Alphabet (GOOG) financial statements
Alphabet reported revenue of $402.8B in fiscal 2025, up 18.1% a year over 9 years.
Net income was $132.2B and the operating margin 32.0%, against 26.3% in 2016.
Free cash flow was $73.3B, and the company returned $10.0B in dividends and $45.7B in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Alphabet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $90.3B | $110.9B | $136.8B | $161.9B | $182.5B | $257.6B | $282.8B | $307.4B | $350.0B | $402.8B |
| Cost of revenue | $35.1B | $45.6B | $59.5B | $71.9B | $84.7B | $110.9B | $126.2B | $133.3B | $146.3B | $162.5B |
| Gross profit | $55.1B | $65.3B | $77.3B | $90.0B | $97.8B | $146.7B | $156.6B | $174.1B | $203.7B | $240.3B |
| Research and development | $13.9B | $16.6B | $21.4B | $26.0B | $27.6B | $31.6B | $39.5B | $45.4B | $49.3B | $61.1B |
| Selling, general and admin | $17.5B | $19.7B | $23.3B | $28.0B | $29.0B | $36.4B | $42.3B | $44.3B | $42.0B | $50.2B |
| Operating income | $23.7B | $26.2B | $27.5B | $34.2B | $41.2B | $78.7B | $74.8B | $84.3B | $112.4B | $129.0B |
| Interest expense | $124M | $109M | $114M | $100M | $135M | $346M | $357M | $308M | $268M | $736M |
| Pre-tax income | $24.1B | $27.2B | $34.9B | $39.6B | $48.1B | $90.7B | $71.3B | $85.7B | $119.8B | $158.8B |
| Income tax | $4.7B | $14.5B | $4.2B | $5.3B | $7.8B | $14.7B | $11.4B | $11.9B | $19.7B | $26.7B |
| Net income | $19.5B | $12.7B | $30.7B | $34.3B | $40.3B | $76.0B | $60.0B | $73.8B | $100.1B | $132.2B |
| EPS (diluted) | $1.39 | $0.90 | $2.19 | $2.46 | $2.93 | $5.61 | $4.56 | $5.80 | $8.04 | $10.81 |
| Diluted shares | — | — | — | — | — | — | 13.16B | 12.72B | 12.45B | 12.23B |
| Gross margin | 61.1% | 58.9% | 56.5% | 55.6% | 53.6% | 56.9% | 55.4% | 56.6% | 58.2% | 59.7% |
| Operating margin | 26.3% | 23.6% | 20.1% | 21.1% | 22.6% | 30.6% | 26.5% | 27.4% | 32.1% | 32.0% |
| Net margin | 21.6% | 11.4% | 22.5% | 21.2% | 22.1% | 29.5% | 21.2% | 24.0% | 28.6% | 32.8% |
Balance sheet
Fiscal years, from Alphabet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $86.3B | $101.9B | $109.1B | $119.7B | $136.7B | $139.6B | $113.8B | $110.9B | $95.7B | $126.8B |
| Receivables | $14.1B | $18.3B | $20.8B | $25.3B | $30.9B | $39.3B | $40.3B | $48.0B | $52.3B | $62.9B |
| Inventory | $268M | $749M | $1.1B | $999M | $728M | $1.2B | $2.7B | — | — | $2.4B |
| Total current assets | $105.4B | $124.3B | $135.7B | $152.6B | $174.3B | $188.1B | $164.8B | $171.5B | $163.7B | $206.0B |
| Property, plant and equipment | $34.2B | $42.4B | $59.7B | $73.6B | $84.7B | $97.6B | $112.7B | $134.3B | $171.0B | $246.6B |
| Goodwill | $16.5B | $16.7B | $17.9B | $20.6B | $21.2B | $23.0B | $29.0B | $29.2B | $31.9B | $33.4B |
| Total assets | $167.5B | $197.3B | $232.8B | $275.9B | $319.6B | $359.3B | $365.3B | $402.4B | $450.3B | $595.3B |
| Total current liabilities | $16.8B | $24.2B | $34.6B | $45.2B | $56.8B | $64.3B | $69.3B | $81.8B | $89.1B | $102.7B |
| Long-term debt | $3.9B | $4.0B | $4.0B | $4.6B | $13.9B | $14.8B | $14.7B | $11.9B | $10.9B | $46.5B |
| Total liabilities | $28.5B | $44.8B | $55.2B | $74.5B | $97.1B | $107.6B | $109.1B | $119.0B | $125.2B | $180.0B |
| Shareholders' equity | $139.0B | $152.5B | $177.6B | $201.4B | $222.5B | $251.6B | $256.1B | $283.4B | $325.1B | $415.3B |
| Net debt | -$9.0B | -$6.7B | -$12.7B | -$13.9B | -$11.5B | -$6.1B | -$7.2B | -$11.2B | -$11.6B | $17.8B |
Cash flow
Fiscal years, from Alphabet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $36.0B | $37.1B | $48.0B | $54.5B | $65.1B | $91.7B | $91.5B | $101.7B | $125.3B | $164.7B |
| Capital spending | $10.2B | $13.2B | $25.1B | $23.5B | $22.3B | $24.6B | $31.5B | $32.3B | $52.5B | $91.4B |
| Free cash flow | $25.8B | $23.9B | $22.8B | $31.0B | $42.8B | $67.0B | $60.0B | $69.5B | $72.8B | $73.3B |
| Stock-based compensation | $6.7B | $7.7B | $9.4B | $10.8B | $13.0B | $15.4B | $19.4B | $22.5B | $22.8B | $25.0B |
| Dividends paid | $0 | $0 | — | — | — | — | $0 | $0 | $7.4B | $10.0B |
| Share buybacks (net) | -$3.7B | -$4.8B | -$9.1B | -$18.4B | -$31.1B | -$50.3B | -$59.3B | -$61.5B | -$62.2B | -$45.7B |
| Net borrowing | -$10.1B | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 28.6% | 21.6% | 16.7% | 19.1% | 23.5% | 26.0% | 21.2% | 22.6% | 20.8% | 18.2% |
| Dividends per share | — | — | — | — | — | — | — | — | $0.59 | $0.82 |
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Open GOOG in InvestinglyQuestions
What was Alphabet's revenue in 2025?
$402.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Alphabet generate?
$73.3B in fiscal 2025 (operating cash flow minus capital spending).
From Alphabet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.