Alphabet is a collection of businesses — the largest of which is Google.
10-K, Feb 5, 2026
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
Voices · third-party opinions, not SEC data
Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.
Doug ClintonInvestorAug 10, 2026Skeptical
Our summary: Clinton explained on Closing Bell why his fund sold Alphabet.
Voice details · not SEC data. As stated on Aug 10, 2026; the view may have changed.
Sarah KunstInvestorJun 2, 2026Invests
Our summary: Kunst discussed AI lab valuations and enterprise demand and said she believes Alphabet remains undervalued.
Voice details · not SEC data. As stated on Jun 2, 2026; the view may have changed.
Bill AckmanInvestorMay 15, 2026Invests
Our summary: Ackman said Pershing sold most of its Alphabet stake only to fund its Microsoft purchase and remains long-term bullish on Alphabet, citing current valuation and finite capital.
“To be clear, our sale of $GOOG was not a bet against the company”
Voice details · not SEC data. As stated on May 15, 2026; the view may have changed.
How does Alphabet make money?
Revenue by segments, FY2025.
annual report FY2025 · 0001652044-26-000018 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($402.8B). Rest 0.3% not in this split.
What is left of every $100?
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
Where do customers sit?
“We report Google in two segments, Google Services and Google Cloud, and all non-Google businesses collectively as Other Bets.”
“Supporting these businesses, we have centralized certain AI-related research and development focused on advanced research in AI and developing the frontier models that serve our businesses, which is reported in Alphabet-level activities.”
“Alphabet's structure is about helping each of our businesses prosper through strong leaders and independence.”
Item 1 · Business · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
Where did the growth actually come from?
Source & method
Why do people invest?
“Revenues were $402.8 billion, an increase of 15% year over year, primarily driven by an increase in Google Services revenues of $37.8 billion, or 12%, and an increase in Google Cloud revenues of $15.5 billion, or 36%.”
Item 7 · MD&A · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
Number check (revenue): stated $402.8B matches the stored value ($402.8B, ±10%)
Revenue: $402.8B FY2025 · +15.1% vs FY2024 · KPIs
“At the foundation of our full-stack approach is our AI-optimized infrastructure — a key differentiator enabling us to power our own products, such as Search and YouTube, and support the services we provide to our Google Cloud customers.”
Item 1 · Business · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
“Research and development expenses increased $11.8 billion from 2024 to 2025, primarily driven by increases in employee compensation expenses of $6.9 billion and depreciation expense of $2.4 billion.”
Item 7 · MD&A · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
Number check (R&D expense): stated $11.8B matches the stored change ($11.8B, ±10%)
R&D expense: $61.1B FY2025 · +23.8% vs FY2024 · Profitability charts
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
How fast is revenue growing?
Source & method
Did the growth reach the shareholder?
Source & method
How profitable is it?
Source & method
How much cash does it make, and where does it go?
Source & method
How strong is the balance sheet?
Source & method
What drives the business?
Source & method
Who does Alphabet depend on?
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Alphabet annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Alphabet
No supplier among the covered companies is named in the filings.
Alphabet holds stakes in
Others name Alphabet
19 competitor mentions (e.g. AppLovin, CoreWeave, F5, HPE) · 1 customer mention (e.g. Apple) · 13 other mentions (e.g. AppLovin, Block, Celestica, CrowdStrike) · 7 partner mentions (e.g. AppLovin, Everpure, F5, NetApp) · 10 supplier mentions (e.g. AppLovin, Block, Fortinet, Intuit) in covered companies’ filings. Mentions, not confirmed relationships.
What could go wrong?
“We face a number of manufacturing and supply chain risks that could affect our ability to supply our products and services and harm our business, financial condition, and operating results.”
Item 1A · Risk Factors · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
“Our international operations expose us to additional risks that could harm our business, reputation, financial condition, and operating results.”
Item 1A · Risk Factors · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
“We generate a significant portion of our revenues from advertising. Reduced spending by advertisers, a loss of partners, shifts in online advertising, new and evolving advertising formats, or new or existing technologies that block ads online or affect our ability to personalize ads could harm our business.”
Item 1A · Risk Factors · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
“Our increasing investment in new businesses, products, services, and technologies is inherently risky, and could divert management attention and harm our business, financial condition, and operating results.”
Item 1A · Risk Factors · 10-K · 0001652044-26-000018 · filed Feb 5, 2026
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who owns more than 5%?
13G · as of Mar 31, 2026 · filed Apr 29, 2026
13G/A · as of Dec 31, 2025 · filed Feb 17, 2026
13G/A · filed Feb 12, 2024 · older than 18 months, current position unknown
13G/A · as of Dec 31, 2022 · filed Feb 14, 2023 · older than 18 months, current position unknown
13G/A · as of Dec 31, 2020 · filed Feb 10, 2021 · older than 18 months, current position unknown
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
3 filings reporting a stake below 5% (e.g. after selling) not listed.
Largest institutional holders, 13F, quarter ending Jun 30, 2026
830.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
689.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
429.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
382.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
264.9M shares · 13F filed Aug 12, 2026 · share of 13F-reported
6,284 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 240 sales · $141M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
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| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
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| Short-term debt (balance sheet line) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
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| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
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| Interest paid | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
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| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
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| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Google Cloud | not reported | |||||||||
| Revenue Google Services | not reported | not reported | ||||||||
| Revenue YouTube ads | not reported | |||||||||
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
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| Other income (incl. interest) | ||||||||||
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| Short-term borrowings / commercial paper | ||||||||||
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extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values