Alphabet
ConvictionModerate
Advertising (Search, YouTube, Network) ~70% of revenue + Google Cloud (IaaS/PaaS, enterprise AI, GCP) + subscriptions/devices + Other Bets (Waymo, etc.); monetizes a vertically-integrated AI stack (Gemini models → TPU silicon → datacenters → Cloud + ad products).
Revenue
$109.9BQ1 FY26, +22% YoY); >$400B FY2025Rev growth
+22% YoY Q1 FY26+19% cc); 11th straight double-digit quarterGross margin
~58%est., not separately disclosedOp margin
36.1%Q1 FY26, +2pp YoY); 31.6% FY2025Capex intensity
Very high — Q1 FY26 capex $35.7B~32% of revenue); FY26 guide $180–190BMarket cap
~$4.18TJun 26 2026Across the boards
The thesis on this name
subject
State of AI Compute
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-05. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$257.6B
FY’22
$282.8B+10%
FY’23
$307.4B+9%
FY’24
$350.0B+14%
FY’25
$402.8B+15%
Margins & balance sheet — FY’25
Operating margin32.0%
Net margin32.8%
Net debt$41.4B
The read
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Full financial intelligence for Alphabet
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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