Detailed financial statements for Alphabet Inc. (GOOGL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Alphabet Inc. provides a diverse range of products and digital platforms to consumers across multiple global regions, including North and South America, Europe, the Middle East, Africa, and the Asia-Pacific.
Analysis Summary
Alphabet Inc. reported revenue of $402.84B in the most recent fiscal year, growing at a 5-year CAGR of 17.2%. Net income reached $132.17B, with a 26.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 60.9%, operating margin 33.3%, net margin 50.0%. Free cash flow grew at 11.3% CAGR over 5 years.
At $283.82 (closing price, October 29, 2026), GOOGL trades at a P/E of 14.81 and an ROE of 42.62%. Market capitalisation stands at $3.5T, placing it among large-cap names.
Balance sheet quality for GOOGL: current ratio of 2.0, net cash position of $67.55B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $73.27B represents 55% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $90.27B | $110.86B | $136.82B | $161.86B | $182.53B | $257.64B | $282.84B | $307.39B | $350.02B | $402.84B |
| Cost of Revenue | $35.14B | $45.58B | $59.55B | $71.90B | $84.73B | $110.94B | $126.20B | $133.33B | $146.31B | $162.53B |
| Gross Profit | $55.13B | $65.27B | $77.27B | $89.96B | $97.80B | $146.70B | $156.63B | $174.06B | $203.71B | $240.30B |
| Research & Development | $13.95B | $16.62B | $21.42B | $26.02B | $27.57B | $31.56B | $39.50B | $45.43B | $49.33B | $61.09B |
| Selling, General & Admin | $17.47B | $19.73B | $23.26B | $28.02B | $29.00B | $36.42B | $42.29B | $44.34B | $42.00B | $50.17B |
| Operating Expenses | $31.42B | $39.09B | $49.75B | $55.73B | $56.57B | $67.98B | $81.79B | $89.77B | $91.32B | $111.26B |
| Operating Income | $23.72B | $26.18B | $27.52B | $34.23B | $41.22B | $78.71B | $74.84B | $84.29B | $112.39B | $129.16B |
| EBITDA | $30.42B | $34.22B | $44.06B | $51.51B | $61.91B | $103.52B | $85.16B | $97.97B | $135.39B | $180.70B |
| Interest Expense | $124.0M | $109.0M | $114.0M | $100.0M | $135.0M | $346.0M | $357.0M | $308.0M | $268.0M | $736.0M |
| Pre-tax Income | $24.15B | $27.19B | $34.91B | $39.62B | $48.08B | $90.73B | $71.33B | $85.72B | $119.81B | $158.83B |
| Income Tax | $4.67B | $14.53B | $4.18B | $5.28B | $7.81B | $14.70B | $11.36B | $11.92B | $19.70B | $26.66B |
| Net Income | $19.48B | $12.66B | $30.74B | $34.34B | $40.27B | $76.03B | $59.97B | $73.80B | $100.12B | $132.17B |
| EPS | $1.42 | $0.91 | $2.21 | $2.48 | $2.96 | $5.69 | $4.59 | $5.84 | $8.13 | $10.91 |
| EPS (Diluted) | $1.39 | $0.90 | $2.19 | $2.46 | $2.93 | $5.61 | $4.56 | $5.80 | $8.04 | $10.81 |
| Shares Outstanding (Diluted) | 13,987.8 M | 14,068.9 M | 14,066.8 M | 13,971.1 M | 13,740.6 M | 13,553.5 M | 13,159.0 M | 12,722.0 M | 12,447.0 M | 12,230.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $113.83B | $109.90B | $119.80B | $127.58B |
| Gross Profit | $68.06B | $68.62B | $73.85B | $76.16B |
| Operating Income | $35.93B | $39.70B | $40.77B | $40.58B |
| EBITDA | $45.45B | $84.43B | $147.13B | $41.69B |
| Net Income | $34.45B | $62.58B | $112.19B | $26.47B |
| EPS | $2.85 | $5.17 | $9.23 | $2.14 |
| EPS (Diluted) | $2.82 | $5.11 | $9.11 | $2.12 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.92B | $10.71B | $16.70B | $18.50B | $26.46B | $20.95B | $21.88B | $24.05B | $23.47B | $30.71B |
| Short-term Investments | $73.42B | $91.16B | $92.44B | $101.18B | $110.23B | $118.70B | $91.88B | $86.87B | $72.19B | $96.14B |
| Receivables | $14.23B | $18.70B | $21.19B | $27.49B | $31.38B | $39.30B | $40.26B | $47.96B | $52.34B | $62.89B |
| Inventory | $268.0M | $749.0M | $1.11B | $999.0M | $728.0M | $1.17B | $2.67B | 0 | 0 | 0 |
| Total Current Assets | $105.41B | $124.31B | $135.68B | $152.58B | $174.30B | $188.14B | $164.79B | $171.53B | $163.71B | $206.04B |
| Property, Plant & Equipment | $34.23B | $42.38B | $59.72B | $84.59B | $96.96B | $110.56B | $127.05B | $148.44B | $184.62B | $261.82B |
| Goodwill | $16.47B | $16.75B | $17.89B | $20.62B | $21.18B | $22.96B | $28.96B | $29.20B | $31.89B | $33.38B |
| Intangible Assets | $3.31B | $2.69B | $2.22B | $1.98B | $1.45B | $1.42B | $2.08B | 0 | 0 | 0 |
| Total Assets | $167.50B | $197.29B | $232.79B | $275.91B | $319.62B | $359.27B | $365.26B | $402.39B | $450.26B | $595.28B |
| Accounts Payable | $2.04B | $3.14B | $4.38B | $5.56B | $5.59B | $6.04B | $5.13B | $7.49B | $7.99B | $12.20B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $2.30B | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $16.76B | $24.18B | $34.62B | $45.22B | $56.83B | $64.25B | $69.30B | $81.81B | $89.12B | $102.75B |
| Long-term Debt | $3.94B | $3.94B | $3.95B | $4.55B | $12.83B | $12.84B | $12.86B | $11.87B | $10.88B | $46.55B |
| Total Liabilities | $28.46B | $44.79B | $55.16B | $74.47B | $97.07B | $107.63B | $109.12B | $119.01B | $125.17B | $180.02B |
| Retained Earnings | $105.13B | $113.25B | $134.88B | $152.12B | $163.40B | $191.48B | $195.56B | $211.25B | $245.08B | $324.06B |
| Total Equity | $139.04B | $152.50B | $177.63B | $201.44B | $222.54B | $251.63B | $256.14B | $283.38B | $325.08B | $415.26B |
| Total Debt | $3.94B | $3.97B | $4.01B | $15.97B | $26.77B | $28.51B | $29.68B | $27.12B | $25.46B | $59.29B |
| Net Debt | -$82.40B | -$97.90B | -$105.13B | -$103.71B | -$109.92B | -$111.14B | -$84.08B | -$83.80B | -$70.20B | -$67.55B |
| Working Capital | $88.65B | $100.12B | $101.06B | $107.36B | $117.46B | $123.89B | $95.50B | $89.72B | $74.59B | $103.29B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $30.71B | $38.06B | $55.91B | $56.33B |
| Total Assets | $595.28B | $703.92B | $921.98B | $1.00T |
| Total Liabilities | $180.02B | $225.17B | $281.50B | $325.76B |
| Total Equity | $415.26B | $478.75B | $640.48B | $677.55B |
| Total Debt | $59.29B | $90.48B | $112.76B | $141.92B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $19.48B | $12.66B | $30.74B | $34.34B | $40.27B | $76.03B | $59.97B | $73.80B | $100.12B | $132.17B |
| Depreciation & Amortization | $6.14B | $6.92B | $9.04B | $11.78B | $13.70B | $12.44B | $13.47B | $11.95B | $15.31B | $21.14B |
| Stock-based Compensation | $6.70B | $7.68B | $9.35B | $10.79B | $12.99B | $15.38B | $19.36B | $22.46B | $22.79B | $24.95B |
| Change in Working Capital | $3.30B | $9.25B | $4.91B | $819.0M | $1.83B | -$1.52B | -$2.23B | -$3.85B | -$8.41B | $17.57B |
| Operating Cash Flow | $36.04B | $37.09B | $47.97B | $54.52B | $65.12B | $91.65B | $91.50B | $101.75B | $125.30B | $164.71B |
| Capital Expenditure | -$10.21B | -$13.18B | -$25.14B | -$23.55B | -$22.28B | -$24.64B | -$31.48B | -$32.25B | -$52.53B | -$91.45B |
| Acquisitions | -$986.0M | -$287.0M | -$1.49B | -$2.52B | -$738.0M | -$2.62B | -$6.97B | -$495.0M | -$2.93B | -$1.59B |
| Stock Repurchased | -$3.69B | -$4.85B | -$9.07B | -$18.40B | -$31.15B | -$50.27B | -$59.30B | -$61.50B | -$62.22B | -$45.71B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$7.36B | -$10.05B |
| Free Cash Flow | $25.82B | $23.91B | $22.83B | $30.97B | $42.84B | $67.01B | $60.01B | $69.50B | $72.76B | $73.27B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $52.40B | $45.79B | $39.07B | $42.29B |
| Capital Expenditure | -$27.85B | -$35.67B | -$44.92B | -$51.35B |
| Free Cash Flow | $24.55B | $10.12B | -$5.86B | -$9.06B |
| Dividends Paid | -$2.54B | -$2.54B | -$2.69B | -$2.94B |
| Stock-based Compensation | $7.07B | $6.75B | $7.96B | $8.63B |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +22.8% | +23.4% | +18.3% | +12.8% | +41.2% | +9.8% | +8.7% | +13.9% | +15.1% | |
| Net Income Growth (YoY) | -35.0% | +142.7% | +11.7% | +17.3% | +88.8% | -21.1% | +23.0% | +35.7% | +32.0% | |
| EPS Growth (YoY) | -35.9% | +142.9% | +12.2% | +19.4% | +92.2% | -19.3% | +27.2% | +39.2% | +34.2% | |
| Shares Change (YoY) | +0.6% | -0.0% | -0.7% | -1.7% | -1.4% | -2.9% | -3.3% | -2.2% | -1.7% | |
| FCF Growth (YoY) | -7.4% | -4.5% | +35.7% | +38.3% | +56.4% | -10.4% | +15.8% | +4.7% | +0.7% | |
| Gross Margin | 61.1% | 58.9% | 56.5% | 55.6% | 53.6% | 56.9% | 55.4% | 56.6% | 58.2% | 59.7% |
| Operating Margin | 26.3% | 23.6% | 20.1% | 21.1% | 22.6% | 30.6% | 26.5% | 27.4% | 32.1% | 32.1% |
| EBITDA Margin | 33.7% | 30.9% | 32.2% | 31.8% | 33.9% | 40.2% | 30.1% | 31.9% | 38.7% | 44.9% |
| Net Margin | 21.6% | 11.4% | 22.5% | 21.2% | 22.1% | 29.5% | 21.2% | 24.0% | 28.6% | 32.8% |
| FCF Margin | 28.6% | 21.6% | 16.7% | 19.1% | 23.5% | 26.0% | 21.2% | 22.6% | 20.8% | 18.2% |
| Effective Tax Rate | 19.3% | 53.4% | 12.0% | 13.3% | 16.2% | 16.2% | 15.9% | 13.9% | 16.4% | 16.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.85 | $1.70 | $1.62 | $2.22 | $3.12 | $4.94 | $4.56 | $5.46 | $5.85 | $5.99 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.59 | $0.82 |
| Shares Outstanding (Basic) | 13,755.6 M | 13,861.0 M | 13,901.4 M | 13,851.9 M | 13,616.3 M | 13,353.0 M | 13,063.0 M | 12,630.0 M | 12,319.0 M | 12,116.0 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 42.62% |
| Return on Invested Capital | 14.81% |
| Return on Assets | 23.49% |
| Gross Margin | 60.86% |
| Operating Margin | 33.32% |
| Net Margin | 50.03% |
Financial Health
| Debt / Equity | 0.21 |
| Current Ratio | 2.79 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 15.04 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 27.18 | 57.49 | 23.43 | 26.96 | 29.59 | 25.43 | 19.33 | 24.13 | 23.42 | 28.76 |
| P/B | 3.82 | 4.76 | 4.05 | 4.60 | 5.36 | 7.68 | 4.53 | 6.28 | 7.22 | 9.16 |
| P/S | 5.88 | 6.54 | 5.26 | 5.72 | 6.53 | 7.50 | 4.10 | 5.79 | 6.70 | 9.44 |
| Gross Margin | 61.1% | 58.9% | 56.5% | 55.6% | 53.6% | 56.9% | 55.4% | 56.6% | 58.2% | 59.7% |
| Operating Margin | 26.3% | 23.6% | 20.1% | 21.1% | 22.6% | 30.6% | 26.5% | 27.4% | 32.1% | 32.1% |
| Net Margin | 21.6% | 11.4% | 22.5% | 21.2% | 22.1% | 29.5% | 21.2% | 24.0% | 28.6% | 32.8% |
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