FINANCIAL MODEL

Alphabet Inc.

GOOG · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	74,989	90,272	110,855	136,819	161,857	182,527	257,637	282,836	307,394	350,018	402,836
Cost of Goods Sold	28,164	35,138	45,583	59,549	71,896	84,732	110,939	126,203	133,332	146,306	162,535
Gross Profit
SG&A	15,183	17,470	19,765	24,459	28,015	28,998	36,422	42,291	44,342	41,996	50,175
R&D	12,282	13,948	16,625	21,419	26,018	27,573	31,562	39,500	45,427	49,326	61,087
EBITDA
D&A	5,063	6,144	6,915	9,035	11,781	13,697	12,441	15,928	11,946	15,311	21,136
EBIT (Operating Income)	19,360	23,716	26,146	26,321	34,231	41,224	78,714	74,842	84,293	112,390	129,039
Interest Expense	104	124	109	114	100	135	346	357	308	268	736
Pre-Tax Income	19,651	24,150	27,193	34,913	39,625	48,082	90,734	71,328	85,717	119,815	158,826
Tax Expense	3,303	4,672	14,531	4,177	5,282	7,813	14,701	11,356	11,922	19,697	26,656
Net Income	16,348	19,478	12,662	30,736	34,343	40,269	76,033	59,972	73,795	100,118	132,170
Diluted EPS	22.84	27.85	18.00	43.70	49.16	58.61	112.20	4.56	5.80	8.04	10.81
Diluted Shares (M)	692.9	698.7	703.6	703.3	698.6	687.0	677.7	13,159.0	12,722.0	12,447.0	12,230.0
Balance Sheet
Total Cash & Equivalents	16,549	12,918	10,715	16,701	18,498	26,465	20,945	21,879	24,048	23,466	30,708
Short-term Debt	0	0	0	0	115	1,100	113	298	1,363	3,299	1,996
Long-term Debt	0	3,935	3,969	4,012	4,554	13,932	14,817	14,701	13,253	10,883	46,547
Total Debt
Net Debt
Total Current Assets		105,408	124,308	135,676	152,578	174,296	188,143	164,795	171,530	163,711	206,038
Total Current Liabilities		16,756	24,183	34,620	45,221	56,834	64,254	69,300	81,814	89,122	102,745
Total Assets		167,497	197,295	232,792	275,909	319,616	359,268	365,264	402,392	450,256	595,281
Total Liabilities		28,461	44,793	55,164	74,467	97,072	107,633	109,120	119,013	125,172	180,016
Shareholders' Equity	120,331	139,036	152,502	177,628	201,442	222,544	251,635	256,144	283,379	325,084	415,265
Minority Interest
Intangibles & Goodwill		16,468	16,747	17,888	20,624	21,175	22,956	28,960	29,198	31,885	33,380
PP&E		34,234	42,383	59,719	73,646	84,749	97,599	112,668	134,345	171,036	246,597
Receivables		14,137	18,336	20,838	25,326	30,930	39,304	40,258	47,964	52,340	62,886
Payables		2,041	3,137	4,378	5,561	5,589	6,037	5,128	7,493	7,987	12,200
Inventory		268	749	1,107	999	728	1,170	2,670
Retained Earnings	89,223	105,131	113,247	134,885	152,122	163,401	191,484	195,563	211,247	245,084	324,055
Cash Flow
Cash from Operations	26,572	36,036	37,091	47,971	54,520	65,124	91,652	91,495	101,746	125,299	164,713
Capital Expenditures	9,950	10,212	13,184	25,139	23,548	22,281	24,640	31,485	32,251	52,535	91,447
Free Cash Flow
Stock-Based Compensation	5,203	6,703	7,679	9,353	10,794	12,991	15,376	19,362	22,460	22,785	24,953
Dividends Paid								0	0	7,363	10,049
Share Repurchases	1,780	3,693	4,846	9,075	18,396	31,149	50,274	59,296	61,504	62,222	45,709