GOOGL
Updated: 22/09/2026, 15:34:05
Alphabet Inc. provides a diverse range of products and digital platforms to consumers across multiple global regions, including North and South America, Europe, the Middle East, Africa, and the Asia-Pacific. The company's operations are organized into three primary divisions: Google Services, Google Cloud, and "Other Bets." The Google Services segment delivers core offerings such as its advertising solutions, the Android operating system, the Chrome browser, and various hardware. It also features popular applications like Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. This division further handles the sale of applications, in-app purchases, and digital content via the Google Play store, alongside marketing devices such as Fitbit wearables, Google Nest smart home products, Pixel smartphones, and other proprietary hardware. It also provides non-advertising services for YouTube. The Google Cloud segment offers a comprehensive suite of infrastructure, platform, and other cloud computing services for businesses. This includes Google Workspace, a collection of cloud-native collaboration tools for enterprises, featuring applications like Gmail, Docs, Drive, Calendar, and Meet, among other specialized services for corporate clients. Lastly, the "Other Bets" segment is engaged in developing and selling health technology and internet services. Established in 1998, Alphabet Inc. maintains its principal executive offices in Mountain View, California.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$132.2B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$73.3B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$45.7B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Alphabet overview and segments
Collection of businesses — Google (Google Services + Google Cloud) and Other Bets; centralized AI R&D in Alphabet-level activities
“Alphabet is a collection of businesses — the largest of which is Google. We report Google in two segments, Google Services and Google Cloud, and all non-Google businesses collectively as Other Bets.”
Other Bets moonshots
Other Bets: Waymo (autonomous ride-hailing), Isomorphic Labs (drug discovery), quantum computing frontier investments
“our fully autonomous driving technology company, Waymo, is now providing fully autonomous, paid ride-hailing services to customers in multiple cities. Isomorphic Labs is reimagining the drug discovery process”
Cloud customer verticals with regulatory compliance risks
Google Cloud business with financial services, healthcare, and public sector customers presents regulatory compliance risks
“our business with financial services, healthcare, and public sector customers may present additional risks, including regulatory compliance risks”
Google Services core products and platforms
Core products include ads, Android, Chrome, devices, Gmail, Google Drive, Google Gemini, Google Maps, Google Photos, Google Play, Search, YouTube
“Google Services' core products and platforms include ads, Android, Chrome, devices, Gmail, Google Drive, Google Gemini, Google Maps, Google Photos, Google Play, Search, and YouTube”
Google advertising revenue components
Google advertising = Google Search & other + YouTube ads + Google Network (AdMob, AdSense, Google Ad Manager)
“Google Network, which includes revenues generated on Google Network properties participating in AdMob, AdSense, and Google Ad Manager”
Custom TPUs including Ironwood (7th generation)
AI accelerators include GPUs and custom-built TPUs, e.g., Ironwood, seventh-generation TPU
“our own custom-built Tensor Processing Units (TPUs), such as Ironwood, our seventh-generation TPU”
Gemini 3 AI model
Gemini 3 — most capable multimodal, agentic AI model; all 15 half-billion-user products use Gemini models
“our research teams have pushed the boundaries of AI forward, which is displayed through Gemini 3, our most intelligent AI model yet”
Advertising AI products
AI ad products: Demand Gen, Performance Max, Product Studio
“Products like Demand Gen, Performance Max, and Product Studio use the full power of our AI to help advertisers find untapped and incremental conversion opportunities”
Google Cloud enterprise AI offerings
Google Cloud offerings include GCP, Google Workspace, Gemini Enterprise, Gemini for Google Workspace
“solutions such as Gemini Enterprise and Gemini for Google Workspace”
Device product family
Latest devices include Pixel 10 series and Pixel Watch 4; platforms Android, Chrome, Chrome OS
“our latest generation of devices, such as the new Pixel 10 series and the Pixel Watch 4”
Advertising revenue concentration
More than 70% of total revenues from online advertising in 2025
“We generated more than 70% of total revenues from online advertising in 2025.”
Contract manufacturers for technical infrastructure and devices
Contract manufacturers used for technical infrastructure and device assembly; Alphabet may supply components directly
“We use contract manufacturers for our technical infrastructure and device assembly and may supply them with components purchased directly from suppliers.”
AI talent competition and key personnel
Intense competition for AI talent; dependence on key technical leads and Sundar Pichai; no key-person life insurance
“Competition in our industry for qualified employees, particularly AI talent, is intense, and certain of our competitors have directly targeted, and may continue to target, our employees.”
Pending acquisition of Wiz
Wiz (cloud security platform) for $32.0B all-cash; expected to close 2026; will join Google Cloud segment
“we entered into a definitive agreement to acquire Wiz, Inc. ("Wiz"), a leading cloud security platform, for $32.0 billion, subject to closing adjustments, in an all-cash transaction”
Pending acquisition of Intersect
Intersect (data center and energy infrastructure) for $4.8B cash plus debt assumption; expected close H1 2026
“we entered into a definitive agreement to acquire Intersect, which provides data center and energy infrastructure solutions, for $4.8 billion in cash, plus the assumption of debt”
Technical infrastructure assets
Technical infrastructure net $203,679M at Dec 31, 2025 (vs $141,852M in 2024); ~60% servers and network equipment
“As of December 31, 2024 and 2025, approximately 60% of technical infrastructure assets were comprised of servers and network equipment”
Revenues beyond advertising growing faster
Cloud, subscriptions, platforms, and devices revenues growing faster than advertising; generally lower margins
“Certain of these revenues have been growing at a rate higher than our advertising revenues, becoming a larger percentage of our consolidated revenues”
Traffic acquisition costs (TAC)
TAC to grow with ad revenues; TAC rate decreasing on mix shift from Network to Search properties
“We expect traffic acquisition costs ("TAC") paid to our distribution partners and Google Network partners to increase as our advertising revenues grow”
November 2025 debt issuance
Nov 2025: $500M USD floating + $17.0B USD fixed (4.92% WA coupon, ~20yr) + €6.5B EUR fixed (3.44% WA coupon, ~16yr)
“We issued $500 million of US dollar-denominated floating-rate senior unsecured notes and $17.0 billion of US dollar-denominated fixed-rate senior unsecured notes with a weighted-average coupon rate of 4.92%”
Long-term debt summary as of Dec 31, 2025
Total face value of long-term debt $49,085M (2024: $12,000M); total long-term debt $46,547M at Dec 31, 2025
“Total face value of long-term debt12,000 49,085”
Credit facilities and commercial paper
$10.0B revolving credit facilities (undrawn); $25.0B commercial paper program (none outstanding)
“we had $10.0 billion of revolving credit facilities, $4.0 billion expiring in April 2026 and $6.0 billion expiring in April 2030. No amounts have been borrowed under the credit facilities”
2026 capex significant increase; AI infrastructure costs
In 2026, expect to significantly increase technical infrastructure investment vs. 2025; infrastructure operating costs to significantly increase
“in 2026, we expect to significantly increase, relative to 2025, our investment in our technical infrastructure, including servers and network equipment, and data centers”
Share repurchases 2025
2025: repurchased 240 million shares for $45.4B; additional $70.0B authorization April 2025; $69.5B remaining
“During 2025, we repurchased and subsequently retired 240 million shares for $45.4 billion.”
Dividend program
April 2025: quarterly dividend increased 5% to $0.21/share; 2025 total dividends: $4.8B Class A, $703M Class B, $4.5B Class C
“In April 2025, the company's Board of Directors increased the quarterly cash dividend by 5% to $0.21 per share of outstanding Class A, Class B, and Class C shares.”
Accrued legal and regulatory fines
$15.6 billion short-term accrued legal and regulatory fines and settlements at Dec 31, 2025, primarily EC fines
“we had short-term accrued legal and regulatory fines and settlements of $15.6 billion. This amount primarily included EC fines”
Purchase commitments and credit support
$149.1B total purchase commitments ($113.0B short-term); $5.7B financial guarantee and $16.9B credit derivative backstops
“As of December 31, 2025, the total for these commitments was $149.1 billion, of which $113.0 billion was short-term”
R&D investment scale
Invested more than $200 billion in R&D in the last five years
“have invested more than $200 billion in research and development in the last five years in support of these efforts”
Evolving global regulation of digital economy
Subject to expanding worldwide laws in privacy, competition, AI, and online content with high compliance costs
“governments around the world have proposed and adopted a large number of new laws and regulations relevant to the digital economy, particularly in the areas of data privacy and security, competition, AI, and online content”
AI reshaping advertising / ad-blocking risks
AI is reshaping advertising; ad-blockers and reduced advertiser spending could harm the business
“We believe AI is quickly reshaping the advertising industry, including how ads are delivered online”
Cybersecurity risks including AI-exacerbated attacks and nation-state actors
Cyber attack risk from nation-states and state-sponsored actors, exacerbated by AI; geopolitical conflicts (Middle East, Ukraine) increase risks
“we face the risk of cyber attacks and data exfiltration or compromise by nation-states and state-sponsored actors”
Leasing arrangements for AI compute capacity
Significant leasing arrangements with third-party operators to meet AI compute demand; excess capacity risk in a downturn
“To meet the compute capacity demands of AI training and inference, as well as traditional cloud computing services, we are entering into significant leasing arrangements with third party operators”
Dependence on internet access providers
Internet access providers with significant market power may restrict or degrade access to products; some jurisdictions have government-initiated restrictions
“Internet access providers may be able to restrict, block, degrade, or charge for access to certain of our products and services”
AI is a platform shift central to Alphabet's products, cloud offerings, and future growth; all 15 half-billion-user products use Gemini models, but AI also reshapes advertising competition.
“Today, all 15 of our half-billion-user products — including seven with two billion users — use our Gemini models.”
Heavy capex on technical infrastructure (servers, network equipment, data centers) with significantly rising depreciation, energy, and equipment costs; 2026 capex expected to significantly increase over 2025.
“The costs associated with operating our technical infrastructure - depreciation, energy, equipment, and network capacity - are expected to significantly increase as developing and serving AI offerings require more compute power”
Worldwide laws on data privacy/security, competition, AI, and online content impose high and increasing compliance costs, fines, and business practice changes; $15.6B accrued fines primarily EC fines.
“The costs of compliance with these measures are high and are likely to increase in the future, including as a result of differing, and sometimes conflicting, laws and regulations.”
Custom TPUs are a key differentiator for AI-optimized infrastructure powering own products and Google Cloud offerings; ongoing TPU development requires significant investment.
“We must continue to invest significant resources in technical infrastructure, including the development of our custom TPUs”
Google Cloud (GCP and Workspace) is a growing revenue source growing faster than advertising, with significant infrastructure investment and competitive pressure from rivals deploying cloud capacity.
“our competitors are rapidly developing and deploying cloud-based services and capacity”
Scaling technical infrastructure and data centers to meet AI and enterprise customer demand; Intersect acquisition ($4.8B) targets data center and energy infrastructure; finance leases primarily for data centers.
“We continue to invest in capital expenditures as we scale our technical infrastructure, in particular for AI, to meet the demand of our users and enterprise customers”
Financial services, healthcare, and public sector cloud customers carry regulatory compliance risks including government audits and sovereign operating requirements.
“we may be subject to government audits and cost reviews, and any failure to comply or any deficiencies found may expose us to legal, financial, and reputational risks”
Conflicts in the Middle East and Ukraine increase cyber attack risks; geopolitical events and trade developments affect advertiser/enterprise spending and costs of purchase commitments.
“Geopolitical tensions or armed conflicts, such as the ongoing conflict in the Middle East and Ukraine, may increase these risks.”
Advertiser expenditures correlate with overall economic conditions; adverse macro conditions have affected and may affect advertising demand and advertiser spending.
“Expenditures by advertisers tend to correlate with overall economic conditions. Adverse macroeconomic conditions have affected, and may in the future affect, the demand for advertising”
Material purchase commitments include energy take-or-pay contracts; backstop guarantees ($5.7B) support counterparties procuring long-lead-time equipment for future power purchase agreements; multi-year non-cancellable PPAs with third-party suppliers.
“In addition, we regularly enter into multi-year, non-cancellable power purchase agreements with third-party suppliers that do not include a minimum dollar commitment.”
Revenue fluctuations are affected by foreign currency exchange rates and Alphabet issued large USD-denominated notes in 2025.
“changes in foreign currency exchange rates”
Alphabet issued €6.5 billion of euro-denominated fixed-rate senior unsecured notes in November 2025, creating euro-denominated debt exposure.
“we issued €6.5 billion of euro-denominated fixed-rate senior unsecured notes with a weighted-average coupon rate of 3.44% and a weighted-average maturity of approximately 16 years”
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