Alphabet (GOOGL)
Market Price (7/25/2026): $318.85 | Market Cap: $3.9 TrilInvestor Relations Sector: Communication Services | Industry: Interactive Media & Services
Alphabet (GOOGL)
Market Price (7/25/2026): $318.85Market Cap: $3.9 TrilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 186 Bil, FCF LTM is 53 Bil Stock buyback supportStock Buyback 3Y Total is 140 Bil Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cybersecurity, Cloud Computing, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 8.7x Key risksGOOGL key risks include [1] the structural threat of generative AI disrupting its core search business and [2] intensifying global antitrust investigations that could force divestitures or major changes to its business practices. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 186 Bil, FCF LTM is 53 Bil |
| Stock buyback supportStock Buyback 3Y Total is 140 Bil |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cybersecurity, Cloud Computing, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 8.7x |
| Key risksGOOGL key risks include [1] the structural threat of generative AI disrupting its core search business and [2] intensifying global antitrust investigations that could force divestitures or major changes to its business practices. |
Qualitative Assessment
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Alphabet (GOOGL) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance.
Alphabet reported robust financial results for its fiscal second quarter, which ended on June 30, 2026. The company's diluted earnings per share (EPS) reached $9.11, significantly exceeding analysts' consensus estimates of $2.89 by $6.22. Quarterly revenue also saw substantial growth, increasing 24% year-over-year to $119.80 billion, surpassing analyst projections of approximately $117.07 billion.
2. Accelerated Growth in Google Cloud Driven by AI Demand.
Google Cloud emerged as a key driver of Alphabet's growth, with its revenue accelerating to an impressive 82% year-over-year in fiscal Q2 2026, reaching $24.77 billion. This performance outpaced consensus estimates of $22.46 billion and was primarily fueled by strong demand for AI infrastructure and enterprise AI solutions, including Google Cloud Platform (GCP) services.
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Alphabet (GOOGL) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance.
Alphabet reported robust financial results for its fiscal second quarter, which ended on June 30, 2026. The company's diluted earnings per share (EPS) reached $9.11, significantly exceeding analysts' consensus estimates of $2.89 by $6.22. Quarterly revenue also saw substantial growth, increasing 24% year-over-year to $119.80 billion, surpassing analyst projections of approximately $117.07 billion.
2. Accelerated Growth in Google Cloud Driven by AI Demand.
Google Cloud emerged as a key driver of Alphabet's growth, with its revenue accelerating to an impressive 82% year-over-year in fiscal Q2 2026, reaching $24.77 billion. This performance outpaced consensus estimates of $22.46 billion and was primarily fueled by strong demand for AI infrastructure and enterprise AI solutions, including Google Cloud Platform (GCP) services.
3. Broad Adoption and Impact of AI Across Products.
Alphabet's substantial investments in Artificial Intelligence (AI) translated into widespread adoption and positive impact across its product portfolio. Gemini Enterprise is being utilized by nearly 90% of the Fortune 100, and the Gemini app has achieved 950 million monthly active users, with daily active users tripling over the past year. These AI advancements are enhancing core services such as Google Search, driving query growth and improving ad relevance.
4. Significant Unrealized Gains on Equity Securities.
Alphabet's net income for fiscal Q2 2026 was significantly boosted by a $98.0 billion net unrealized gain on its equity securities. This gain was a primary factor behind the reported 298% increase in net income available to common stockholders and the 294% increase in diluted EPS.
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Stock Movement Drivers
Fundamental Drivers
The 11.3% change in GOOGL stock from 3/31/2026 to 7/24/2026 was primarily driven by a 66.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 287.39 | 319.74 | 11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 402,837 | 445,867 | 10.7% |
| Net Income Margin (%) | 32.8% | 54.8% | 66.9% |
| P/E Multiple | 26.3 | 15.9 | -39.4% |
| Shares Outstanding (Mil) | 12,074 | 12,151 | -0.6% |
| Cumulative Contribution | 11.3% |
Market Drivers
3/31/2026 to 7/24/2026| Return | Correlation | |
|---|---|---|
| GOOGL | 11.3% | |
| Market (SPY) | 13.6% | 59.4% |
| Sector (XLC) | -4.1% | 69.1% |
Fundamental Drivers
The 2.3% change in GOOGL stock from 12/31/2025 to 7/24/2026 was primarily driven by a 69.9% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 312.59 | 319.74 | 2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 385,477 | 445,867 | 15.7% |
| Net Income Margin (%) | 32.2% | 54.8% | 69.9% |
| P/E Multiple | 30.4 | 15.9 | -47.7% |
| Shares Outstanding (Mil) | 12,086 | 12,151 | -0.5% |
| Cumulative Contribution | 2.3% |
Market Drivers
12/31/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| GOOGL | 2.3% | |
| Market (SPY) | 8.7% | 58.4% |
| Sector (XLC) | -9.4% | 67.1% |
Fundamental Drivers
The 82.0% change in GOOGL stock from 6/30/2025 to 7/24/2026 was primarily driven by a 77.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 175.73 | 319.74 | 82.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 359,713 | 445,867 | 24.0% |
| Net Income Margin (%) | 30.9% | 54.8% | 77.5% |
| P/E Multiple | 19.3 | 15.9 | -17.5% |
| Shares Outstanding (Mil) | 12,183 | 12,151 | 0.3% |
| Cumulative Contribution | 82.0% |
Market Drivers
6/30/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| GOOGL | 82.0% | |
| Market (SPY) | 20.6% | 56.5% |
| Sector (XLC) | -1.1% | 61.6% |
Fundamental Drivers
The 169.5% change in GOOGL stock from 6/30/2023 to 7/24/2026 was primarily driven by a 166.1% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 118.65 | 319.74 | 169.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 284,612 | 445,867 | 56.7% |
| Net Income Margin (%) | 20.6% | 54.8% | 166.1% |
| P/E Multiple | 25.9 | 15.9 | -38.5% |
| Shares Outstanding (Mil) | 12,781 | 12,151 | 5.2% |
| Cumulative Contribution | 169.5% |
Market Drivers
6/30/2023 to 7/24/2026| Return | Correlation | |
|---|---|---|
| GOOGL | 169.5% | |
| Market (SPY) | 72.6% | 58.6% |
| Sector (XLC) | 68.5% | 69.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GOOGL Return | 65% | -39% | 58% | 36% | 66% | 2% | 266% |
| Peers Return | 25% | -44% | 89% | 47% | 10% | -7% | 99% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| GOOGL Win Rate | 83% | 25% | 67% | 67% | 75% | 29% | |
| Peers Win Rate | 60% | 30% | 75% | 68% | 47% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| GOOGL Max Drawdown | -8% | -44% | -17% | -22% | -30% | -21% | |
| Peers Max Drawdown | -16% | -53% | -18% | -16% | -29% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, AMZN, META, AAPL, NFLX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/24/2026 (YTD)
How Low Can It Go
| Event | GOOGL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 101 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.2% | -7.8% |
| % Gain to Breakeven | 20.8% | 8.5% |
| Time to Breakeven | 127 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.4% | -24.5% |
| % Gain to Breakeven | 57.2% | 32.4% |
| Time to Breakeven | 449 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.9% | -33.7% |
| % Gain to Breakeven | 44.7% | 50.9% |
| Time to Breakeven | 109 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.7% | -19.2% |
| % Gain to Breakeven | 23.0% | 23.8% |
| Time to Breakeven | 86 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.8% | -12.2% |
| % Gain to Breakeven | 13.3% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
In The Past
Alphabet's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
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| Event | GOOGL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 101 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.4% | -24.5% |
| % Gain to Breakeven | 57.2% | 32.4% |
| Time to Breakeven | 449 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.9% | -33.7% |
| % Gain to Breakeven | 44.7% | 50.9% |
| Time to Breakeven | 109 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.6% | -17.9% |
| % Gain to Breakeven | 25.9% | 21.8% |
| Time to Breakeven | 105 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -63.8% | -53.4% |
| % Gain to Breakeven | 176.1% | 114.4% |
| Time to Breakeven | 1394 days | 1085 days |
In The Past
Alphabet's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alphabet (GOOGL)
Alphabet Inc. (GOOGL) is a global technology conglomerate operating across various sectors, primarily focused on internet services, software, and hardware. The company structures its diverse offerings into three main segments: Google Services, Google Cloud, and Other Bets. This broad portfolio allows Alphabet to serve a vast global audience, from individual consumers to large enterprises across the United States, Europe, Asia-Pacific, Canada, and Latin America.
The largest segment, Google Services, encompasses the products and platforms most people associate with Google. This includes its dominant search engine, Android mobile operating system, Chrome web browser, and widely used applications like Gmail, Google Maps, Google Photos, and YouTube. A significant portion of its revenue comes from advertising within Search and YouTube. Additionally, this segment develops and sells hardware, such as Pixel phones, Fitbit wearable devices, and Google Nest smart home products, catering directly to consumers worldwide and generating revenue through app and content sales on Google Play.
Beyond its consumer-facing products, Alphabet also provides robust enterprise solutions through its Google Cloud segment. This offers cloud computing infrastructure, platforms, and various services, alongside Google Workspace, a suite of cloud-based collaboration tools like Gmail, Docs, and Drive tailored for businesses. The "Other Bets" segment represents Alphabet's ventures into emerging technologies and long-term projects, including health technology and experimental internet services, demonstrating its commitment to innovation and future growth across various industries.
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- Alphabet is like "Amazon for the internet's information and advertising," combined with a leading cloud computing service.
- Alphabet is like a combination of Meta (Facebook) and Microsoft, dominating digital advertising, consumer software platforms (Android, Chrome), and enterprise cloud services.
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- Search Engine (Google Search): Provides information retrieval across the internet.
- Advertising Platforms (Google Ads): Offers advertising solutions for businesses across Google's vast network.
- Mobile Operating System (Android): Powers a wide range of smartphones and other devices.
- Web Browser (Chrome): A popular web browser for accessing the internet.
- Productivity & Collaboration Tools (Gmail, Drive, Photos, Maps): A suite of services for email, cloud storage, photo management, and navigation.
- Digital Content Store (Google Play): A platform for downloading apps, games, movies, and other digital content.
- Video Hosting & Streaming (YouTube): A platform for users to upload, watch, and share videos, including non-advertising subscription services.
- Consumer Hardware (Pixel, Nest, Fitbit): Manufactures smartphones, smart home devices, and wearable fitness trackers.
- Cloud Computing Services (Google Cloud): Offers infrastructure, platform, and other cloud services for enterprises.
- Enterprise Collaboration Software (Google Workspace): Provides cloud-based productivity and collaboration tools like Gmail, Docs, and Meet for businesses.
- Health Technology Services: Develops and sells health-related technology and services.
- Other Internet Services: Engages in various other internet-based services.
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Major Customers of Alphabet (GOOGL)
Alphabet Inc. primarily sells its products and services to other companies. Its major customers fall into two broad categories:
- Advertisers: A vast number of businesses across virtually every industry globally utilize Alphabet's advertising platforms (Google Search, YouTube, Google Display Network) to reach individuals. These range from small and medium-sized businesses to large multinational corporations. Due to the sheer volume and proprietary nature of advertising relationships, Alphabet does not typically disclose a comprehensive list of its major advertising customers. Effectively, any public company that advertises online is a customer.
-
Enterprise and Cloud Customers: Businesses of all sizes subscribe to Google Cloud services, which include infrastructure, platforms, and Google Workspace collaboration tools. Alphabet has publicly announced numerous major enterprise customers for its Google Cloud segment. Examples of such major public company customers include:
- Coca-Cola Co (KO)
- Target Corp (TGT)
- The Home Depot Inc (HD)
- Ford Motor Company (F)
- Goldman Sachs Group Inc (GS)
- PayPal Holdings Inc (PYPL)
- LVMH Moët Hennessy Louis Vuitton SE (LVMUY)
While Alphabet also sells hardware (e.g., Pixel phones, Nest products) and digital content directly to individuals, its primary revenue streams and major customer relationships are with other businesses.
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- Taiwan Semiconductor Manufacturing Company Limited (TSM)
- Samsung Electronics Co., Ltd. (005930.KS)
- Qualcomm Inc. (QCOM)
- Hon Hai Precision Industry Co., Ltd. (2317.TW)
- Sony Group Corporation (SONY)
- Micron Technology, Inc. (MU)
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Sundar Pichai, Chief Executive Officer of Alphabet and Google
Sundar Pichai joined Google in 2004, where he led product management and innovation efforts for products such as Google Chrome, ChromeOS, and Google Drive. He also oversaw the development of applications like Gmail and Google Maps. Pichai was appointed CEO of Google in 2015 and subsequently became the CEO of its parent company, Alphabet Inc., in 2019. Before his tenure at Google, he worked in engineering and product management at Applied Materials and in management consulting at McKinsey & Company.
Anat Ashkenazi, Senior Vice President and Chief Financial Officer, Alphabet and Google
Anat Ashkenazi was appointed as the Senior Vice President and Chief Financial Officer of Alphabet and Google, with her role becoming effective on July 31, 2024. Prior to joining Alphabet, she served as the Chief Financial Officer at Eli Lilly and Company for over two decades, where she gained extensive experience across various financial, strategy, and operations roles within the company's global divisions.
Ruth Porat, President and Chief Investment Officer of Alphabet and Google
Ruth Porat has served as the President and Chief Investment Officer of Alphabet and Google since September 1, 2023. Before transitioning to her current role, she was the Senior Vice President and Chief Financial Officer of Alphabet and Google from May 2015 until July 2024. Prior to her time at Google, Porat held the position of Executive Vice President & Chief Financial Officer at Morgan Stanley from 2010 to 2015, having spent a total of 27 years at the firm. She is notably credited with structuring the European debt financing that helped save Amazon during the dot-com downturn in 2000. Additionally, she serves on the Board of Directors of Blackstone Inc., a prominent private equity firm.
Philipp Schindler, Senior Vice President, Chief Business Officer, Google
Philipp Schindler is the Senior Vice President and Chief Business Officer for Google, overseeing global and regional sales activities for Google and YouTube, as well as technical and consumer operations, product-sales strategy, and partnerships for Android and Chrome. He joined Google in 2005. Before Google, Schindler was a Senior Vice President of Marketing & Sales at AOL Germany, where he was a member of their management board for six years. He also previously served as head of marketing at CompuServe in Germany, an AOL Inc. subsidiary, and was involved in new media activities within Bertelsmann AG's junior talent program.
Kent Walker, President, Global Affairs, Chief Legal Officer and Secretary, Alphabet and Google
Kent Walker serves as the President of Global Affairs, Chief Legal Officer, and Secretary for Alphabet Inc. and its subsidiary Google. In this capacity, he is responsible for legal matters, public policy, government relations, content policy, and regulatory compliance. Walker joined Google in 2006. His career before Google included executive legal and policy roles at various technology and media companies such as eBay, Liberate Technologies, Netscape, and Airtouch Communications. He also previously served as an Assistant U.S. Attorney at the United States Department of Justice.
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The key risks to Alphabet's business include:
- Regulatory and Antitrust Scrutiny: Alphabet faces intensifying regulatory pressure and ongoing antitrust lawsuits globally due to its dominant market positions in areas such as search, Android, and advertising technology. These legal and regulatory challenges could result in significant fines, forced changes to its business practices, or even a potential breakup of certain parts of the company.
- Disruption to Search and Advertising from AI: The emergence of generative artificial intelligence (AI) and intelligent agents presents a structural threat to Alphabet's core search and advertising business model. AI-powered search results, which provide direct answers, could reduce the need for users to click on traditional ads, potentially eroding query volume, ad impressions, and click-through rates. Furthermore, new AI-native competitors are not constrained by existing advertising revenue models, making it more challenging for Alphabet to innovate while protecting its cash-generating search engine.
- Dependence on Advertising Revenue: A substantial portion of Alphabet's total revenue, approximately 70-77%, is derived from advertising through Google Search and YouTube. This heavy reliance on advertising makes the company vulnerable to fluctuations in digital advertising trends, economic downturns, and increased competition within the digital advertising market.
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AI-powered search engines, such as those integrated with large language models like ChatGPT, pose a clear emerging threat to Alphabet's core Search business by offering direct answers and potentially bypassing traditional link-based search results and associated advertising. This shift could fundamentally alter how users find information and consume digital content.
TikTok and other short-form video platforms represent another significant emerging threat, directly competing with YouTube for user attention, creator talent, and advertising revenue, particularly among younger demographics. This competition forces YouTube to adapt its content strategy and monetization models.
Apple's increasing emphasis on user privacy, including initiatives like App Tracking Transparency (ATT), presents an ongoing threat to Alphabet's advertising ecosystem. These changes restrict data collection and ad targeting capabilities across mobile platforms, potentially impacting the effectiveness and profitability of Google's mobile advertising business.
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Addressable Markets for Alphabet Inc. (GOOGL) Main Products and Services
Alphabet Inc. operates across diverse and expansive addressable markets globally. The following outlines the market sizes for its key products and services, specifying the relevant regions where available:
Google Services Segment
- Digital Advertising (including Search and YouTube Ads): The global digital ad spending market size was approximately USD 650.00 billion in 2025 and is expected to exceed USD 1,593 billion by 2035. Similarly, the global online advertising market was valued at USD 359.88 billion in 2025 and is projected to grow to USD 1,344.68 billion by 2034. North America alone holds approximately 36% of the global online advertising market share.
- Mobile Operating Systems (Android): The global mobile operating system market size was estimated at USD 54.51 billion in 2025 and is expected to reach USD 57.97 billion in 2026. Another estimate places the market size at USD 69.48 billion in 2025, projected to reach USD 465.15 billion by 2033. Android commanded the largest market share of 71.45% in 2025.
-
Hardware (Pixel Phones, Fitbit Wearable Devices, Google Nest Home Products):
- Smartphones (Pixel Phones): The global smartphone market size was estimated at USD 520.45 billion in 2024 and is projected to reach USD 651.82 billion by 2030. Another report valued the market at USD 598.92 billion in 2025, with projections to expand from USD 642.64 billion in 2026 to USD 1,129.19 billion by 2034. Asia Pacific dominated the smartphone market with a 47.7% revenue share in 2024. North America contributed approximately 20% of global smartphone unit shipments in 2024.
- Wearable Technology (Fitbit): The global wearable technology market size was valued at USD 86.78 billion in 2025 and is projected to grow to USD 231.43 billion by 2034. North America held the largest market share, accounting for 38.80% of the global wearable technology market in 2025.
- Smart Home Devices (Google Nest): The global smart home market size was valued at USD 127.80 billion in 2024 and is projected to reach USD 537.27 billion by 2030. Another source estimated the market at USD 163.30 billion in 2025. North America held a significant share of over 25% of the smart home market in 2024 and dominated the global smart home devices market with a 39.45% market share in 2025.
- YouTube (Non-advertising services/Online Video Platform): The global online video platform market size was valued at USD 1.1 billion in 2024 and is expected to reach USD 2.8 billion by 2033. Another report estimated the market size at USD 11.27 billion in 2024, poised to grow to USD 47.04 billion by 2033. North America dominates this market with approximately 38% global market share.
- Google Play (App Store): The global mobile app stores market size was estimated at USD 71.7 billion in 2023 and is expected to reach USD 140.3 billion by 2032. The App Store ecosystem facilitated nearly USD 1.3 trillion in billings and sales worldwide in 2024. Google Play is projected to dominate the mobile application store market with a 59.4% market share in 2025.
Google Cloud Segment
- Cloud Computing (Google Cloud Platform and Google Workspace infrastructure/platform services): The global cloud computing market size was valued at USD 781.27 billion in 2025 and is projected to grow to USD 2,904.52 billion by 2034. North America dominated the cloud computing industry with a 52.0% market share in 2025, and the North America market stood at USD 406.08 billion in 2025, projected to grow to USD 466.77 billion in 2026. The US cloud computing market is expected to grow from USD 485.54 billion in 2025 to USD 721.30 billion by 2030.
- Enterprise Collaboration Software (Google Workspace): The global enterprise collaboration market size was valued at USD 53.93 billion in 2024 and is expected to reach USD 132.64 billion by 2032. North America dominated this market with a 42.60% share in 2025, and the U.S. market is projected to reach USD 17.06 billion by 2026.
Other Bets Segment
- Health Technology: The global HealthTech market size was valued at USD 908.5 billion in 2023 and is projected to reach USD 3,140.9 billion by 2033. Another report calculated the global digital health market size at USD 420.08 billion in 2025, predicted to increase to approximately USD 1,171.24 billion by 2035. North America held the largest market share in 2023 and dominated with a 38.45% revenue share in 2025.
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Expected Drivers of Future Revenue Growth for Alphabet (GOOGL)
Over the next 2-3 years, Alphabet's revenue growth is expected to be driven by several key factors:
- AI Monetization across Products: Alphabet is actively integrating its Gemini AI models across its core products such as Search, YouTube, and Google Workspace, with promising early results in generating revenue. This includes enhanced AI-generated responses in Search and new AI tools designed for creators on YouTube. The company also anticipates new revenue streams from advertising within Gemini and improved targeting for Google Search.
- Google Cloud Expansion: Google Cloud is a significant engine for growth, propelled by robust demand for its cloud services, an increasing contribution from AI technologies, and a substantial, expanding backlog of business. Alphabet is making considerable investments in AI infrastructure to support this surging demand.
- YouTube Advertising and Subscriptions: YouTube's advertising revenue continues to grow, driven by both direct response and brand advertising. Furthermore, YouTube's subscription services, including YouTube Premium, YouTube Music, and YouTube TV, are a rapidly expanding revenue source, having reached $15 billion in annual revenue and increasing fivefold since 2019. The monetization of YouTube Shorts is also expected to contribute to this growth.
- Sustained Growth in Google Search and Other Advertising: Google Search remains the largest contributor to Alphabet's overall revenue growth, with strong performance in retail advertising. The ongoing integration of AI is anticipated to further enhance Search capabilities and bolster its continued revenue generation.
- Growth in Subscriptions Across Google Services: Beyond YouTube, subscriptions across other Google Services, such as Google One, are contributing to the company's overall revenue growth.
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Share Repurchases
- Alphabet repurchased approximately $61.504 billion in shares in 2023 and $62.222 billion in 2024.
- The company executed $45.709 billion in share buybacks during 2025.
- Alphabet's Board of Directors authorized an additional $70 billion share repurchase program on April 23, 2025.
Share Issuance
- Alphabet issued approximately $22.5 billion in stock-based compensation to employees in 2023.
- The number of shares outstanding generally declined, with 13.599 billion in 2022, 13.313 billion in 2023, 13.079 billion in 2024, and 12.088 billion in 2025.
Outbound Investments
- In September 2022, Alphabet completed the acquisition of cybersecurity firm Mandiant for $5.4 billion to enhance Google Cloud's security offerings.
- Alphabet announced its largest acquisition to date in March 2025, agreeing to acquire cloud security startup Wiz for $32 billion to further strengthen Google Cloud.
- In December 2025, Alphabet announced the acquisition of Intersect Power LLC for $4.75 billion (including assumed debt) to secure power supply for its expanding data centers and AI development, with completion expected in the first half of 2026.
Capital Expenditures
- Capital expenditures were $32.251 billion in 2023 and $52.535 billion in 2024.
- Alphabet's capital expenditures reached approximately $91.447 billion in 2025, an increase from earlier estimates, primarily driven by investments in servers and data center construction.
- For 2026, Alphabet expects capital expenditures to be in the range of $175 billion to $185 billion, nearly doubling the 2025 figures, with a strong focus on AI infrastructure, cloud computing capacity, and next-generation data centers to meet customer demand and reduce cloud computing backlog.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 326.38 |
| Mkt Cap | 2,664.0 |
| Rev LTM | 382,070 |
| Op Inc LTM | 117,980 |
| FCF LTM | 50,763 |
| FCF 3Y Avg | 55,182 |
| CFO LTM | 144,376 |
| CFO 3Y Avg | 120,320 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.9% |
| Rev Chg 3Y Avg | 15.0% |
| Rev Chg Q | 17.5% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 20.2% |
| Op Inc Chg 3Y Avg | 31.6% |
| Op Mgn LTM | 32.9% |
| Op Mgn 3Y Avg | 31.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 36.4% |
| CFO/Rev 3Y Avg | 32.8% |
| FCF/Rev LTM | 22.7% |
| FCF/Rev 3Y Avg | 23.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2,664.0 |
| P/S | 7.9 |
| P/Op Inc | 23.4 |
| P/EBIT | 17.5 |
| P/E | 22.1 |
| P/CFO | 18.9 |
| Total Yield | 4.8% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 2.4% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Google Services | 342,721 | 304,930 | 272,543 | 253,528 | 237,529 |
| Google Cloud | 58,705 | 43,229 | 33,088 | 26,280 | 19,206 |
| Other Bets | 1,537 | 1,648 | 1,527 | 1,068 | 753 |
| Hedging gains (losses) | -127 | 211 | 236 | 1,960 | 149 |
| Total | 402,836 | 350,018 | 307,394 | 282,836 | 257,637 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Google Services | 139,404 | 121,263 | 95,858 | 82,699 | 88,132 |
| Google Cloud | 13,910 | 6,112 | 1,716 | -1,922 | -2,282 |
| Other Bets | -7,515 | -4,444 | -4,095 | -4,636 | -4,051 |
| Alphabet-level activities | -16,760 | -10,541 | -9,186 | -1,299 | -3,085 |
| Total | 129,039 | 112,390 | 84,293 | 74,842 | 78,714 |
Price Behavior
| Market Price | $319.74 | |
| Market Cap ($ Bil) | 3,868.5 | |
| First Trading Date | 08/19/2004 | |
| Distance from 52W High | -20.5% | |
| 50 Days | 200 Days | |
| DMA Price | $364.63 | $323.59 |
| DMA Trend | up | up |
| Distance from DMA | -12.3% | -1.2% |
| 3M | 1YR | |
| Volatility | 38.9% | 31.5% |
| Downside Capture | 190.27 | 122.86 |
| Upside Capture | 125.24 | 160.52 |
| Correlation (SPY) | 53.9% | 57.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.15 | 1.19 | 1.57 | 1.30 | 1.34 | 1.15 |
| Up Beta | 2.35 | 2.55 | 2.15 | 1.80 | 1.87 | 1.13 |
| Down Beta | 0.14 | 0.49 | 0.57 | 0.91 | 0.83 | 1.10 |
| Up Capture | 87% | 63% | 170% | 138% | 222% | 223% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 18 | 33 | 60 | 135 | 413 |
| Down Capture | 137% | 140% | 145% | 118% | 104% | 103% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 23 | 30 | 65 | 117 | 337 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GOOGL | |
|---|---|---|---|---|
| GOOGL | 68.9% | 31.4% | 1.69 | - |
| Sector ETF (XLC) | -1.0% | 14.4% | -0.29 | 62.2% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 57.0% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | 21.7% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | -14.1% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | 16.0% |
| Bitcoin (BTCUSD) | -45.4% | 42.9% | -1.29 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GOOGL | |
|---|---|---|---|---|
| GOOGL | 20.5% | 31.8% | 0.63 | - |
| Sector ETF (XLC) | 6.7% | 20.8% | 0.24 | 76.3% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 67.6% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 11.8% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 7.7% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 34.7% |
| Bitcoin (BTCUSD) | 15.7% | 53.4% | 0.47 | 28.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GOOGL | |
|---|---|---|---|---|
| GOOGL | 24.3% | 29.3% | 0.79 | - |
| Sector ETF (XLC) | 8.7% | 22.2% | 0.44 | 80.8% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 71.5% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 9.6% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 16.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 41.2% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 19.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 10.0% | 13.7% | 8.7% |
| 2/4/2026 | -0.5% | -6.6% | -10.4% |
| 10/29/2025 | 2.5% | 3.5% | 14.7% |
| 7/23/2025 | 1.0% | 3.3% | 5.0% |
| 4/24/2025 | 1.7% | 1.3% | 5.8% |
| 2/4/2025 | -7.3% | -10.2% | -16.5% |
| 10/29/2024 | 2.8% | 0.0% | -0.3% |
| 7/23/2024 | -5.0% | -6.3% | -8.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 13 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 3.8% | 3.4% | 8.3% |
| Median Negative | -4.4% | -6.6% | -8.7% |
| Max Positive | 10.2% | 13.7% | 16.4% |
| Max Negative | -9.5% | -13.4% | -16.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 10.0% | 13.7% | 8.7% |
| 2/4/2026 | -0.5% | -6.6% | -10.4% |
| 10/29/2025 | 2.5% | 3.5% | 14.7% |
| 7/23/2025 | 1.0% | 3.3% | 5.0% |
| 4/24/2025 | 1.7% | 1.3% | 5.8% |
| 2/4/2025 | -7.3% | -10.2% | -16.5% |
| 10/29/2024 | 2.8% | 0.0% | -0.3% |
| 7/23/2024 | -5.0% | -6.3% | -8.8% |
| 4/25/2024 | 10.2% | 6.8% | 12.2% |
| 1/30/2024 | -7.5% | -4.9% | -8.6% |
| 10/24/2023 | -9.5% | -10.6% | -0.2% |
| 7/25/2023 | 5.8% | 7.6% | 8.3% |
| 4/25/2023 | -0.1% | 1.4% | 16.4% |
| 2/2/2023 | -2.7% | -11.8% | -11.7% |
| 10/25/2022 | -9.1% | -13.4% | -5.8% |
| 7/26/2022 | 7.7% | 9.6% | 8.3% |
| 4/26/2022 | -3.7% | -1.1% | -10.8% |
| 2/1/2022 | 7.5% | 1.3% | -2.7% |
| 7/27/2021 | 3.2% | 2.8% | 7.7% |
| 4/27/2021 | 3.0% | 0.7% | 3.9% |
| 2/2/2021 | 7.3% | 8.1% | 6.0% |
| 10/29/2020 | 3.8% | 13.2% | 12.7% |
| 7/30/2020 | -3.3% | -2.2% | 6.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 13 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 3.8% | 3.4% | 8.3% |
| Median Negative | -4.4% | -6.6% | -8.7% |
| Max Positive | 10.2% | 13.7% | 16.4% |
| Max Negative | -9.5% | -13.4% | -16.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/02/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/03/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/04/2020 | 10-K |
| 09/30/2019 | 10/29/2019 | 10-Q |
Insider Activity
Updated 7/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Walker, John Kent | President, Global Affairs, CLO | Arete Trust, John Kent Walker and Diana Ruth Walsh, Trustees | Sell | 7012026 | 349.29 | 8,998 | 3,142,916 | 26,298,079 | Form |
| 2 | Arnold, Frances | Direct | Sell | 6302026 | 351.28 | 112 | 39,343 | 6,615,656 | Form | |
| 3 | Saraci, Marsida | VP, Chief Accounting Officer | Direct | Sell | 6292026 | 341.72 | 449 | 153,432 | 9,345,359 | Form |
| 4 | Hennessy, John L | Trust | Sell | 6172026 | 368.63 | 1,050 | 387,063 | 545,944 | Form | |
| 5 | Arnold, Frances | Direct | Sell | 6012026 | 381.00 | 102 | 38,862 | 7,132,701 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Walker, John Kent | President, Global Affairs, CLO | Arete Trust, John Kent Walker and Diana Ruth Walsh, Trustees | Sell | 7012026 | 349.29 | 8,998 | 3,142,916 | 26,298,079 | Form |
| 2 | Arnold, Frances | Direct | Sell | 6302026 | 351.28 | 112 | 39,343 | 6,615,656 | Form | |
| 3 | Saraci, Marsida | VP, Chief Accounting Officer | Direct | Sell | 6292026 | 341.72 | 449 | 153,432 | 9,345,359 | Form |
| 4 | Hennessy, John L | Trust | Sell | 6172026 | 368.63 | 1,050 | 387,063 | 545,944 | Form | |
| 5 | Arnold, Frances | Direct | Sell | 6012026 | 381.00 | 102 | 38,862 | 7,132,701 | Form | |
| 6 | Hennessy, John L | Trust | Sell | 5192026 | 393.26 | 1,050 | 412,920 | 995,333 | Form | |
| 7 | Arnold, Frances | Direct | Sell | 5012026 | 371.00 | 102 | 37,842 | 6,908,391 | Form | |
| 8 | Hennessy, John L | Trust | Sell | 4172026 | 331.65 | 1,050 | 348,232 | 1,187,638 | Form | |
| 9 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 4032026 | 289.63 | 617 | 178,702 | 2,923,236 | Form |
| 10 | Arnold, Frances | Direct | Sell | 3312026 | 275.19 | 102 | 28,069 | 5,040,380 | Form | |
| 11 | Walker, John Kent | President, Global Affairs, CLO | Arete Trust, John Kent Walker and Diana Ruth Walsh, Trustees | Sell | 3312026 | 275.89 | 8,993 | 2,481,117 | 14,293,529 | Form |
| 12 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 3182026 | 307.89 | 32,500 | 10,006,385 | 505,571,844 | Form |
| 13 | Hennessy, John L | Trust | Sell | 3182026 | 303.41 | 1,050 | 318,579 | 1,405,084 | Form | |
| 14 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 3062026 | 303.38 | 32,500 | 9,859,694 | 508,019,980 | Form |
| 15 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 3042026 | 298.00 | 955 | 284,590 | 2,955,564 | Form |
| 16 | Arnold, Frances | Direct | Sell | 3042026 | 302.99 | 112 | 33,935 | 5,580,470 | Form | |
| 17 | Walker, John Kent | President, Global Affairs, CLO | Arete Trust, John Kent Walker and Diana Ruth Walsh, Trustees | Sell | 2192026 | 301.45 | 47,574 | 14,341,414 | 3,987,344 | Form |
| 18 | Hennessy, John L | Trust | Sell | 2172026 | 306.73 | 600 | 184,037 | 6,325,958 | Form | |
| 19 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 2062026 | 335.18 | 32,500 | 10,893,259 | 730,475,777 | Form |
| 20 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 2032026 | 336.55 | 933 | 314,001 | 3,337,230 | Form |
| 21 | Arnold, Frances | Direct | Sell | 1302026 | 340.00 | 102 | 34,680 | 6,224,380 | Form | |
| 22 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 1232026 | 327.30 | 32,500 | 10,637,368 | 723,953,713 | Form |
| 23 | Hennessy, John L | Trust | Sell | 1152026 | 337.52 | 600 | 202,514 | 7,163,589 | Form | |
| 24 | Arnold, Frances | Direct | Sell | 12312025 | 313.45 | 102 | 31,972 | 5,706,357 | Form | |
| 25 | Walker, John Kent | President, Global Affairs, CLO | Arete Trust, John Kent Walker and Diana Ruth Walsh, Trustees | Sell | 12302025 | 314.89 | 17,829 | 5,614,095 | 13,531,264 | Form |
| 26 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 12172025 | 299.80 | 32,500 | 9,743,373 | 671,429,024 | Form |
| 27 | Hennessy, John L | Trust | Sell | 12172025 | 308.19 | 600 | 184,915 | 1,206,876 | Form | |
| 28 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 12172025 | 312.30 | 2,778 | 867,569 | 2,798,833 | Form |
| 29 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 12052025 | 319.50 | 32,500 | 10,383,861 | 725,949,752 | Form |
| 30 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 12022025 | 317.00 | 954 | 302,418 | 3,721,580 | Form |
| 31 | Arnold, Frances | Direct | Sell | 12022025 | 317.66 | 102 | 32,401 | 5,750,917 | Form | |
| 32 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 11212025 | 296.64 | 32,500 | 9,640,679 | 683,633,620 | Form |
| 33 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 11182025 | 288.26 | 2,778 | 800,777 | 3,383,845 | Form |
| 34 | Hennessy, John L | Trust | Sell | 11172025 | 280.06 | 600 | 168,034 | 1,264,737 | Form | |
| 35 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 11072025 | 283.48 | 32,500 | 9,212,980 | 662,517,872 | Form |
| 36 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 11042025 | 282.33 | 954 | 269,343 | 4,098,585 | Form |
| 37 | Arnold, Frances | Direct | Sell | 11032025 | 291.80 | 112 | 32,682 | 5,253,567 | Form | |
| 38 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 10172025 | 250.05 | 2,778 | 694,651 | 3,629,789 | Form |
| 39 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 10172025 | 250.15 | 32,500 | 8,129,735 | 592,750,010 | Form |
| 40 | Hennessy, John L | Trust | Sell | 10152025 | 242.92 | 600 | 145,754 | 1,242,797 | Form | |
| 41 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 10022025 | 241.20 | 953 | 229,864 | 4,171,313 | Form |
| 42 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 10012025 | 243.41 | 32,500 | 7,910,743 | 584,693,703 | Form |
| 43 | Walker, John Kent | President, Global Affairs, CLO | Arete Trust, John Kent Walker and Diana Ruth Walsh, Trustees | Sell | 10012025 | 247.42 | 17,816 | 4,408,122 | 10,635,560 | Form |
| 44 | Arnold, Frances | Direct | Sell | 9302025 | 243.13 | 103 | 25,042 | 4,202,259 | Form | |
| 45 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 9172025 | 249.50 | 32,500 | 8,108,846 | 598,156,367 | Form |
| 46 | O'Toole, Amie Thuener | VP, Chief Accounting Officer | Direct | Sell | 9162025 | 245.00 | 2,778 | 680,610 | 4,236,785 | Form |
| 47 | Hennessy, John L | Trust | Sell | 9162025 | 249.44 | 600 | 149,663 | 1,425,788 | Form | |
| 48 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 9042025 | 229.73 | 32,500 | 7,466,217 | 558,218,461 | Form |
| 49 | Arnold, Frances | Direct | Sell | 8292025 | 207.80 | 102 | 21,196 | 3,613,019 | Form | |
| 50 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 8212025 | 199.92 | 32,500 | 6,497,244 | 492,269,581 | Form |
| 51 | Shriram, Kavitark Ram | Direct | Sell | 8182025 | 205.00 | 14,000 | 2,870,000 | 47,027,000 | Form | |
| 52 | Shriram, Kavitark Ram | Spouse | Sell | 8182025 | 205.00 | 12,000 | 2,460,000 | 46,822,000 | Form | |
| 53 | Hennessy, John L | Trust | Sell | 8142025 | 203.79 | 600 | 122,273 | 1,287,123 | Form | |
| 54 | Hennessy, John L | Trust | Sell | 8112025 | 200.00 | 1,000 | 200,000 | 1,383,200 | Form | |
| 55 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 8062025 | 196.23 | 32,500 | 6,377,360 | 489,563,818 | Form |
| 56 | Walker, John Kent | President, Global Affairs, CLO | Arete Trust, John Kent Walker and Diana Ruth Walsh, Trustees | Sell | 8062025 | 194.70 | 23,820 | 4,637,754 | 8,371,905 | Form |
| 57 | Arnold, Frances | Direct | Sell | 7312025 | 196.31 | 101 | 19,827 | 3,433,462 | Form | |
| 58 | Shriram, Kavitark Ram | Direct | Sell | 7212025 | 185.76 | 18,566 | 3,448,820 | 45,213,984 | Form | |
| 59 | Shriram, Kavitark Ram | Spouse | Sell | 7212025 | 185.76 | 15,000 | 2,786,400 | 44,656,704 | Form | |
| 60 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 7172025 | 184.38 | 32,500 | 5,992,318 | 465,998,081 | Form |
| 61 | Hennessy, John L | Trust | Sell | 7162025 | 181.98 | 400 | 72,793 | 1,094,259 | Form | |
| 62 | Pichai, Sundar | Chief Executive Officer | Direct | Sell | 7022025 | 178.52 | 32,500 | 5,801,921 | 456,993,542 | Form |
| 63 | Arnold, Frances | Direct | Sell | 6302025 | 180.72 | 121 | 21,867 | 3,142,540 | Form |
Investor Activity (13F)
Updated Jul 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Himalaya Capital Management LLC | $1.4 Bil | 44.8% | 14 | Hold | 13F |
| Oriental Harbor Investment Master Fund | $425.3 Mil | 37.5% | 12 | ADD +14.6% | 13F |
| Provident Trust Co | $1.6 Bil | 33.5% | 22 | TRIM -13.3% | 13F |
| Miller Wealth Advisors, LLC | $69.6 Mil | 26.8% | 117 | Hold | 13F |
| Founders Capital Management, LLC | $158.7 Mil | 26.1% | 74 | Hold | 13F |
| Venator Management LLC | $104.9 Mil | 25.2% | 28 | Hold | 13F |
| Saybrook Capital /NC | $93.6 Mil | 25.2% | 42 | Hold | 13F |
| Headwater Capital Co Ltd | $150.8 Mil | 24.2% | 15 | TRIM -8.2% | 13F |
| Tikvah Management LLC | $77.6 Mil | 24.1% | 21 | Hold | 13F |
| ArchPoint Investors | $96.9 Mil | 23.1% | 78 | Hold | 13F |
| Violich Capital Management, Inc. | $190.9 Mil | 22.3% | 118 | Hold | 13F |
| SHANDA ASSET MANAGEMENT HOLDINGS Ltd | $402.6 Mil | 21.9% | 6 | ADD +7.7% | 13F |
| Laura & John Arnold Foundation | $93.2 Mil | 21.7% | 4 | TRIM -50.1% | 13F |
| Greenwoods Asset Management Hong Kong Ltd. | $840.1 Mil | 21.7% | 35 | ADD +8.6% | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $126.8 Mil | 21.4% | 10 | TRIM -65.1% | 13F |
| Bourne Lent Asset Management Inc | $57.4 Mil | 21.1% | 63 | Hold | 13F |
| Evergreen Quality Fund GP, Ltd. | $897.0 Mil | 20.5% | 40 | TRIM -30.9% | 13F |
| Greenbrier Partners Capital Management, LLC | $261.4 Mil | 20.1% | 11 | Hold | 13F |
| Fullerton Fund Management Co Ltd. | $237.8 Mil | 19.0% | 125 | TRIM -30.6% | 13F |
| Powszechne Towarzystwo Emerytalne Allianz Polska S.A. | $50.1 Mil | 18.7% | 10 | Hold | 13F |
| McMillan Office, Inc. | $146.0 Mil | 18.7% | 500 | Hold | 13F |
| Gladstone Capital Management LLP | $179.7 Mil | 18.0% | 32 | Hold | 13F |
| Rokos Capital Management LLP | $955.2 Mil | 17.0% | 127 | TRIM -19.0% | 13F |
| Nellore Capital Management LLC | $130.2 Mil | 16.6% | 11 | New | 13F |
| Aljian Capital Management, LLC | $80.6 Mil | 16.6% | 131 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Scge Management, L.P. | $461.0 Mil | 14.0% | 21 | New | 13F |
| SurgoCap Partners LP | $427.1 Mil | 14.3% | 14 | New | 13F |
| Nellore Capital Management LLC | $130.2 Mil | 16.6% | 11 | New | 13F |
| Southeast Asset Advisors, LLC | $127.8 Mil | 14.0% | 217 | New | 13F |
| MayTech Global Investments, LLC | $109.4 Mil | 13.3% | 23 | New | 13F |
| Trybe Capital Management LP | $71.7 Mil | 16.2% | 6 | New | 13F |
| Pinpoint Asset Management (Singapore) Pte. Ltd. | $66.9 Mil | 15.7% | 144 | New | 13F |
| Jupiter Wealth Management LLC | $39.7 Mil | 15.7% | 90 | New | 13F |
| Oriental Harbor Investment Master Fund | $425.3 Mil | 37.5% | 12 | ADD +14.6% | 13F |
| Greenwoods Asset Management Hong Kong Ltd. | $840.1 Mil | 21.7% | 35 | ADD +8.6% | 13F |
| SHANDA ASSET MANAGEMENT HOLDINGS Ltd | $402.6 Mil | 21.9% | 6 | ADD +7.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Troy Asset Management Ltd | $588.3 Mil | 15.2% | 31 | Exited | Dec 31, 2025 | 13F |
| Himension Capital (Singapore) PTE. LTD. | $400.8 Mil | 24.7% | 95 | Exited | Dec 31, 2025 | 13F |
| Trivest Advisors Ltd | $355.7 Mil | 16.2% | 30 | Exited | Dec 31, 2025 | 13F |
| Laurion Capital Management LP | $241.4 Mil | 16.5% | 230 | Exited | Dec 31, 2025 | 13F |
| Turiya Advisors Asia Ltd | $225.8 Mil | 34.6% | 5 | Exited | Dec 31, 2025 | 13F |
| DV Trading LLC | $203.3 Mil | 17.6% | 995 | Exited | Dec 31, 2025 | 13F |
| Anatole Investment Management Ltd | $110.1 Mil | 18.4% | 15 | Exited | Dec 31, 2025 | 13F |
| TB Alternative Assets Ltd. | $98.2 Mil | 16.1% | 50 | Exited | Dec 31, 2025 | 13F |
| General Pension Society PZU Joint Stock Co | $79.1 Mil | 16.0% | 14 | Exited | Dec 31, 2025 | 13F |
| Soros Capital Management LLC | $77.3 Mil | 20.3% | 57 | Exited | Dec 31, 2025 | 13F |
| Ariose Capital Management Ltd | $68.7 Mil | 23.0% | 14 | Exited | Dec 31, 2025 | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $126.8 Mil | 21.4% | 10 | TRIM -65.1% | Mar 31, 2026 | 13F |
| Laura & John Arnold Foundation | $93.2 Mil | 21.7% | 4 | TRIM -50.1% | Mar 31, 2026 | 13F |
| Parker Investment Management, LLC | $106.1 Mil | 16.1% | 37 | TRIM -30.9% | Mar 31, 2026 | 13F |
| Evergreen Quality Fund GP, Ltd. | $897.0 Mil | 20.5% | 40 | TRIM -30.9% | Mar 31, 2026 | 13F |
| Fullerton Fund Management Co Ltd. | $237.8 Mil | 19.0% | 125 | TRIM -30.6% | Mar 31, 2026 | 13F |
| Optimus Prime Fund Management Co., Ltd. | $144.5 Mil | 13.9% | 27 | TRIM -22.0% | Mar 31, 2026 | 13F |
| Rokos Capital Management LLP | $955.2 Mil | 17.0% | 127 | TRIM -19.0% | Mar 31, 2026 | 13F |
| Lindsell Train Ltd | $490.2 Mil | 15.6% | 27 | TRIM -18.4% | Mar 31, 2026 | 13F |
| Cryder Capital Partners LLP | $206.6 Mil | 13.5% | 10 | TRIM -17.7% | Mar 31, 2026 | 13F |
| Manitou Investment Management Ltd. | $68.1 Mil | 13.5% | 52 | TRIM -16.3% | Mar 31, 2026 | 13F |
| Gobi Capital LLC | $247.9 Mil | 14.5% | 10 | TRIM -15.9% | Mar 31, 2026 | 13F |
| East Coast Asset Management, LLC. | $49.2 Mil | 16.2% | 68 | TRIM -15.0% | Mar 31, 2026 | 13F |
| Penn Davis Mcfarland Inc | $155.2 Mil | 15.2% | 75 | TRIM -14.7% | Mar 31, 2026 | 13F |
| Monolith Management Ltd | $40.2 Mil | 15.7% | 31 | TRIM -13.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Tiger Global Management LLC | $3.1 Bil | 13.4% | 54 | Hold | 13F |
| Provident Trust Co | $1.6 Bil | 33.5% | 22 | TRIM -13.3% | 13F |
| Himalaya Capital Management LLC | $1.4 Bil | 44.8% | 14 | Hold | 13F |
| Rokos Capital Management LLP | $955.2 Mil | 17.0% | 127 | TRIM -19.0% | 13F |
| Evergreen Quality Fund GP, Ltd. | $897.0 Mil | 20.5% | 40 | TRIM -30.9% | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $881.6 Mil | 14.6% | 50 | TRIM -7.5% | 13F |
| Greenwoods Asset Management Hong Kong Ltd. | $840.1 Mil | 21.7% | 35 | ADD +8.6% | 13F |
| Lindsell Train Ltd | $490.2 Mil | 15.6% | 27 | TRIM -18.4% | 13F |
| Scge Management, L.P. | $461.0 Mil | 14.0% | 21 | New | 13F |
| SurgoCap Partners LP | $427.1 Mil | 14.3% | 14 | New | 13F |
| Oriental Harbor Investment Master Fund | $425.3 Mil | 37.5% | 12 | ADD +14.6% | 13F |
| SHANDA ASSET MANAGEMENT HOLDINGS Ltd | $402.6 Mil | 21.9% | 6 | ADD +7.7% | 13F |
| Greenbrier Partners Capital Management, LLC | $261.4 Mil | 20.1% | 11 | Hold | 13F |
| Gobi Capital LLC | $247.9 Mil | 14.5% | 10 | TRIM -15.9% | 13F |
| Fullerton Fund Management Co Ltd. | $237.8 Mil | 19.0% | 125 | TRIM -30.6% | 13F |
| Cryder Capital Partners LLP | $206.6 Mil | 13.5% | 10 | TRIM -17.7% | 13F |
| Violich Capital Management, Inc. | $190.9 Mil | 22.3% | 118 | Hold | 13F |
| Gladstone Capital Management LLP | $179.7 Mil | 18.0% | 32 | Hold | 13F |
| Founders Capital Management, LLC | $158.7 Mil | 26.1% | 74 | Hold | 13F |
| Penn Davis Mcfarland Inc | $155.2 Mil | 15.2% | 75 | TRIM -14.7% | 13F |
| Headwater Capital Co Ltd | $150.8 Mil | 24.2% | 15 | TRIM -8.2% | 13F |
| McMillan Office, Inc. | $146.0 Mil | 18.7% | 500 | Hold | 13F |
| Optimus Prime Fund Management Co., Ltd. | $144.5 Mil | 13.9% | 27 | TRIM -22.0% | 13F |
| Nellore Capital Management LLC | $130.2 Mil | 16.6% | 11 | New | 13F |
| Jia Investment Alliance PTE. LTD. | $129.1 Mil | 13.5% | 24 | TRIM -9.5% | 13F |
GOOGL Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive, centered on explosive AI-driven growth in the Cloud business. This is validated by a $514 billion contractual backlog, which provides high visibility. The company is aggressively investing to meet this demand, causing significant near-term cash burn, which warrants caution until the returns on this historic capital deployment become clearer.
STOCK ARCHETYPE
Hybrid: A dominant transaction-based advertising business, a rapidly growing consumption-based enterprise cloud business, and a recurring-revenue subscription business.Revenue = (Ad Volume x Ad Price) + (Cloud Consumption x Cloud Price) + (Subscribers x Subscription Price) Leverage in the advertising model and scaling the high-growth, high-margin enterprise AI and Cloud business.
INVESTMENT THESIS
Evidence suggests yes. Explosive demand is being converted into a massive, contractually-committed backlog, justifying the capital outlay.
- Google Cloud revenue growth accelerated to 82% year-over-year in Q2 2026.
- The Google Cloud backlog grew by over $50 billion in one quarter to $514 billion.
- Cloud operating margin expanded to 35.6% from 20.7% in the prior year's quarter.
- API token processing grew from 16 billion to 22 billion per minute in one quarter.
PRIMARY RISK
The AI arms race could force a level of spending that compresses free cash flow and returns for years, even if revenue goals are met.
- Full-year 2026 CapEx guidance was raised to a range of $195 billion to $205 billion.
- Management expects CapEx to 'increase significantly in 2027'.
- The company reported negative free cash flow of $5.9 billion in the second quarter.
- Using third-party capacity will create 'modest margin pressure in the near term'.
| KPI | Status | Rationale |
|---|---|---|
| Google Cloud Revenue Growth | 82% year-over-year growth for Q2 2026 - Accelerating | The year-over-year growth rate has shown dramatic acceleration over the past three quarters. Management attributes this to strong demand for AI infrastructure and solutions. The latest quarter was the first to include revenues from TPU system sales, but the CFO noted that growth accelerated meaningfully even excluding this impact. |
| Google Cloud Backlog | $514 billion as of the end of Q2 2026 - Accelerating | The backlog has more than doubled in six months, with a near-doubling in Q1 followed by a sequential increase of over $50 billion in Q2. Management states the increase is driven by strong demand for Enterprise AI offerings, with the Q1 jump also including TPU hardware sales. |
| Gemini App Monthly Active Users (MAUs) | 950 million (Q2 2026) | Indicates the scale and adoption of the company's flagship consumer AI application, which serves as a key platform for deploying new agentic features and potentially future monetization. |
| Model API Token Processing | Approximately 22 billion tokens per minute (Q2 2026) | Measures the consumption and usage of the company's AI models by developers and enterprise customers, reflecting the underlying demand for its AI platform and infrastructure. |
| Latest-Quarter Revenue Growth (YoY) | 24.2% (Q2 2026) | The overall top-line growth rate of the company, indicating accelerating momentum compared to the prior quarter's 21.8% growth. |
Backlog Growth vs. Cash Burn
BULL VIEW
The $514 billion Cloud backlog is a powerful leading indicator that the massive CapEx spend is being pre-sold into overwhelming, durable demand for AI infrastructure.
CORE TENSION
Can the 82% growth in Cloud, validated by a $514B backlog, justify a CapEx plan that drove free cash flow negative by $5.9B last quarter?
PREVAILING SENTIMENT
The latest evidence favors the bull view. The sequential backlog growth of over $50 billion is a contractual validation of future revenue that mitigates the risk of the current investment.
BEAR VIEW
The negative $5.9 billion free cash flow in Q2 and guidance for more spending in 2027 signals a value-destructive arms race, regardless of top-line growth.
| Timeline | Event & Metric To Watch |
|---|---|
in Q3 | Lapping Stronger Search Comps Watch: The company will begin lapping an acceleration in Search performance that began in the third quarter of last year. |
in Q3 | Third-Party Capacity Expansion Watch: The company plans to expand the use of third-party capacity as a bridging strategy while building more internal capacity. |
10/19/2026 | Netflix Earnings Report Watch: Peer Netflix (NFLX) is scheduled to report earnings. |
10/27/2026 | Cloud Margin Pressure Watch: Google Cloud operating margin performance and management commentary on the cost and duration of using third-party capacity. |
10/27/2026 | Peer AI Spending Signal Watch: Microsoft's Azure growth rate, AI-related revenue, and forward capex guidance. Any signs of accelerating demand capture could be negative. |
10/28/2026 | Amazon Earnings Report Watch: Peer Amazon.com (AMZN) is scheduled to report earnings. |
No set date | Ad Spend Slowdown Watch: Commentary from management on advertiser behavior, particularly in consumer-facing verticals. Changes in Search or YouTube ads growth rates. |
No set date | Regulatory Case Development Watch: Court filings, judicial rulings, or regulatory statements related to the DOJ Search case or the EC AdSense for Search case. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-23 | EC Android Fine Paid Details: In July 2026, the company made a cash payment of $5.2 billion for a fine plus accrued interest related to a European Commission decision on Android. | -7.1% $342.09 -> $317.69 |
2026-07-23 | Major Acquisitions Completed Details: In March 2026, the company completed its acquisition of Wiz for $29.5 billion and Intersect for $5.9 billion. | -7.1% $342.09 -> $317.69 |
2026-07-23 | DOJ Lawsuit Appeal Filed Details: In January 2026, the company appealed the final judgment from the US District Court for the District of Columbia concerning its Search and Search advertising practices. | -7.1% $342.09 -> $317.69 |
2026-07-22 | Q2 2026 Earnings Miss Details: The company reported Q2 2026 earnings, after which the two-day stock reaction was -8.0% versus -1.0% for the S&P 500. | -8.5% $347.15 -> $317.69 |
2026-06-18 | Berkshire Hathaway Increases Stake Details: News reports in June indicated that Berkshire Hathaway nearly tripled its Alphabet stake to roughly 57.8 million shares, valued at about $16.6 billion. | -3.9% $363.79 -> $349.68 |
2026-05-18 | Musk vs OpenAI Trial Details: A high-profile trial involving Elon Musk's lawsuit against OpenAI and Sam Altman for allegedly violating a non-profit commitment took place, with jury deliberations beginning in May. | -2.3% $396.54 -> $387.43 |
2026-04-29 | Q1 2026 Earnings Beat Details: The two-day stock reaction around the earnings call dated 2026-04-29 was 10.0% versus 1.0% for the S&P 500. | +10.0% $349.57 -> $384.57 |
2026-02-04 | Q4 2025 Earnings Reported Details: The two-day stock reaction around the earnings call dated 2026-02-04 was -2.0%. | -2.5% $339.27 -> $330.82 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: GOOGL trades at roughly 33% annualized options-implied volatility versus about 14% for the S&P 500 (2.4x the market), around the 82nd percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
MSFT - Microsoft
Enterprise Software LeaderMicrosoft has a stronger entrenched position in enterprise software, with over 20 million paid seats for its integrated Copilot AI assistant providing a powerful distribution channel.
AMZN - Amazon.com
Cloud Market IncumbentAmazon's AWS is the largest cloud provider by revenue, with its growth recently accelerating to 28% on a $150 billion annualized run rate, demonstrating immense scale.
Alphabet is an AI infrastructure company monetized through advertising and enterprise cloud consumption, where massive capital investment is creating a supply-constrained growth engine.
Alphabet is aggressively investing in a full-stack AI approach, from custom chips (TPUs) to frontier models (Gemini), which is driving accelerating growth. This is most evident in its Cloud segment, which grew 82% and has a backlog of over half a trillion dollars. While this requires a significant increase in capital expenditures, management sees it as essential to capture a generational opportunity. The core Search business is also benefiting, with AI features driving record query volumes.
Continued acceleration in Google Cloud revenue and backlog growth, evidence of successful monetization of AI features in Search without margin degradation, and maintaining a lead in frontier AI model development.
A slowdown in Cloud growth, margin compression from increased CapEx and AI serving costs that is not offset by revenue, or evidence that competitors are gaining a definitive lead in AI model performance or adoption.
Short-term stock price reactions to single earnings reports, or legal battles between tech billionaires as reported in May, unless they directly impact Alphabet's competitive standing or operations.
Repricing Catalyst
The market is currently processing the implications of the massive acceleration in Google Cloud's growth (82% YoY) and backlog ($514B) against the backdrop of a significant increase in CapEx guidance. The stock's -8.0% reaction around the latest earnings report suggests concern over the level of investment required, despite the strong demand signals.
Google Services
$355.1B TTM (84% of Total) · 41% MarginWhat It Is
Sells performance and brand advertising to businesses of all sizes. It also sells consumer subscriptions for services like YouTube TV, YouTube Music and Premium, and Google One, as well as hardware devices like the Pixel family.
Who Pays & How
Advertisers pay to connect with users and drive measurable results across Google's properties (Search, YouTube, Maps). Consumers pay for premium content, ad-free experiences, and expanded cloud storage. They choose Google for its massive user reach and the utility of its integrated products.
Competition
Google Cloud
$66.5B TTM (16% of Total) · 28% MarginWhat It Is
Sells cloud-based solutions to enterprise customers, including infrastructure (Google Cloud Platform), platform services, AI offerings (Gemini Enterprise, Vertex AI), cybersecurity, data analytics, and collaboration tools (Google Workspace). It also began selling TPU systems directly to customers.
Who Pays & How
Enterprises pay for scalable, on-demand computing power, AI capabilities, and productivity tools to modernize their IT systems, reduce costs, and innovate. Customers choose Google Cloud for its integrated AI portfolio, including custom chips, models, and agent platforms.
Competition
Other Bets
$1.5B TTM (0% of Total) · -560% MarginWhat It Is
A portfolio of early-stage businesses at various stages of development. Revenue is generated primarily from the sale of autonomous transportation services (Waymo) and internet services.
Who Pays & How
Consumers pay for autonomous ride-hailing services. The segment represents long-term investments in 'moonshot' technologies.
Competition
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Interactive Media & Services Resources |
| Social Media Today |
| Search Engine Land |
| Nieman Journalism Lab |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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