Historical source-based research. Compilation date and financial period are different dates.

Research summary

A two-period review of GOOGL revenue, profitability and cash conversion; reported revenue growth was 15.09%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 350.018 billion to USD 402.836 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 100.118 billion to USD 132.170 billion. Operating income moved from USD 112.390 billion to USD 129.039 billion. Net margin moved from 28.60% to 32.81%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 125.299 billion in the earlier period and USD 164.713 billion in the later period. Selected free cash flow was USD 72.764 billion and USD 73.266 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

What to monitor

Advertising exposure, subscription economics, network investment and cash conversion.

Risks and uncertainties

Audience migration, content costs, competition, capital intensity and privacy regulation.

Sources & dates

Methodology protocol ↗SMS research updates ↗