Alphabet Inc. (GOOGL) 10-Year Financial Performance & Capital Metrics

GOOGL •

TechnologyInternet ServicesSearch and video advertising platforms

AboutAlphabet Inc. provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. It is also involved in the sale of apps and in-app purchases and digital content in the Google Play store; and Fitbit wearable devices, Google Nest home products, Pixel phones, and other devices, as well as in the provision of YouTube non-advertising services. The Google Cloud segment offers infrastructure, platform, and other services; Google Workspace that include cloud-based collaboration tools for enterprises, such as Gmail, Docs, Drive, Calendar, and Meet; and other services for enterprise customers. The Other Bets segment sells health technology and internet services. The company was founded in 1998 and is headquartered in Mountain View, California.Show more

Revenue $402.96B +15.1%
EBITDA $150.3B +17.7%
Net Income $132.17B +32.0%
EPS (Diluted) 10.81 +34.5%
Gross Margin 59.66% +2.5%
EBITDA Margin 37.3% +2.2%
Operating Margin 32.05% -0.2%
Net Margin 32.8% +14.7%
ROE 35.7% +8.5%
ROIC 24.72% -10.0%
Debt/Equity 0.17 +121.5%
Interest Coverage 903.26 +115.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 32.0%
✓Strong 5Y profit CAGR of 26.8%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.2% free cash flow margin
✓Momentum leader: RS Rating 83 (top 17%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.31%

5Y17.16%

3Y12.52%

TTM15.11%

Profit (Net Income) CAGR

10Y23.24%

5Y26.83%

3Y30.14%

TTM32.01%

EPS CAGR

10Y25.23%

5Y29.83%

3Y33.34%

TTM34.29%

ROCE

10Y Avg22.48%

5Y Avg28.83%

3Y Avg30.19%

Latest30.26%

Peer Comparison

Search and video advertising platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GOOGLAlphabet Inc.	1.69T	311.76	28.84	15.13%	32.8%	31.83%	4.33%	0.17
GOOGAlphabet Inc.	1.69T	311.43	28.81	15.13%	32.8%	31.83%	4.33%	0.17

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	90.27B	110.86B	136.82B	161.86B	182.53B	257.64B	282.84B	307.39B	350.02B	402.96B
Revenue Growth %	20.38%	22.8%	23.42%	18.3%	12.77%	41.15%	9.78%	8.68%	13.87%	15.13%
Cost of Goods Sold+	35.14B	45.58B	59.55B	71.9B	84.73B	110.94B	126.2B	133.33B	146.31B	162.53B
COGS % of Revenue	38.92%	41.12%	43.52%	44.42%	46.42%	43.06%	44.62%	43.38%	41.8%	40.34%
Gross Profit+	55.13B	65.27B	77.27B	89.96B	97.8B	146.7B	156.63B	174.06B	203.71B	240.43B
Gross Margin %	61.08%	58.88%	56.48%	55.58%	53.58%	56.94%	55.38%	56.63%	58.2%	59.66%
Gross Profit Growth %	17.74%	18.39%	18.38%	16.42%	8.71%	50.01%	6.77%	11.13%	17.03%	18.02%
Operating Expenses+	31.42B	39.09B	49.75B	55.73B	56.57B	67.98B	81.79B	89.77B	91.32B	111.26B
OpEx % of Revenue	34.8%	35.27%	36.36%	34.43%	30.99%	26.39%	28.92%	29.2%	26.09%	27.61%
Selling, General & Admin	17.47B	19.73B	23.26B	28.02B	29B	36.42B	42.29B	44.34B	42B	50.17B
SG&A % of Revenue	19.35%	17.8%	17%	17.31%	15.89%	14.14%	14.95%	14.43%	12%	12.45%
Research & Development	13.95B	16.63B	21.42B	26.02B	27.57B	31.56B	39.5B	45.43B	49.33B	61.09B
R&D % of Revenue	15.45%	15%	15.65%	16.07%	15.11%	12.25%	13.97%	14.78%	14.09%	15.16%
Other Operating Expenses	0	2.74B	5.07B	1.7B	0	0	0	0	0	0
Operating Income+	23.72B	26.18B	27.52B	34.23B	41.22B	78.71B	74.84B	84.29B	112.39B	129.17B
Operating Margin %	26.27%	23.61%	20.12%	21.15%	22.59%	30.55%	26.46%	27.42%	32.11%	32.05%
Operating Income Growth %	22.5%	10.38%	5.14%	24.37%	20.43%	90.94%	-4.92%	12.63%	33.33%	14.93%
EBITDA+	29.86B	33.09B	36.56B	46.01B	54.92B	91.16B	88.32B	96.24B	127.7B	150.3B
EBITDA Margin %	33.08%	29.85%	26.72%	28.43%	30.09%	35.38%	31.23%	31.31%	36.48%	37.3%
EBITDA Growth %	22.26%	10.83%	10.47%	25.86%	19.36%	65.97%	-3.11%	8.97%	32.69%	17.7%
D&A (Non-Cash Add-back)	6.14B	6.92B	9.04B	11.78B	13.7B	12.44B	13.47B	11.95B	15.31B	21.14B
EBIT	24.27B	27.3B	35.03B	39.73B	48.22B	91.08B	71.69B	86.03B	120.08B	158.83B
Net Interest Income+	1.1B	1.2B	1.76B	2.33B	1.73B	1.15B	1.82B	3.56B	4.21B	933M
Interest Income	1.22B	1.31B	1.88B	2.43B	1.86B	1.5B	2.17B	3.87B	4.48B	1.08B
Interest Expense	124M	109M	114M	100M	135M	346M	357M	308M	268M	143M
Other Income/Expense	434M	1.01B	7.39B	5.39B	6.86B	12.02B	-3.51B	1.42B	7.42B	29.66B
Pretax Income+	24.15B	27.19B	34.91B	39.63B	48.08B	90.73B	71.33B	85.72B	119.81B	158.83B
Pretax Margin %	26.75%	24.53%	25.52%	24.48%	26.34%	35.22%	25.22%	27.89%	34.23%	39.41%
Income Tax+	4.67B	14.53B	4.18B	5.28B	7.81B	14.7B	11.36B	11.92B	19.7B	26.66B
Effective Tax Rate %	80.65%	46.56%	88.04%	86.67%	83.75%	83.8%	84.08%	86.09%	83.56%	83.22%
Net Income+	19.48B	12.66B	30.74B	34.34B	40.27B	76.03B	59.97B	73.8B	100.12B	132.17B
Net Margin %	21.58%	11.42%	22.46%	21.22%	22.06%	29.51%	21.2%	24.01%	28.6%	32.8%
Net Income Growth %	19.15%	-34.99%	142.74%	11.74%	17.26%	88.81%	-21.12%	23.05%	35.67%	32.01%
Net Income (Continuing)	19.48B	12.66B	30.74B	34.34B	40.27B	76.03B	59.97B	73.8B	100.12B	132.17B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.39	0.90	2.19	2.46	2.93	5.61	4.56	5.80	8.04	10.81
EPS Growth %	21.93%	-35.25%	143.33%	12.33%	19.11%	91.47%	-18.72%	27.19%	38.62%	34.45%
EPS (Basic)	1.42	0.91	2.21	2.48	2.96	5.69	4.59	5.84	8.13	10.91
Diluted Shares Outstanding	13.99B	14.07B	14.07B	13.97B	13.74B	13.55B	13.16B	12.72B	12.45B	12.23B
Basic Shares Outstanding	13.76B	13.86B	13.9B	13.85B	13.62B	13.35B	13.06B	12.63B	12.32B	12.12B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	7.35%	7.6%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	105.41B	124.31B	135.68B	152.58B	174.3B	188.14B	164.79B	171.53B	163.71B	206.04B
Cash & Short-Term Investments	86.33B	101.87B	109.14B	119.67B	136.69B	139.65B	113.76B	110.92B	95.66B	126.84B
Cash Only	12.92B	10.71B	16.7B	18.5B	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	118.7B	91.88B	86.87B	72.19B	96.14B
Accounts Receivable	14.23B	18.7B	21.19B	27.49B	31.38B	39.3B	40.26B	47.96B	52.34B	62.89B
Days Sales Outstanding	57.54	61.59	56.54	62	62.76	55.68	51.95	56.95	54.58	56.96
Inventory	268M	749M	1.11B	999M	728M	1.17B	2.67B	0	0	0
Days Inventory Outstanding	2.78	6	6.79	5.07	3.14	3.85	7.72	-	-	-
Other Current Assets	0	2.98B	4.24B	4.41B	5.49B	8.02B	8.11B	12.65B	15.71B	16.31B
Total Non-Current Assets+	62.09B	72.99B	97.12B	123.33B	145.32B	171.13B	200.47B	230.86B	286.55B	389.24B
Property, Plant & Equipment	34.23B	42.38B	59.72B	84.59B	96.96B	110.56B	127.05B	148.44B	184.62B	261.82B
Fixed Asset Turnover	2.64x	2.62x	2.29x	1.91x	1.88x	2.33x	2.23x	2.07x	1.90x	1.54x
Goodwill	16.47B	16.75B	17.89B	20.62B	21.18B	22.96B	28.96B	29.2B	31.89B	33.38B
Intangible Assets	3.31B	2.69B	2.22B	1.98B	1.45B	1.42B	2.08B	0	0	0
Long-Term Investments	5.88B	7.81B	13.86B	13.08B	20.7B	29.55B	30.49B	31.01B	37.98B	0
Other Non-Current Assets	1.82B	2.67B	2.69B	2.34B	3.95B	5.36B	6.62B	10.05B	14.87B	84.93B
Total Assets+	167.5B	197.29B	232.79B	275.91B	319.62B	359.27B	365.26B	402.39B	450.26B	595.28B
Asset Turnover	0.54x	0.56x	0.59x	0.59x	0.57x	0.72x	0.77x	0.76x	0.78x	0.68x
Asset Growth %	13.59%	17.79%	17.99%	18.52%	15.84%	12.41%	1.67%	10.16%	11.89%	32.21%
Total Current Liabilities+	16.76B	24.18B	34.62B	45.22B	56.83B	64.25B	69.3B	81.81B	89.12B	102.75B
Accounts Payable	2.04B	3.14B	4.38B	5.56B	5.59B	6.04B	5.13B	7.49B	7.99B	12.2B
Days Payables Outstanding	21.2	25.12	26.83	28.23	24.08	19.86	14.83	20.51	19.93	27.4
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1.1B	1.43B	1.78B	1.91B	2.54B	3.29B	3.91B	4.14B	5.04B	6.58B
Other Current Liabilities	9.09B	14.15B	21.55B	27.78B	21.5B	23.69B	23.13B	24.66B	21.39B	66.42B
Current Ratio	6.29x	5.14x	3.92x	3.37x	3.07x	2.93x	2.38x	2.10x	1.84x	2.01x
Quick Ratio	6.27x	5.11x	3.89x	3.35x	3.05x	2.91x	2.34x	2.10x	1.84x	2.01x
Cash Conversion Cycle	39.13	42.47	36.49	38.84	41.82	39.67	44.84	-	-	-
Total Non-Current Liabilities+	11.71B	20.61B	20.54B	29.25B	40.24B	43.38B	39.82B	37.2B	36.05B	77.27B
Long-Term Debt	3.94B	3.94B	3.95B	4.55B	12.83B	12.84B	12.86B	11.87B	10.88B	59.29B
Capital Lease Obligations	0	26M	62M	10.21B	12.25B	13.36B	14.35B	12.46B	11.69B	12.74B
Deferred Tax Liabilities	226M	430M	1.26B	1.7B	3.56B	5.26B	514M	485M	0	0
Other Non-Current Liabilities	7.34B	15.87B	14.87B	12.42B	11.12B	11.38B	11.51B	11.47B	13.48B	5.24B
Total Liabilities	28.46B	44.79B	55.16B	74.47B	97.07B	107.63B	109.12B	119.01B	125.17B	180.02B
Total Debt+	3.94B	3.97B	4.01B	15.97B	26.77B	28.39B	29.68B	27.12B	25.46B	72.03B
Net Debt	-8.98B	-6.75B	-12.69B	-2.53B	307M	7.45B	7.8B	3.07B	2B	41.33B
Debt / Equity	0.03x	0.03x	0.02x	0.08x	0.12x	0.11x	0.12x	0.10x	0.08x	0.17x
Debt / EBITDA	0.13x	0.12x	0.11x	0.35x	0.49x	0.31x	0.34x	0.28x	0.20x	0.48x
Net Debt / EBITDA	-0.30x	-0.20x	-0.35x	-0.06x	0.01x	0.08x	0.09x	0.03x	0.02x	0.27x
Interest Coverage	191.26x	240.17x	241.44x	342.31x	305.36x	227.50x	209.64x	273.68x	419.37x	903.26x
Total Equity+	139.04B	152.5B	177.63B	201.44B	222.54B	251.63B	256.14B	283.38B	325.08B	415.26B
Equity Growth %	15.54%	9.69%	16.48%	13.41%	10.48%	13.07%	1.79%	10.63%	14.72%	27.74%
Book Value per Share	9.94	10.84	12.63	14.42	16.20	18.57	19.47	22.27	26.12	33.95
Total Shareholders' Equity	139.04B	152.5B	177.63B	201.44B	222.54B	251.63B	256.14B	283.38B	325.08B	415.26B
Common Stock	36.31B	40.25B	45.05B	50.55B	58.51B	61.77B	68.18B	76.53B	84.8B	0
Retained Earnings	105.13B	113.25B	134.88B	152.12B	163.4B	191.48B	195.56B	211.25B	245.08B	324.06B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.4B	-992M	-2.31B	-1.23B	633M	-1.62B	-7.6B	-4.4B	-4.8B	-1.92B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	36.04B	37.09B	47.97B	54.52B	65.12B	91.65B	91.5B	101.75B	125.3B	164.71B
Operating CF Margin %	39.92%	33.46%	35.06%	33.68%	35.68%	35.57%	32.35%	33.1%	35.8%	40.88%
Operating CF Growth %	38.47%	2.93%	29.33%	13.65%	19.45%	40.73%	-0.17%	11.2%	23.15%	31.46%
Net Income	19.48B	12.66B	30.74B	34.34B	40.27B	76.03B	59.97B	73.8B	100.12B	132.17B
Depreciation & Amortization	6.14B	6.92B	9.04B	11.78B	13.7B	12.44B	15.93B	11.95B	15.31B	21.14B
Stock-Based Compensation	6.7B	7.68B	9.35B	10.79B	12.99B	15.38B	19.36B	22.46B	22.79B	24.95B
Deferred Taxes	-38M	258M	778M	173M	1.39B	1.81B	-8.08B	-7.76B	-5.26B	8.35B
Other Non-Cash Items	449M	331M	-6.84B	-3.39B	-5.05B	-12.48B	6.55B	5.15B	748M	-39.46B
Working Capital Changes	3.3B	9.25B	4.91B	819M	1.83B	-1.52B	-2.23B	-3.85B	-8.41B	17.57B
Change in Receivables	-2.58B	-3.77B	-2.17B	-4.34B	-6.52B	-9.1B	-2.32B	-7.83B	-5.89B	948M
Change in Inventory	2.42B	3.68B	7.89B	7.82B	5.81B	0	0	0	0	0
Change in Payables	110M	731M	1.07B	428M	694M	283M	707M	664M	359M	-132M
Cash from Investing+	-31.16B	-31.4B	-28.5B	-29.49B	-32.77B	-35.52B	-20.3B	-27.06B	-45.54B	-120.29B
Capital Expenditures	-10.21B	-13.18B	-25.14B	-23.55B	-22.28B	-24.64B	-31.48B	-32.25B	-52.53B	-91.45B
CapEx % of Revenue	11.31%	11.89%	18.37%	14.55%	12.21%	9.56%	11.13%	10.49%	15.01%	22.69%
Acquisitions	-986M	-287M	-1.49B	-2.52B	-738M	-2.62B	-6.97B	-495M	-2.93B	-1.59B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.19B	1.52B	98M	589M	68M	541M	1.59B	-1.05B	-2.67B	-2.37B
Cash from Financing+	-8.33B	-8.3B	-13.18B	-23.21B	-24.41B	-61.36B	-69.76B	-72.09B	-79.73B	-37.39B
Debt Issued (Net)	-1.33B	-86M	-61M	-268M	9.66B	-1.24B	-1.2B	-760M	888M	32.14B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	-7.36B	-10.05B
Share Repurchases	-3.69B	-4.85B	-9.07B	-18.4B	-31.15B	-50.27B	-59.3B	-61.5B	-62.22B	-45.71B
Other Financing	-3.3B	-3.37B	-4.04B	-4.54B	-2.92B	-9.85B	-9.27B	-9.83B	-11.04B	-13.77B
Net Change in Cash	-3.63B	-2.2B	5.99B	1.8B	7.97B	-5.52B	934M	2.17B	-582M	7.24B
Free Cash Flow+	25.82B	23.91B	22.83B	30.97B	42.84B	67.01B	60.01B	69.5B	72.76B	73.27B
FCF Margin %	28.61%	21.57%	16.69%	19.14%	23.47%	26.01%	21.22%	22.61%	20.79%	18.18%
FCF Growth %	60.31%	-7.42%	-4.5%	35.65%	38.33%	56.41%	-10.45%	15.81%	4.7%	0.69%
FCF per Share	1.85	1.70	1.62	2.22	3.12	4.94	4.56	5.46	5.85	5.99
FCF Conversion (FCF/Net Income)	1.85x	2.93x	1.56x	1.59x	1.62x	1.21x	1.53x	1.38x	1.25x	1.25x
Interest Paid	84M	84M	69M	0	0	0	0	0	0	0
Taxes Paid	1.64B	6.19B	5.67B	8.2B	4.99B	13.41B	18.89B	19.16B	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	15.02%	8.69%	18.62%	18.12%	19%	32.07%	23.62%	27.36%	32.91%	35.7%
Return on Invested Capital (ROIC)	14.88%	14.24%	13.29%	14.11%	14.66%	24.5%	21.46%	22.97%	27.48%	24.72%
Gross Margin	61.08%	58.88%	56.48%	55.58%	53.58%	56.94%	55.38%	56.63%	58.2%	59.66%
Net Margin	21.58%	11.42%	22.46%	21.22%	22.06%	29.51%	21.2%	24.01%	28.6%	32.8%
Debt / Equity	0.03x	0.03x	0.02x	0.08x	0.12x	0.11x	0.12x	0.10x	0.08x	0.17x
Interest Coverage	191.26x	240.17x	241.44x	342.31x	305.36x	227.50x	209.64x	273.68x	419.37x	903.26x
FCF Conversion	1.85x	2.93x	1.56x	1.59x	1.62x	1.21x	1.53x	1.38x	1.25x	1.25x
Revenue Growth	20.38%	22.8%	23.42%	18.3%	12.77%	41.15%	9.78%	8.68%	13.87%	15.13%

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Alphabet Inc. (GOOGL) 10-Year Financial Performance & Capital Metrics

GOOGL •

TechnologyInternet ServicesSearch and video advertising platforms

Revenue $402.96B +15.1%
EBITDA $150.3B +17.7%
Net Income $132.17B +32.0%
EPS (Diluted) 10.81 +34.5%
Gross Margin 59.66% +2.5%
EBITDA Margin 37.3% +2.2%
Operating Margin 32.05% -0.2%
Net Margin 32.8% +14.7%
ROE 35.7% +8.5%
ROIC 24.72% -10.0%
Debt/Equity 0.17 +121.5%
Interest Coverage 903.26 +115.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 32.0%
✓Strong 5Y profit CAGR of 26.8%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.2% free cash flow margin
✓Momentum leader: RS Rating 83 (top 17%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.31%

5Y17.16%

3Y12.52%

TTM15.11%

Profit (Net Income) CAGR

10Y23.24%

5Y26.83%

3Y30.14%

TTM32.01%

EPS CAGR

10Y25.23%

5Y29.83%

3Y33.34%

TTM34.29%

ROCE

10Y Avg22.48%

5Y Avg28.83%

3Y Avg30.19%

Latest30.26%

Peer Comparison

Search and video advertising platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GOOGLAlphabet Inc.	1.69T	311.76	28.84	15.13%	32.8%	31.83%	4.33%	0.17
GOOGAlphabet Inc.	1.69T	311.43	28.81	15.13%	32.8%	31.83%	4.33%	0.17

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	90.27B	110.86B	136.82B	161.86B	182.53B	257.64B	282.84B	307.39B	350.02B	402.96B
Revenue Growth %	20.38%	22.8%	23.42%	18.3%	12.77%	41.15%	9.78%	8.68%	13.87%	15.13%
Cost of Goods Sold+	35.14B	45.58B	59.55B	71.9B	84.73B	110.94B	126.2B	133.33B	146.31B	162.53B
COGS % of Revenue	38.92%	41.12%	43.52%	44.42%	46.42%	43.06%	44.62%	43.38%	41.8%	40.34%
Gross Profit+	55.13B	65.27B	77.27B	89.96B	97.8B	146.7B	156.63B	174.06B	203.71B	240.43B
Gross Margin %	61.08%	58.88%	56.48%	55.58%	53.58%	56.94%	55.38%	56.63%	58.2%	59.66%
Gross Profit Growth %	17.74%	18.39%	18.38%	16.42%	8.71%	50.01%	6.77%	11.13%	17.03%	18.02%
Operating Expenses+	31.42B	39.09B	49.75B	55.73B	56.57B	67.98B	81.79B	89.77B	91.32B	111.26B
OpEx % of Revenue	34.8%	35.27%	36.36%	34.43%	30.99%	26.39%	28.92%	29.2%	26.09%	27.61%
Selling, General & Admin	17.47B	19.73B	23.26B	28.02B	29B	36.42B	42.29B	44.34B	42B	50.17B
SG&A % of Revenue	19.35%	17.8%	17%	17.31%	15.89%	14.14%	14.95%	14.43%	12%	12.45%
Research & Development	13.95B	16.63B	21.42B	26.02B	27.57B	31.56B	39.5B	45.43B	49.33B	61.09B
R&D % of Revenue	15.45%	15%	15.65%	16.07%	15.11%	12.25%	13.97%	14.78%	14.09%	15.16%
Other Operating Expenses	0	2.74B	5.07B	1.7B	0	0	0	0	0	0
Operating Income+	23.72B	26.18B	27.52B	34.23B	41.22B	78.71B	74.84B	84.29B	112.39B	129.17B
Operating Margin %	26.27%	23.61%	20.12%	21.15%	22.59%	30.55%	26.46%	27.42%	32.11%	32.05%
Operating Income Growth %	22.5%	10.38%	5.14%	24.37%	20.43%	90.94%	-4.92%	12.63%	33.33%	14.93%
EBITDA+	29.86B	33.09B	36.56B	46.01B	54.92B	91.16B	88.32B	96.24B	127.7B	150.3B
EBITDA Margin %	33.08%	29.85%	26.72%	28.43%	30.09%	35.38%	31.23%	31.31%	36.48%	37.3%
EBITDA Growth %	22.26%	10.83%	10.47%	25.86%	19.36%	65.97%	-3.11%	8.97%	32.69%	17.7%
D&A (Non-Cash Add-back)	6.14B	6.92B	9.04B	11.78B	13.7B	12.44B	13.47B	11.95B	15.31B	21.14B
EBIT	24.27B	27.3B	35.03B	39.73B	48.22B	91.08B	71.69B	86.03B	120.08B	158.83B
Net Interest Income+	1.1B	1.2B	1.76B	2.33B	1.73B	1.15B	1.82B	3.56B	4.21B	933M
Interest Income	1.22B	1.31B	1.88B	2.43B	1.86B	1.5B	2.17B	3.87B	4.48B	1.08B
Interest Expense	124M	109M	114M	100M	135M	346M	357M	308M	268M	143M
Other Income/Expense	434M	1.01B	7.39B	5.39B	6.86B	12.02B	-3.51B	1.42B	7.42B	29.66B
Pretax Income+	24.15B	27.19B	34.91B	39.63B	48.08B	90.73B	71.33B	85.72B	119.81B	158.83B
Pretax Margin %	26.75%	24.53%	25.52%	24.48%	26.34%	35.22%	25.22%	27.89%	34.23%	39.41%
Income Tax+	4.67B	14.53B	4.18B	5.28B	7.81B	14.7B	11.36B	11.92B	19.7B	26.66B
Effective Tax Rate %	80.65%	46.56%	88.04%	86.67%	83.75%	83.8%	84.08%	86.09%	83.56%	83.22%
Net Income+	19.48B	12.66B	30.74B	34.34B	40.27B	76.03B	59.97B	73.8B	100.12B	132.17B
Net Margin %	21.58%	11.42%	22.46%	21.22%	22.06%	29.51%	21.2%	24.01%	28.6%	32.8%
Net Income Growth %	19.15%	-34.99%	142.74%	11.74%	17.26%	88.81%	-21.12%	23.05%	35.67%	32.01%
Net Income (Continuing)	19.48B	12.66B	30.74B	34.34B	40.27B	76.03B	59.97B	73.8B	100.12B	132.17B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.39	0.90	2.19	2.46	2.93	5.61	4.56	5.80	8.04	10.81
EPS Growth %	21.93%	-35.25%	143.33%	12.33%	19.11%	91.47%	-18.72%	27.19%	38.62%	34.45%
EPS (Basic)	1.42	0.91	2.21	2.48	2.96	5.69	4.59	5.84	8.13	10.91
Diluted Shares Outstanding	13.99B	14.07B	14.07B	13.97B	13.74B	13.55B	13.16B	12.72B	12.45B	12.23B
Basic Shares Outstanding	13.76B	13.86B	13.9B	13.85B	13.62B	13.35B	13.06B	12.63B	12.32B	12.12B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	7.35%	7.6%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	105.41B	124.31B	135.68B	152.58B	174.3B	188.14B	164.79B	171.53B	163.71B	206.04B
Cash & Short-Term Investments	86.33B	101.87B	109.14B	119.67B	136.69B	139.65B	113.76B	110.92B	95.66B	126.84B
Cash Only	12.92B	10.71B	16.7B	18.5B	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	118.7B	91.88B	86.87B	72.19B	96.14B
Accounts Receivable	14.23B	18.7B	21.19B	27.49B	31.38B	39.3B	40.26B	47.96B	52.34B	62.89B
Days Sales Outstanding	57.54	61.59	56.54	62	62.76	55.68	51.95	56.95	54.58	56.96
Inventory	268M	749M	1.11B	999M	728M	1.17B	2.67B	0	0	0
Days Inventory Outstanding	2.78	6	6.79	5.07	3.14	3.85	7.72	-	-	-
Other Current Assets	0	2.98B	4.24B	4.41B	5.49B	8.02B	8.11B	12.65B	15.71B	16.31B
Total Non-Current Assets+	62.09B	72.99B	97.12B	123.33B	145.32B	171.13B	200.47B	230.86B	286.55B	389.24B
Property, Plant & Equipment	34.23B	42.38B	59.72B	84.59B	96.96B	110.56B	127.05B	148.44B	184.62B	261.82B
Fixed Asset Turnover	2.64x	2.62x	2.29x	1.91x	1.88x	2.33x	2.23x	2.07x	1.90x	1.54x
Goodwill	16.47B	16.75B	17.89B	20.62B	21.18B	22.96B	28.96B	29.2B	31.89B	33.38B
Intangible Assets	3.31B	2.69B	2.22B	1.98B	1.45B	1.42B	2.08B	0	0	0
Long-Term Investments	5.88B	7.81B	13.86B	13.08B	20.7B	29.55B	30.49B	31.01B	37.98B	0
Other Non-Current Assets	1.82B	2.67B	2.69B	2.34B	3.95B	5.36B	6.62B	10.05B	14.87B	84.93B
Total Assets+	167.5B	197.29B	232.79B	275.91B	319.62B	359.27B	365.26B	402.39B	450.26B	595.28B
Asset Turnover	0.54x	0.56x	0.59x	0.59x	0.57x	0.72x	0.77x	0.76x	0.78x	0.68x
Asset Growth %	13.59%	17.79%	17.99%	18.52%	15.84%	12.41%	1.67%	10.16%	11.89%	32.21%
Total Current Liabilities+	16.76B	24.18B	34.62B	45.22B	56.83B	64.25B	69.3B	81.81B	89.12B	102.75B
Accounts Payable	2.04B	3.14B	4.38B	5.56B	5.59B	6.04B	5.13B	7.49B	7.99B	12.2B
Days Payables Outstanding	21.2	25.12	26.83	28.23	24.08	19.86	14.83	20.51	19.93	27.4
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1.1B	1.43B	1.78B	1.91B	2.54B	3.29B	3.91B	4.14B	5.04B	6.58B
Other Current Liabilities	9.09B	14.15B	21.55B	27.78B	21.5B	23.69B	23.13B	24.66B	21.39B	66.42B
Current Ratio	6.29x	5.14x	3.92x	3.37x	3.07x	2.93x	2.38x	2.10x	1.84x	2.01x
Quick Ratio	6.27x	5.11x	3.89x	3.35x	3.05x	2.91x	2.34x	2.10x	1.84x	2.01x
Cash Conversion Cycle	39.13	42.47	36.49	38.84	41.82	39.67	44.84	-	-	-
Total Non-Current Liabilities+	11.71B	20.61B	20.54B	29.25B	40.24B	43.38B	39.82B	37.2B	36.05B	77.27B
Long-Term Debt	3.94B	3.94B	3.95B	4.55B	12.83B	12.84B	12.86B	11.87B	10.88B	59.29B
Capital Lease Obligations	0	26M	62M	10.21B	12.25B	13.36B	14.35B	12.46B	11.69B	12.74B
Deferred Tax Liabilities	226M	430M	1.26B	1.7B	3.56B	5.26B	514M	485M	0	0
Other Non-Current Liabilities	7.34B	15.87B	14.87B	12.42B	11.12B	11.38B	11.51B	11.47B	13.48B	5.24B
Total Liabilities	28.46B	44.79B	55.16B	74.47B	97.07B	107.63B	109.12B	119.01B	125.17B	180.02B
Total Debt+	3.94B	3.97B	4.01B	15.97B	26.77B	28.39B	29.68B	27.12B	25.46B	72.03B
Net Debt	-8.98B	-6.75B	-12.69B	-2.53B	307M	7.45B	7.8B	3.07B	2B	41.33B
Debt / Equity	0.03x	0.03x	0.02x	0.08x	0.12x	0.11x	0.12x	0.10x	0.08x	0.17x
Debt / EBITDA	0.13x	0.12x	0.11x	0.35x	0.49x	0.31x	0.34x	0.28x	0.20x	0.48x
Net Debt / EBITDA	-0.30x	-0.20x	-0.35x	-0.06x	0.01x	0.08x	0.09x	0.03x	0.02x	0.27x
Interest Coverage	191.26x	240.17x	241.44x	342.31x	305.36x	227.50x	209.64x	273.68x	419.37x	903.26x
Total Equity+	139.04B	152.5B	177.63B	201.44B	222.54B	251.63B	256.14B	283.38B	325.08B	415.26B
Equity Growth %	15.54%	9.69%	16.48%	13.41%	10.48%	13.07%	1.79%	10.63%	14.72%	27.74%
Book Value per Share	9.94	10.84	12.63	14.42	16.20	18.57	19.47	22.27	26.12	33.95
Total Shareholders' Equity	139.04B	152.5B	177.63B	201.44B	222.54B	251.63B	256.14B	283.38B	325.08B	415.26B
Common Stock	36.31B	40.25B	45.05B	50.55B	58.51B	61.77B	68.18B	76.53B	84.8B	0
Retained Earnings	105.13B	113.25B	134.88B	152.12B	163.4B	191.48B	195.56B	211.25B	245.08B	324.06B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.4B	-992M	-2.31B	-1.23B	633M	-1.62B	-7.6B	-4.4B	-4.8B	-1.92B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	36.04B	37.09B	47.97B	54.52B	65.12B	91.65B	91.5B	101.75B	125.3B	164.71B
Operating CF Margin %	39.92%	33.46%	35.06%	33.68%	35.68%	35.57%	32.35%	33.1%	35.8%	40.88%
Operating CF Growth %	38.47%	2.93%	29.33%	13.65%	19.45%	40.73%	-0.17%	11.2%	23.15%	31.46%
Net Income	19.48B	12.66B	30.74B	34.34B	40.27B	76.03B	59.97B	73.8B	100.12B	132.17B
Depreciation & Amortization	6.14B	6.92B	9.04B	11.78B	13.7B	12.44B	15.93B	11.95B	15.31B	21.14B
Stock-Based Compensation	6.7B	7.68B	9.35B	10.79B	12.99B	15.38B	19.36B	22.46B	22.79B	24.95B
Deferred Taxes	-38M	258M	778M	173M	1.39B	1.81B	-8.08B	-7.76B	-5.26B	8.35B
Other Non-Cash Items	449M	331M	-6.84B	-3.39B	-5.05B	-12.48B	6.55B	5.15B	748M	-39.46B
Working Capital Changes	3.3B	9.25B	4.91B	819M	1.83B	-1.52B	-2.23B	-3.85B	-8.41B	17.57B
Change in Receivables	-2.58B	-3.77B	-2.17B	-4.34B	-6.52B	-9.1B	-2.32B	-7.83B	-5.89B	948M
Change in Inventory	2.42B	3.68B	7.89B	7.82B	5.81B	0	0	0	0	0
Change in Payables	110M	731M	1.07B	428M	694M	283M	707M	664M	359M	-132M
Cash from Investing+	-31.16B	-31.4B	-28.5B	-29.49B	-32.77B	-35.52B	-20.3B	-27.06B	-45.54B	-120.29B
Capital Expenditures	-10.21B	-13.18B	-25.14B	-23.55B	-22.28B	-24.64B	-31.48B	-32.25B	-52.53B	-91.45B
CapEx % of Revenue	11.31%	11.89%	18.37%	14.55%	12.21%	9.56%	11.13%	10.49%	15.01%	22.69%
Acquisitions	-986M	-287M	-1.49B	-2.52B	-738M	-2.62B	-6.97B	-495M	-2.93B	-1.59B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.19B	1.52B	98M	589M	68M	541M	1.59B	-1.05B	-2.67B	-2.37B
Cash from Financing+	-8.33B	-8.3B	-13.18B	-23.21B	-24.41B	-61.36B	-69.76B	-72.09B	-79.73B	-37.39B
Debt Issued (Net)	-1.33B	-86M	-61M	-268M	9.66B	-1.24B	-1.2B	-760M	888M	32.14B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	-7.36B	-10.05B
Share Repurchases	-3.69B	-4.85B	-9.07B	-18.4B	-31.15B	-50.27B	-59.3B	-61.5B	-62.22B	-45.71B
Other Financing	-3.3B	-3.37B	-4.04B	-4.54B	-2.92B	-9.85B	-9.27B	-9.83B	-11.04B	-13.77B
Net Change in Cash	-3.63B	-2.2B	5.99B	1.8B	7.97B	-5.52B	934M	2.17B	-582M	7.24B
Free Cash Flow+	25.82B	23.91B	22.83B	30.97B	42.84B	67.01B	60.01B	69.5B	72.76B	73.27B
FCF Margin %	28.61%	21.57%	16.69%	19.14%	23.47%	26.01%	21.22%	22.61%	20.79%	18.18%
FCF Growth %	60.31%	-7.42%	-4.5%	35.65%	38.33%	56.41%	-10.45%	15.81%	4.7%	0.69%
FCF per Share	1.85	1.70	1.62	2.22	3.12	4.94	4.56	5.46	5.85	5.99
FCF Conversion (FCF/Net Income)	1.85x	2.93x	1.56x	1.59x	1.62x	1.21x	1.53x	1.38x	1.25x	1.25x
Interest Paid	84M	84M	69M	0	0	0	0	0	0	0
Taxes Paid	1.64B	6.19B	5.67B	8.2B	4.99B	13.41B	18.89B	19.16B	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	15.02%	8.69%	18.62%	18.12%	19%	32.07%	23.62%	27.36%	32.91%	35.7%
Return on Invested Capital (ROIC)	14.88%	14.24%	13.29%	14.11%	14.66%	24.5%	21.46%	22.97%	27.48%	24.72%
Gross Margin	61.08%	58.88%	56.48%	55.58%	53.58%	56.94%	55.38%	56.63%	58.2%	59.66%
Net Margin	21.58%	11.42%	22.46%	21.22%	22.06%	29.51%	21.2%	24.01%	28.6%	32.8%
Debt / Equity	0.03x	0.03x	0.02x	0.08x	0.12x	0.11x	0.12x	0.10x	0.08x	0.17x
Interest Coverage	191.26x	240.17x	241.44x	342.31x	305.36x	227.50x	209.64x	273.68x	419.37x	903.26x
FCF Conversion	1.85x	2.93x	1.56x	1.59x	1.62x	1.21x	1.53x	1.38x	1.25x	1.25x
Revenue Growth	20.38%	22.8%	23.42%	18.3%	12.77%	41.15%	9.78%	8.68%	13.87%	15.13%

Alphabet Inc. (GOOGL) 10-Year Financial Performance & Capital Metrics

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Alphabet Inc. (GOOGL) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare GOOGL vs Peers

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