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 is growing fast, but it is simultaneously facing a historic regulatory assault and committing more than $140B to future capex, leases, and acquisitions. While the cash flow is record-breaking today, the sheer scale of these 'locked-in' obligations—coupled with earnings propped up by volatile investment gains—significantly reduces the company's margin for error. Bottom line: Alphabet delivered strong top-line growth in Q3 2025 (revenues +16% YoY) powered by Google Services and a 34% jump in Google Cloud for the quarter, while generating very strong operating cash flow. However, the quarter also exposed two structural investor risks: (1) a major regulatory wave (EC fines, DOJ remedies, global antitrust actions) that now includes remedies with the potential to change distribution economics, and (2) significant earnings volatility driven by large unrealized gains on non-marketable investments and one-time legal accruals.
| 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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