Alphabet Inc. GOOGL
NasdaqInternet platformsFinancials to Jun 30, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 30.7 | 55.9 |
| Securities | 96.1 | 186.6 |
| Debt | 48.5 | 101.5 |
| Net cash | 78.3 | 141.0 |
| Equity | 411.9 | 633.4 |
- Debt / EBITDA
- –
- Debt / equity
- 0.16×
- Leases (6/30/26)
- $20.6B
- Diluted shares
- 12,309M
- Book value / share
- $51.46
- Price / book
- 6.7×
- Net cash / share
- $11.46
- Market cap
- $4.24T
- Enterprise value
- $4.09T
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 24.2% | +10.4 pts | |
| Operating margin | 34.0% | +1.6 pts | |
| FCF margin | -4.9% | -10.4 pts | |
| Capex / revenue | 37.5% | +14.2 pts | |
| Paid clicks growth | +13% | +9 pts | |
| Cost per click growth | +3% | -5 pts | |
| Contracted revenue backlog | $519.5B | +380% | |
| World Cup video viewers | ≥1.70B | – | – |
| YouTube advertising revenue | $11.1B | +13% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About GOOGL
Alphabet sells search and video advertising, app distribution, subscriptions, devices and enterprise cloud services. Search supplied 55.7% of FY2025 operating revenue; Cloud supplied 14.6%, with the rest mainly YouTube ads, consumer services and publisher advertising.
- Data Network Effects
Google uses its unmatched volume of search activity to improve results, formats and advertising revenue.
- Habit Default
Default placements and entrenched habit still make Google the starting point for many queries, but the December 2025 U.S. final judgment restricts distribution practices and creates enforceable erosion risk.
- Two Sided Network
YouTube connects creators, viewers and advertisers.
- Default OS Gateway
Google Play remains a major Android distribution and billing channel.
- Sep 17, 2026
Google extended U.S. external-link download reporting and fee payments to December 1, delaying collection while alternative distribution grows.
- Sep 16, 2026
The U.S. ad-tech court ordered rival integrations, publisher data export and nondiscriminatory bidding for Google, reducing control over its advertising chain under six years of monitoring.
- Jun 30, 2026 · Legal charge −$1.5B
PriceRunner damages from the Stockholm court decision reduced operating profit by $1.5 billion; a further $581 million of interest and costs is reported separately below operating income. The combined case charge was $2.081 billion. Alphabet is appealing.
- Jun 30, 2026 · Legal charge −$581M
Interest and costs for the PriceRunner damages decision reduced other income by $581 million, in addition to the separate $1.5 billion operating charge.
- Jun 2026
Alphabet raised $30.5 billion from common stock and $19.1 billion from mandatory convertible preferred stock, funding infrastructure while increasing share dilution and preferred claims.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 6.46 | 7.88 | 9.73 | 11.59 | 13.28 | 19.01 | 21.49 | 24.16 | 28.12 | 32.94 | 36.22 | +19.8%/yr | |
| Cash flow | 2.58 | 2.64 | 3.41 | 3.90 | 4.74 | 6.76 | 6.95 | 8.00 | 10.07 | 13.47 | 15.08 | +20.2%/yr | |
| Earnings | 1.39 | 0.90 | 2.19 | 2.46 | 2.93 | 5.61 | 4.56 | 5.80 | 8.04 | 10.81 | 19.84 | +25.6%/yr | |
| Free cash flow | 1.85 | 1.70 | 1.62 | 2.22 | 3.12 | 4.94 | 4.56 | 5.46 | 5.85 | 5.99 | 4.33 | +14.0%/yr | |
| Capex | 0.73 | 0.94 | 1.79 | 1.69 | 1.62 | 1.82 | 2.39 | 2.54 | 4.22 | 7.48 | 10.76 | +29.5%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.59 | 0.82 | 0.84 | – | |
| Book value | 9.95 | 10.84 | 12.63 | 14.33 | 15.91 | 18.25 | 19.18 | 22.01 | 25.78 | 33.68 | 51.46 | +14.5%/yr | |
| Diluted shares (M) | 13,974 | 14,072 | 14,066 | 13,971 | 13,741 | 13,553 | 13,159 | 12,722 | 12,447 | 12,230 | 12,309 | -1.5%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 90.3 | 110.9 | 136.8 | 161.9 | 182.5 | 257.6 | 282.8 | 307.4 | 350.0 | 402.8 | 445.9 | +18.1%/yr | |
| Operating income | 23.7 | 26.2 | 27.5 | 34.2 | 41.2 | 78.7 | 74.8 | 84.3 | 112.4 | 129.0 | 147.6 | +20.7%/yr | |
| Net income | 19.5 | 12.7 | 30.7 | 34.3 | 40.3 | 76.0 | 60.0 | 73.8 | 100.1 | 132.2 | 244.2 | +23.7%/yr | |
| Free cash flow | 25.8 | 23.9 | 22.8 | 31.0 | 42.8 | 67.0 | 60.0 | 69.5 | 72.8 | 73.3 | 53.3 | +12.3%/yr | |
| Buybacks | 3.7 | 4.8 | 9.1 | 18.4 | 31.1 | 50.3 | 59.3 | 61.5 | 62.2 | 45.7 | 17.4 | +32.3%/yr | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4 | 10.0 | 10.3 | – | |
| Net cash | 82.4 | 97.9 | 105.2 | 115.7 | 122.9 | 128.2 | 101.7 | 99.4 | 81.7 | 78.3 | 141.0 | −$4.1B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 61.1 | 58.9 | 56.5 | 55.6 | 53.6 | 56.9 | 55.4 | 56.6 | 58.2 | 59.7 | 60.9 | -1.4 pts | |
| Operating margin | 26.3 | 23.6 | 20.1 | 21.1 | 22.6 | 30.6 | 26.5 | 27.4 | 32.1 | 32.0 | 33.1 | +5.8 pts | |
| Net margin | 21.6 | 11.4 | 22.5 | 21.2 | 22.1 | 29.5 | 21.2 | 24.0 | 28.6 | 32.8 | 54.8 | +11.2 pts | |
| FCF margin | 28.6 | 21.6 | 16.7 | 19.1 | 23.5 | 26.0 | 21.2 | 22.6 | 20.8 | 18.2 | 11.9 | -10.4 pts | |
| ROIC | 35.2 | 40.4 | 32.0 | 34.1 | 36.2 | 55.0 | 41.6 | 39.0 | 39.5 | 32.6 | 25.2 | -2.7 pts | |
| Return on equity | 14.0 | 8.3 | 17.3 | 17.2 | 18.4 | 30.7 | 23.8 | 26.4 | 31.2 | 32.1 | 38.6 | +18.1 pts | |
| R&D % of revenue | 15.5 | 15.0 | 15.7 | 16.1 | 15.1 | 12.3 | 14.0 | 14.8 | 14.1 | 15.2 | 15.5 | -0.3 pts | |
| Stock pay % of revenue | 7.4 | 6.9 | 6.8 | 6.7 | 7.1 | 6.0 | 6.8 | 7.3 | 6.5 | 6.2 | 6.3 | -1.2 pts | |
| Capex % of revenue | 11.3 | 11.9 | 18.4 | 14.5 | 12.2 | 9.6 | 11.1 | 10.5 | 15.0 | 22.7 | 29.7 | +11.4 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Quasi-Monopoly
- Durability
- durable
- Trajectory
- narrowing
- Pricing power
- strong
- Google Search & other (Advertising)55.7%2 claims
- YouTube (Advertising)10.0%1 claim
- Google Network (Advertising)7.4%No moat
- Google Subscriptions, Platforms & Devices11.9%1 claim
- Google Cloud14.6%1 claim
- Other Bets0.4%No moat
Moat claims
- Applies to
- Google Search & other (Advertising)
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Oct 7, 2026
Google uses its unmatched volume of search activity to improve results, formats and advertising revenue. The data advantage remains strong, but AI competitors can learn from other datasets. The final U.S. judgment also requires access to some search data and syndication, limiting Google's exclusivity.
Google still had 89.94% of measured worldwide search referrals in September, but the latest share and mandated data access weaken exclusivity despite 13% paid-click growth in Q2.
- Paid clicks growth+13%
- Cost per click growth+3%
- Shift from link-based search to AI answer engines
- Search-data sharing and syndication remedies narrowing the learning advantage
- Privacy changes reduce targeting signals and measurement
- SourceStatCounter Monthly Search Engine Market Share Worldwide - September 2026Sep 30, 2026
- SourceAlphabet Q2 2026 CEO Earnings Remarks - SearchJul 22, 2026
- Applies to
- Google Search & other (Advertising)
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 7, 2026
Default placements and entrenched habit still make Google the starting point for many queries, but the December 2025 U.S. final judgment restricts distribution practices and creates enforceable erosion risk.
Paid clicks still rose 13% in Q2 2026, but the U.S. final judgment restricts distribution and data access; strong current demand does not remove the legal reduction in default protection.
- Paid clicks growth+13%
- Cost per click growth+3%
- Antitrust limits on default/exclusive distribution deals
- OS/browser choice screens reduce default advantage
- Voice/AI interfaces shift default from browser search to assistants
- FilingAlphabet Inc. Q2 2026 Form 10-Q (Search revenue definition)Jul 23, 2026
- CourtAlphabet Inc. Q2 2026 Form 10-Q (U.S. Search final judgment)Jul 23, 2026
- Applies to
- YouTube (Advertising)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
YouTube connects creators, viewers and advertisers. More videos attract viewers, advertising funds revenue sharing, and that income encourages creators to publish more. Creators and viewers use other platforms too, which limits the score. Reproducing the accumulated content, audience and income opportunities together would still be difficult.
Q2 2026 YouTube ad revenue rose 13% and World Cup videos reached more than 1.7 billion viewers, supporting network reach while creators and advertisers continue to use rivals.
- World Cup video viewers≥1.70B
- YouTube advertising revenue$11.1B+13%
- Short-form video competitors (e.g., TikTok) capture attention and ad spend
- Brand-safety and content-moderation controversies
- Regulatory constraints on targeted advertising and youth content
- FilingAlphabet Inc. FY2025 Form 10-K (YouTube creators)Feb 5, 2026
- SourceAlphabet Q2 2026 CEO Earnings Remarks - YouTubeJul 22, 2026
- Applies to
- Google Subscriptions, Platforms & Devices
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 7, 2026
Google Play remains a major Android distribution and billing channel. The March 2026 fee changes and alternative billing expand developer choice, while effective U.S. remedies and the final European Android decision reduce control over distribution.
The March fee changes expanded billing choice; rival-store access began July 22, while external-link reporting fees were deferred to December 1, reducing control despite a retained service fee.
- Play service fee for new non-recurring purchases20.0%
- Court-ordered reforms forcing distribution of rival app stores and alternative billing
- Digital Markets Act and similar regulation constraining platform practices
- OEMs and alternative stores (e.g., Samsung/Amazon) expand distribution
- FilingAlphabet Inc. Q2 2026 Form 10-Q (Google Play revenue definition)Jul 23, 2026
- CourtAlphabet Inc. Q2 2026 Form 10-Q (Google Play and Android remedies)Jul 23, 2026
- Applies to
- Google Cloud
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 7, 2026
Google combines global data-center and network operations, custom TPUs, GPUs and an AI software stack at hyperscale. Alphabet-level infrastructure also serves Search, YouTube and shared model R&D, so companywide capex is treated as barrier evidence but not assigned wholly to Cloud.
Q2 2026 Cloud revenue rose 82% and contracted Cloud backlog reached $513.9 billion, while Synergy measured a 15% infrastructure share; the expanding footprint strengthens scale but increases capital risk.
- Contracted revenue backlog$519.5B+380%
- Cloud revenue$24.8B+82%
- Cloud operating income$8.8B+212%
- Price competition / sustained price cuts by hyperscalers
- Capex efficiency or supply constraints (chips, power) reduce returns
- Shift to on-prem or edge alternatives in regulated industries
- FilingAlphabet Inc. Q2 2026 Form 10-Q (technical infrastructure investment)Jul 23, 2026
- SourceSynergy Research Group - Q2 Cloud Market Passes $143 BillionJul 30, 2026
- FilingAlphabet Inc. Q2 2026 Form 10-Q (Google Cloud backlog)Jul 23, 2026
Profile change log
- Oct 7, 2026 · analyst revision
Replaced Q2 2026 segment weights with FY2025 reported revenue shares, retained the six sourced segments and five moat claims, added trajectories, debate and management, and updated the ad-tech remedy status.
- Oct 7, 2026 · business change
The U.S. ad-tech court ordered rival integrations, publisher data export and nondiscriminatory bidding for Google, reducing control over its advertising chain under six years of monitoring.
- Oct 7, 2026 · business change
Alphabet accrued $2.1 billion for the PriceRunner court decision, including $1.5 billion of damages and $581 million of interest and costs; it is appealing the ruling.
- Oct 7, 2026 · business change
Alphabet raised $30.5 billion from common stock and $19.1 billion from mandatory convertible preferred stock, funding infrastructure while increasing share dilution and preferred claims.
- Oct 7, 2026 · business change
Alphabet bought Wiz for $29.5 billion after adjustments, adding multi-cloud security to Cloud and acquisition costs to its growth comparison.
- Oct 7, 2026 · business change
Alphabet bought Intersect for $5.9 billion after adjustments, adding energy and data-center development capacity and new capital commitments.
- Oct 7, 2026 · business change
Google announced lower Play service fees and wider billing choice, reducing the protection of the Android distribution gateway.
- Oct 7, 2026 · business change
Google extended U.S. external-link download reporting and fee payments to December 1, delaying collection while alternative distribution grows.
- Oct 7, 2026 · analyst revision
Updated search referral share from the July 91.31% observation to September 89.94%, marked the data advantage as narrowing, and removed computed search and Cloud HHI estimates because they were not published concentration figures for the full segment markets.
- Oct 7, 2026 · business change
The European Commission ad-tech decision caused a $3.5 billion charge for Google, adding a fine and continued competition-law exposure; Alphabet is appealing.
- Oct 7, 2026 · business change
The European Commission Android decision caused a $5.071 billion charge for Google, adding a large fine and limits on distribution practices.
- Oct 7, 2026 · business change
The European Commission shopping decision caused a $2.736 billion charge for Google, showing the financial risk from search self-preferencing.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global digital advertising
Worldwide spending on ads shown on internet-connected devices, including search, social, video, display, retail media and classified ads. Excludes offline media, hardware sales and paid subscriptions; platform shares use net advertising revenue across all company properties.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| GOOGL | 82 | 60.9% | 33.1% | |
| Industry median | 19 | 75 | 56.7% | 25.1% |
| Sector median | 17 | 81 | 56.7% | 28.2% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- More commerce and media consumption online move budgets toward measurable digital ads; social video and retail media compete for the same spending. China short video and closed-loop commerce connect ads to shopping. Weixin, Douyin, Alibaba and Kuaishou compete for advertiser demand; stronger recommendation tools can improve conversion without creating exclusive buyers.
- Better recommendation, conversion prediction and creative tools can improve advertiser results and support demand at higher ad volume.
- Large platforms distribute product improvements across existing audiences and buyers; reach and measurement favor the largest networks.
- The economic cycle strongly affects auctions: healthy consumer spending and affordable business finance support budgets, while recessions and high borrowing costs can reduce them quickly.
- Currencies have a medium effect on global reported revenue; exchange rates change the dollar value of overseas sales and the purchasing power of local advertisers.
- Google, Amazon, TikTok and other channels offer alternative audiences and purchase intent; users and advertisers can use several platforms and shift spending quickly.
- Privacy, consent, youth-safety and competition rules can restrict data use or engagement features, create fines and change operating costs.
- Apple and Google control important mobile distribution and data signals; policy changes can reduce targeting and measurement without reducing the audience.
- AI compute, memory, energy and talent costs have a strong effect on platform cash generation; infrastructure commitments can rise before ad returns are proven.
- Too many ads, low-quality AI content, scams or unsafe content can weaken user attention and advertiser trust.
- China consumer confidence and content, data and competition regulation have a strong effect on auction demand and permitted targeting. Growth in Tencent’s ads cannot be generalized to all regions.
- Community publishers depend on search referrals and volunteer moderation. AI summaries, spam and poor contributor incentives can reduce the attention that advertisers buy.
Bulls & bears
Can Alphabet turn AI-driven search and cloud demand into durable cash earnings while infrastructure spending and competition remedies rise?
Arguments
What to watch
- 1Search paid clicks and cost per click
- 2Cloud revenue, operating income and contracted backlog
- 3Operating cash flow, capital spending and remaining purchase commitments
Next check: Q3 2026 results, September ad-tech remedy compliance, and Play external-link fees due December 1; confirm the results date with Alphabet.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 82/100 by <a href="https://www.findmymoat.com/stocks/XNAS:GOOGL">Find My Moat</a> (as of September 2026)Request update
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