Alphabet Inc. (Class C)
GOOGFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$109.9B
Q1 2026 · +22% YoY · Beat consensus by 6%
TTM ROIC
37%
FY2025 · EBIT / Capital Employed (Total Assets - Non-interest-bearing current liabilities - Excess cash) · WACC ~8.5% · Moat spread +28.5pp
Financial Snapshot
ticker: GOOG step: 04 generated: 2026-05-11 source: quick-research
Alphabet Inc. Class C (GOOG) — Financial Snapshot
Note: Financials are identical to GOOGL (Class A) since both share classes represent the same underlying company. The only difference is voting rights — economic exposure is identical.
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $307.4B | $350.0B | $389.7B | +11% |
| Gross Margin | 56.9% | 58.2% | 59.5% | +1.3pp |
| Operating Margin | 27.4% | 32.1% | 33.5% | +1.4pp |
| Net Income | $73.8B | $100.1B | $115.4B | +15% |
| EPS (diluted) | $5.80 | $7.97 | $9.40 | +18% |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$165B |
| Capital Expenditures | ($91.5B) |
| Free Cash Flow | ~$73.3B |
| Cash & Marketable Securities | ~$95B |
| Total Debt | ~$28B |
| Buybacks (2025) | ~$60B |
| Dividends Paid (2025) | ~$10B |
Key Ratios (approximate, as of May 2026)
- P/E: ~22x | EV/EBITDA: ~16x | FCF Yield: ~3% (compressing due to CapEx)
- Revenue Growth (TTM): ~14% | FCF Margin: ~19%
- Net cash position: ~$67B
Growth Profile
Q1 2026 revenue grew 22% YoY to $109.9B (EPS +82% to $5.11), with Google Cloud accelerating to +63% YoY ($20B in quarterly revenue). Search remains the largest segment growing ~19%. The big swing factor through 2026–27 is CapEx — guided to $180–190B for 2026 (vs. $91B in 2025) to support AI infrastructure, which will sharply compress FCF in the near term while management bets on AI monetization.
Forward Estimates
- 2026E Revenue: ~$435B (consensus, +12%)
- 2026E EPS: ~$10.50 (consensus, +12%)
- 2026E FCF: ~$20B (consensus, down ~72% YoY as CapEx absorbs cash)
- 2027E Revenue: ~$490B
- 2027E EPS: ~$12.50
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $GOOG.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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