Alphabet Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $402.84B | $350.02B | $307.39B | $282.84B | $257.64B | $182.53B | $161.86B | $135.30B |
| Google Properties | — | — | — | — | — | — | — | — |
| Google Network Members | $29.79B | $30.36B | $31.31B | $32.78B | $31.70B | $23.03B | $21.55B | $20.03B |
| Google Other | — | — | — | — | $28.03B | $21.71B | $17.01B | $19.90B |
| Google Advertising | — | — | — | — | — | — | — | — |
| Google Search & Other | $224.53B | $198.08B | $175.03B | $162.45B | $148.95B | $104.04B | $98.12B | $77.79B |
| YouTube Ads | $40.37B | $36.15B | $31.51B | $29.24B | $28.85B | $19.77B | $15.15B | $11.16B |
| Google Subscriptions, Platforms & Devices | $48.03B | $40.34B | $34.69B | $29.06B | — | — | — | — |
| Google Cloud | $58.71B | $43.23B | $33.09B | $26.28B | $19.21B | $13.06B | $8.92B | $5.84B |
| Other Bets | $1.54B | $1.65B | $1.53B | $1.07B | $753.0M | $657.0M | $659.0M | $595.0M |
| Hedging Gains (Losses) | $-132.0M | $207.0M | $238.0M | $-33.0M | $157.0M | $262.0M | $73.0M | — |
| Cost of Revenue | $162.54B | $146.31B | $133.33B | $126.20B | $110.94B | $84.73B | $71.90B | $59.55B |
| Gross Profit | $240.30B | $203.71B | $174.06B | $156.63B | $146.70B | $97.80B | $89.96B | $75.76B |
| Gross Margin | 59.7% | 58.2% | 56.6% | 55.4% | 56.9% | 53.6% | 55.6% | 56.0% |
| Operating Expenses | ||||||||
| Research & Development | $61.09B | $49.33B | $45.43B | $39.50B | $31.56B | $27.57B | $26.02B | $21.42B |
| SG&A Expense | $21.48B | $14.19B | $16.43B | $15.72B | $13.51B | $11.05B | $9.55B | $6.92B |
| Operating Income | $129.04B | $112.39B | $84.29B | $74.84B | $78.71B | $41.22B | $34.23B | $27.52B |
| Operating Margin | 32.0% | 32.1% | 27.4% | 26.5% | 30.6% | 22.6% | 21.1% | 20.3% |
| Interest Expense | — | — | $308.0M | $357.0M | $346.0M | $135.0M | $100.0M | $114.0M |
| Pretax Income | $158.83B | $119.82B | $85.72B | $71.33B | $90.73B | $48.08B | $39.63B | $34.91B |
| Income Tax Expense | $26.66B | $19.70B | $11.92B | $11.36B | $14.70B | $7.81B | $5.28B | $4.18B |
| Net Income | $132.17B | $100.12B | $73.80B | $59.97B | $76.03B | $40.27B | $34.34B | $30.74B |
| Net Margin | 32.8% | 28.6% | 24.0% | 21.2% | 29.5% | 22.1% | 21.2% | 22.7% |
| EPS (Basic) | $10.91 | $8.13 | $5.84 | $4.59 | $5.69 | $0.15 | $2.48 | $2.21 |
| EPS (Diluted) | $10.81 | $8.04 | $5.80 | $4.56 | $5.61 | $0.15 | $2.46 | $2.19 |
| Shares Outstanding (Basic) | 12.12B | 12.32B | 12.63B | 13.06B | 13.24B | 13.50B | 13.77B | 13.91B |
| Shares Outstanding (Diluted) | 12.23B | 12.45B | 12.72B | 13.16B | 13.24B | 13.50B | 13.77B | 13.91B |
| Dividends Per Share | $0.83 | $0.60 | — | — | — | — | — | — |
The intelligent investor is a realist who sells to optimists and buys from pessimists.