ALPHABET INC.
EPS 2011–15: FY2015 10-K selected data (diluted, Class A & B); 2016–25: SEC XBRL. Split-adjusted. Prices: Yahoo Finance, retrieved 4 Oct 2026.
CAPITALIZATION: (6/30/26)
| ($ mill.) | (%) | |
|---|---|---|
| Long-Term Debt | 98,165 | 13.3 |
| Preferred Stock | 18,023 | 2.4 |
| Common Equity | 622,457 | 84.3 |
| Total | $738,645 | 100.0 |
Shs. ($0.001 par) – 12,230 mill.
Excl. $1,999M current debt. Shs.: Cl. A 5,868M, B 835M, C 5,527M.
INTERIM EARNINGS: (per sh.)
| Qu. | 3/31 | 6/30 | 9/30 | 12/31 |
|---|---|---|---|---|
| 2023 | 1.17 | 1.44 | 1.55 | 1.64 |
| 2024 | 1.89 | 1.89 | 2.12 | 2.14 |
| 2025 | 2.81 | 2.31 | 2.87 | 2.82 |
| 2026 | 5.11 | 9.11 |
Diluted; Q4 derived. 2026 incl. equity gains of $2.35 (Q1), $6.26 (Q2).
DIVIDENDS:
| RECORD | PAYABLE | |
|---|---|---|
| 0.21Q | 9/8/25 | 9/15/25 |
| 0.21Q | 12/8/25 | 12/15/25 |
| 0.21Q | 3/9/26 | 3/16/26 |
| 0.22Q | 6/8/26 | 6/15/26 |
| 0.22Q | 9/7/26 | 9/14/26 |
Pfd.: $12.15 qtrly per 6.25% mand. conv. share (pay. 8/15/26).
BACKGROUND:
Alphabet is the holding company for Google, formed in a 2015 reorganization; Google was incorporated in 1998. Google Services (Search & other, YouTube ads, Google Network, and subscriptions, platforms and devices) produced $342.7 billion of 2025 revenue and $139.4 billion of operating income, a 41% margin. Google Cloud sells infrastructure, including access to Google's TPU chips, data and AI services such as Gemini Enterprise, and Workspace; 2025 revenue was $58.7 billion. Other Bets, chiefly Waymo, are small and loss-making.
RECENT DEVELOPMENTS:
For the three months ended 6/30/26 revenues rose 24% to $119.8 billion and operating income was $40.8 billion (34% margin). Google Cloud revenue rose 82% to $24.8 billion at a 35.6% operating margin, and its backlog reached $514 billion. Net income of $112.2 billion ($9.11 a share) includes a $99.0 billion gain, mostly unrealized, on equity securities. In June it raised $49.6 billion of equity ($30.5 billion of Class A and C shares, $19.0 billion of 6.25% mandatory convertible preferred) and bought back no stock in the first half. Total debt was $100.2 billion at 6/30/26; $25 billion of notes followed in August.
PROSPECTS:
Capital spending of $91.4 billion in 2025 is guided to $195–205 billion in 2026, with a further significant increase planned for 2027; second-quarter free cash flow was −$5.9 billion. Management expects just over half of the cloud backlog to be recognized within 24 months. Consensus 2026 EPS of $20.63 (53 analysts) includes about $8.61 of first-half investment gains; excluding them the shares sell at 28.6× 2026 earnings. In our view the franchise is high grade; owners' results will turn on the return earned by the AI program, not on Search.
STATISTICS:
| YEAR | GROSS REVS. ($MILL.) | PROFIT MARGIN % | NET INCOME ($MILL.) | CAPITAL SPENDING ($MILL.) | ASSETS ($MILL.) | SHARES (MILL.) | BOOK VALUE PER SH.$ | EARN. PER SH.$ | DIV. PER SH.$ | DIV. PAY. % | PRICE RANGE | P/E RATIO | AVG. YIELD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 90,272 | 21.6 | 19,478 | 10,212 | 167,497 | 13,826 | 10.06 | 1.39 | Nil | Nil | 41.95–33.63 | 27.1 | Nil |
| 17 | 110,855 | 11.4 | 12,662 | 13,184 | 197,295 | 13,896 | 10.97 | a0.90 | Nil | Nil | 54.32–39.84 | 52.3 | Nil |
| 18 | 136,819 | 22.5 | 30,736 | 25,139 | 232,792 | 13,911 | 12.77 | 2.19 | Nil | Nil | 64.57–48.88 | 26.0 | Nil |
| 19 | 161,857 | 21.2 | 34,343 | 23,548 | 275,909 | 13,767 | 14.63 | 2.46 | Nil | Nil | 68.35–51.12 | 24.3 | Nil |
| 20 | 182,527 | 22.1 | 40,269 | 22,281 | 319,616 | 13,504 | 16.48 | 2.93 | Nil | Nil | 92.19–50.44 | 24.3 | Nil |
| 21 | 257,637 | 29.5 | 76,033 | 24,640 | 359,268 | 13,242 | 19.00 | b5.61 | Nil | Nil | 150.97–84.81 | 21.0 | Nil |
| 22 | 282,836 | 21.2 | 59,972 | 31,485 | 365,264 | 12,849 | 19.93 | b4.56 | Nil | Nil | 151.55–83.34 | 25.8 | Nil |
| 23 | 307,394 | 24.0 | 73,795 | 32,251 | 402,392 | 12,460 | 22.74 | 5.80 | Nil | Nil | 142.68–84.86 | 19.6 | Nil |
| 24 | 350,018 | 28.6 | 100,118 | 52,535 | 450,256 | 12,211 | 26.62 | 8.04 | 0.60 | 7 | 201.42–130.67 | 20.7 | 0.4 |
| 25 | 402,836 | 32.8 | 132,170 | 91,447 | 595,281 | 12,088 | 34.35 | b10.81 | 0.83 | 8 | 328.83–140.53 | 21.7 | 0.4 |
Per-share data and shares adjusted for the 1,998-for-1,000 Class C distribution (Apr. 2014) and the 20-for-1 split (Jul. 2022). a-Includes $10.2 billion provisional charge for the 2017 U.S. Tax Act. b-Includes net gains (losses) on equity securities: $12.4 billion (2021), −$3.5 billion (2022), $24.1 billion (2025). Profit margin = net income ÷ revenues. Shares = Class A, B and C outstanding at year end; book value = stockholders' equity ÷ year-end shares; EPS diluted. Price range = Class A intraday high–low; P/E = mid-range price ÷ EPS; avg. yield = dividends declared ÷ mid-range price. Dividends began in 2024.
INCORPORATED:
California, Sept. 1998 (Google); reincorporated in Delaware, Aug. 2003; Alphabet holding company formed Oct. 2, 2015
PRINCIPAL OFFICE:
1600 Amphitheatre Parkway, Mountain View, CA 94043
Tel.: (650) 253-0000
ANNUAL MEETING:
2026 meeting held Friday, June 5 (virtual)
NUMBER OF STOCKHOLDERS:
Of record at 12/31/25: Class A ~5,861; Class C ~1,611; Class B ~57
TRANSFER AGENT:
Computershare Investor Services, Providence, R.I.
REGISTRAR:
Not disclosed in the 10-K or proxy statement
SUPERINVESTOR HOLDINGS (DATAROMA):
No. of superinvestors: 36
Shares held: 122,437,406 (Class A, 13F at 6/30/26)
OFFICERS:
Sources: SEC XBRL company facts (annual and quarterly figures) · 10-K 2025 (segments, incorporation, office, holders of record) · 10-K 2015 (2011–15 EPS) · 10-Q 6/30/26 (capitalization, equity raise) · Q2 2026 release (results, dividends) · Q1 2026 · Q4 2025 · Q3 2025 · 8-K 7/23/25 (dividend declarations) · 2026 proxy (annual meeting, transfer agent, chair) · 8-Ks 4/7/26 · 6/5/26 (officers) · Yahoo Finance (prices, retrieved 4 Oct 2026) · consensus · Dataroma (superinvestors, retrieved 4 Oct 2026). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.
© 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice. Prepared 4 October 2026.