) | (98,485) | Note 7 |
| Assets not yet in service | not available | 50,597 | 78,592 | Note 7 |
| PP&E net | not available | 171,036 | 246,597 | BS |
| Useful lives | servers and network equipment generally six years; buildings 7–40 years | Note 1 | ||
| Capitalized software / development costs | "not material" | "not material" | "not material" | Note 1 |
| Capitalized sales commissions | not available | not available | not available | Note 1 (policy only) |
| R&D expense | 45,427 | 49,326 | 61,087 | IS |
| Shares issued / repurchased in financing section | no cash proceeds; repurchases (61,504); award-related net payments (9,837) | (62,222); (12,190) | (45,709); (14,167) | CF |
| Debt issued / repaid | 10,790 / (11,550) | 13,589 / (12,701) | 64,564 / (32,427) | CF |
| Goodwill | not available | 31,885 | 33,380 | BS |
| Intangibles (for tangible equity) | not available | not available | not available | not separately presented |
| Dividend per share declared (US$) | 0 | 0.60 | 0.83 | SE |
| Total equity | 283,379 | 325,084 | 415,265 | SE; BS |
| Lease cost: operating / finance / variable | 3,362 / 504 / 1,182 | 3,304 / 444 / 1,425 | 3,345 / 618 / 1,739 | Note 4 |
| Assets obtained for lease liabilities: operating / finance | 2,877 / 564 | 2,510 / 313 | 4,070 / 1,606 | Note 4 |
| Financing cash used for finance leases | 705 | 405 | 1,988 (incl. 1,100 prepayments for leases not commenced) | Note 4 |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Shares outstanding at the opening of the year (mn) | 12,849 | 12,460 | 12,211 | SE (balances at Dec 31, 2022, 2023, 2024) |
| Dividends and dividend equivalents declared | 0 | 7,536 | 10,163 | SE |
| Repurchases charged to retained earnings | 58,120 | 58,688 | 42,884 | SE |
| Tax withholding related to vesting of RSUs "and other" (SE) | 10,155 | 12,523 | 14,842 | SE; differs from CF "net payments related to stock-based award activities" (9,837 / 12,190 / 14,167), not itemized |
| Purchases of non-marketable securities | (3,027) | (5,034) | (5,716) | CF |
| Maturities and sales of non-marketable securities | 947 | 882 | 1,367 | CF |
| Rate reconciliation: changes in valuation allowances (US$ mn) | 513 | 603 | 1,170 | Note 14 |
| Finance lease liabilities: current / non-current | not available | 235 / 1,442 | 441 / 2,059 | Note 4 |
| Increase in G&A "expenses related to legal and other matters" (US$ bn) | — | — | 6.2, "largely" the 3.5 EC fine and a 1.4 legal accrual | MD&A |
| Q4 FY2025 repurchases, shares (thousands): October Class A / Class C; November Class A / Class C | — | — | 841 / 13,305; 209 / 5,885; total 20,240 | Item 5 |
| Assets of consolidated VIEs usable only for VIE obligations: location | — | — | "primarily included in cash and cash equivalents" | Note 5 |
| Credit derivatives: notional = "maximum potential" future payments | — | 0 | 16,940 | Note 3; MD&A ("$16.9 billion") |
The US tax law of July 4, 2025: MD&A states that its effects "are included in operating cash flows"; the document does not quantify them.
Tables built from Alphabet Inc.'s Form 10-K for the fiscal year ended December 31, 2025 (filed February 5, 2026) and, where marked, the 2026 Proxy Statement. Market price and share count supplied by the user.