Mountain View, CA · Founded 1998 · 190,820 employees
Alphabet generated $402.8B in revenue for fiscal year 2025, a +15.1% year-over-year change. Gross margin was 59.7%. Net income reached $132.2B.
Alphabet remains a cash-generating monster with elite Cloud growth, but headline earnings are currently masking a significant shift toward financial complexity, massive long-term contractual obligations, and an existential regulatory threat to its core ad business. Summary (short): Alphabet reported a strong topline quarter — consolidated revenues up 22% YoY to $109.9B and Google Cloud growth of 63% — but Q1 net income was materially influenced by large, non-cash valuation gains on non-marketable equity investments. Management is deploying capital aggressively into cloud/AI infrastructure, acquisitions (Wiz, Intersect), a $40B private investment commitment, and multi‑year data center/energy leases, while also carrying substantial contingent backstops and regulatory overhang.
| Fiscal Year | Revenue | YoY Growth | Gross Margin | Op. Margin | Net Income | EPS |
|---|---|---|---|---|---|---|
| FY2025 | $402.8B | +15.1% | 59.7% | 32.0% | $132.2B | $10.81 |
| FY2024 | $350.0B | +13.9% | 58.2% | 32.1% | $100.1B | $8.04 |
| FY2023 | $307.4B | +8.7% | 56.6% | 27.4% | $73.8B | $5.80 |
| FY2022 | $282.8B | +9.8% | 55.4% | 26.5% | $60.0B | $4.56 |
| FY2021 | $257.6B | +41.2% | 56.9% | 30.6% | $76.0B | $112.20 |
| FY2020 | $182.5B | +12.8% | 53.6% | 22.6% | $40.3B | $58.61 |
| FY2019 | $161.9B | +18.3% | 55.6% | 21.1% | $34.3B | $49.16 |
| FY2018 | $136.8B | — | 56.5% | 19.2% | $30.7B | $43.70 |
| Fiscal Year | Operating Cash Flow | Capital Expenditures | Free Cash Flow | Investing | Financing |
|---|---|---|---|---|---|
| FY2025 | $164.7B | $-91.4B | $73.3B | $-120.3B | $-37.4B |
| FY2024 | $125.3B | $-52.5B | $72.8B | $-45.5B | $-79.7B |
| FY2023 | $101.7B | $-32.3B | $69.5B | $-27.1B | $-72.1B |
| FY2022 | $91.5B | $-31.5B | $60.0B | $-20.3B | $-69.8B |
| FY2021 | $91.7B | $-24.6B | $67.0B | $-35.5B | $-61.4B |
| FY2020 | $65.1B | $-22.3B | $25.6B | $-32.8B | $-24.4B |
| FY2019 | $54.5B | $-23.5B | $31.0B | $-29.5B | $-23.2B |
| FY2018 | $48.0B | $-25.1B | $22.8B | $-28.5B | $-13.2B |
| Fiscal Year | Total Assets | Total Liabilities | Total Equity | Cash | Total Debt |
|---|---|---|---|---|---|
| FY2025 | $595.3B | $180.0B | $415.3B | $30.7B | $48.5B |
| FY2024 | $450.3B | $125.2B | $325.1B | $23.5B | $13.2B |
| FY2023 | $402.4B | $119.0B | $283.4B | $24.0B | $14.7B |
| FY2022 | $365.3B | $109.1B | $256.1B | $21.9B | $15.1B |
| FY2021 | $359.3B | $107.6B | $251.6B | $20.9B | $15.1B |
| FY2020 | $319.6B | $97.1B | $222.5B | $26.5B | $15.2B |
| FY2019 | $275.9B | $74.5B | $201.4B | $18.5B | $4.6B |
| FY2018 | $232.8B | $55.2B | $177.6B | $16.7B | $4.0B |
Alphabet generated $402.8B in revenue for fiscal year 2025. That represents a +15.1% change from $350.0B in fiscal year 2024.
Yes, Alphabet is profitable. The company reported net income of $132.2B in fiscal year 2025, representing a net profit margin of 32.8%. In the prior fiscal year 2024, net income was $100.1B.
Alphabet's gross margin for fiscal year 2025 was 59.7%, calculated from gross profit of $240.3B on revenue of $402.8B. Over the past 5 years, gross margins have ranged between 55% and 60%.
Alphabet employs approximately 190,820 people worldwide. The company is headquartered in Mountain View, CA and was founded in 1998.
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