Alphabet Inc. (Class C)
Alphabet is an advertising-funded search, video and cloud company that is now spending, borrowing and issuing equity to build AI compute, with Google Cloud doubling revenue in Q3 2026.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Keep Alphabet as the dominant funder of Waymo through its international rollout, rather than ceding control to outside investors.
- Other Bets revenue and loss trajectory
- Additional valuation-based compensation charges
- Changes in outside investor participation in Waymo
- Turn TPUs from an internal advantage into a distinct merchant hardware business, selling complete TPU systems to outside customers rather than only renting capacity in Google Cloud.Medium confidence
- Vertically integrate into power generation and data-center development, owning or financially backing energy assets rather than only buying power.Medium confidence
- Keep funding the build-out with a standing mix of equity and multi-currency debt, so capital return takes a smaller share of cash relative to capex than in 2025.Medium confidence
- Make security a lead product for Google Cloud enterprise sales once Wiz is acquired, bundling it with Gemini-based security models.Medium confidence
- Introduce and scale ad formats inside AI Mode and AI Overviews, now that AI features are lifting query volume including commercial queries.Medium confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $257.6B | $282.8B | $307.4B | $350.0B | $402.8B |
| Gross profit | $146.7B | $156.6B | $174.1B | $203.7B | $240.3B |
| Operating income | $78.7B | $74.8B | $84.3B | $112.4B | $129.0B |
| Net income | $76.0B | $60.0B | $73.8B | $100.1B | $132.2B |
| Operating cash flow | $91.7B | $91.5B | $101.7B | $125.3B | $164.7B |
| Capital expenditure | $24.6B | $31.5B | $32.3B | $52.5B | $91.4B |
| Free cash flow | $67.0B | $60.0B | $69.5B | $72.8B | $73.3B |
| R&D | $31.6B | $39.5B | $45.4B | $49.3B | $61.1B |
| Stock-based comp | $15.4B | $19.4B | $22.5B | $22.8B | $25.0B |
| Buybacks | $50.3B | $59.3B | $61.5B | $62.2B | $45.7B |
| Dividends | — | $0 | $0 | $7.4B | $10.0B |
| Cash | $20.9B | $21.9B | $24.0B | $23.5B | $30.7B |
| Total debt | $15.4B | $15.3B | $14.0B | $15.3B | $51.1B |
| Equity | $251.6B | $256.1B | $283.4B | $325.1B | $415.3B |
Built from the company's disclosures: 10-K (2026-02-05), 8-K (2026-11-05), 8-K (2026-10-28), 8-K (2026-08-10), 8-K (2026-07-22), DEF 14A (2026-04-24).
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