Company file · GOOGL
Alphabet
Ads still bring in nearly three-quarters of Alphabet's revenue
Search, YouTube and network advertising brought in $294.7B of Alphabet's $402.8B in 2025. That share slipped from 77% in 2023 as Google Cloud grew to 15% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Alphabet (Nasdaq: GOOGL) took in $402.8B of revenue (up 15.1% on fiscal 2024); net income was $132.2B (up 32.0%). The most recent quarter, ended Jun 30, 2026, brought revenue of $119.8B, up 24.2% year over year, with net income of $112.2B. Google Search & other was the biggest single line by product and segment: 56% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 5, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 23, 2026).
Source: 10-K FY2025, filed Feb 5, 2026
How it makes money
Advertising (Search & other, YouTube ads and Google Network) was $294.7B, or 73% of 2025 revenue, down from 77% in 2023. Google Cloud grew 35.8% to $58.7B.
Source: 10-K FY2025
By customer location, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Source: 10-Q, quarter ended Jun 30, 2026, filed Jul 23, 2026
The bull case and the bear case
The bull case
- Google Cloud revenue was $24.8B in the quarter ended Jun 30, 2026, up 81.8% from a year earlier. 10-Q, quarter ended Jun 30, 2026
- Revenue grew 15.1% in 2025 to $402.8B, and net income 32.0% to $132.2B. 10-K, FY2025
- Operating cash flow was $164.7B in 2025, up 31.5%. 10-K, FY2025
The bear case
- Advertising is still 73% of revenue, so results move with ad spending; the 10-K lists this dependence first among its risks. 10-K, Item 1A
- Google Network revenue slipped 1.9% in 2025, after a 3.0% decline the year before. 10-K, FY2025
- Total debt went from $48.5B at the end of 2025 to $100.2B at Jun 30, 2026. 10-Q, quarter ended Jun 30, 2026
- The 10-K describes competition cases, privacy and AI rules and other legal challenges that could force changes to its products or business. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Alphabet is the parent of Google. It earns most of its money from ads on Google Search, YouTube and partner sites, and also sells Google Cloud services, subscriptions, apps and devices.
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.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Alphabet's latest 10-K. Read the original for the full list.
- AdvertisingMost revenue comes from ads; lower ad spending, or changes in how people search and use its products, would hit results.
- Competition and AIIt faces strong competition, and AI is changing how people find information; its own AI products carry legal, ethical and technical risks.
- Big betsLarge investments in technical infrastructure, AI and new businesses may not succeed.
- Growth and marginsRevenue growth may slow and margins may come under pressure, including as the mix shifts toward lines such as cloud and devices.
- Law and regulationCompetition, privacy, copyright and other laws, plus lawsuits and investigations around the world, could bring fines and force product changes.
- Content and privacyProblematic content and privacy or security failures could damage trust in its products.
- ControlIts founders hold most of the voting power through Class B shares, which limits other shareholders' influence.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $307.4B | $350.0B | $402.8B |
| Net income | $73.8B | $100.1B | $132.2B |
| Operating cash flow | $101.7B | $125.3B | $164.7B |
| Cash & equivalents (year end) | $24.0B | $23.5B | $30.7B |
| Total debt (year end) | $12.9B | $14.2B | $48.5B |
| Diluted shares | 12.72B | 12.45B | 12.23B |
- Revenue: Total revenue, including hedging gains and losses.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Commercial paper plus the current and non-current portions of long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- The product and segment pieces differ slightly from total revenue, which also includes hedging gains or losses that aren't assigned to any product.
- Net income in the quarter ended Jun 30, 2026 was $112.2B, which includes $98.0B of other income (the line where gains and losses on investments are recorded), against $2.7B a year earlier.
Recent filings
Latest filings
- Oct 158:26 PM ET
Form 4
Alphabet director Kavitark Ram Shriram reports a gift of 1,139,600 shares
The filing reports 1,139,600 shares given as a gift (code G).
- Oct 26:05 PM ET
Form 4
Alphabet director Frances Arnold reports selling 83 shares under a 10b5-1 plan
The filing reports 83 shares in an open-market or private sale (code S) at $340.45, about $28,257 in total.
- Sep 298:27 PM ET
Form 4
Alphabet President John Kent Walker reports converting 21,262 Class C Google stock units
The filing reports 21,262 Class C Google stock units in a conversion of a derivative security (code C); and 10,729 Class C Google stock units withheld to pay the exercise price or tax (code F).
- Sep 298:26 PM ET
Form 4
Alphabet Chief Accounting Officer Marsida Saraci reports converting 974 Class C Google stock units
The filing reports 974 Class C Google stock units in a conversion of a derivative security (code C) and 492 Class C Google stock units withheld to pay the exercise price or tax (code F).
- Sep 298:25 PM ET
Form 4
Alphabet President Ruth Porat reports converting 21,262 Class C Google stock units
The filing reports 21,262 Class C Google stock units in a conversion of a derivative security (code C); and 10,729 Class C Google stock units withheld to pay the exercise price or tax (code F).
Common questions about Alphabet
How does Alphabet make money?
In fiscal 2025, revenue totaled $402.8B. Advertising (Search & other, YouTube ads and Google Network) was $294.7B, or 73% of 2025 revenue, down from 77% in 2023. Google Cloud grew 35.8% to $58.7B. Source: 10-K for fiscal 2025, filed Feb 5, 2026.
What was Alphabet's revenue in fiscal 2025?
Revenue came to $402.8B in the year ended Dec 31, 2025. Going back two years, it was $307.4B in fiscal 2023 and $350.0B in fiscal 2024, so the latest year was up 15.1%. Source: 10-K for fiscal 2025, filed Feb 5, 2026.
Is Alphabet profitable?
Yes, by US accounting rules (GAAP): net income was $132.2B in fiscal 2025, up 32.0% from $100.1B a year earlier. For the quarter ended Jun 30, 2026, net income was $112.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 5, 2026.
What did Alphabet report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $119.8B, against $96.4B in the same quarter a year before (up 24.2%), and net income of $112.2B, against $28.2B (up 297.9%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026.
How much cash and debt does Alphabet have?
On Jun 30, 2026, cash and cash equivalents stood at $55.9B and total debt at $100.2B. Total debt here is commercial paper plus the current and non-current portions of long-term debt, at carrying value. Source: 10-Q filed Jul 23, 2026.
What are the main risks Alphabet lists?
Item 1A of the fiscal 2025 10-K (filed Feb 5, 2026) sets out the risks. Grouped, they fall into 7 areas: Advertising; competition and AI; big bets; growth and margins; law and regulation; content and privacy; control. To start with the first: Most revenue comes from ads; lower ad spending, or changes in how people search and use its products, would hit results. Source: 10-K, Item 1A Risk Factors.
Where do these Alphabet numbers come from?
Two filings Alphabet made with the SEC: its fiscal 2025 10-K, filed Feb 5, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in GOOGL
- The editor holds no position in Alphabet (GOOGL). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell GOOGL from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold GOOGL, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| AlphabetGOOGL | FY2025 | $402.8B | +15.1% | $132.2B |
| MetaMETA | FY2025 | $201.0B | +22.2% | $60.5B |
| MicrosoftMSFT | FY2026 | $331.8B | +17.8% | $133.7B |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.