GOOGL
Alphabet Inc. (Class A) · Communication Services · Interactive Media & Services
$348.06
52w 205.28 – 408.61
20y monthly, adjusted
Mkt cap
—
P/E
—
P/FCF
—
FCF yield
—
ROE
31.8%
Shldr yield
—
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+12.5%
Rev 5y
+17.2%
Rev 10y
+18.3%
EPS 5y
+29.8%
EPS 10y
−5.7%
FCF 5y
+11.3%
FCF 10y
+16.0%
Fundamentals
Fiscal 2013–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $119.8B | +24.2% | $112.2B | +297.9% | 9.11 | $39.1B |
| Q1'26 | $109.9B | +21.8% | $62.6B | +81.2% | 5.11 | $45.8B |
| Q4'25 * | $113.8B | +18.0% | $34.5B | +29.8% | 2.82 | $52.4B |
| Q3'25 | $102.3B | +15.9% | $35.0B | +33.0% | 2.87 | $48.4B |
| Q2'25 | $96.4B | +13.8% | $28.2B | +19.4% | 2.31 | $27.7B |
| Q1'25 | $90.2B | +12.0% | $34.5B | +46.0% | 2.81 | $36.1B |
| Q4'24 * | $96.5B | +11.8% | $26.5B | +28.3% | 2.14 | $39.1B |
| Q3'24 | $88.3B | +15.1% | $26.3B | +33.6% | 2.12 | $30.7B |
| Q2'24 | $84.7B | +13.6% | $23.6B | +28.6% | 1.89 | $26.6B |
| Q1'24 | $80.5B | +15.4% | $23.7B | +57.2% | 1.89 | $28.8B |
| Q4'23 * | $86.3B | +13.5% | $20.7B | +51.8% | 1.64 | $18.9B |
| Q3'23 | $76.7B | +11.0% | $19.7B | +41.5% | 1.55 | $30.7B |
| Q2'23 | $74.6B | +7.1% | $18.4B | +14.8% | 1.44 | $28.7B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +12.5% | +17.2% | +18.3% | — |
| Operating cash flow | +21.6% | +20.4% | +20.0% | — |
| Free cash flow | +6.9% | +11.3% | +16.0% | — |
| EPS (diluted) | +33.3% | +29.8% | −5.7% | — |
| Equity | +17.5% | +13.3% | +13.2% | — |
| LT debt | +44.9% | +24.9% | +37.0% | — |
| Diluted shares | −2.4% | — | — | — |
| Stock price | +37.1% | +19.4% | +24.4% | +24.2% |
$100, 3 years ago
$258vs $176 in SPY
37.1% vs 20.7%/yr
$100, 5 years ago
$243vs $181 in SPY
19.4% vs 12.6%/yr
$100, 10 years ago
$889vs $412 in SPY
24.4% vs 15.2%/yr
$100, 15 years ago
$2,594vs $813 in SPY
24.2% vs 15.0%/yr
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
35.7%
OCF ÷ (equity + debt)
OCF / EV yield
—
MC vs 10× OCF
—
≤1 = priced under 10× OCF
Debt / FCF
0.6y
SBC / FCF
34.1%
Owner earnings
$48.3B
OCF − capex − SBC
OE yield
—
Share count 5y
−2.4%
per year; negative = buybacks
Capital intensity
—
net PP&E ÷ revenue
Sales efficiency
$0.52
new PP&E per $1 new revenue, 5y
Growth engine (5y): reinvested 38.2% of operating cash flow at an incremental return of 45.3% — an organically fundable growth rate of about 17.3% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
21 of 22 checks pass · 95%. Checks with structurally missing inputs are excluded.
Growth & Consistency
7/7
- pass
Revenue growth
17.2% · 5y CAGR ≥ 5%
- pass
EPS growth
29.8% · 5y CAGR ≥ 5%
- pass
FCF growth
11.3% · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
9 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
20.4% vs 17.2% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
6/6
- pass
Net margin
32.8% · ≥ 8%
- pass
Operating margin
32.0% · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
31.8% · ≥ 12%
- pass
Cash ROIC
35.7% · ≥ 12%
- pass
FCF margin
18.2% · ≥ 5%
- pass
Earnings back their cash
OCF $164.7B vs NI $132.2B · OCF ≥ net income (latest FY)
Balance Sheet
5/5
- pass
Debt payable from cash flow
0.6y · LT debt ≤ 3× FCF
- pass
Cash cushion
66% · cash ≥ 50% of LT debt
- pass
Leverage
0.11 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$415.3B · equity > 0 and grew over ~5y
- pass
Interest burden
1% · interest ≤ 15% of operating income
Capital Allocation
3/4
- pass
Share count flat or shrinking
-2.4% · ≤ +0.5%/yr over ~5y
- fail
Stock comp restrained
34% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
76% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
0/0
- na
FCF yield
— · ≥ 3%
- na
Earnings multiple
— · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- na
Shareholder yield
— · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Heavy stock compensation
Stock-based compensation consumes more than 30% of free cash flow.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 402,836 | — | 129,039 | 132,170 | 10.81 | 164,713 | 91,447 | 73,266 | 10,049 | 45,709 | 24,953 | 30,708 | 46,547 | 415,265 | 12,230 |
| 2024 | 350,018 | — | 112,390 | 100,118 | 8.04 | 125,299 | 52,535 | 72,764 | 7,363 | 62,222 | 22,785 | 23,466 | 10,883 | 325,084 | 12,447 |
| 2023 | 307,394 | — | 84,293 | 73,795 | 5.80 | 101,746 | 32,251 | 69,495 | 0 | 61,504 | 22,460 | 24,048 | 11,870 | 283,379 | 12,722 |
| 2022 | 282,836 | — | 74,842 | 59,972 | 4.56 | 91,495 | 31,485 | 60,010 | 0 | 59,296 | 19,362 | 21,879 | 15,312 | 256,144 | 13,159 |
| 2021 | 257,637 | — | 78,714 | 76,033 | 5.61 | 91,652 | 24,640 | 67,012 | — | 50,274 | 15,376 | 20,945 | 15,440 | 251,635 | — |
| 2020 | 182,527 | — | 41,224 | 40,269 | 2.93 | 65,124 | 22,281 | 42,843 | — | 31,149 | 12,991 | 26,465 | 15,319 | 222,544 | — |
| 2019 | 161,857 | — | 34,231 | 34,343 | 49.16 | 54,520 | 23,548 | 30,972 | — | 18,396 | 10,794 | 18,498 | 3,958 | 201,442 | — |
| 2018 | 136,819 | — | 27,524 | 30,736 | 43.70 | 47,971 | 25,139 | 22,832 | — | 9,075 | 9,353 | 16,701 | 3,950 | 177,628 | — |
| 2017 | 110,855 | — | 26,178 | 12,662 | 18.00 | 37,091 | 13,184 | 23,907 | 0 | 4,846 | 7,679 | 10,715 | 3,943 | 152,502 | — |
| 2016 | 90,272 | — | 23,716 | 19,478 | 27.85 | 36,036 | 10,212 | 25,824 | 0 | 3,693 | 6,703 | 12,918 | 3,935 | 139,036 | — |
| 2015 | 74,989 | — | 19,360 | 16,348 | — | 26,572 | 9,950 | 16,622 | 47 | 1,780 | 5,203 | 16,549 | 1,995 | 120,331 | — |
| 2014 | 66,001 | — | 16,496 | 14,136 | 20.57 | 23,024 | 11,014 | 12,010 | 0 | 0 | 4,279 | 18,347 | 2,992 | 103,860 | — |
| 2013 | 55,519 | — | 15,403 | 12,733 | 18.79 | 18,659 | 7,358 | 11,301 | 0 | 0 | 3,343 | 18,898 | — | 86,977 | — |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.