Alphabet Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Alphabet Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	90,272	110,855	136,819	161,857	182,527	257,637	282,836	307,394	350,018	402,836
Cost of revenue	35,138	45,583	59,549	71,896	84,732	110,939	126,203	133,332	146,306	162,535
Gross profit	55,134	65,272	77,270	89,961	97,795	146,698	156,633	174,062	203,712	240,301
Research and development	13,948	16,625	21,419	26,018	27,573	31,562	39,500	45,427	49,326	61,087
Selling and marketing	10,485	12,893	16,333	18,464	17,946	22,912	26,567	27,917	27,808	28,693
General and administrative	6,985	6,840	6,923	9,551	11,052	13,510	15,724	16,425	14,188	21,482
Operating income	23,716	26,178	27,524	34,231	41,224	78,714	74,842	84,293	112,390	129,039
Interest expense	124	109	114	100	135	346	357	308	268	736
Interest income	1,220	1,312	1,878	2,427	1,865	1,499	2,174	3,865	4,482	4,337
Other non-operating income	434	1,015	7,389	5,394	6,858	12,020	-3,514	1,424	7,425	29,787
Pre-tax income	24,150	27,193	34,913	39,625	48,082	90,734	71,328	85,717	119,815	158,826
Income tax	4,672	14,531	4,177	5,282	7,813	14,701	11,356	11,922	19,697	26,656
Income from continuing operations	19,478
Net income	19,478	12,662	30,736	34,343	40,269	76,033	59,972	73,795	100,118	132,170
EBITDA						88,987	88,317	96,239	127,701	150,175
EPS, basic	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	2.18	2.46	2.93	5.61	4.56	5.80	8.04	10.81
Shares, basic (weighted)							13,063	12,630	12,319	12,116
Shares, diluted (weighted)							13,159	12,722	12,447	12,230
Dividend per share									0.60	0.83

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12,918	10,715	16,701	18,498	26,465	20,945	21,879	24,048	23,466	30,708
Short-term investments		91,156	92,439	101,177	110,229	118,704	91,883	86,868	72,191	96,135
Receivables	14,137	18,336	20,838	25,326	30,930	39,304	40,258	47,964	52,340	62,886
Inventory	268	749	1,107	999	728	1,170	2,670			2,439
Other current assets	4,575	2,983	4,236	4,412	5,490	8,020	10,775	12,650	15,714	13,870
Total current assets	105,408	124,308	135,676	152,578	174,296	188,143	164,795	171,530	163,711	206,038
Property, plant and equipment	34,234	42,383	59,719	73,646	84,749	97,599	112,668	134,345	171,036	246,597
Lease right-of-use assets			0	10,941	12,211	12,959	14,381	14,091	13,588	15,221
Goodwill	16,468	16,747	17,888	20,624	21,175	22,956	28,960	29,198	31,885	33,380
Intangible assets	3,307	2,692	2,220	1,979	1,445	1,417	2,084			1,283
Long-term investments						1,400	803	1,400	266
Other non-current assets	1,819	2,672	2,693	2,342	3,953	5,361	8,707	10,051	14,874	14,962
Total assets	167,497	197,295	232,792	275,909	319,616	359,268	365,264	402,392	450,256	595,281
Accounts payable	2,041	3,137	4,378	5,561	5,589	6,037	5,128	7,493	7,987	12,200
Accrued liabilities	6,144	10,177	16,958	23,067	28,631	32,044	37,866	46,168	51,228	55,557
Deferred revenue	1,099	1,432	1,784	1,908	2,543	3,288	3,908	4,137	5,036	6,578
Short-term debt	0	0	0	0	999	0	0	1,000	999	1,996
Total current liabilities	16,756	24,183	34,620	45,221	56,834	64,254	69,300	81,814	89,122	102,745
Long-term debt	3,935	3,943	3,950	3,958	13,932	14,817	14,701	11,870	10,883	46,547
Lease liabilities			0	10,214	11,146	11,389	12,501	12,460	11,691	12,744
Other non-current liabilities	2,665	3,059	3,545	2,534	2,269	2,205	2,247	4,395	4,694	7,530
Total liabilities	28,461	44,793	55,164	74,467	97,072	107,633	109,120	119,013	125,172	180,016
Total debt	4,000	4,026	4,062	4,685	15,319	15,440	15,312	13,000	12,000	49,085
Paid-in capital	36,307	40,247	45,049	50,552	58,510	61,774	68,184	76,534	84,800	93,126
Retained earnings	105,131	113,247	134,885	152,122	163,401	191,484	195,563	211,247	245,084	324,055
Other comprehensive income	-2,402	-992	-2,306	-1,232	633	-1,623	-7,603	-4,402	-4,800	-1,916
Shareholders' equity	139,036	152,502	177,628	201,442	222,544	251,635	256,144	283,379	325,084	415,265
Total equity	139,036	152,502	177,628	201,442	222,544	251,635	256,144	283,379	325,084	415,265
Total liabilities and equity	167,497	197,295	232,792	275,909	319,616	359,268	365,264	402,392	450,256	595,281
Shares outstanding	13,828	13,898	13,913	13,769	675	13,242	12,849	12,460	12,211	12,088

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	19,478	12,662	30,736	34,343	40,269	76,033	59,972	73,795	100,118	132,170
Depreciation and amortization						10,273	13,475	11,946	15,311	21,136
Stock-based compensation	6,703	7,679	9,353	10,794	12,991	15,376	19,362	22,460	22,785	24,953
Deferred income tax	-120	177	773	145	1,337	1,883	-8,198	-7,729	-5,256	8,250
Change in receivables	-2,578	-3,768	-2,169	-4,340	-6,524	-9,095	-2,317	-7,833	-5,891	-8,779
Change in payables	110	731	1,067	428	694	283	707	664	359	907
Cash from operations	36,036	37,091	47,971	54,520	65,124	91,652	91,495	101,746	125,299	164,713
Capital expenditures	-10,212	-13,184	-25,139	-23,548	-22,281	-24,640	-31,485	-32,251	-52,535	-91,447
Purchases of investments	-84,509	-92,195	-50,158	-100,315	-136,576	-135,196	-78,874	-77,858	-86,679	-103,773
Sales and maturities of investments	66,895	73,959	48,507	97,825	132,906	128,294	97,822	86,672	103,428	83,240
Cash from investing	-31,165	-31,401	-28,504	-29,491	-32,773	-35,523	-20,298	-27,063	-45,536	-120,291
Debt repaid	-10,064
Stock issued	298
Share buybacks	-3,693	-4,846	-9,075	-18,396	-31,149	-50,274	-59,296	-61,504	-62,222	-45,709
Dividends paid	0	0					0	0	-7,363	-10,049
Cash from financing	-8,332	-8,298	-13,179	-23,209	-24,408	-61,362	-69,757	-72,093	-79,733	-37,388
Exchange rate effect	-170	405	-302	-23	24	-287	-506	-421	-612	208
Net change in cash	-3,631	-2,203	5,986	1,797	7,967	-5,520	934	2,169	-582	7,242
Free cash flow	25,824	23,907	22,832	30,972	42,843	67,012	60,010	69,495	72,764	73,266
Interest paid	84	84	69
Income taxes paid	1,643	6,191	5,671	8,203	4,990	13,412	18,900	19,164	27,353	21,526

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $343.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	60.9%	Gross profit / revenue.
Operating margin	33.1%	Operating income / revenue.
EBITDA margin	38.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	67.1%	Pre-tax income / revenue.
Net margin	54.8%	Net income / revenue.
FCF margin	11.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	41.6%	Cash from operations / revenue.
Effective tax rate	18.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	38.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	26.5%	Net income / average total assets.
Return on invested capital (ROIC)	17.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.5%	Research and development expense / revenue.
Stock-based pay / revenue	6.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	29.7%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	32.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	30.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	26.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	34.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	33.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	0.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	38.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	27.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	32.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.72x	Current assets / current liabilities.
Quick ratio	2.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.16x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.9%	Total debt / total assets.
Liabilities / assets	30.5%	Total liabilities / total assets.
Net debt	-$142.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.82x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	65.6x	Operating income / interest expense.
Working capital	$217.41B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$573.55B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	1.39x	Revenue / average property, plant and equipment.
Inventory turnover	17.5x	Cost of revenue / average inventory.
Days inventory	21 days	365 x average inventory / cost of revenue.
Receivables turnover	6.45x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	35 days	Days inventory + days sales outstanding - days payables.
FCF conversion	21.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	71.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$19.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.22	Revenue / diluted weighted shares.
FCF per share	$4.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.08	Cash from operations / diluted weighted shares.
Book value per share	$52.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$46.90	Tangible book value / shares outstanding.
Cash per share	$19.83	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	32.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.21T	Share price x shares outstanding.
Enterprise value	$4.06T	Market cap + total debt - cash - short-term investments.
P/E	17.2x	Market cap / net income. Only when net income is positive.
P/S	9.43x	Market cap / revenue.
P/B	6.57x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.33x	Market cap / tangible book value, when positive.
P/FCF	79.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.7x	Market cap / cash from operations, when positive.
EV/Sales	9.11x	Enterprise value / revenue.
EV/EBIT	27.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	76.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.3%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.52x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Alphabet Inc.'s revenue in fiscal 2025?

Alphabet Inc. reported revenue of $402.84B for fiscal 2025, 15.1% higher than the year before.

Was Alphabet Inc. profitable in fiscal 2025?

Yes. Net income was $132.17B, a net margin of 32.8%.

How much free cash flow did Alphabet Inc. generate in fiscal 2025?

Cash from operations of $164.71B minus capital expenditures of $91.45B left free cash flow of $73.27B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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