Communication Services · NASDAQ: GOOGL
Alphabet: how the business works
Alphabet owns Google and YouTube and sells ads, cloud computing and subscriptions, with revenue of $402.8 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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Alphabet Inc. · Mountain View, California · Founded 1998
Last updated
- Revenue, FY2025
- $402.8B
- Operating income, FY2025
- $129.0B
- Net income, FY2025 (incl. equity gains)
- $132.2B
- Employees, Sep 30, 2026
- 204,757
- Votes held by officers and directors, Apr 6, 2026
- 54.3%
The short version
Alphabet in 5 points
1 · What it sells
Alphabet sells ads on Google Search and YouTube, rents computing through Google Cloud and sells subscriptions, apps and devices, with $402.8 billion of revenue in FY2025.
2 · Who pays it
In FY2025, Search advertisers paid 55.7% of revenue, Google Cloud customers 14.6%, subscribers and app and device buyers 11.9%, YouTube advertisers 10.0%, partner-site advertisers 7.4% and Other Bets customers 0.4%.
3 · What it keeps from $100
Counting other income as money in, Alphabet kept $30.6 of every $100 in FY2025 as net income, which includes $24.1 billion of mostly unrealized gains on equity securities; per $100 of revenue alone, net income was $32.81 and operating income $32.03.
4 · Where the operating profit comes from
In FY2025 Google Services earned $139.4 billion of operating income and Google Cloud $13.9 billion, while Other Bets lost $7.5 billion and shared Alphabet-level costs took $16.8 billion.
5 · The one thing to watch
In Q3 FY2026, cash from operations was $42.3 billion and purchases of property and equipment were $51.4 billion.
Sources: From Alphabet's FY2025 10-K and Q3 2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Alphabet's money go?
Alphabet · FY2025
Receipt for every $100
| Other cost of revenues | $23.7 |
|---|---|
| Research and development | $14.1 |
| Payments to partners for traffic | $13.9 |
| Sales and marketing | $6.6 |
| General and administrative | $5.0 |
| Income tax | $6.2 |
| Kept as net income | $30.6 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus other income): each line = line ÷ $432.6 billion × 100. The $30.6 of net income includes gains on equity securities.
Each week: one company explained in 5 points, picked by earnings date.
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02The business in one line
What does Alphabet do?
Advertisers, cloud customers and subscribers pay Alphabet; most of the money goes on running its services, research and payments to partners, and what is left is profit, mostly from Google Services.
- In FY2025, advertising brought in 73.2% of revenue ($294.7 billion), Google Cloud 14.6% and subscriptions, apps and devices 11.9%.
- Google Cloud earned $11.1 billion of operating income in Q3 FY2026, up from $3.6 billion a year earlier.
03Who pays it
Who pays Alphabet?
Advertisers on Google Search
56%
of revenue
Businesses paying for ads on Search and other Google properties.
Google Cloud customers
15%
of revenue
Organizations of all sizes paying for computing, AI tools and Workspace.
Subscribers and app and device buyers
12%
of revenue
People paying for YouTube subscriptions, Google One, Google Play purchases and Pixel phones.
Advertisers on YouTube
10%
of revenue
Businesses paying for ads on YouTube.
Advertisers on partner sites
7%
of revenue
Businesses paying for ads placed through Google Network on other websites and apps, 7.4% of FY2025 revenue.
Other Bets customers
0%
of revenue
Mainly riders on autonomous transportation services and buyers of internet services.
- Advertisers on Google Search56%
- Google Cloud customers15%
- Subscribers and app and device buyers12%
- Advertisers on YouTube10%
- Advertisers on partner sites7%
- Other Bets customers0%
How spread out the customers are
Alphabet's FY2025 10-K says no customer or group of affiliated customers was more than 10% of revenue in 2023, 2024 or 2025. Shares exclude a $127 million hedging loss.
04Why it makes money
Why does Alphabet make money?
Google Services earns most of the operating income, and Google Cloud has become a second source.
Google Services kept $40.68 of operating income per $100 of its revenue in FY2025. Google Cloud kept $23.69, up from $5.19 in FY2023. Alphabet's FY2025 10-K says its 15 half-billion-user products all use its Gemini AI models.
Google Cloud operating income per $100 of its revenue
$5.2$23.7
FY2023 to FY2025
- People use Search, YouTube, Maps and Android
- Advertisers pay to reach them
- Alphabet pays partners a share for the traffic
- Cash pays for research, chips and data centers
- The same infrastructure runs its products and is rented to Cloud customers
↺ Step 5 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Alphabet?
Google Services
85%Ads, Android, Chrome, devices, Gmail, Maps, Play, Search and YouTube. It earned $139.4 billion of operating income in FY2025.
Revenue $342.7B · Operating profit $139.4B
Google Cloud
15%Computing, AI tools and Workspace for organizations. It earned $13.9 billion in FY2025, and the Wiz acquisition joined it in March 2026.
Revenue $58.7B · Operating profit $13.9B
Other Bets
0%Non-Google businesses such as Waymo. It lost $7.5 billion in FY2025, including a $2.1 billion Waymo pay charge. Shared Alphabet-level costs, outside the segments, took $16.8 billion.
Revenue $1.5B · Operating profit −$7.5B
How the mix changed
- Google Services
- Google Cloud
- Other Bets
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Alphabet done?
Revenue
$402.8BFY2025
Revenue rose every year, from $257.6 billion in FY2021 to $402.8 billion in FY2025, and was $127.6 billion in Q3 FY2026.
US$
See the numbers
Net profit
$132.2BFY2025
Operating income rose from $74.8 billion in FY2022 to $129.0 billion in FY2025, while net income also moves with gains and losses on equity investments.
US$
See the numbers
Profit kept per $100 of revenue
$32.8FY2025
Net income per $100 of revenue was $32.81 in FY2025, above operating income of $32.03, because net income includes $24.1 billion of equity gains.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$73.3BFY2025
Cash from operations minus purchases of property and equipment was $73.3 billion in FY2025, then negative $5.9 billion in Q2 FY2026 and negative $9.1 billion in Q3 FY2026.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends December 31 (the calendar year)). Net profit is the share belonging to the company's owners.
Learn: Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Alphabet, and did they deliver?
Sundar Pichai
Chief Executive Officer of Alphabet and Google · since 2019
Joined Google in 2004. 2025 total pay was $10,906,079, 35 times the median employee's $310,826. His triennial award of March 2026 is about $385 million at target, including Waymo and Wing units.
Anat Ashkenazi
Senior Vice President, Chief Financial Officer · since 2024
Previously Chief Financial Officer of Eli Lilly and Company.
Ruth M. Porat
President and Chief Investment Officer · since 2023
Previously Alphabet and Google's Chief Financial Officer.
Larry Page
Co-founder, director · since 1998
Alphabet's Chief Executive Officer from October 2015 to December 2019.
Sergey Brin
Co-founder, director · since 1998
Alphabet's President from October 2015 to December 2019.
John L. Hennessy
Chair of the Board · since 2018
Lead Independent Director from April 2007 to January 2018.
What they said, and what happened
1 delivered · 2 too early to tell
Said on Mar 18, 2025
Alphabet said the Wiz acquisition was expected to close in 2026, at $32 billion in cash, subject to closing adjustments.
DeliveredWhat happened
Closed Mar 11, 2026 for $29.5 billion, after purchase price adjustments and excluding post-combination compensation.
Said on Jun 1, 2026
Alphabet said it had announced expected 2026 capital expenditures of $180–$190 billion on its Q1 2026 call.
Too early to tellWhat happened
Purchases of property and equipment were $132.0 billion in the first nine months of 2026.
Said on Jun 1, 2026
Alphabet said it expected about $30 billion of at-the-market share sale proceeds to meet 2026 tax obligations on employee equity awards.
Too early to tellWhat happened
Net proceeds of the program were $12.4 billion through Sep 30, 2026.
08What could go wrong
What could go wrong for Alphabet?
- Governance
Two founders control the votes
Class B shares carry 10 votes each, Class A one and Class C none. Larry Page and Sergey Brin held 52.7% of the votes on Apr 6, 2026. Alphabet's 10-K says they have significant influence over elections of directors and any sale of the company. Issuing more non-voting Class C can preserve that control.
Watch Voting percentages in each year's proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more, and new Class C issuance.
- Execution
Recent spending is above cash from operations
In Q3 FY2026, cash from operations was $42.3 billion and purchases of property and equipment were $51.4 billion. Alphabet's own free cash flowCash from operations minus spending on buildings and equipment. Learn more was negative $5.9 billion in Q2 and negative $9.1 billion in Q3. Alphabet said in June 2026 that it expects 2027 capital expenditures to significantly increase.
Watch Purchases of property and equipment against operating cash flow in each quarterly release.
- Debt
Large commitments not counted in debt
On Sep 30, 2026 Alphabet had $924.4 billion of purchase commitments, of which $802.1 billion is shown at maximum contractual limits. It also had $130.5 billion of leases not yet started and $75.7 billion of data center backstops, promises to cover others' payments if needed.
Watch These totals in the commitments note of each 10-Q and 10-K.
- Debt
More debt and more shares
Debt rose from $48.5 billion on Dec 31, 2025 to $126.1 billion on Sep 30, 2026. Alphabet repurchased no shares in the first nine months of 2026, and shares outstanding rose from 12,088 million to 12,294 million. Preferred stock adds more common shares at conversion in 2029.
Watch New note sales, at-the-market share sales ($27.6 billion left) and any return of buybacks.
- Concentration
Most revenue still comes from ads
Alphabet's 10-K says it generated more than 70% of 2025 revenue from online advertising; advertising was 73.2%. Many advertisers can end their contracts at any time. Search & other growth was 19.1% in Q1, 16.8% in Q2 and 12.0% in Q3 FY2026.
Watch Search & other revenue growth, paid clicks and cost-per-click.
- Legal
Antitrust cases and fines
A US final judgment restricts how Google distributes its services, a September 2026 decision orders changes in ad technology, and European fines are under appeal. Alphabet had $13.8 billion of short-term accrued legal and regulatory fines and settlements on Sep 30, 2026.
Watch Appeals in the US search and ad technology cases, and the legal note in each 10-Q.
- Other
Net income swings with equity investments
Net gains on equity securities were $99.0 billion in Q2 FY2026, and Q3 FY2026 had a net loss of $8.7 billion, largely from SpaceX. Most of $128.2 billion in investments is in one private company Alphabet does not name.
Watch Gain or loss on equity securities in each release, and the SpaceX and private company carrying values.
- Competition
AI rivals and changes in online ads
Alphabet's FY2025 10-K lists AI model developers among its competitors. It says AI is quickly reshaping the advertising industry, and there is no assurance it will adapt effectively.
Watch Paid clicks, cost-per-click and traffic acquisition costs in each 10-Q.
09Both sides
What do supporters and critics point to?
What supporters point to
- Google Cloud revenue rose 102.6% to $30.7 billion in Q3 FY2026, and its operating income rose to $11.1 billion from $3.6 billion.
- Revenue backlog reached $567.7 billion on Sep 30, 2026, up from $242.8 billion on Dec 31, 2025.
- Operating income rose from $74.8 billion in FY2022 to $129.0 billion in FY2025.
- Search & other revenue grew 12.0% to $63.4 billion in Q3 FY2026.
- Cash and marketable securities of $265.1 billion exceeded debt of $126.1 billion on Sep 30, 2026.
What critics point to
- In Q3 FY2026, purchases of property and equipment were $51.4 billion against $42.3 billion of cash from operations.
- Debt rose from $48.5 billion to $126.1 billion in the first nine months of 2026, with no buybacks and more shares outstanding.
- Equity gains were $99.0 billion of Q2 FY2026's $138.8 billion of pre-tax income, and $90.4 billion of the cash figure is shares in other companies.
- Courts ruled against Google in the US search case and on its publisher ad tools; $13.8 billion of fines and settlements was accrued on Sep 30, 2026.
- Larry Page and Sergey Brin held 52.7% of the votes on Apr 6, 2026, while Class C stock has none.
10What to watch next
What should you watch next at Alphabet?
Next event
Q4 FY2026 results
Date not announced yet.
Capital spending
Purchases of property and equipment were $132.0 billion in the first nine months of 2026. Alphabet said in June 2026 it had announced $180–$190 billion for the year.
Google Cloud and its backlog
Google Cloud revenue was $30.7 billion in Q3 FY2026, with $560.8 billion of backlog on Sep 30, 2026.
Search revenue and the appeals
Search & other revenue grew 12.0% in Q3 FY2026, and the US search and ad technology cases continue through appeals and final judgment.
11Key dates
What are the key dates for Alphabet?
| Event | Date | Source |
|---|---|---|
| Common stock dividend of $0.22 a share payableTo stockholders of record on Dec 7, 2026. | Form 8-K Exhibit 99.1: Q3 2026 results | |
| Mandatory convertible preferred stock convertsOn or about this date, into Class A or Class C stock at a rate set by the conversion terms. | Form 10-Q for the quarter ended September 30, 2026 |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Alphabet
- What does Alphabet do?
- Alphabet Inc. is the parent company of Google. It sells ads on Google Search and YouTube, rents computing through Google Cloud, sells subscriptions, apps and devices, and owns Waymo. Alphabet's revenue was $402.8 billion in FY2025 (calendar 2025).
- How does Alphabet make money? What is its business model?
- Alphabet makes most of its money from online ads, which were $294.7 billion, or 73.2% of FY2025 revenue. Google Cloud was 14.6%, and subscriptions, apps and devices were 11.9%.
- Who are Alphabet's customers?
- Alphabet's customers are advertisers, companies buying Google Cloud services, and consumers buying subscriptions, apps and devices. Alphabet said no customer or group of affiliated customers was more than 10% of revenue in FY2025.
- Is Alphabet profitable?
- Yes. Alphabet had operating income of $129.0 billion and net income of $132.2 billion in FY2025, with net income including $24.1 billion of gains on equity securities. In Q3 FY2026, operating income was $40.6 billion and net income to common stockholders was $26.2 billion, after an $8.7 billion net loss on equity securities.
- What is Alphabet's revenue by segment?
- In FY2025 Alphabet's revenue was $342.7 billion from Google Services, $58.7 billion from Google Cloud and $1.5 billion from Other Bets, with a $0.1 billion hedging loss outside the segments.
- Who owns Alphabet?
- Alphabet's officers and directors held 54.3% of the votes on Apr 6, 2026, mostly through founders Larry Page (27.4%) and Sergey Brin (25.3%). Vanguard Capital Management reported 7.48% of Class A on Mar 31, 2026.
- What is the difference between GOOGL and GOOG?
- GOOGL is Alphabet's Class A stock, with one vote per share, and GOOG is its Class C stock, with no vote except as required by law. Alphabet's Class B stock has 10 votes per share and is not listed, per its FY2025 10-K.
- How much does Google Search bring in?
- Alphabet's Google Search & other revenue was $224.5 billion in FY2025, 55.7% of total revenue, and $63.4 billion in Q3 FY2026, up 12.0% from a year earlier.
- How much does YouTube bring in?
- Alphabet's YouTube ads revenue was $40.4 billion in FY2025, 10.0% of total revenue, and $11.2 billion in Q3 FY2026. Alphabet does not report YouTube's total revenue, because YouTube subscriptions sit in a separate revenue line.
- How much does Google Cloud bring in?
- Alphabet's Google Cloud revenue was $58.7 billion in FY2025, with $13.9 billion of operating income. In Q3 FY2026 Google Cloud revenue was $30.7 billion, up 102.6% from a year earlier.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Alphabet sell?
Google Search & other ads ($224.5B in FY2025)
Ads on Google Search and other Google properties such as Gmail, Maps and Play. Alphabet measures these ads by paid clicks and cost-per-click.
YouTube ads ($40.4B)
Ads shown on YouTube videos.
Google Network ads ($29.8B)
Ads on partner websites and apps that use AdMob, AdSense and Google Ad Manager, 7.4% of FY2025 revenue.
Subscriptions, platforms and devices ($48.0B)
YouTube TV, YouTube Music and Premium, NFL Sunday Ticket, Google One, Google Play and Pixel phones.
Google Cloud ($58.7B)
Computing and AI infrastructure, Vertex AI tools for developers, cybersecurity, data tools and Workspace office apps. Sales of its own AI chip systems began adding revenue in Q2 FY2026.
Other Bets ($1.5B)
Newer businesses such as Waymo self-driving rides, Isomorphic Labs and X. Revenue comes mainly from autonomous rides and internet services.
What it does
- Does: Sells ads across Google Search, YouTube and partner websites and apps
- Does: Rents computing, storage and AI tools to organizations through Google Cloud
- Does: Designs its own AI chips, called Tensor Processing Units (TPUs), and sells TPU systems under a limited number of agreements
- Does: Holds shares in other companies, including SpaceX and one private company it does not name
What it does not do
- Does not: Does not report YouTube's total revenue: subscriptions are counted in another line
- Does not: Does not split Google Cloud revenue between infrastructure, Workspace and TPU sales
- Does not: Does not report Waymo's revenue or losses separately
14How the money flows
14How the money flows · FY2025
How does money flow through Alphabet?
Money in
- Advertising (Search, YouTube, partner sites)$294.7B
- Google Cloud$58.7B
- Subscriptions, platforms and devices$48.0B
- Other Bets, net of hedging$1.4B
- Other income (mainly gains on equity investments)$29.8B
The company
Alphabet
$432.6B came in
Money out
- Payments to partners for traffic (TAC)$59.9B
- Other cost of revenues (data centers, content, devices)$102.6B
- Research and development$61.1B
- Sales and marketing$28.7B
- General and administrative, including fines$21.5B
- Income tax$26.7B
- Net income$132.2B
- Advertisers, cloud customers and subscribers paid Alphabet $402.8 billion in FY2025.
- Alphabet paid $59.9 billion to partners who bring users and ads, called traffic acquisition costs (TAC).
- Other running costs, research, marketing and administration took $213.9 billion, leaving $129.0 billion of operating income.
- Other income added $29.8 billion, of which $24.1 billion was gains on equity securities.
- After $26.7 billion of income tax, $132.2 billion was left as net income.
15What it needs to run
15What it needs to run
What does Alphabet need to run?
Data centers and equipment
Property and equipment stood at $372.8 billion on Sep 30, 2026, up from $246.6 billion on Dec 31, 2025.
Chips and other hardware
Inventory, mainly TPU systems and Pixel devices, was $13.3 billion on Sep 30, 2026, up from $2.4 billion on Dec 31, 2025.
Partners who bring users
Traffic acquisition costs were $59.9 billion in FY2025, or 20.3% of advertising revenue.
People
Alphabet had 204,757 employees on Sep 30, 2026, up from 190,820 on Dec 31, 2025.
16Where it sells
16Where it sells · FY2025
Where does Alphabet sell?
- United States48%
- Europe, Middle East and Africa29%
- Asia-Pacific17%
- Other Americas6%
17Competitors and what protects it
17Competitors and what protects it
Who does Alphabet compete with?
Microsoft
Named in the FY2021 10-K for general search (Bing), job queries (LinkedIn), devices, enterprise cloud and workspace tools.
Amazon
Named in the FY2021 10-K for e-commerce search, online advertising, devices, enterprise cloud and digital video.
Meta
Named in the FY2021 10-K for social networks, online advertising, digital video and workspace tools.
Apple
Named in the FY2021 10-K for devices, digital assistants, digital video and app platforms.
ByteDance
Named in the FY2021 10-K for social networks and digital video.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Search and ad scale5 of 5
Google Search & other brought in $224.5 billion in FY2025, 55.7% of revenue. Paid clicks rose 8% in Q3 FY2026.
- Reach of its products5 of 5
Alphabet's FY2025 10-K counts 15 products with half a billion users, seven of them with two billion.
- Cloud contracts4 of 5
Google Cloud accounted for $560.8 billion of the $567.7 billion revenue backlog on Sep 30, 2026. Timing depends on Alphabet's ability to deliver and on customers' use.
- Own chips and infrastructure4 of 5
Alphabet designs its own TPU chips and held $372.8 billion of property and equipment on Sep 30, 2026.
Weak spot
Reliance on advertising, under legal limits
Online ads were 73.2% of FY2025 revenue, and a December 2025 US final judgment restricts how Google distributes its services. Google has appealed.
18Where growth could come from
18Where growth could come from
Where could Alphabet's growth come from?
Alphabet said in a June 1, 2026 release that it announced expected 2026 capital expenditures of $180–$190 billion on its Q1 2026 call. It also said it expects 2027 capital expenditures to significantly increase. Statements from the Q2 and Q3 calls are not on file here.
Google Cloud
Working+102.6% in Q3 FY2026
Google Cloud revenue was $30.7 billion in Q3 FY2026, up from $15.2 billion. Operating income was $11.1 billion, up from $3.6 billion. Alphabet said TPU system sales were a meaningful contributor.
Status: Working, on track against what the company said.
Revenue backlog
Working$567.7B on Sep 30, 2026
Backlog is signed revenue not yet earned, also called remaining performance obligationsSigned contracts with customers that have not been billed yet.. It was $242.8 billion on Dec 31, 2025. Alphabet said in its 10-Q filed Oct 29, 2026 that it expects just over 55% to be recognized within 24 months.
Status: Working, on track against what the company said.
Google Search
Working+12.0% in Q3 FY2026
Search & other revenue was $63.4 billion in Q3 FY2026, after growth of 19.1% in Q1 and 16.8% in Q2. CEO Sundar Pichai said on Oct 28, 2026 that the "query growth rate is the highest it's been in the last five years."
Status: Working, on track against what the company said.
YouTube
Working+9.2% in Q3 FY2026
YouTube ads revenue was $11.2 billion in Q3 FY2026, up from $10.3 billion. YouTube subscriptions are reported in a separate line.
Status: Working, on track against what the company said.
TPU system sales
NewRevenue began in Q2 FY2026
Alphabet has signed a limited number of agreements to supply TPU systems, its own AI chip hardware. Alphabet said in its 10-Q filed Oct 29, 2026 that the significant majority of that revenue will be recognized in 2027.
Status: New, recently announced.
Waymo and Other Bets
Early$372M revenue in Q3 FY2026
Other Bets lost $2.0 billion in Q3 FY2026. Waymo's $16.0 billion round, announced in February 2026, was mostly funded by Alphabet. Alphabet does not report Waymo's revenue.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19The company's own measures (non-GAAP)
19The company's own measures · Q3 FY2026 and the 12 months to Sep 30, 2026
What do Alphabet's own measures show?
Official (GAAP): Net cash from operating activities, Q3 FY2026
$42.3B
Company's own measure: Free cash flow, Q3 FY2026 (Alphabet's definition)
−$9.1B
Alphabet defines free cash flow as operating cash flow less capital expenditures, which were $51.4 billion in the quarter.
Official (GAAP): Net cash from operating activities, 12 months to Sep 30, 2026
$179.6B
Company's own measure: Free cash flow, 12 months to Sep 30, 2026 (Alphabet's definition)
$19.7B
Same definition: capital expenditures were $159.8 billion in those 12 months.
Official (GAAP): Reported revenue growth, Q3 FY2026
25.0%
Company's own measure: Revenue growth excluding currency and hedging, Q3 FY2026
25.0%
Alphabet removes the effect of exchange-rate moves and hedging activities.
Official (GAAP): Subscriptions, platforms and devices revenue, Q3 FY2026 ($ million)
$14.3B
Company's own measure: YouTube Music and Premium subscribers, including trials
150 million
CEO statement in the Oct 28, 2026 release: "surpassed 150 million". Alphabet gives no further definition, and this revenue line also includes other products.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Gemini app users
1,000 million
CEO statement in the Oct 28, 2026 release: "has reached one billion users". The release does not define the count or give Gemini revenue.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
20Financial strength and debt
20Financial strength · Sep 30, 2026
How much debt does Alphabet have?
- Total debt$126.1B
- Cash and investments$265.1B
- Net cash (cash minus debt)$139.0B
- Net worth (shareholders' money)$677.5B
- Debt to equity
- 0.19×
- $ of debt for every $1 of shareholders' money
- Marketable equity securities were $90.4 billion, including $75.2 billion of SpaceX shares with short-term limits on selling. Without all those shares, cash and securities of $174.7 billion exceeded debt by $48.6 billion (Cityfort calculation from Q3 FY2026 10-Q).
- Debt counts long-term debt, the part due within a year and commercial paper: $48.5 billion on Dec 31, 2025 and $126.1 billion on Sep 30, 2026. Finance lease liabilities of $3.7 billion are outside it.
- Purchase commitments were $924.4 billion on Sep 30, 2026, of which $802.1 billion is multi-year and shown at maximum contractual limits. Also outstanding: $130.5 billion of leases not yet started, $75.7 billion of data center backstops and $22.8 billion of financial guarantees.
- Purchase commitments were $149.1 billion on Dec 31, 2025, measured differently (open orders plus the non-cancelable part or minimum cancellation fee). The two totals are not directly comparable.
- In October 2026 Waymo took a $5.0 billion secured term loan due October 2032, not guaranteed by Alphabet.
21Who owns it
21Who owns it · ownership as of Apr 6, 2026
Who owns Alphabet?
- Officers and directors (as a group), votes
- 54.3%
Shares vs votes by class
Alphabet has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes41.6%
- Class B common stock: share of all votes58.4%
- Class C capital stock: share of all votes0.0%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for the quarter ended September 30, 2026; Definitive proxy statement (DEF 14A), 2026 annual meeting; Form 10-K for fiscal year 2025 and 3 more
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
22What it does with profit
22What it does with profit
What does Alphabet do with its profit?
Dividend per share
$0.83FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2021
Shares repurchased during FY2021 (cash paid).
$50.3B
Buyback · Dec 31, 2022
Shares repurchased during FY2022 (cash paid).
$59.3B
Buyback · Dec 31, 2023
Shares repurchased during FY2023 (cash paid).
$61.5B
Buyback · Dec 31, 2024
Shares repurchased during FY2024 (cash paid).
$62.2B
Buyback · Dec 31, 2025
Shares repurchased during FY2025 (cash paid). None were repurchased in the first nine months of 2026.
$45.7B
Money raised · Jun 4, 2026
Public offering of 29 million Class A shares at $355.1982 and 29 million Class C shares at $351.8018, for net proceeds of $20.5 billion.
$20.5B
Money raised · Jun 4, 2026
Private placement of 14 million Class A shares at $351.81 and 14 million Class C shares at $348.20 to a Berkshire Hathaway affiliate, for net proceeds of $10.0 billion.
$10.0B
Money raised · Jun 5, 2026
6.25% mandatory convertible preferred stock, sold as 385 million depositary shares (GOOGM, GOOGN), for net proceeds of $19.0 billion. It converts into Class A or Class C on or about May 15, 2029.
$19.0B
Money raised · Sep 30, 2026
At-the-market sales in Q3 FY2026: 12 million Class A shares (net $4.3 billion) and 24 million Class C shares (net $8.1 billion). $27.6 billion of the $40.0 billion program remained.
$12.4B
Money raised · Sep 30, 2026
Notes sold in 2026: $45.0 billion in US dollars and $35.8 billion in six other currencies. Commercial paper of up to $25.0 billion and $10.0 billion of credit lines were undrawn.
$80.8B
23Governance signals
23Governance signals
What do Alphabet's governance filings show?
- Auditor
- Ernst & Young LLP, since 1999
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy lists hangar licenses with companies tied to Sergey Brin and Larry Page: about $8.43 million charged and $1.58 million paid from the start of 2025 through Mar 31, 2026. It also lists about $42.43 million of co-investments, from the start of 2025 through Mar 31, 2026, with Kleiner Perkins funds, where director John Doerr is Chair. Crux AI, a data center venture with Blackstone, is a related party with up to $10.0 billion of Alphabet backstops.
- Credit rating
- Moody's and S&P (expected ratings of the notes, as stated in Alphabet's term sheet) Aa2 (Moody's) / AA+ (S&P) (Stable), Aug 6, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory
US search case
The Department of Justice (DOJ) and state attorneys general sued in October 2020 over Search and Search advertising practices. A court ruled against Google in August 2024. A December 2025 final judgment restricts how Google distributes its services and requires it to share certain search data. Google and the DOJ both appealed, and the appeals are pending.
regulatory
US advertising technology case
In April 2025 a court ruled that Google's publisher tools unfairly excluded rivals, but that its advertiser tools and two acquisitions were not anticompetitive. In September 2026 the court denied the DOJ's request for structural divestitures and ordered certain behavioral remedies. Alphabet plans to appeal the adverse portion after final judgment.
regulatory
European fines
In September 2025 the European Commission (EC) fined Google €2.95 billion over alleged "self-preferencing" in ad technology; Alphabet appealed. Europe's top court denied Google's Android appeal in July 2026, making a €4.1 billion fine final; Alphabet paid $5.2 billion with interest. In July 2026 the EC fined Google €430 million and €460 million under the Digital Markets Act; Alphabet appealed.
regulatory
Private damages and Google Play
In July 2026 a Stockholm court awarded PriceRunner, a Klarna subsidiary, about $2.1 billion plus interest and costs; Alphabet appealed. After a December 2023 jury verdict for Epic Games, Google is complying with an October 2024 remedies decision on Google Play.
disclosure
Unnamed private company
Alphabet's filings say its $128.2 billion of investments under the measurement alternative "primarily consist of our investment in one private company". They do not name it. A $20.0 billion funding commitment is described as being "with a private company"; the filings do not say whether it is the same one.
disclosure
Earnings calls not on file
This page uses filed documents. Earnings call transcripts and rating agency reports are not on file, so capital spending statements after the Q1 2026 call are not shown.
other
Hedging and share collateral barred
The 2026 proxy says executive officers, directors and employees may not hedge Alphabet shares or use them as collateral.
other
Pre-arranged share sale plans
In Q3 FY2026 Ruth Porat adopted a Rule 10b5-1 planAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more covering 100,149 target Class C shares, with first trades from Dec 1, 2026. Kent Walker and a John Hennessy trust also adopted plans.
24What the market paid
24What the market paid · price as of Oct 30, 2026
What did the market pay for Alphabet on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: on Nasdaq, Class A (GOOGL) closed at $279.84 and Class C (GOOG) at $278.22. Market value = (5,888 million Class A + 827 million Class B) × $279.84 + 5,579 million Class C × $278.22 = about $3,431.3 billion (Cityfort calculation from the Q3 FY2026 10-Q cover and Oct 30, 2026 Nasdaq closing prices). Share counts are from Oct 21, 2026. Class B is not listed and is counted at the Class A price; preferred stock is left out. P/E is price ÷ earnings per share: 14.6 for GOOGL and 14.5 for GOOG. Earnings per share is $19.16, the sum of diluted figures for the four quarters to Sep 30, 2026, which includes large equity gains.
- Share price
- $279.84
- Market value (market cap)
- $3.43T
- P/E
- 14.6×
Source: GOOGL historical daily prices, October 2026 (close of October 30, 2026); GOOG historical daily prices, October 2026 (close of October 30, 2026); Form 10-Q for the quarter ended September 30, 2026 and 4 more
25How it got here
25How it got here
How did Alphabet get here?
1998
Milestone
Google founded
Google was incorporated in California in September 1998.
2004
Milestone
Listed on Nasdaq
Google's stock began trading on Nasdaq on Aug 19, 2004.
2015
Business-model change
Alphabet created
A holding company reorganization made Alphabet the successor to Google. It reports its non-Google businesses as Other Bets.
2022
Milestone
20-for-1 stock split
Every share became 20 shares in July 2022, a change in share count and not in the business.
2023
Business-model change
Google Cloud turns a profit
Google Cloud earned $1.7 billion of operating income in FY2023, after a $1.9 billion loss in FY2022.
2024
Crisis
US court rules against Google in search case
The August 2024 ruling led to a December 2025 final judgment, now under appeal.
2024
Milestone
First dividend
Alphabet began paying a dividend in 2024, at $0.20 a share each quarter.
2026
Business-model change
Wiz and Intersect acquisitions
Alphabet closed Wiz, a cloud security company, for $29.5 billion and Intersect, a renewable energy developer, for $5.9 billion in March 2026.
2026
Business-model change
$84.75 billion equity program
In June 2026 Alphabet announced share and preferred stock sales, upsized to $84.75 billion. It repurchased no shares in the first nine months of 2026.
26Sources and changes
Where every number on this page comes from
Sources (31 documents)
- S1Form 10-K for fiscal year 2025 · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S3Form 10-K for fiscal year 2023 · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2024
- S4Form 10-K for fiscal year 2022 · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2023
- S5Form 10-K for fiscal year 2021 · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 2, 2022
- S6Form 10-Q for the quarter ended September 30, 2026 · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S13Form 8-K Exhibit 99.1: Q3 2026 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
- S14Form 8-K Exhibit 99.1: Q2 2026 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 22, 2026
- S15Form 8-K Exhibit 99.1: Q1 2026 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S16Form 8-K Exhibit 99.1: Q4 and fiscal year 2025 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
- S17Form 8-K Exhibit 99.1: Q3 2025 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
- S18Form 8-K Exhibit 99.1: Q2 2025 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2025
- S19Form 8-K Exhibit 99.1: Q1 2025 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2025
- S20Form 8-K Exhibit 99.1: Q4 and fiscal year 2024 results · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2025
- S22Definitive proxy statement (DEF 14A), 2026 annual meeting · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
- S23Form 8-K, June 4, 2026: equity offerings, with Exhibits 99.1 and 99.2 (press releases of June 1 and 2, 2026) · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 4, 2026
- S24Form 8-K, June 5, 2026: mandatory convertible preferred stock · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 5, 2026
- S28Form 8-K, March 6, 2026: CEO compensation · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 6, 2026
- S30Form 8-K, September 5, 2025: European Commission advertising technology decision · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 5, 2025
- S31Form 8-K, September 3, 2025: US search case remedies decision · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 3, 2025
- S32Form 8-K, April 18, 2025: US advertising technology decision · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 18, 2025
- S33Form 8-K, March 18, 2025: agreement to acquire Wiz · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 18, 2025
- S34Form 8-K, August 6, 2024: US search case liability ruling · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2024
- S35Free writing prospectus: pricing term sheet dated August 6, 2026 (states note ratings) · Alphabet Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
- S36Schedule 13G/A: Sergey Brin, as of December 31, 2025 · Sergey Brin (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S37Schedule 13G: Vanguard Capital Management, Class A, as of March 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S38Schedule 13G: Vanguard Capital Management, Class C, as of March 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S39Schedule 13G/A: The Vanguard Group (zero after internal realignment) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S40Schedule 13G/A: The Vanguard Group, second class (zero after internal realignment) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S41GOOGL historical daily prices, October 2026 (close of October 30, 2026) · Nasdaq, Inc. · Tier 1: company or exchange filing · Oct 30, 2026
- S42GOOG historical daily prices, October 2026 (close of October 30, 2026) · Nasdaq, Inc. · Tier 1: company or exchange filing · Oct 30, 2026
- S44XBRL company facts (from Alphabet 10-K and 10-Q filings): current portion of debt, commercial paper, dividends per share · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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