NadirAlphaNA EN · DE · ES · FR · 中文 · PL

Alphabet Stock GOOGL

Alphabet Inc. · SEC filings · Reporting currency USD · Quarterly reporting · Figures as of Q2 2026 · updated 2026-10-18 · checked 2026-10-08 · ISIN US02079K3059 · WKN A14Y6F

Alphabet operates as a global technology holding company organized into three reporting segments: Google Services, Google Cloud, and Other Bets. Alphabet stock (GOOGL): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 07/2026, quarterly reporting. Stock analysis by NadirAlpha. Alphabet stock (GOOGL): listed on Nasdaq, WKN A14Y6F. NadirAlpha has evaluated 46 original documents, cross-checked every figure automatically and linked each to its source; sources as of 07/2026. Revenue Q2 2026: USD 119.8 billion (+24% year on year). Latest reported (Q2 2026): Gemini App monthly active users, Operating margin, Gemini API tokens per minute. Latest reading: Net income doubled, Revenue accelerating, Margin expanding, Regulation.

Net income doubled Revenue accelerating Margin expanding strategy: Regulation

NadirAlpha editorial team · About us · Methodology

The new quarter, monitored by AI. · NadirAlpha follows every stock through its original filings: the latest figures against their history, guidance against actuals; neutral, continuously updated, every figure clickable with its source.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
AI-generatedCreated with AI assistance from the company's linked original filings (transparency per Art. 50 EU AI Act). More about the tool: Claude Code.
Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
EditorialThe texts (business model, current status, development and others) are written AI-editorially from the original reports alone, cross-checked automatically and backed with sources; the company's own account, no assessment of our own. Methodology
AI research · This page works as a source-backed data basis for further research with AI assistants such as Claude; every figure remains verifiable via the source links.

Alphabet Current Status

Where Alphabet stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology

Assessment by NadirAlpha, as of Q2 2026.

Alphabet reported revenue of USD 119,796 million in Q2 2026, representing 24% year-over-year growth and the company's 12th consecutive quarter of double-digit revenue growth 25. Google Cloud revenues grew 82% to $24.8 billion, driven by demand for AI infrastructure and enterprise AI solutions, while Google Services grew 15% 26. Net income available to common stockholders was USD 112,193 million, with diluted EPS of 9.11, primarily reflecting net unrealized gains on equity securities of $98.0 billion 25. The Gemini App reached 950 million monthly active users during the quarter 25.
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-07-22):

“Our AI investments are redefining what's possible across every part of our business.”

Sundar Pichai, CEO of Google and Alphabet 25

“These outstanding results show that our differentiated, full stack approach to AI is delivering real, measurable value for consumers, customers, and our partners globally.”

Sundar Pichai, CEO of Google and Alphabet 25
Revenue · 2026-Q2119,796$ million+24.2 % vs. 2025-Q2
Net profit · 2026-Q2112,193$ million+297.9 % vs. 2025-Q2
EPS · 2026-Q29.11$+294.4 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, Alphabet guides Capex 175,000 to 185,000 $ million (initiated). 21
Profitability
Alphabet's operating income was USD 40,770 million, with operating margin expanding by 2 percentage points to 34% year-over-year 26. Net income available to common stockholders was primarily driven by $99.0 billion in net unrealized gains on equity securities from SpaceX and a private company, with the effective tax rate rising from 16.9% in Q2 2025 to 19.1% in Q2 2026 as these gains were taxed at the statutory rate 26. Operating cash flow for the quarter was USD 39,069 million 125.
Leverage
Alphabet ended Q2 2026 with cash and equivalents of USD 55,911 million and net debt of USD 44,253 million, compared to net debt of USD 6,571 million a year earlier, reflecting the accelerated pace of capital investment 125. In June 2026, the company raised $49.6 billion in aggregate net proceeds from equity offerings and mandatory convertible preferred stock and issued $20.3 billion in senior unsecured notes, primarily to fund AI infrastructure capital expenditure 26. Capital expenditures for the first half of 2026 totaled $80.6 billion, with management expecting a significant further increase over the full year relative to 2025 26.
Recurring
Alphabet's Google Cloud segment generates revenues primarily on a subscription and consumption basis, covering infrastructure, data analytics, AI services, and enterprise applications; TPU system revenue recognition began in Q2 2026, adding a new consumption-based stream within the segment 26. YouTube subscriptions and Google One memberships contribute to the non-advertising component of Google Services alongside hardware and app store revenues. No explicit group-level recurring revenue share was disclosed for the quarter.
Management view
Google Cloud operating income grew 230% to $8.8 billion in Q2 2026, compared to $2.80 billion in the prior-year quarter, reflecting improving economics as the AI-driven cloud business scales 26. Alphabet established an at-the-market program to sell up to $40.0 billion of Class A and Class C stock, with proceeds intended for employee equity tax obligations, alongside the broader capital program to fund AI infrastructure 26. Alphabet entered a definitive agreement to contribute its GFiber subsidiary, expecting to receive $1.5 billion in cash and a $2.0 billion note receivable upon completion 26.
Change
Free cash flow was USD -5,855 million in Q2 2026, as capital expenditures of USD 44,924 million exceeded operating cash flow, a departure from positive free cash flow in prior periods 125. Alphabet accrued $2.1 billion in legal charges related to a PriceRunner patent case decision in Stockholm, comprising $1.5 billion in principal damages and $581 million in interest and costs 26. The traffic acquisition cost rate decreased from 20.6% to 19.8%, reflecting a revenue mix shift away from Google Network toward Google Search properties 26.
Risks (current)
Alphabet faces material capital-return risk from its accelerated AI infrastructure investment program, with significant capital expenditure commitments that may not yield adequate returns; potential disruptions in capital markets access could also restrict the company's ability to execute its strategy 26. PriceRunner patent litigation resulted in a $2.1 billion accrual, and ongoing Android-related distribution agreement enforcement may result in additional fines or operational changes following the European Commission's decision upheld in July 2026 26. Restrictions on cross-border data transfers, heightened risk of confidential or personal data disclosure through AI utilization, and competitive pressures in the device market represent further company-specific risks disclosed for the quarter 26.
New this reporting period
Alphabet completed the acquisition of Wiz for $29.5 billion in March 2026, consolidated into the Google Cloud segment, and separately completed the acquisition of Intersect for $5.9 billion in March 2026, consolidated across segments 26. TPU system revenue recognition began in Q2 2026, marking the start of a new product revenue line within Google Cloud 26. Gemini Enterprise was deployed and Gemini 3.5 Flash Cyber was launched during the quarter, expanding the company's generative AI product portfolio 25.

Alphabet Stock: Key Figures ($ million)

Revenue, margin, earnings and EPS of Alphabet per fiscal year, half-year and quarter in $ million, as of Q2 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Debt ($ million) · annual basis, as reported
Net Debt ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
Cash ($ million) · quarterly basis, as reported
Debt ($ million) · quarterly basis, as reported
Net Debt ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $ million · EPS in $ per share · as reported
Alphabet stock: key figures on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodRevenueOp. incomeNet incomeEPS ($)OCFSource
FY2025402,836129,039132,17010.81164,71322
FY2024350,018112,390100,1188.04125,29914
FY2023307,39484,29373,7955.80101,7466

Quarters

Amounts in $ million · EPS in $ per share · as reported
Alphabet stock: key figures on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedRevenueOp. incomeNet incomeEPS ($)FCFCashNet DebtSource
2026-Q2*2026-07-22119,79640,770112,1939.11-5,85555,91144,253125
2026-Q1*2026-04-29109,89639,69662,5785.1110,11638,06341,43623
2025-Q4*2026-02-04113,82935,93434,4552.80*≈24,55130,70817,83521
2025-Q3*2025-10-29102,34631,22834,9792.8724,46123,0903,51219
2025-Q2*2025-07-2396,42831,27128,1962.315,30121,0366,57117
2025-Q1*2025-04-2490,23430,60634,5402.8118,95323,264-8,87815
2024-Q4*2025-02-0496,46930,97226,5362.1524,83723,466-9,28413
2024-Q3*2024-10-2988,26828,52126,3012.1217,63719,959-5,66311
2024-Q2*2024-07-2384,74227,42523,6191.8913,45427,225-13,9879
2024-Q1*2024-04-2580,53925,47223,6621.8916,83624,493-11,2657
2023-Q4*2024-01-3086,31023,69720,6871.647,89624,048-11,1785
2023-Q3*2023-10-2476,69321,34319,6891.5522,60130,702-15,9213
2023-Q2*2023-07-2574,60421,83818,3681.4421,77825,929-11,2251
2023-Q1*2023-04-2669,78717,41515,0511.1717,22025,924–8
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
EPS/EPS adj. before 2022-07-27 split-adjusted (÷20; stock split detected via implied diluted share count).
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj. (not reported in any source for these periods).

Alphabet Balance Sheet & Cash Flow ($ million)

NadirAlpha places cash, debt, operating cash flow and investments of Alphabet side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in $ million · as reported
Alphabet stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedCashDebtNet DebtOCFCapexFCFSource
FY20252026-02-0530,70848,54317,835164,71391,44773,26622
FY20242025-02-0523,46614,182-9,284125,29952,53572,76414
FY20232024-01-3124,04812,870-11,178101,74632,25169,4956

Quarters

Amounts in $ million · as reported
Alphabet stock: balance sheet and cash flow on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedCashDebtNet DebtD&AOCFCapexFCFSource
2026-Q22026-07-2355,911100,16444,2537,47139,06944,924-5,85526
2026-Q12026-04-2938,06379,49941,4366,66045,79035,67410,11623
2025-Q42026-02-0430,70848,54317,835–52,40227,85124,55121
2025-Q32025-10-2923,09026,6023,512–48,41423,95324,46119
2025-Q22025-07-2321,03627,6076,5715,12227,74722,4465,30117
2025-Q12025-04-2423,26414,386-8,8784,60936,15017,19718,95315
2024-Q42025-02-0423,46614,182-9,284–39,11314,27624,83713
2024-Q32024-10-2919,95914,296-5,663–30,69813,06117,63711
2024-Q22024-07-2327,22513,238-13,987–26,64013,18613,4549
2024-Q12024-04-2524,49313,228-11,265–28,84812,01216,8367
2023-Q42024-01-3024,04812,870-11,178–18,91511,0197,8965
2023-Q32023-10-2430,70214,781-15,921–30,6568,05522,6013
2023-Q22023-07-2525,92914,704-11,225–28,6666,88821,7781
2023-Q12023-04-2625,924–––23,5096,28917,2208
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Alphabet Guidance Tracking (latest per metric/period · 2/2)

All forecasts (guidance) of the Alphabet management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology

Direction: initiatedraised Verdict: pending

Alphabet: guidance and actuals per metric and period, 2 entries. Compiled by NadirAlpha from SEC filings.
For periodGuided onMetricGuidedVerdictDirectionSource
FY20262026-02-04Capex175,000–185,00021
FY20252025-10-29Capex91,000–93,000–19

Alphabet Stock: Price & Chart

Price history of Alphabet stock (GOOGL) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

Advertisement · affiliate links; we may earn a commissionAffiliate partnerships help us keep these reports free and regularly updated.

Alphabet Event Timeline

NadirAlpha sorts 46 events of Alphabet by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategyfinancials2023-Q22023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q2
2026 · 7 events

Regulation 2026-07-23
European Commission upheld its 2018 Android-related decision; $5.2 billion fine and interest paid in July 2026 26
Net income doubled 2026-07-23
Net income more than doubled YoY (28,196.0 to USD 112,193.0 million, +298%). 125
Revenue accelerating 2026-07-22
Revenue grew 24% to USD 119,796 million, the 12th consecutive quarter of double-digit growth, with Google Cloud accelerating 82% to $24.8 billion 25
Margin expanding 2026-07-22
Operating income grew 30% to USD 40,770 million with operating margin expanding 2 percentage points to 34% 25

“These outstanding results are built on our differentiated, full stack approach. Our first-party models, like Gemini, are now processing more than 16 billion tokens per minute via direct API use by our customers, up 60% from last quarter. It's really exciting to see how our AI investments are delivering value for our users, customers and business.”

Sundar Pichai, Chief Executive Officer of Alphabet and Google 23
Acquisition 2026-04-30
Completed acquisition of Wiz for $29.5 billion in March 2026, integrated into Google Cloud segment 24
Revenue accelerating 2026-04-29
Revenue grew 22% year-over-year to USD 109,896 million, the 11th consecutive quarter of double-digit growth, driven by 16% growth in Google Services and 63% growth in Google Cloud 23
Margin expanding 2026-04-29
Operating income grew 30% to USD 39,696 million with operating margin expanding 2 percentage points to 36.1% 23
2025 · 13 events

“It was a tremendous quarter for Alphabet and annual revenues exceeded $400 billion for the first time. The launch of Gemini 3 was a major milestone and we have great momentum. Our first party models, like Gemini, now process over 10 billion tokens per minute via direct API use by our customers, and the Gemini App has grown to over 750 million monthly active users. Search saw more usage than ever before, with AI continuing to drive an expansionary moment. We continue to drive strong growth across the business. YouTube's annual revenues surpassed $60 billion across ads and subscriptions; we now have over 325 million paid subscriptions across consumer services, led by strong adoption for Google One and YouTube Premium. And Google Cloud ended 2025 at an annual run rate of over $70 billion, representing a wide breadth of customers, driven by demand for AI products. We're seeing our AI investments and infrastructure drive revenue and growth across the board. To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion.”

Sundar Pichai, Chief Executive Officer of Alphabet and Google 21
Revenue accelerating 2026-02-04
Q4 revenues grew 18% to $113.8 billion; Google Cloud revenues grew 48% to $17.7 billion; annual revenues exceeded $400 billion for the first time 21
Guidance initiated 2026-02-04
2026 capital expenditure investments anticipated in the range of $175 to $185 billion to meet customer demand and capitalize on AI opportunities 21
New market 2026-02-04
Waymo investment round of $16.0 billion announced in February 2026 with significant majority funded by Alphabet, expanding autonomous ride-hailing services to multiple cities and international markets 21

“We are investing to meet customer demand and capitalize on the growing opportunities across the company.”

Sundar Pichai, CEO of Alphabet and Google 19
Revenue accelerating 2025-10-29
Q3 revenues grew 16% to $102.3 billion; Google Cloud revenues grew 34% to $15.2 billion with contracted backlog reaching $155 billion 19
Margin compressing 2025-10-29
Operating margin declined to 30.5% due to the accrual of a $3.5 billion European Commission antitrust fine; excluding that fine, operating margin was 33.9% 19
Guidance raised 2025-10-29
2025 capital expenditure guidance raised to the $91 billion to $93 billion range 19

“We had a standout quarter, with robust growth across the company. We are leading at the frontier of AI and shipping at an incredible pace. AI is positively impacting every part of the business, driving strong momentum. Search delivered double-digit revenue growth, and our new features, like AI Overviews and AI Mode, are performing well. We continue to see strong performance in YouTube as well as subscriptions offerings. And Cloud had strong growth in revenues, backlog and profitability. Its annual revenue run-rate is now more than $50 billion. With this strong and growing demand for our Cloud products and services, we are increasing our investment in capital expenditures in 2025 to approximately $85 billion and are excited by the opportunity ahead.”

Sundar Pichai, CEO 17
Revenue accelerating 2025-07-23
Q2 revenues grew 14% to $96.4 billion; Google Cloud revenues grew 32% to $13.6 billion with annual revenue run-rate exceeding $50 billion 17
Margin compressing 2025-07-23
Q2 operating margin held at 32%, with a $1.4 billion legal settlement charge in general and administrative expenses partially offsetting revenue leverage 17 18
Guidance raised 2025-07-23
2025 capital expenditure guidance raised to approximately $85 billion 17
Net cash to net debt 2025-07-23
Net debt position flipped (-8,878.0 to +USD 6,571.0 million vs 2025-Q1). 125

“We're pleased with our strong Q1 results, which reflect healthy growth and momentum across the business. Underpinning this growth is our unique full stack approach to AI. This quarter was super exciting as we rolled out Gemini 2.5, our most intelligent AI model, which is achieving breakthroughs in performance and is an extraordinary foundation for our future innovation. Search saw continued strong growth, boosted by the engagement we're seeing with features like AI Overviews, which now has 1.5 billion users per month. Driven by YouTube and Google One, we surpassed 270 million paid subscriptions. And Cloud grew rapidly with significant demand for our solutions.”

Sundar Pichai, CEO 15
Margin expanding 2025-04-25
Operating margin expanded 200 basis points to 34%, with operating income up 20% to $30.6 billion 16
Acquisition 2025-04-25
Definitive agreement signed in March 2025 to acquire Wiz cloud security platform for $32.0 billion in an all-cash transaction, expected to close in 2026 16
revenue 2025-04-24
Q1 revenues increased 12% to $90.2 billion; Google Cloud revenues grew 28% to $12.3 billion 15
2024 · 16 events

“Q4 was a strong quarter driven by our leadership in AI and momentum across the business. We are building, testing, and launching products and models faster than ever, and making significant progress in compute and driving efficiencies. In Search, advances like AI Overviews and Circle to Search are increasing user engagement. Our AI-powered Google Cloud portfolio is seeing stronger customer demand, and YouTube continues to be the leader in streaming watchtime and podcasts. Together, Cloud and YouTube exited 2024 at an annual revenue run rate of $110 billion. Our results show the power of our differentiated full-stack approach to AI innovation and the continued strength of our core businesses. We are confident about the opportunities ahead, and to accelerate our progress, we expect to invest approximately $75 billion in capital expenditures in 2025.”

Sundar Pichai, CEO 13
earnings 2025-02-04
Net income +28%; diluted EPS +31% to $2.15; full-year 2024 net income reached $100.1B, diluted EPS $8.04 13
revenue 2025-02-04
Consolidated revenues +12% to $96.5B, moderating from +15% in Q3; Google Services +10% to $84.1B, Google Cloud +30% to $12.0B 13
Margin expanding 2025-02-04
Operating margin expanded 5 percentage points to 32%; operating income +31% to $31.0B 13
Net cash build 2025-02-04
Net cash position expanded to USD 9,284.0 million from USD 5,663.0 million in 2024-Q3 (+64%, derived from reported financial debt minus cash). 121
Cash flow inflection 2025-02-04
Operating cash flow reached USD 39,113.0 million vs USD 18,915.0 million in 2023-Q4 (×2.1). 121

“The momentum across the company is extraordinary. Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools. In Search, our new AI features are expanding what people can search for and how they search for it. In Cloud, our AI solutions are helping drive deeper product adoption with existing customers, attract new customers and win larger deals. And YouTube's total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time. We generated strong revenue growth in the quarter, and our ongoing efforts to improve efficiency helped deliver improved margins. I'm looking forward to driving more advances for consumers, customers and creators globally.”

Sundar Pichai, CEO 11
earnings 2024-10-30
Net income +34% to $26.3B; diluted EPS +37% to $2.12 12
Revenue accelerating 2024-10-29
Google Cloud +35% to $11.4B, accelerating from 29% growth in Q2, led by AI Infrastructure and Generative AI Solutions 11
Margin expanding 2024-10-29
Operating margin expanded from 28% to 32% (+4.5pp); consolidated operating income +34% to $28.5B 11

“Our strong performance this quarter highlights ongoing strength in Search and momentum in Cloud. We are innovating at every layer of the AI stack. Our longstanding infrastructure leadership and in-house research teams position us well as technology evolves and as we pursue the many opportunities ahead.”

Sundar Pichai, CEO 9
earnings 2024-07-24
Net income +29% to $23.6B; diluted EPS +31% to $1.89 10
revenue 2024-07-23
Google Cloud surpassed $10B in quarterly revenue for the first time and achieved $1B in quarterly operating profit; Google Cloud operating income +197% to $1.2B year-over-year 9 10
Margin expanding 2024-07-23
Consolidated operating margin expanded to 32% from 29%; operating income +26% to $27.4B 9

“Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and there's great momentum across the company. Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation.”

Sundar Pichai, CEO 7

“Google is not a conventional company. We do not intend to become one.”

Larry and Sergey, Founders 6
Revenue accelerating 2024-04-26
Revenues +15% to $80.5B (constant currency +16%); Google Services +14% to $70.4B, Google Cloud +28% to $9.6B 8
Margin expanding 2024-04-26
Operating margin expanded from 25% to 32%; operating income +46% to $25.5B, partly reflecting lower severance charges ($716M vs. $2.0B in Q1 2023) 8
Strategic pivot 2024-04-25
Board initiated first-ever quarterly cash dividend ($0.20 per share) and authorized an additional $70.0B share repurchase program 7
earnings 2024-01-31
Google Cloud full-year operating income reached $1.7 billion in 2023 compared to an operating loss of $1.9 billion in 2022 6
Strategic pivot 2024-01-31
Workforce reduction in January 2023 resulted in $2.1 billion in severance charges; capital expenditures of $32.3 billion with planned further increase to support AI products and technical infrastructure 6
2023 · 10 events

“We are pleased with the ongoing strength in Search and the growing contribution from YouTube and Cloud. Each of these is already benefiting from our AI investments and innovation. As we enter the Gemini era, the best is yet to come.”

Sundar Pichai, CEO 5
earnings 2024-01-30
Google Cloud Q4 2023 operating income reached $864 million versus an operating loss of $186 million in Q4 2022 5
Revenue accelerating 2024-01-30
Q4 2023 revenues rose 13% YoY to $86.3 billion; full year 2023 revenues grew 9% to $307.4 billion 5
Margin expanding 2024-01-30
Q4 2023 operating margin improved to 27% from 24% in Q4 2022; full year 2023 operating margin expanded one percentage point to 27% 5

“I'm pleased with our financial results and our product momentum this quarter, with AI-driven innovations across Search, YouTube, Cloud, our Pixel devices and more. We're continuing to focus on making AI more helpful for everyone; there's exciting progress and lots more to come.”

Sundar Pichai, CEO 3
earnings 2023-10-24
Google Cloud operating income reached $266 million in Q3 2023 versus an operating loss of $440 million in Q3 2022 3
Revenue accelerating 2023-10-24
Consolidated revenues rose 11% YoY to $76.7 billion, accelerating from 7% growth in Q2 2023, driven by Google Services growth of 11% and Google Cloud growth of 22% 3
Margin expanding 2023-10-24
Operating margin improved to 28% from 25% in Q3 2022, with operating income increasing 25% YoY to $21.3 billion 3

“There's exciting momentum across our products and the company, which drove strong results this quarter. Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services. With fifteen products that each serve half a billion people, and six that serve over two billion each, we have so many opportunities to deliver on our mission.”

Sundar Pichai, CEO of Alphabet and Google 1
earnings 2023-07-25
Google Cloud operating income turned positive at $395 million in Q2 2023 versus an operating loss of $590 million in Q2 2022 1
Revenue accelerating 2023-07-25
Revenues grew 7% YoY to $74.6 billion from $69.7 billion in Q2 2022, with Google Services up 5% and Google Cloud up 28% 1
Margin expanding 2023-07-25
Operating margin expanded to 29% from 28% in Q2 2022, with operating income up 12% YoY to $21.8 billion 1
Net cash build 2023-07-25
Net cash position expanded to USD 11,225.0 million from USD 7,178.0 million in 2022-Q4 (+56%, derived from reported financial debt minus cash). 109

Alphabet Business Model

How Alphabet (GOOGL) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology

Alphabet operates as a global technology holding company organized into three reporting segments: Google Services, Google Cloud, and Other Bets. Google Services encompasses digital advertising across Google Search, YouTube, and the Google Network; hardware sales; the Google Play Store; YouTube subscriptions; and other consumer-facing platforms, with advertising constituting the largest share of group revenue. Google Cloud provides businesses and public-sector organizations with infrastructure, data analytics, artificial intelligence, and enterprise applications primarily on a subscription and consumption basis; generative AI products, including Gemini models, TPU systems, and enterprise AI solutions, are an increasingly central component of the Cloud offering, with the segment's scope expanded in early 2026 through the acquisitions of cybersecurity company Wiz and Intersect. Other Bets comprises earlier-stage technology ventures, including autonomous driving unit Waymo. Across all segments, Alphabet invests heavily in research, technical infrastructure, and AI development. In 2026, the company has materially accelerated capital expenditure for AI infrastructure, funding this through a combination of large equity offerings, mandatory convertible preferred stock, and debt capital raises, while maintaining advertising-driven cash generation as the primary funding source for the group.

Alphabet Stock: Share-Price Drivers

Factors Alphabet itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology

Monetisation of generative AI across Search, Cloud and custom AI infrastructure
Alphabet's quarterly revenue rose to 119,796 million with operating income of 40,770 million, while the company scaled AI products and Google Cloud, so demand for AI-driven advertising and cloud capacity is the central lever for the group's top line and margins (125, 19, 24).
Google Cloud and AI infrastructure
Google Cloud generated 20,028 million in revenue in 2026-Q1 (24); Alphabet expanded Google Cloud AI infrastructure (19), began recognising TPU system revenue from 2026-04-01 (26), signed TPU hardware supply agreements (24) and launched the Ironwood seventh-generation TPU (22), indicating growing traction for the cloud and silicon offering (22).
AI in Search (AI Overviews and AI Mode)
AI Overviews and AI Mode were launched in Search (17) and rolled out globally (19), and remain active product lines for the company (22), pointing to wider adoption within the core Search surface.
Gemini model family and assistant adoption
The Gemini App reached 650 million monthly active users (19); Alphabet launched Gemini 3 (21), Gemini 3.5 Flash (25) and Gemini Enterprise (25), and offers Gemini for Google Workspace and Google Cloud (14), showing the assistant is gaining traction across consumer and enterprise channels.
Capital expenditure for AI capacity
Alphabet's capital expenditure reached 44,924 million in 2026-Q2, with free cash flow of 5,855 million in outflow for the quarter (125), alongside a power purchase agreement (22) and operating leases commencing between 2024 and 2026 (6), reflecting higher investment in data-centre and compute capacity.
Portfolio additions via acquisitions
Alphabet completed the Wiz cloud-security acquisition (26) and the Intersect acquisition (26), and invested in a Waymo funding round (22), broadening its cloud and adjacent businesses.
Shareholder returns
Alphabet announced a dividend increase on 2026-04-27 (23), runs a cash dividend program begun in June 2024 (14, 7) and holds a stock repurchase authorisation (7), supporting capital returns to holders.

Sector trend: Demand for digital advertising and cloud computing is rising, led by generative-AI adoption across Search, assistants and enterprise cloud (19, 24). At the same time capital intensity is increasing as the company expands data-centre and custom-silicon (TPU) capacity to meet that demand (22, 26).

Alphabet Revenue by Type (as of 2026-Q2 · USD million · 3/7)

Where the revenue of Alphabet comes from: segments and product types with share, growth and margin, as of Q2 2026, older structures remain in the expandable part. NadirAlpha methodology

Alphabet: revenue by segment, as of 2026-Q2, in USD million. Compiled by NadirAlpha from SEC filings.
SegmentSinceRevenueSource
Period 2026-Q1 (3M)
Google Services2023-Q289,63724
Google Cloud2023-Q220,02824
Other Bets2023-Q241124
Period FY2023 (12M)
Google Search & otherFY2023175,0336
Google subscriptions, platforms, and devicesFY202334,6886
YouTube adsFY202331,5106
Google NetworkFY202331,3126

Alphabet Products & announcements (15/24 active+recent)

Product announcements of Alphabet from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology

Status: LaunchedPlanned

Alphabet: product announcements from the filings, 24 entries. Compiled by NadirAlpha from SEC filings.
Product/LineSinceStatusSource
2026
Gemini Enterprise deployment2026-0625
TPU system revenue recognition2026-0426
Dividend increase2026-0423
TPU hardware supply agreements2026-0324
Waymo investment round2026-0222
2025
Google Cloud AI Infrastructure expansion2025-0919
Gemini App reached 650 million MAU2025-0919
AI products and services expansion2025-0920
AI in Search (5x)2025-0622
Senior Unsecured Notes issuance2025-0523
Pixel 10 series202522
Ironwood seventh-generation TPU202522
Enterprise AI solutions on Google Cloud Platform202522
2023
Gemini 2.52023-1222
Pixel Watch 4202322
2024
YouTube TV, YouTube Music Premium, NFL Sunday Ticket subscriptions2024-0912
Pixel family product launch2024-0912
Google One subscriptions2024-0912
Gemini for Google Cloud (3x)2024-0914
Dividend program initiation and first quarterly dividend2024-067
Cash dividend program2024-0614
AI model development consolidation into Google DeepMind2024-067
Stock repurchase authorization2024-037
2023
Pixel 8 and Pixel 8 Pro devices launch20236

Alphabet Transactions & Events (7)

7 transactions and events of Alphabet from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology

Acquisitions · 4Partnerships/contracts · 1Divestitures/exits · 1older: 1 (in the table)
2023202420252026

Acquisitions by Alphabet

Alphabet: Acquisitions, 5 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2026
Intersect acquisition2026Completed26
2025
Wiz acquisition2025-03Completed26
2023
Change in estimated useful lives of servers and network equipment2023-01Completed6
Office space optimization2023Completed2
2017
European Commission 2019 fine2017Completed6

Divestitures and exits by Alphabet

Alphabet: Divestitures / exits, 1 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2026
GFiber divestiture2026-12Divested24

Partnerships and contracts of Alphabet

Alphabet: Partnerships & contracts, 1 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2026
Power purchase agreement2026-01Agreement22

Alphabet Risks (66 since the annual report of 2026-02-05, 166 tracked in total)

NadirAlpha lists 66 active risks of Alphabet from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology

Category: CyberFinancialMacroLegalRegulatoryCompetitionStrategyTechnologyCustomersGeopoliticsSupply chainESGPeopleMarket

Alphabet: risk factors as reported, 66 since the last annual report, 166 tracked. Compiled by NadirAlpha from SEC filings.
RiskCategoryLast reported
Alphabet: first mention in 10-Q quarterly report of 2026-07-23 (2026-Q2), source 26
Increased risk of inadvertent disclosure of confidential information or personal data through AI utilization=
Disruptions in capital markets access or future financing could restrict ability to execute strategy=
Significant capex commitments and costs for AI infrastructure and compute scaling may not yield adequate returns=
Ongoing Android-related distribution agreement enforcement may result in additional fines or operational changes=
PriceRunner patent litigation resulted in $2.1 billion accrual; additional legal liabilities may arise=
Restrictions on cross-border data transfer may require adaptation of existing data transfer mechanisms=
Highly competitive device market with short product cycles and rapid competitor innovation may limit competitive offerings=
Alphabet: first mention in 10-Q quarterly report of 2026-04-30 (2026-Q1), source 24
Long-duration commercial TPU supply agreements increase liabilities and operational complexity2026-Q2
2026-07-23 26
Cloud computing competitors rapidly developing and deploying services; competitive pricing and delivery models may prevent achievement of objectives2026-Q2
2026-07-23 26
Alphabet: first mention in 10-K annual report of 2026-02-05 (FY2025), source 22
Complex and evolving privacy and data protection regulations worldwide may require costly compliance changes2026-Q2
2026-07-23 26
Alphabet: first mention in 10-Q quarterly report of 2025-10-30 (2025-Q3), source 20
Increased indebtedness and lease obligations could limit financial flexibility2026-Q2
2026-07-23 26
Alphabet: first mention in 8-K-EX99.1 earnings release of 2025-10-29 (2025-Q3), source 19
Ongoing regulatory scrutiny and enforcement actions regarding data privacy, antitrust, and Android distribution practices2026-Q2
2026-07-23 26
Alphabet: first mention in 10-K annual report of 2025-02-05 (FY2024), source 14
Business with financial services, healthcare, and public sector customers presents regulatory compliance risks2026-Q2
2026-07-23 26
Geopolitical tensions and international trade impacts may affect advertiser and customer spending2026-Q2
2026-07-23 26
Alphabet: first mention in 10-K annual report of 2024-01-31 (FY2023), source 6
Emerging regulatory requirements for AI technologies may impose new obligations on data processing and model training2026-Q2
2026-07-23 26
Alphabet: first mention in 10-Q quarterly report of 2026-04-30 (2026-Q1), source 24
Large, long-duration commercial agreements could increase liabilities; financial guarantees to support third-party data centers create contingent obligations.=
Cloud services subject to increasing regulatory scrutiny; government audits and compliance failures pose legal, financial, and reputational risks.=
Significant investment in AI-optimized infrastructure and custom TPUs; uncertain commercial viability and timing of benefits.=
Expanding investment in new businesses, products, services, and technologies inherently risky; may not achieve adequate return of capital.=
New products using AI raise ethical, technological, legal, and regulatory challenges that could harm brands and demand.=
Other Bets investments in transportation and life sciences face intense competition from large, well-funded competitors.=
Alphabet: first mention in 10-K annual report of 2026-02-05 (FY2025), source 22
Incurring significant and increasing costs to build and maintain cloud infrastructure, invest in cybersecurity, and hire talent.2026-Q1
2026-04-30 24
Subject to regular review and audit by domestic and foreign tax authorities; adverse outcomes could harm financial condition=
Ongoing conflicts in Middle East and Ukraine may increase cyber attack and operational disruption risks=
Risk of cyber attacks by nation-states and state-sponsored actors, particularly targeting public sector customers=
International operations subject to sanctions, tariffs, trade barriers, and geopolitical tensions affecting revenue and operations=
Advertisers, partners, and content providers can terminate contracts at any time; must continuously create value=
Limited number of qualified suppliers for specialized AI chips; extended disruptions could impact ability to meet demand=
Ability to scale technical infrastructure constrained by availability of power, water, and land; energy supply constrained globally=
DOJ and state attorneys general lawsuit over advertising technology; April 2025 mixed decision; remedies decision pending=
IP indemnities from suppliers may not cover all damages; IP claims are time-consuming and expensive=
August 2024 District Court ruled against Google; December 2025 final judgment requires remedies including data sharing with competitors=
Significant competition in cloud services from well-funded competitors; rapid development of competing cloud-based services=
Subject to claims and investigations related to data privacy and security issues=
AI energy and water demands make emissions reduction efforts more complex; sustainability initiatives may not be fully realized=
Provided indemnification for certain potential liabilities in connection with divestitures and strategic arrangements=
Revenue-based taxes and digital services taxes across multiple jurisdictions; OECD global minimum tax negotiations=
Downward pressure on operating margins from infrastructure investment, regulation, competition, and lower-margin products=
International revenues and foreign-denominated assets expose company to foreign exchange rate fluctuations=
Intense competition for AI talent; competitors have directly targeted company employees=
Need to attract and retain technical talent; competitive compensation required to remain competitive=
Acquisitions and strategic arrangements could result in operating difficulties, dilution, and unexpected liabilities=
Subject to claims, lawsuits, regulatory and government inquiries on competition, IP, tax, labor, and commercial disputes=
Multiple overlapping privacy laws with differing and sometimes conflicting requirements across jurisdictions=
Regular cyber attacks and evolving threats; AI technologies may increase exposure to security risks=
New and disruptive technologies could reduce usage of existing products and force significant resource expenditure=
Alphabet: first mention in 10-Q quarterly report of 2025-04-25 (2025-Q1), source 16
OECD global minimum tax rules implementation across countries may affect effective tax rate and cash tax payments.2026-Q1
2026-04-30 24
Ongoing legal proceedings including European Court of Justice appeals of General Court antitrust decisions=
Alphabet: first mention in 10-K annual report of 2025-02-05 (FY2024), source 14
Significant increase in property and equipment investment expected in 2026; changes in asset performance could impact financial condition.2026-Q1
2026-04-30 24
Performance depends on continued service of key technical leads including Sundar PichaiFY2025
2026-02-05 22
DOJ and state attorneys general filed multiple antitrust lawsuits regarding Search, Android, and advertising technologyFY2025
2026-02-05 22
Low-quality content, web spam, and user-generated violations affect platform quality and user experienceFY2025
2026-02-05 22
Non-marketable equity securities investments inherently risky due to early-stage technologies that may not materializeFY2025
2026-02-05 22
Cyclical nature and seasonality in business; geopolitical events affect operating resultsFY2025
2026-02-05 22
Evolving regulatory environment subjects company to fines, lawsuits, and changes to business practicesFY2025
2026-02-05 22
Alphabet: first mention in 10-Q quarterly report of 2024-07-24 (2024-Q2), source 10
Over 70% of revenues from online advertising; reduced advertiser spending or format shifts could harm businessFY2025
2026-02-05 22
Alphabet: first mention in 10-K annual report of 2024-01-31 (FY2023), source 6
Investing in competitive device market (smartphones, home, wearables) with frequent product launches, rapid technological advancements, and price sensitivity.2026-Q1
2026-04-30 24
Development and use of AI may result in harmful content, discrimination, IP infringement, and regulatory actionFY2025
2026-02-05 22
Investment portfolio and outstanding debt exposed to interest rate risk; fair value of debt fluctuates with ratesFY2025
2026-02-05 22
Relies on contract manufacturers and suppliers for technical infrastructure and device assemblyFY2025
2026-02-05 22
Various competition regulations globally (Digital Markets Act, etc.) affecting business practices and distributionFY2025
2026-02-05 22
Various laws imposing content moderation and removal requirements; could make detection of harmful content harderFY2025
2026-02-05 22
Data privacy and security breaches could result in regulatory fines, litigation, and reputational harmFY2025
2026-02-05 22
Increasing competition from other AI products and services developers may affect revenuesFY2025
2026-02-05 22
Alphabet: first mention in 10-Q quarterly report of 2023-07-26 (2023-Q2), source 2
Advertising spending correlates with economic conditions; adverse macroeconomic conditions could reduce advertiser spendingFY2025
2026-02-05 22
Changes in tax rates, adoption of new tax legislation, and exposure to additional tax liabilities affect effective tax ratesFY2025
2026-02-05 22
= last mention identical with the first mention (same source)

Alphabet Reported KPIs (as disclosed) (305)

The story KPIs of Alphabet that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
Alphabet: reported KPIs as disclosed, 305 entries. Compiled by NadirAlpha from SEC filings.
KPIValue / changeSource
Alphabet, published 2026-07-23, period 2026-Q2
total undiscounted future lease payments under operating leases$21.3 billion26
total undiscounted future lease payments under finance leases$2.9 billion26
short-term purchase commitments$200.7 billion26
short-term lease agreement commitment$5.8 billion26
outstanding debt under credit facilities$1.3 billion26
material purchase commitments and other contractual obligations$811.0 billion26
long-term debt outstanding$98.2 billion26
future lease payments for leases not yet commenced$85.2 billion26
future capital funding commitments with private company$20.0 billion26
future backstops for data center and energy supply infrastructure$24.1 billion26
financial guarantees$7.6 billion26
credit facilities$11.7 billion26
credit derivatives maximum potential amount$43.8 billion26
commercial paper program$25.0 billion26
cash, cash equivalents, and short-term marketable securities$242.5 billion26
accrued legal and regulatory fines and settlements$17.4 billion26
Alphabet, published 2026-07-22, period 2026-Q2
YouTube ads growth13%25
World Cup video viewersover 1.7 billion25
Operating margin34%25
Google subscriptions platforms devices growth15%25
Google Search and other growth17%25
Google Cloud growth82%25
Gemini Enterprise Fortune 100 adoptionnearly 90%25
Gemini App monthly active users950 million25
Gemini API tokens per minute22 billion25
Free cash flow TTM53,27325
Free cash flow-5,85525
Alphabet, published 2026-04-30, period 2026-Q1
Total undiscounted future lease payments - operating leases$18.8 billion24
Total undiscounted future lease payments - finance leases$2.6 billion24
Short-term portion of commitments and obligations$138.0 billion24
Short-term accrued legal and regulatory fines and settlements$15.6 billion24
Share repurchase authorization remaining$69.5 billion24
Senior unsecured notes outstanding$79.1 billion24
Sales and marketing expenses as % of revenues7%24
Research and development expenses as % of revenues16%24
Operating margin36%24
Material purchase commitments and contractual obligations$332.4 billion24
General and administrative expenses as % of revenues4%24
Future lease payments not yet commenced$75.6 billion24
Future backstops commitment$33.3 billion24
Financial guarantees and credit derivatives maximum potential$37.4 billion24
Effective tax rate19.2%24
Data center provider backstop agreement$15.3 billion24
Credit facilities outstanding$1.2 billion24
Credit facilities available$11.7 billion24
Commercial paper program capacity$25.0 billion24
Cash, cash equivalents, and short-term marketable securities$126.8 billion24
Alphabet, published 2026-04-29, period 2026-Q1
Waymo fully autonomous rides per week500,00023
Paid subscriptions350 million23
Google Cloud backlogover $460 billion23
Gemini Enterprise paid monthly active users growth40% quarter on quarter23
Gemini API tokens per minutemore than 16 billion tokens per minute23
Alphabet, published 2026-02-05, period FY2025
R&D investment five yearsmore than $200 billion22
International revenues %52%22
Half-billion user products1522
Billion user products722
Advertising revenues pctmore than 70%22
Voting power of common stock (Page and Brin)52.7%22
Senior unsecured notes outstanding (carrying value)48.5 billion22
Revolving credit facilities10.0 billion22
Purchase commitments and contractual obligations149.1 billion22
Operating leases not yet commenced58.5 billion22
Operating leases - undiscounted future payments18.3 billion22
Operating cash flow164.7 billion22
Non-marketable equity securities64.1 billion22
Marketable equity securities6.3 billion22
Finance leases - undiscounted future payments2.9 billion22
Equity method investments2.5 billion22
Commercial paper program25.0 billion22
Class B stock beneficial ownership (Page and Brin)89.3%22
Cash, cash equivalents, and short-term marketable securities126.8 billion22
Capital expenditures91.4 billion22
Accrued legal and regulatory fines and settlements (short-term)15.6 billion22
Alphabet, published 2026-02-04, period 2025-Q4
YouTube annual revenues60 billion21
Paid subscriptions across consumer servicesover 325 million21
Google Cloud annual run rateover 70 billion21
Gemini tokens processed per minuteover 10 billion21
Gemini App monthly active usersover 750 million21
Alphabet, published 2025-10-30, period 2025-Q3
share repurchases 9M$40,11720
operating cash flow Q3$48.4 billion20
operating cash flow 9M$112,31120
dividends 9M$5.3 billion20
cash and equivalents$98.5 billion20
capital expenditures Q3$24.0 billion20
capital expenditures 9M$63.6 billion20
Alphabet, published 2025-10-29, period 2025-Q3
paid subscriptionsover 300 million19
Google Cloud backlog$155 billion19
Gemini tokens per minute7 billion19
Gemini App monthly active usersover 650 million19
Alphabet, published 2025-07-24, period 2025-Q2
total future lease payments operating leases17.4 billion18
total future lease payments finance leases2.6 billion18
TAC rate20.6 %18
TAC rate20.7 %18
TAC rate20.6 %18
TAC rate20.9 %18
short-term purchase commitments51.0 billion18
short-term commercial paper outstanding3.0 billion18
share repurchase available balance86.3 billion18
share repurchase authorization April70.0 billion18
share repurchase authorization April70.0 billion18
senior unsecured notes outstanding carrying value24.6 billion18
revolving credit facilities expiring April6.0 billion18
revolving credit facilities expiring April4.0 billion18
revolving credit facilities10.0 billion18
paid clicks change Google Search & Other4 %18
paid clicks change Google Search & Other3 %18
material purchase commitments and other contractual obligations72.5 billion18
impressions change Google Network(6) %18
impressions change Google Network(5) %18
future lease payments not yet commenced23.9 billion18
cost per impression change Google Network6 %18
cost per impression change Google Network5 %18
cost per click change Google Search & Other8 %18
cost per click change Google Search & Other8 %18
cash and equivalents95.1 billion18
Alphabet, published 2025-07-23, period 2025-Q2
Google Cloud annual revenue run-ratemore than $50 billion17
Alphabet, published 2025-04-25, period 2025-Q1
other income (expense), net11,183 millions16
operating margin34%16
operating income30,606 millions16
operating expenses23,267 millions16
operating cash flow36,150 millions16
net income34,540 millions16
diluted EPS$2.8116
cost of revenues36,361 millions16
consolidated revenues90,234 millions16
cash and equivalents95.3 billions16
capital expenditures17.2 billions16
Alphabet, published 2025-04-24, period 2025-Q1
paid subscriptions270 million15
AI Overviews monthly users1.5 billion15
Alphabet, published 2025-02-05, period FY2024
total shares repurchased37914
total share repurchases$62,04714
total revolving credit facilities$10.0 billion14
total future operating lease payments short term$3.2 billion14
total future operating lease payments long term$17.0 billion14
total future finance lease payments short term$257 million14
total future finance lease payments long term$1.9 billion14
total dividend payments$7.4 billion14
share repurchase authorization remaining$44.7 billion14
senior unsecured notes short term interest payments$197 million14
senior unsecured notes long term interest payments$3.4 billion14
senior unsecured notes carrying value$11.9 billion14
revolving credit facilities April$6.0 billion14
revolving credit facilities April$4.0 billion14
R&D investment five years>150 billion14
operating margin32%14
Operating lease expenses$4.7 billion14
Non-marketable equity securities carrying value$35.5 billion14
Material purchase commitments short-term$32.5 billion14
Material purchase commitments and contractual obligations$55.4 billion14
Marketable equity securities$5.1 billion14
International revenues %5114
Future lease payments not yet commenced short-term$773 million14
Future lease payments not yet commenced long-term$6.5 billion14
Finance lease costs$444 million14
Equity method investments$2.0 billion14
Effective tax rate16.4%14
Dividend payments class C shares$3.3 billion14
Dividend payments class B shares$519 million14
Dividend payments class A shares$3.5 billion14
Depreciation on property and equipment$15.3 billion14
Commercial paper outstanding$2.3 billion14
Class C share repurchases amount$50,19214
Class A share repurchases amount$11,85514
Cash equivalents and short-term marketable securities$95.7 billion14
Advertising revenue pct>7514
Additional operating lease assets$2.5 billion14
additional finance lease assets$313 million14
Alphabet, published 2024-10-30, period 2024-Q3
uncommenced leases future payments$6.1 billion12
total future lease payments operating leases$17.1 billion12
total dividend payments$2.5 billion12
short-term commercial paper outstanding$1.0 billion12
share repurchases class A and C$15.3 billion12
senior unsecured notes outstanding$11.9 billion12
revolving credit facilities$10.0 billion12
paid clicks change4%12
Operating lease expenses$3.5 billion12
nine month share repurchases$47.0 billion12
Material purchase commitments and contractual obligations$50.8 billion12
impressions change-14%12
dividend payments class C$1.1 billion12
dividend payments class B$173 million12
dividend payments class A$1.2 billion12
cost per impression change15%12
cost per click change8%12
cash, cash equivalents & marketable securities$93.2 billion12
available for share repurchases$59.7 billion12
Alphabet, published 2024-10-29, period 2024-Q3
Total TAC13,71911
Other Bets revenues38811
Google Services revenues76,51011
Google Cloud revenues11,35311
Alphabet, published 2024-07-24, period 2024-Q2
weighted average remaining lease term7.9 years10
total shares repurchased92 million10
Total Shares Repurchased (6M)203 million10
Total Repurchase Amount (3M)15.598 billion10
Total Repurchase Amount (6M)31.655 billion10
Total Future Lease Payments16.9 billion10
Total Dividend Paid2.5 billion10
TAC rate20.7%10
TAC Rate21.6%10
TAC rate20.9%10
TAC Rate21.5%10
short-term purchase commitments41.0 billion10
Share Repurchase Authorization70.0 billion10
Share Repurchase Authorization70.0 billion10
senior unsecured notes outstanding11.9 billion10
revolving credit facilities10.0 billion10
Remaining Share Repurchase Authorization74.9 billion10
Purchase Commitments and Other Contractual Obligations54.9 billion10
Paid Clicks Change Google Search and Other (3M)6%10
Paid Clicks Change Google Search and Other (6M)5%10
Operating Lease Expenses2.3 billion10
Operating Lease Expenses2.2 billion10
Operating Lease Assets897 million10
Operating Lease Assets1.7 billion10
Operating Cash Flow55.488 billion10
Operating Cash Flow52.175 billion10
operating cash flow26.6 billion10
Investing Cash Flow(11.345 billion)10
investing cash flow(13.746 billion)10
impressions change Google Network(17)%10
impressions change Google Network(15)%10
financing cash flow(40.603 billion)10
financing cash flow(34.403 billion)10
dividend per share0.2010
depreciation7.1 billion10
depreciation5.5 billion10
cost per impression change Google Network13%10
cost per impression change Google Network14%10
cost per click change Google Search and other7%10
cost per click change Google Search and other8%10
Commercial paper outstanding010
Class C shares repurchased73 million10
Class C shares repurchased160 million10
Class C repurchase amount12.333 billion10
Class C repurchase amount25.040 billion10
Class C dividend paid1.1 billion10
Class B dividend paid173 million10
Class A shares repurchased19 million10
Class A shares repurchased43 million10
Class A repurchase amount3.265 billion10
Class A repurchase amount6.615 billion10
Class A dividend paid1.2 billion10
cash and equivalents and marketable securities100.7 billion10
Capital expenditures25.2 billion10
Capital expenditures13.2 billion10
capital expenditures13.2 billion10
Alphabet, published 2024-04-26, period 2024-Q1
Total Future Lease Payments17.2 billion8
short-term purchase commitments29.4 billion8
Shares repurchased111 million8
Share repurchase amount16.1 billion8
Remaining available for repurchase20.4 billion8
Operating lease assets0.4 billion8
material purchase commitments and other contractual obligations44.0 billion8
Depreciation on property and equipment3.4 billion8
Cash and cash equivalents108.1 billion8
capital expenditures12.0 billion8
Additional repurchase authorization70.0 billion8
Alphabet, published 2024-01-31, period FY2023
Total revenues from online advertisingmore than 75%6
Total future lease payments17.7 billion6
short-term purchase commitments31.6 billion6
Short-term lease payments3.2 billion6
Share repurchases62.2 billion6
senior unsecured notes carrying value12.9 billion6
revolving credit facilities10.0 billion6
R&D investment five yearsmore than $150 billion6
Operating lease assets2.9 billion6
operating cash flow101.7 billion6
Non-marketable equity securities28.8 billion6
Material purchase commitments45.9 billion6
Marketable equity securities6.0 billion6
International revenues pct53%6
Equity method investments1.7 billion6
Commercial paper outstanding06
cash and equivalents110.9 billion6
capital expenditures32.3 billion6
Alphabet, published 2023-10-25, period 2023-Q3
Short-term debt financing program10.0 billion4
Short-term contractual obligations29.4 billion4
Senior unsecured notes outstanding12.9 billion4
Revolving credit facilities10.0 billion4
Repurchased shares (nine months)410 million4
Repurchased shares122 million4
Paid clicks change7%4
Operating lease expenses (including variable lease costs)3.4 billion4
Operating lease assets2.4 billion4
Material contractual obligations44.3 billion4
Leases not yet commenced with future lease payments3.5 billion4
Impressions change-3%4
Future lease payments under operating leases17.9 billion4
Cost-per-impression change1%4
Cost-per-click change4%4
Cash, cash equivalents, and short-term marketable securities119.9 billion4
Available for Class A and Class C share repurchases52.3 billion4
Amount repurchased (nine months)46.2 billion4
Amount repurchased15.9 billion4
Alphabet, published 2023-07-26, period 2023-Q2
Other Bets revenues285 million2
operating income21.8 billion2
Operating cash flow (three months)28.7 billion2
Operating cash flow (six months)52.2 billion2
net income18.4 billion2
Google Services revenues66.3 billion2
Google Cloud revenues8.0 billion2
diluted EPS$1.442
consolidated revenues74.6 billion2
cash and equivalents and marketable securities118.3 billion2
Capital expenditures (six months)13.2 billion2

Alphabet Development

The business development of Alphabet period by period up to Q2 2026, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology

FY2026: Alphabet

Alphabet generated revenue of USD 109,896 million in Q1 2026 and USD 119,796 million in Q2 2026, representing year-over-year growth of 22% and 24% respectively, marking the 11th and 12th consecutive quarters of double-digit growth 23 25. Google Cloud was the fastest-growing segment in both periods, with revenues growing 63% in Q1 and accelerating to 82% in Q2 to $24.8 billion, supported by AI infrastructure demand and the commencement of TPU system revenue recognition in Q2 2026 23 25 26. Operating income was USD 39,696 million in Q1 and USD 40,770 million in Q2, with operating margin expanding by 2 percentage points in each period 23 25. Reported net income was substantially amplified by non-operating gains: Q1 net income of USD 62,578 million included $36.9 billion in net unrealized gains on equity securities, while Q2 net income of USD 112,193 million reflected $99.0 billion in net gains primarily from SpaceX and a private company, driving diluted EPS to 9.11 in Q2 24 26. Alphabet completed the acquisition of Wiz for $29.5 billion in March 2026 and in Q2 raised $49.6 billion from equity offerings and $20.3 billion in senior unsecured notes to fund AI infrastructure scaling, with capital expenditures reaching USD 44,924 million in Q2 alone 24 25.

FY2025: Alphabet

Alphabet generated FY2025 revenues of $402.8 billion, a 15% increase year over year and the first time annual revenues exceeded $400 billion, driven by Google Services growth of 12% and Google Cloud growth of 36% 22. Operating income reached $129.0 billion, with full-year operating margin stable at 32% 22. Net income grew 32% to $132.2 billion, which included $24.1 billion in net gains on equity securities 22. Google Cloud's quarterly revenue accelerated from $12.3 billion in Q1 to $17.7 billion in Q4, a 48% year-over-year increase in the final quarter, with the full-year Cloud backlog reaching $155 billion 21 19. Capital expenditures totaled $91.4 billion for 2025, reflecting continued investment in AI and technical infrastructure, with 2026 guidance issued in the $175 to $185 billion range 21 22.

FY2024: Alphabet

Alphabet reported full-year 2024 revenues of $350.0 billion, a 14% increase year-over-year, driven by Google Services revenue growth of approximately $32.4 billion (12%) and Google Cloud revenue growth of $10.1 billion (31%) 14. Operating income rose 33% to $112.4 billion, with operating margin expanding to 32% from 27% in 2023, and net income increased 36% to $100.1 billion, yielding diluted EPS of $8.04 compared to $5.80 in 2023 14. Google Cloud surpassed $10 billion in quarterly revenue for the first time in Q2 2024 and ended the year with Q4 revenues of $12.0 billion, growing 30% year-over-year 9 13. Capital expenditures rose significantly to $52.5 billion from $32.3 billion in 2023, directed toward technical infrastructure for AI products and services, while operating cash flow reached $125.3 billion 14. In April 2024, Alphabet initiated its first cash dividend program at $0.20 per share per quarter and repurchased $62.0 billion of shares during the year 7 14.

FY2023: Alphabet

In fiscal year 2023, Alphabet reported consolidated revenues of $307.4 billion, a 9% increase year-over-year, driven by Google Services growth of $19.0 billion and Google Cloud growth of $6.8 billion 6. Revenue growth accelerated sequentially from 7% in Q2 2023 to 11% in Q3 and 13% in Q4, with advertising accounting for more than 75% of total revenues 1 3 5 6. Operating income rose 13% to $84.3 billion with the full-year operating margin expanding one percentage point to 27%, while net income grew 23% to $73.8 billion and diluted EPS increased 27% to $5.80 6. Google Cloud recorded full-year operating income of $1.7 billion compared to an operating loss of $1.9 billion in 2022 6. The year included a workforce reduction announced in January 2023 resulting in $2.1 billion in employee severance charges and an extension of estimated useful lives for servers and network equipment that reduced depreciation expense by $3.9 billion for the full year 5 6.

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

All original documents NadirAlpha used for this report on Alphabet stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology

46 documents · 2016 to 2026 · SEC EDGAR (USA)
Sources for Alphabet stock: 46 original documents, 2016 to 2026. Compiled by NadirAlpha.
#Document typePublished
#1 / #1018-K-EX99.1 earnings release2023-07-25
#210-Q quarterly report2023-07-26
#3 / #1038-K-EX99.1 earnings release2023-10-24
#410-Q quarterly report2023-10-25
#5 / #1058-K-EX99.1 earnings release2024-01-30
#610-K annual report2024-01-31
#7 / #1078-K-EX99.1 earnings release2024-04-25
#810-Q quarterly report2024-04-26
#9 / #1098-K-EX99.1 earnings release2024-07-23
#1010-Q quarterly report2024-07-24
#11 / #1118-K-EX99.1 earnings release2024-10-29
#1210-Q quarterly report2024-10-30
#13 / #1138-K-EX99.1 earnings release2025-02-04
#1410-K annual report2025-02-05
#158-K-EX99.1 earnings release2025-04-24
#1610-Q quarterly report2025-04-25
#17 / #1178-K-EX99.1 earnings release2025-07-23
#1810-Q quarterly report2025-07-24
#19 / #1198-K-EX99.1 earnings release2025-10-29
#2010-Q quarterly report2025-10-30
#21 / #1218-K-EX99.1 earnings release2026-02-04
#2210-K annual report2026-02-05
#238-K-EX99.1 earnings release2026-04-29
#2410-Q quarterly report2026-04-30
#25 / #1258-K-EX99.1 earnings release2026-07-22
#2610-Q quarterly report2026-07-23
Older sources (+20)
Older sources for Alphabet, 20 documents
#Document typePublished
#20110-Q quarterly report2016-05-03
#20210-Q quarterly report2016-08-04
#20310-Q quarterly report2016-11-03
#20410-K annual report2017-02-03
#20810-K annual report2017-02-03
#20510-Q quarterly report2017-05-02
#20610-Q quarterly report2017-07-25
#20710-Q quarterly report2017-10-27
#20910-Q quarterly report2018-02-06
#21010-K annual report2019-02-05
#21310-K annual report2019-02-05
#21110-Q quarterly report2019-07-26
#21210-Q quarterly report2019-10-29
#21710-K annual report2020-02-04
#21410-Q quarterly report2020-04-29
#21510-Q quarterly report2020-07-31
#21610-Q quarterly report2020-10-30
#21810-Q quarterly report2021-10-27
#21910-K annual report2022-02-02
#22010-Q quarterly report2022-04-27

Alphabet Stock FAQ

Is there a management forecast (guidance) for FY2026?

Yes. Management has issued targets for FY2026, including Capex. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Which additional key figures does Alphabet report?

As reported for Q2 2026: Gemini App monthly active users, Operating margin, Gemini API tokens per minute, YouTube ads growth, World Cup video viewers, Google subscriptions platforms devices growth. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Google Services, Google Cloud, Other Bets, Google Search & other.

Does Alphabet pay a dividend?

The filings report on the dividend; most recent entry: dividends paid $5.3 billion (2025-Q3) (as reported, no assessment of our own). Details with source links are in the report chapters.

Where can I find the official investor relations documents of Alphabet?

NadirAlpha links all 46 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.

More reports by NadirAlpha

Recently updated

ASML (ASML.AS)NL0010273215Figures as of Updated Operating income doubled · Net income doubledFactSet Research Systems (FDS)US3030751057Figures as of Updated Strategic pivot · New marketIntegra LifeSciences (IART)US4579852082Figures as of Updated Margin compressing · Guidance cut

Comparable stocks by NadirAlpha

Super Micro Computer (SMCI)US86800U3023Figures as of Updated Net debt to net cash · Operating income doubledAdobe (ADBE)US00724F1012Figures as of Updated Acquisition · Net cash to net debtConstellation Energy (CEG)US21037T1097Figures as of Updated Revenue decelerating · Guidance raisedColumbus McKinnon (CMCO)US1993331057Figures as of Updated Revenue accelerating · Order intakeIntel (INTC)US4581401001Figures as of Updated Acquisition · Revenue acceleratingGartner (IT)US3666511072Figures as of Updated Margin expanding

All reports · US Stocks (43)