Alphabet Inc Class A (GOOGL)
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Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
Anyone holding the stock holds an operationally outstanding company at a fair price — the substance carries it, and the cloud backlog delivers genuine, contractually underpinned tailwind. A new entry, by contrast, is a deliberate double bet: on the AI construction site paying a return despite "significantly" rising depreciation, and on lenient antitrust outcomes in Washington and Brussels. Whoever understands both bets and wants to carry them finds quality here; whoever has no answer to one of them waits for more clarity — for instance the ad-tech ruling or the first quarters under the full depreciation load. The decision is yours.
symbol.quality_note
Alphabet is the most analyzed company in the world — and precisely for that reason hardly anyone actually reads what its annual report (10-K) says. We did: $402.8 billion in revenue and $132.2 billion in net income for 2025, a cloud order backlog that quintupled to $467.6 billion in 15 months — but also $91.4 billion in AI investment with a growing depreciation burden, a final antitrust judgment in Washington, a threatened partial break-up of the ad business, $15.6 billion in legal accruals and a quarterly profit more than half of which consisted of unrealized valuation gains on stakes. Our value scanner based on Joel Greenblatt's Magic Formula lights up anyway. Not investment advice — we merely read the back of the most famous package on the market.
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Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at GOOGL since then.
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Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 356.10 $ — 78% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Sells AIAlphabet erzielt direkte KI-Umsätze: Die Google Cloud verkauft KI-Infrastruktur, Gemini-Enterprise- und Workspace-Lösungen (Cloud-Umsatz 2025: 58,7 Mrd. US-Dollar, +36 %; Q1 2026: +63 %), der Konzern liefert zur Deckung der KI-Nachfrage sogar eigene TPU-Hardware an Kunden, und die 29,5-Mrd.-Übernahme von Wiz wird ausdrücklich als Investment in KI-getriebene Sicherheit begründet. Nach der Vorrang-Regel gewinnt „Verkauft KI“ vor den ebenfalls vorhandenen konkreten KI-Wettbewerbsrisiken (Bedroht-Passagen zu Suche/Werbung).
View the full file — quotes, sources, reviewed filings
„Today, all 15 of our half-billion-user products — including seven with two billion users — use our Gemini models. For our Google Cloud customers, our offerings are helping organizations stay at the forefront of innovation with solutions such as Gemini Enterprise and Gemini for Google Workspace."
Heute nutzen alle 15 unserer Produkte mit mehr als einer halben Milliarde Nutzern — darunter sieben mit zwei Milliarden Nutzern — unsere Gemini-Modelle. Unseren Google-Cloud-Kunden helfen unsere Angebote, mit Lösungen wie Gemini Enterprise und Gemini für Google Workspace an der Spitze der Innovation zu bleiben.
„It led us to be a pioneer in the development of artificial intelligence (AI) and, since 2016, be an AI-first company."
Das machte uns zu einem Pionier in der Entwicklung künstlicher Intelligenz (KI) und, seit 2016, zu einem Unternehmen, das KI an die erste Stelle setzt („AI-first company“).
„To meet the AI compute capacity demands of our customers, we are engaging in the supply of our custom hardware which may increase our costs and operational complexity."
Um den KI-Rechenkapazitätsbedarf unserer Kunden zu decken, liefern wir auch unsere eigene, maßgeschneiderte Hardware, was unsere Kosten und unsere operative Komplexität erhöhen kann.
„This acquisition represents an investment by Google Cloud to accelerate our capabilities in multicloud and artificial intelligence (AI)-driven security."
Diese Übernahme ist ein Investment von Google Cloud, um unsere Fähigkeiten in Multicloud- und KI-getriebener Sicherheit zu beschleunigen.
Filings Reviewed: 10-Q 2026-04-30 · 10-Q 2025-10-30 · 10-Q 2025-07-24 · 10-Q 2025-04-25 · 10-K 2026-02-05 · 10-K 2025-02-05
Rated on July 14, 2026 · How the Rating Is Built
What the Earnings Calls Reveal
Red flags Strong but evasiveBetween Q1 2024 and Q2 2026 Alphabet delivered operationally: quarterly revenue rose from 80.5 to 119.8 billion dollars, and the combined Cloud and YouTube run rate of more than 100 billion dollars promised in Q1 2024 came in at 110 billion by the end of 2024. Something else stands out. On the central question of what the new AI answers in Search actually earn per click, the advertising chief gave a word-for-word identical reply in five consecutive calls and declined to give details. At the same time capital expenditure guidance was revised upward four times within six quarters, and the compute capacity shortage has now lasted seven quarters, with no call putting a date on its end. Anyone looking only at the growth figures misses how thin the statements on the cost and return of the AI transition still are.
10 calls reviewed, 2024-Q1 through 2026-Q2 · As of August 2, 2026
Capex guidance raised four times
On the Q3 2024 call CFO Anat Ashkenazi flagged higher investment for 2025 but explicitly said it would likely not be the same percentage step-up as the year before. In Q4 2024 the figure was around 75 billion dollars, confirmed in Q1 2025, raised to 85 billion in Q2 2025 and to 91 to 93 billion in Q3 2025. Actual 2025 capex came in at 91.4 billion dollars against a good 50 billion in 2024, so there was no flattening at all. The same pattern repeated for 2026: Q4 2025 said 175 to 185 billion, Q1 2026 made that 180 to 190, and Q2 2026 moved to 195 to 205 billion. Four upward revisions in six quarters mean every number named held for only a few months.
Five calls, the same non-answer
From Q3 2024 through Q3 2025 analysts asked on every call what the AI answers in Search earn, meaning click-through rate, conversion and ads per results page. Advertising chief Philipp Schindler replied five times in identical words that monetisation runs at approximately the same rate. Pressed directly by JPMorgan in Q1 2025 on click-through rates and conversion he said he did not think this was the moment to go into those details. In Q3 2025 the formula appeared twice in the same call, in response to JPMorgan and to Bernstein. From the Q4 2025 call it no longer appears, and in Q2 2026 the wording is only that the company is encouraged by monetisation performance. Two years on there is still no hard number for the revenue per AI answer.
Capacity shortage in its seventh quarter
In Q4 2024 management admitted for the first time that it had exited the year with more demand than available compute capacity. In Q1 2025 the CFO said only that capacity deployment would be relatively higher towards the end of 2025; she did not promise an end to the shortage and in the same call expressly reaffirmed the continuing tightness. In Q2 2025 the tightness was extended into 2026, and in Q3 2025 explicitly to Q4 2025 and all of 2026. In Q1 2026 Sundar Pichai said cloud revenue would have been higher with more capacity. In Q2 2026 Alphabet announced it would rent third-party capacity from Q3 2026, explicitly accepting margin pressure in cloud for it. The shortage now spans seven quarters, with no call putting a date on its end.
User numbers only once they flatter
In Q3 2024 Barclays asked how Gemini usage compared with the largest competitor. Pichai gave no figure and pointed to API volume instead. In Q1 2025 the same analyst asked again after the antitrust trial had disclosed 35 million daily users, and again got no number, only a reference to 1.5 billion users of AI Overviews. From Q2 2025 Alphabet suddenly quoted monthly figures for the Gemini app: 450 million, then 650 million in Q3 2025, 750 million in Q4 2025 and 950 million in Q2 2026. The daily usage that was actually asked about has never been published, and in Q2 2026 the company said only that it had tripled within a year. The metric changed precisely when it became flattering.
From cost discipline to an equity raise
The Q1 and Q2 2024 calls were dominated by the phrase durably reengineering the cost base, together with an explicit commitment to full-year 2024 operating margin expansion. That commitment was met. After that, any statement about expected full-year margin disappeared from the calls and was replaced by references to pressure on the profit and loss statement from rising depreciation. Capital policy turned at the same time: around 70 billion dollars went back to shareholders in 2024, while buybacks fell from 15.1 billion in Q1 2025 to 5.5 billion in Q4 2025. Long-term debt rose from about 16 billion in mid-2025 to 98.2 billion in Q2 2026, plus an equity raise. In Q2 2026 free cash flow was negative for the first time at minus 5.9 billion dollars.
The datable commitments were kept
For all the evasion on detail, what management promised with a date attached did arrive. The combined Cloud and YouTube run rate of more than 100 billion dollars announced in Q1 2024 stood at 110 billion at the end of 2024. Closing the YouTube Shorts monetisation gap, flagged on every call since Q1 2024, was achieved in Q2 2025, and since Q3 2025 Shorts earn more per watch hour in the US than traditional in-stream video. The Astra features promised for 2025 shipped as Gemini Live in Q1 2025, and Gemini 3 arrived in December 2025 as announced in Q3 2025. The Waymo launches in Atlanta and Miami also went live on the stated timelines. The gap is not in product commitments but in the numbers on cost and return.
Management promises
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2024-Q1 kept
Cloud and YouTube to exit 2024 at a combined annual revenue run rate of more than 100 billion dollars.
Confirmed in Q4 2024 at 110 billion dollars, therefore beaten.
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2024-Q1 kept
Full-year 2024 Alphabet operating margin expansion relative to 2023 is promised.
Documented in Q4 2024: revenue up 14 percent, operating income up 33 percent to 112 billion dollars. After that all margin guidance was discontinued.
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2024-Q3 broken
The 2025 capex increase would likely not be the same percentage step-up as the one from 2023 to 2024.
2025 capex reached 91.4 billion dollars after a good 50 billion in 2024, an increase of about three quarters. Even the initial 75 billion figure was exceeded twice.
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2024-Q4 broken
Capex of approximately 75 billion dollars is planned for 2025.
Raised to 85 billion in Q2 2025 and to 91 to 93 billion in Q3 2025, with 91.4 billion actually spent. The plan held for two quarters.
-
2025-Q1 kept
Relatively higher capacity deployment towards the end of 2025.
Kept: quarterly capex rose through 2025 from 17.2 to 22.4, 24.0 and 27.9 billion dollars, and Q3 2025 confirmed an improved pace of server deployment and data centre construction. An end to the shortage was never promised; the same call reaffirmed the continuing tightness.
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2025-Q4 broken
Capex of 175 to 185 billion dollars is planned for 2026.
Raised to 180 to 190 billion in Q1 2026 and to 195 to 205 billion in Q2 2026. Two revisions in two quarters.
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2024-Q3 kept
Features from the Astra research project were to ship as early as 2025.
Shipped as Gemini Live in Q1 2025 and explicitly attributed to Astra there.
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2025-Q3 kept
Gemini 3 to be released later in the same year.
Confirmed in Q4 2025 as a December 2025 launch, with what the company called the fastest model adoption in its history.
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2026-Q2 open
The next large base model Gemini 4 is in pretraining and is meant to compete at the frontier.
No date given. At the same time management openly conceded a gap in agentic coding for the first time.
Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 19.9% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 68
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 20.58 | 19.70 – 21.92 | 497,703 | 90.3% | 50 |
| 12/31/2027 | 14.77 | 13.39 – 17.21 | 605,845 | -28.4% | 55 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 3.02 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.15 | 30.90 | 96,469 | 11.80 | 27.50 | 39,113 | 24,837 |
| 2025: Q1 | 2.81 | 48.80 | 90,234 | 12.00 | 38.30 | 36,150 | 18,953 |
| 2025: Q2 | 2.31 | 22.30 | 96,428 | 13.80 | 29.20 | 27,747 | 5,301 |
| 2025: Q3 | 2.87 | 35.30 | 102,346 | 15.90 | 34.20 | 48,414 | 24,461 |
| 2025: Q4 | 2.82 | 31.10 | 113,896 | 18.10 | 30.30 | 52,402 | 24,551 |
| 2026: Q1 | 5.11 | 82.00 | 109,896 | 21.80 | 56.90 | 45,790 | 10,116 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 90,272 | 23,716 | 19,478 | 1.39 | 36,036 | 139,036 | 167,497 |
| 2017 | 110,855 | 26,178 | 12,662 | 0.90 | 37,091 | 152,502 | 197,295 |
| 2018 | 136,819 | 27,524 | 30,736 | 2.19 | 47,971 | 177,628 | 232,792 |
| 2019 | 161,857 | 34,231 | 34,343 | 2.46 | 54,520 | 201,442 | 275,909 |
| 2020 | 182,527 | 41,224 | 40,269 | 2.93 | 65,124 | 222,544 | 319,616 |
| 2021 | 257,637 | 78,714 | 76,033 | 5.61 | 91,652 | 251,635 | 359,268 |
| 2022 | 282,836 | 74,842 | 59,972 | 4.56 | 91,495 | 256,144 | 365,264 |
| 2023 | 307,394 | 84,293 | 73,795 | 5.80 | 101,746 | 283,379 | 402,392 |
| 2024 | 350,018 | 112,390 | 100,118 | 8.04 | 125,299 | 325,084 | 450,256 |
| 2025 | 402,963 | 129,166 | 132,170 | 10.81 | 164,713 | 415,265 | 595,281 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Globally dominant attention platforms (Search, YouTube, Android) plus the fastest-growing segment, Google Cloud (+63 percent in the first quarter of 2026), with its own AI stack of Gemini models and TPU chips; the cloud order backlog of $467.6 billion is contractually underpinned (10-Q as of March 31, 2026).
$402.8 billion in revenue and $132.2 billion in net income in 2025, $164.7 billion in operating cash flow, $126.8 billion in cash/securities and Altman-Z about 10 — plus $45.4 billion in buybacks in 2025 and a growing dividend ($0.22 per quarter since April 2026).
More than 70 percent advertising share while the distribution model is being legally rebuilt: a Search final judgment with data-sharing obligations (both sides appealing), threatened structural remedies in the ad-tech business, a $3.5 billion EU fine, DMA proceedings — and $15.6 billion in short-term legal accruals (10-K 2025).
$91.4 billion in investments in 2025, "significantly more" for 2026; depreciation rising significantly per the company's own filing; notes sextupled to $79.1 billion within 15 months, plus data center and energy guarantees of roughly $37 billion plus about $15.3 billion newly added in April 2026 (10-K 2025; 10-Q as of March 31, 2026).
A P/E of about 26 is fair for this quality, not a euphoria price (data as of July 8, 2026) — but the quarterly profit in early 2026 consisted of more than half unrealized valuation gains on stakes, and measured on free cash flow the stock costs about 57 times; insiders most recently reported 17 sells versus 3 buys.
Alphabet is the rare double of quality company and value-scanner hit: dominant platforms, a booming cloud with nearly half a trillion dollars in order backlog, a fortress balance sheet and a P/E of about 26 that is fair for this strength. Set against this are two open mega-bets no scanner can price: whether the most expensive investment wave in company history ($91.4 billion in capex in 2025, "significantly more" in 2026, fast-rising depreciation, sextupled note debt, billions in guarantees for third-party data centers) converts into real returns — and whether the courts merely file at the advertising foundation or cut deeper. The reported record profit moreover contains a growing paper share from valuation gains on stakes. Not investment advice.
- The analysis covers both listed share classes: GOOGL (Class A, voting) and GOOG (Class C, non-voting) represent the same economic interest in Alphabet; the unlisted Class B secures the founders 52.7 percent of the votes.
- The net income of the first quarter of 2026 ($62.6 billion) included $36.9 billion in unrealized book gains on non-marketable stakes; the operating income of $39.7 billion is the more reliable measure. The 2025 profit also included $24.1 billion in valuation gains.
- Price and valuation figures are dated to July 8, 2026 (about $344 per A share, about $4,194 billion in market value); analyses are evergreen, daily prices are not a buy argument.
- The scanner membership was checked twice: data as of July 8, 2026 (Greenblatt, Zweig, Buffett criteria) and a live check on July 14, 2026 (Greenblatt and Zweig confirmed; the Buffett criteria had meanwhile dropped out).
About the Company
Alphabet Inc. bietet diverse Produkte und Plattformen in den USA, Europa, dem Nahen Osten, Afrika, dem asiatisch-pazifischen Raum, Kanada und Lateinamerika an.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 198,933 |
| Headquarters | Mountain View, CA |
| Address | 1600 Amphitheatre Parkway, 94043 Mountain View, United States |
| Phone | 650-253-0000 |
| Website | abc.xyz |
| IPO Date | 19. Aug 2004 |
| ISIN | US02079K3059 |
| Stock Split | 20:1 on 07/18/2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Sundar Pichai | CEO & Director | 1973 |
| Ruth M. Porat | President & Chief Investment Officer | 1958 |
| Lawrence Edward Page II | Co-Founder & Director | 1973 |
| Sergey Brin | Co-Founder & Director | 1974 |
| Anat Ashkenazi | Senior VP & CFO | 1973 |
| J. Kent Walker | President of Global Affairs, Chief Legal Officer & Company Secretary | 1961 |
| Philipp Schindler | Senior Vice President & Chief Business Officer of Google | 1971 |
| Marsida Saraci | Principal Accounting Officer, VP & Controller | 1979 |
| James H. Friedland | Head of Investor Relations | 1970 |
| Fiona Clare Cicconi | Chief People Officer | 1966 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.