Revenue growth momentum has accelerated to 21.8% in 2026Q1, supported by a gross margin expansion to 62.4% despite significant investments in global compute infrastructure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 422.57B | 402.96B | 350.02B | 307.39B | 282.84B | 257.64B | 182.53B | 161.86B | 136.82B | 110.86B | 90.27B | 74.99B | 66B | 55.52B | 46.04B | 37.91B | 29.32B | 23.65B | 21.8B | 16.59B | 10.6B | 6.14B | 3.19B | 1.47B | 439.51M |
| Revenue Growth % | 17.47% | 15.13% | 13.87% | 8.68% | 9.78% | 41.15% | 12.77% | 18.3% | 23.42% | 22.8% | 20.38% | 13.62% | 18.88% | 20.59% | 21.46% | 29.28% | 23.97% | 8.51% | 31.35% | 56.47% | 72.76% | 92.48% | 117.56% | 233.54% | - |
| Cost of Goods Sold | 167.44B | 162.53B | 146.31B | 133.33B | 126.2B | 110.94B | 84.73B | 71.9B | 59.55B | 45.58B | 35.14B | 28.16B | 25.69B | 21.99B | 17.18B | 13.19B | 10.42B | 8.84B | 8.62B | 6.65B | 4.23B | 2.58B | 1.46B | 625.85M | 131.51M |
| COGS % of Revenue | - | 40.34% | 41.8% | 43.38% | 44.62% | 43.06% | 46.42% | 44.42% | 43.52% | 41.12% | 38.92% | 37.56% | 38.93% | 39.61% | 37.31% | 34.79% | 35.53% | 37.39% | 39.56% | 40.07% | 39.84% | 41.98% | 45.71% | 42.69% | 29.92% |
| Gross Profit | 255.12B | 240.43B | 203.71B | 174.06B | 156.63B | 146.7B | 97.8B | 89.96B | 77.27B | 65.27B | 55.13B | 46.83B | 40.31B | 33.53B | 28.86B | 24.72B | 18.9B | 14.81B | 13.17B | 9.94B | 6.38B | 3.56B | 1.73B | 840.08M | 308M |
| Gross Margin % | 60.37% | 59.66% | 58.2% | 56.63% | 55.38% | 56.94% | 53.58% | 55.58% | 56.48% | 58.88% | 61.08% | 62.44% | 61.07% | 60.39% | 62.69% | 65.21% | 64.47% | 62.61% | 60.44% | 59.93% | 60.16% | 58.02% | 54.29% | 57.31% | 70.08% |
| Gross Profit Growth % | - | 18.02% | 17.03% | 11.13% | 6.77% | 50.01% | 8.71% | 16.42% | 18.38% | 18.39% | 17.74% | 16.16% | 20.23% | 16.16% | 16.77% | 30.75% | 27.67% | 12.4% | 32.47% | 55.88% | 79.14% | 105.68% | 106.12% | 172.75% | - |
| Operating Expenses | 116.92B | 111.26B | 91.32B | 89.77B | 81.79B | 67.98B | 56.57B | 55.73B | 49.75B | 39.09B | 31.42B | 27.46B | 23.81B | 18.12B | 15.03B | 12.97B | 8.52B | 6.5B | 6.54B | 4.86B | 2.83B | 1.54B | 1.09B | 497.62M | 121.53M |
| OpEx % of Revenue | - | 27.61% | 26.09% | 29.2% | 28.92% | 26.39% | 30.99% | 34.43% | 36.36% | 35.27% | 34.8% | 36.63% | 36.08% | 32.64% | 32.64% | 34.23% | 29.07% | 27.46% | 30.01% | 29.29% | 26.68% | 25.16% | 34.22% | 33.95% | 27.65% |
| Selling, General & Admin | 52.36B | 50.17B | 42B | 44.34B | 42.29B | 36.42B | 29B | 28.02B | 23.26B | 19.73B | 17.47B | 15.18B | 13.98B | 10.99B | 8.95B | 7.31B | 4.76B | 3.65B | 3.75B | 2.74B | 1.6B | 854.68M | 664.75M | 406.39M | 89.78M |
| SG&A % of Revenue | - | 12.45% | 12% | 14.43% | 14.95% | 14.14% | 15.89% | 17.31% | 17% | 17.8% | 19.35% | 20.25% | 21.18% | 19.79% | 19.43% | 19.29% | 16.24% | 15.44% | 17.2% | 16.52% | 15.1% | 13.92% | 20.84% | 27.72% | 20.43% |
| Research & Development | 64.56B | 61.09B | 49.33B | 45.43B | 39.5B | 31.56B | 27.57B | 26.02B | 21.42B | 16.63B | 13.95B | 12.28B | 9.83B | 7.14B | 6.08B | 5.16B | 3.76B | 2.84B | 2.79B | 2.12B | 1.23B | 599.51M | 225.63M | 91.23M | 31.75M |
| R&D % of Revenue | - | 15.16% | 14.09% | 14.78% | 13.97% | 12.25% | 15.11% | 16.07% | 15.65% | 15% | 15.45% | 16.38% | 14.9% | 12.86% | 13.21% | 13.62% | 12.83% | 12.02% | 12.81% | 12.78% | 11.59% | 9.77% | 7.07% | 6.22% | 7.22% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7B | 5.07B | 2.74B | 0 | 0 | 0 | 0 | 0 | 500M | 0 | 0 | 0 | 0 | 0 | 90M | 201M | 0 | 0 |
| Operating Income | 138.2B | 129.17B | 112.39B | 84.29B | 74.84B | 78.71B | 41.22B | 34.23B | 27.52B | 26.18B | 23.72B | 19.36B | 16.5B | 15.4B | 13.83B | 11.74B | 10.38B | 8.31B | 6.63B | 5.08B | 3.55B | 2.02B | 640.19M | 342.46M | 186.47M |
| Operating Margin % | 32.7% | 32.05% | 32.11% | 27.42% | 26.46% | 30.55% | 22.59% | 21.15% | 20.12% | 23.61% | 26.27% | 25.82% | 24.99% | 27.74% | 30.05% | 30.98% | 35.4% | 35.14% | 30.43% | 30.64% | 33.48% | 32.86% | 20.07% | 23.36% | 42.43% |
| Operating Income Growth % | - | 14.93% | 33.33% | 12.63% | -4.92% | 90.94% | 20.43% | 24.37% | 5.14% | 10.38% | 22.5% | 17.36% | 7.1% | 11.34% | 17.82% | 13.11% | 24.89% | 25.33% | 30.44% | 43.22% | 75.98% | 215.11% | 86.94% | 83.66% | - |
| EBITDA | 161.33B | 150.3B | 127.7B | 96.24B | 88.32B | 91.16B | 54.92B | 46.01B | 36.56B | 33.09B | 29.86B | 24.42B | 21.48B | 19.34B | 16.8B | 13.59B | 11.78B | 9.84B | 8.13B | 6.05B | 4.12B | 2.31B | 788.66M | 397.51M | 215.45M |
| EBITDA Margin % | 38.18% | 37.3% | 36.48% | 31.31% | 31.23% | 35.38% | 30.09% | 28.43% | 26.72% | 29.85% | 33.08% | 32.57% | 32.54% | 34.84% | 36.48% | 35.86% | 40.17% | 41.59% | 37.31% | 36.47% | 38.87% | 37.65% | 24.73% | 27.12% | 49.02% |
| EBITDA Growth % | 20.48% | 17.7% | 32.69% | 8.97% | -3.11% | 65.97% | 19.36% | 25.86% | 10.47% | 10.83% | 22.26% | 13.73% | 11.03% | 15.16% | 23.56% | 15.42% | 19.73% | 20.95% | 34.37% | 46.83% | 78.35% | 193.04% | 98.4% | 84.5% | - |
| D&A (Non-Cash Add-back) | 23.13B | 21.14B | 15.31B | 11.95B | 13.47B | 12.44B | 13.7B | 11.78B | 9.04B | 6.92B | 6.14B | 5.06B | 4.98B | 3.94B | 2.96B | 1.85B | 1.4B | 1.52B | 1.5B | 967.66M | 571.94M | 293.81M | 148.47M | 55.05M | 28.98M |
| EBIT | 195.68B | 158.83B | 120.08B | 86.03B | 71.69B | 91.08B | 48.22B | 39.73B | 35.03B | 27.3B | 24.27B | 19.75B | 17.36B | 15.98B | 14.55B | 12.38B | 10.8B | 8.38B | 6.63B | 5.08B | 3.55B | 2.14B | 651.1M | 348.58M | 187.49M |
| Net Interest Income | -119M | 933M | 4.21B | 3.56B | 1.82B | 1.15B | 1.73B | 2.33B | 1.76B | 1.2B | 1.1B | 895M | 645M | 685M | 615M | 754M | 574M | 230M | 390M | 559.21M | 412.06M | 120.26M | 15.13M | 732K | -1.35M |
| Interest Income | 380M | 1.08B | 4.48B | 3.87B | 2.17B | 1.5B | 1.86B | 2.43B | 1.88B | 1.31B | 1.22B | 999M | 746M | 766M | 700M | 812M | 579M | 230M | 390M | 559.21M | 412.06M | 121.04M | 16M | 2.66M | 1.22M |
| Interest Expense | 499M | 143M | 268M | 308M | 357M | 346M | 135M | 100M | 114M | 109M | 124M | 104M | 101M | 81M | 85M | 58M | 5M | 0 | 0 | 0 | 0 | 776K | 862K | 1.93M | 2.57M |
| Other Income/Expense | 56.25B | 29.66B | 7.42B | 1.42B | -3.51B | 12.02B | 6.86B | 5.39B | 7.39B | 1.01B | 434M | 291M | 763M | 496M | 635M | 584M | 415M | 69M | -779M | 589.58M | 461.04M | 124.4M | 10.04M | 4.19M | -1.55M |
| Pretax Income | 194.45B | 158.83B | 119.81B | 85.72B | 71.33B | 90.73B | 48.08B | 39.63B | 34.91B | 27.19B | 24.15B | 19.65B | 17.26B | 15.9B | 14.47B | 12.33B | 10.8B | 8.38B | 5.85B | 5.67B | 4.01B | 2.14B | 650.23M | 346.65M | 184.91M |
| Pretax Margin % | 46.02% | 39.41% | 34.23% | 27.89% | 25.22% | 35.22% | 26.34% | 24.48% | 25.52% | 24.53% | 26.75% | 26.21% | 26.15% | 28.64% | 31.43% | 32.52% | 36.82% | 35.44% | 26.85% | 34.19% | 37.82% | 34.89% | 20.39% | 23.65% | 42.07% |
| Income Tax | 34.24B | 26.66B | 19.7B | 11.92B | 11.36B | 14.7B | 7.81B | 5.28B | 4.18B | 14.53B | 4.67B | 3.3B | 3.64B | 2.74B | 2.92B | 2.59B | 2.29B | 1.86B | 1.63B | 1.47B | 933.59M | 676.28M | 251.12M | 241.01M | 85.26M |
| Effective Tax Rate % | 17.61% | 16.78% | 16.44% | 13.91% | 15.92% | 16.2% | 16.25% | 13.33% | 11.96% | 53.44% | 19.35% | 16.81% | 21.08% | 17.23% | 20.15% | 21% | 21.22% | 22.2% | 27.78% | 25.91% | 23.28% | 31.58% | 38.62% | 69.52% | 46.11% |
| Net Income | 160.21B | 132.17B | 100.12B | 73.8B | 59.97B | 76.03B | 40.27B | 34.34B | 30.74B | 12.66B | 19.48B | 16.35B | 14.14B | 12.73B | 10.74B | 9.74B | 8.51B | 6.52B | 4.23B | 4.2B | 3.08B | 1.47B | 399.12M | 105.65M | 99.66M |
| Net Margin % | 37.91% | 32.8% | 28.6% | 24.01% | 21.2% | 29.51% | 22.06% | 21.22% | 22.46% | 11.42% | 21.58% | 21.8% | 21.42% | 22.93% | 23.32% | 25.69% | 29.01% | 27.57% | 19.39% | 25.33% | 29.02% | 23.87% | 12.51% | 7.21% | 22.67% |
| Net Income Growth % | 44.34% | 32.01% | 35.67% | 23.05% | -21.12% | 88.81% | 17.26% | 11.74% | 142.74% | -34.99% | 19.15% | 15.65% | 11.02% | 18.59% | 10.27% | 14.49% | 30.44% | 54.25% | 0.55% | 36.6% | 110.01% | 267.16% | 277.78% | 6.01% | - |
| Net Income (Continuing) | 160.21B | 132.17B | 100.12B | 73.8B | 59.97B | 76.03B | 40.27B | 34.34B | 30.74B | 12.66B | 19.48B | 16.35B | 13.62B | 13.16B | 11.55B | 9.74B | 8.51B | 6.52B | 4.23B | 4.2B | 3.08B | 1.47B | 399.12M | 105.65M | 99.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 516M | -427M | -816M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 13.09 | 10.81 | 8.04 | 5.80 | 4.56 | 5.61 | 2.93 | 2.46 | 2.19 | 0.90 | 1.39 | 1.14 | 1.05 | 0.95 | 0.81 | 0.74 | 0.66 | 0.51 | 0.33 | 0.33 | 0.25 | 0.13 | 0.04 | 0.01 | 0.01 |
| EPS Growth % | 46.15% | 34.45% | 38.62% | 27.19% | -18.72% | 91.47% | 19.11% | 12.33% | 143.33% | -35.25% | 21.93% | 8.57% | 10.53% | 17.28% | 9.46% | 12.12% | 29.41% | 54.55% | 0% | 32% | 92.31% | 256.16% | - | -26.21% | - |
| EPS (Basic) | - | 10.91 | 8.13 | 5.84 | 4.59 | 5.69 | 2.96 | 2.48 | 2.21 | 0.91 | 1.42 | 1.16 | 1.07 | 0.97 | 0.82 | 0.75 | 0.67 | 0.52 | 0.34 | 0.34 | 0.26 | 0.13 | 0.04 | 0.01 | 0.01 |
| Diluted Shares Outstanding | 12.24B | 12.23B | 12.45B | 12.72B | 13.16B | 13.55B | 13.74B | 13.97B | 14.07B | 14.07B | 13.99B | 13.86B | 13.74B | 13.55B | 13.29B | 13.09B | 12.93B | 12.78B | 12.7B | 12.65B | 12.38B | 11.67B | 10.93B | 13.99B | 9.69B |
| Basic Shares Outstanding | 12.1B | 12.12B | 12.32B | 12.63B | 13.06B | 13.35B | 13.62B | 13.85B | 13.9B | 13.86B | 13.76B | 13.7B | 13.52B | 13.31B | 13.09B | 12.91B | 12.75B | 12.65B | 12.56B | 12.43B | 12.06B | 11.03B | 10.93B | 13.75B | 9.69B |
| Dividend Payout Ratio | - | 7.6% | 7.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory search distribution risk
According to the latest quarterly income statements, Alphabet's revenue growth has accelerated to 21.8% in 2026Q1, marking a notable departure from the mid-teens growth observed throughout 2024 and 2025, which suggests that the company's core advertising and cloud segments are successfully capturing increased market demand.
The recent acceleration in top-line performance appears to be driven by a combination of resilient search query volume and the scaling of Google Cloud. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary cyclical tailwind in digital advertising spend.
As reported in financial statements, Alphabet achieved a gross margin of 62.4% in 2026Q1, representing a meaningful expansion from the 58-59% range maintained over the prior two years, despite the heavy capital intensity required to support the company's expanding global AI compute infrastructure.
This margin improvement suggests that the company is achieving better operating efficiency within its data centers or benefiting from a favorable shift in revenue mix toward higher-margin services. It remains to be seen if this expansion can be sustained as the marginal cost of AI-integrated search queries continues to evolve.
Based on reported figures, Alphabet's operating margin reached 36.1% in 2026Q1, demonstrating significant operating leverage as the company's operating income scaled faster than gross profit, likely reflecting disciplined headcount management and the maturation of the Google Cloud segment's cost structure over the recent ten-quarter period.
The ability to expand operating margins while simultaneously increasing R&D investment suggests a high degree of internal cost control. Analysts should investigate whether this leverage is a permanent structural shift or if it is susceptible to future increases in competitive spending requirements.
Data from recent filings indicates that Alphabet's net income reached $62.6B in 2026Q1, though this figure appears heavily influenced by non-operating items, as the net margin of 56.9% significantly exceeds the operating margin, warranting further investigation into the sustainability of these non-core earnings contributions.
While the headline EPS growth of 81.9% is impressive, the discrepancy between operating and net income suggests that investors should focus on core operating performance rather than bottom-line figures. The consistent level of stock-based compensation, averaging over $5B per quarter, continues to be a meaningful non-cash expense that dilutes the quality of reported earnings.
While revenue growth appears robust, the potential for regulatory intervention in search distribution contracts, as highlighted in recent context, poses a significant risk that could force a restructuring of the company's primary revenue model and potentially lead to margin compression if default status becomes more expensive.
Short-sellers may focus on the vulnerability of the search-based ad model to antitrust rulings and the rising costs of AI-driven search. Investors should monitor whether the current growth rates can be maintained if the company's distribution advantages are legally curtailed.
Quick answers to the most common questions about buying GOOGL stock.
For fiscal year 2025, Alphabet Inc. (GOOGL) reported total revenue of $402.96B. This represents a 91585.0% increase compared to $439.5M in 2002.
Alphabet Inc. (GOOGL) is profitable, generating $132.17B in net income for the fiscal year ending 2025 with a net profit margin of 32.8%.
Alphabet Inc. (GOOGL) reported an operating income of $129.17B, resulting in an operating profit margin of 32.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Alphabet Inc. (GOOGL) generated $240.43B in gross profit for the year, representing a gross profit margin of 59.7%. This demonstrates the company's core pricing power and production efficiency.