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Alphabet Inc.

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Quarterly earnings data from Alphabet’s SEC filings (10-Q, 10-K), covering 44 quarters from Q1 '15 to Q4 '25.

Latest observations

Q4 '25 (Dec 2025)

YouTube breakout since Q1 2019

Cloud breakout since Q1 2017

Dividend starts Q2 2024

GOOG Stock Price

$294.46

▼ $0.44 (0.15%)as of Apr 3, 2026, 1:46 AM

Mkt Cap

$3.56T

P/E Ratio

27.21

52-wk High

$350.15

52-wk Low

$142.66

Source: Yahoo Finance · End-of-day data · Hover or tap for detail

Ads EngineCloud & MarginsCapital AllocationBalance SheetAnnual Summary

The core pattern is stable: Alphabet remains an advertising machine, but the newer story is that Cloud is becoming large enough to matter to mix, while AI-driven capex is rising fast enough to crowd out cash that previously would have supported more aggressive shareholder returns.

Revenue

$113.8B

Q4 '25 (Dec 2025)

+18.0% vs. Q4 '24

Gross Margin

59.8%

GAAP gross margin

+1.9pp vs. Q4 '24

Cloud Mix

15.5%

$17.7B of total revenue

+3.1pp vs. Q4 '24

Capex Intensity

24.5%

$27.9B invested this quarter

3.5x shareholder returns

$19.8B more than dividends + buybacks

Ads Engine

Search still carries the model, even as mix slowly broadens.

Advertising remains the dominant earnings engine. The useful question is not whether Alphabet is still ad-driven, but how much the mix is broadening across Cloud, subscriptions, and geography.

Advertising revenue mix

72.3%

$82.3B from Search, YouTube, and Network

Operating income

$35.9B

31.6% operating margin in Q4 '25

Quarterly revenue

Total net revenue, 2015–2025

$020B40B60B80B100B120BQ1 '152015Q1 '162016Q1 '172017Q1 '182018Q1 '192019Q1 '202020Q1 '212021Q1 '222022Q1 '232023Q1 '242024Q1 '252025

Source: Alphabet SEC filings (10-Q, 10-K) · Q4 (holiday quarter) highlighted

Revenue by segment

Quarterly net revenue by business segment, 2015– 2025

$020B40B60B80B100B120BQ1 '152015Q1 '162016Q1 '172017Q1 '182018Q1 '192019Q1 '202020Q1 '212021Q1 '222022Q1 '232023Q1 '242024Q1 '252025

Source: Alphabet SEC filings (10-Q, 10-K) · Click categories to filter

Revenue by geography

Quarterly net revenue by region, 2015–2025

$020B40B60B80B100B120BQ1 '152015Q1 '162016Q1 '172017Q1 '182018Q1 '192019Q1 '202020Q1 '212021Q1 '222022Q1 '232023Q1 '242024Q1 '252025

Source: Alphabet SEC filings (10-Q, 10-K) · Click categories to filter

Cloud & Margins

Cloud is scaling into the mix while margin discipline holds.

Cloud is still smaller than the ad machine, but it is now large enough to affect mix and capital spending. The key read-through is whether growth, TAC discipline, and gross margin remain compatible.

Quarterly Google Cloud revenue

Google Cloud net revenue with share of total, 2015–2025

$05B10B15B20B5%10%15%20%25%Q1 '152015Q1 '162016Q1 '172017Q1 '182018Q1 '192019Q1 '202020Q1 '212021Q1 '222022Q1 '232023Q1 '242024Q1 '252025
Google Cloud ($)% of total

Source: Alphabet SEC filings & press releases

Gross margin

Quarterly GAAP gross margin percentage, 2015–2025

50%55%60%65%70%20152016201720182019202020212022202320242025

Source: Alphabet SEC filings (10-Q, 10-K)

TAC ratio

Traffic acquisition costs as % of advertising revenue, 2015–2025

20%25%30%20152016201720182019202020212022202320242025

Source: Alphabet SEC filings (10-Q, 10-K) · TAC = Traffic Acquisition Costs

Capital Allocation

Capex is starting to eat into the cash pool available for returns.

Alphabet is still returning capital, but the balance has changed. The relevant shift is that AI infrastructure spending is now absorbing a larger share of internally generated cash, leaving less room for the kind of buyback intensity investors got used to.

Cash flow allocation

Operating cash flow breakdown, 2015–2025

-20B-10B$010B20B30B40B50B60BQ1 '152015Q1 '162016Q1 '172017Q1 '182018Q1 '192019Q1 '202020Q1 '212021Q1 '222022Q1 '232023Q1 '242024Q1 '252025

Source: Alphabet SEC filings (10-Q, 10-K) · Click categories to filter

Shareholder returns & shares outstanding

Dividends + buybacks with diluted share count, 2015–2025

$05B10B15B20B12B14BQ1 '152015Q1 '162016Q1 '172017Q1 '182018Q1 '192019Q1 '202020Q1 '212021Q1 '222022Q1 '232023Q1 '242024Q1 '252025

Source: Alphabet SEC filings (10-Q, 10-K) \u00b7 Click to toggle \u00b7 20:1 split July 2022 (all shares adjusted)

Balance Sheet

Scale is showing up not just in revenue, but in assets and equity.

The balance sheet matters here because Alphabet is not financing growth from a position of stress. It is expanding from a base of cash generation, high equity, and optionality.

Balance sheet — Assets

Total assets breakdown by liquidity

$050B100B150B200B250B300B350B400B450B500B550B600BQ1 '152015Q1 '162016Q1 '172017Q1 '182018Q1 '192019Q1 '202020Q1 '212021Q1 '222022Q1 '232023Q1 '242024Q1 '252025

Source: Alphabet SEC filings (10-Q, 10-K) \u00b7 Click to toggle · Swipe or use tabs to switch views

Calendar Year Summary

Calendar YearRevenueNet IncomeNet MarginQuarters
2025$402.8B$132.2B32.8%4/4
2024$350.0B$100.1B28.6%4/4
2023$307.4B$73.5B23.9%4/4
2022$282.8B$60.0B21.2%4/4
2021$257.6B$76.0B29.5%4/4
2020$182.5B$40.3B22.1%4/4
2019$161.9B$34.3B21.2%4/4
2018$136.8B$30.7B22.5%4/4
2017$110.9B$12.7B11.4%4/4
2016$90.3B$19.5B21.6%4/4
2015$75.0B$16.4B21.9%4/4

Employment

Rapid growth, then the 2023 correction

Alphabet annual headcount

Full-time employees as reported in annual SEC filings

025K50K75K100K125K150K175K200K20152016201720182019202020212022202320242025

Source: SEC filings (10-K) via Financial Modeling Prep

All data sourced from Alphabet’s quarterly earnings press releases and SEC filings (10-Q, 10-K). Figures in millions USD unless otherwise noted. Alphabet’s fiscal year = calendar year. 20:1 stock split July 2022; all share counts adjusted. Pre-2019 YouTube revenue bundled into Google Search (“Google Properties”). Google Cloud first reported separately from Q1 2017.