Compare · GOOGL and META
Alphabet vs. Meta
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both earn most of their money from advertising. Alphabet also sells cloud services through Google Cloud and runs early-stage Other Bets such as Waymo; Meta's other segment, Reality Labs, makes virtual reality headsets and AI glasses. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing Alphabet fiscal 2025 (ended Dec 31, 2025) with Meta fiscal 2025 (ended Dec 31, 2025)
AlphabetMeta
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Alphabet (FY2024 to FY2025) | $350.0B | $402.8B | +15.1% |
| Meta (FY2024 to FY2025) | $164.5B | $201.0B | +22.2% |
Alphabet reports revenue: total revenue, including hedging gains and losses. Meta reports revenue: total revenue, almost all of it from advertising.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Alphabet FY2025 | $402.8B | $129.0B | 32.0% | $132.2B | 32.8% |
| Meta FY2025 | $201.0B | $83.3B | 41.4% | $60.5B | 30.1% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Alphabet FY2025 | $164.7B | $91.4B | $73.3B | $45.7B | $10.0B |
| Meta FY2025 | $115.8B | $69.7B | $46.1B | $26.2B | $5.3B |
Capital spending is property and equipment for both companies, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Alphabet
Google Services covers Search, YouTube, Android, Chrome, Google Play, devices and subscriptions such as YouTube Premium and Google One. Google Cloud sells cloud infrastructure, AI and data tools and Google Workspace to organizations. Other Bets are early-stage businesses such as Waymo.
Its fiscal year is the calendar year.
Meta
Family of Apps covers Facebook, Instagram, Messenger, WhatsApp and Threads, plus Meta AI; it earns money mainly from advertising. Reality Labs makes virtual, augmented and mixed reality hardware such as Quest headsets and AI glasses, and the software and content for them.
Its fiscal year is the calendar year.
Main risks each one lists
Alphabet
- Most revenue comes from ads; lower ad spending, or changes in how people search and use its products, would hit results.
- It faces strong competition, and AI is changing how people find information; its own AI products carry legal, ethical and technical risks.
- Large investments in technical infrastructure, AI and new businesses may not succeed.
- Revenue growth may slow and margins may come under pressure, including as the mix shifts toward lines such as cloud and devices.
- Competition, privacy, copyright and other laws, plus lawsuits and investigations around the world, could bring fines and force product changes.
Meta
- If people use its apps less, advertising revenue would suffer.
- Almost all revenue comes from ads, and limits on the data used to target them, from mobile operating systems or new laws, make ads less effective.
- Its apps rely on mobile operating systems and app stores run by other companies.
- Heavy spending on AI infrastructure and Reality Labs may not pay off.
- Rivals compete for users' time and advertisers' budgets.
How they differ
- Size. Alphabet reported $402.8B of revenue for fiscal 2025, and Meta $201.0B for fiscal 2025.
- Growth. Alphabet's revenue grew 15.1% in its latest year and Meta's 22.2%.
- Margins. Meta kept 30.1% of revenue as net income and Alphabet 32.8%.
- Beyond ads. Alphabet has Google Cloud and subscriptions such as YouTube Premium and Google One. Meta's business outside its apps is Reality Labs hardware, software and content.
- Spending. Both list heavy spending on AI infrastructure among their risks.
- Where the money goes. Both spent more on buybacks than on dividends in the latest year: Meta $26.2B and $5.3B, Alphabet $45.7B and $10.0B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Alphabet Form 10-K for fiscal 2025, filed Feb 5, 2026
- Meta Form 10-K for fiscal 2025, filed Jan 29, 2026
Alphabet company file → · Meta company file →
Common questions
Which is bigger by revenue, Meta or Alphabet?
Alphabet reported $402.8B of revenue for fiscal 2025 and Meta $201.0B for fiscal 2025.
Do Alphabet and Meta both rely on ads?
Yes. Alphabet's 10-K says most of its revenue comes from ads, and Meta's says almost all of its revenue does.
How do their profit margins compare?
In the latest fiscal year Meta's net margin was 30.1% and Alphabet's was 32.8%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.