Alphabet Inc. (GOOG) Cash Flow Statement
Where GOOG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $164.71B +31.5% vs 2024
- Capital expenditures
- $91.45B 22.7% of revenue
- Free cash flow
- $73.27B 18.2% margin
- Returned to shareholders
- $55.76B 76% of free cash flow
- Change in cash
- $7.24B cash at year-end $30.71B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GOOG operating cash flow, capex and free cash flow
GOOG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $36.04B2016 | $164.71B2025 | +18.4%/yr | |
| Capital expenditures | $10.21B2016 | $91.45B2025 | +27.6%/yr | |
| Free cash flow | $25.82B2016 | $73.27B2025 | +12.3%/yr | |
| Free cash flow margin | 28.6%2016 | 18.2%2025 | −10.4 pts | |
| Operating cash flow / net income | 1.852016 | 1.252025 | −0.60 | |
| Stock-based compensation | $6.70B2016 | $24.95B2025 | +15.7%/yr | |
| Dividends paid | $02016 | $10.05B2025 | — | |
| Share buybacks (net) | $3.69B2016 | $45.71B2025 | +32.3%/yr | |
| Capex / revenue | 11.3%2016 | 22.7%2025 | +11.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GOOG cash flow by activity
GOOG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GOOG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $132.17B | $100.12B | $73.80B | $59.97B | $76.03B | $40.27B | $34.34B | $30.74B | $12.66B | $19.48B |
| Depreciation & amortization | $21.14B | $15.31B | $11.95B | $13.47B | $12.44B | $13.70B | $11.78B | $9.04B | $6.92B | $6.14B |
| Stock-based compensation | $24.95B | $22.79B | $22.46B | $19.36B | $15.38B | $12.99B | $10.79B | $9.35B | $7.68B | $6.70B |
| Change in working capital | $17.57B | −$8.41B | −$3.85B | −$2.23B | −$1.52B | $1.83B | $819.0M | $4.91B | $9.25B | $3.30B |
| Other non-cash items | −$31.11B | −$4.51B | −$2.61B | $921.0M | −$10.68B | −$3.66B | −$3.22B | −$6.06B | $589.0M | $411.0M |
| Cash from operating activities | $164.71B | $125.30B | $101.75B | $91.50B | $91.65B | $65.12B | $54.52B | $47.97B | $37.09B | $36.04B |
| Investing activities | ||||||||||
| Capital expenditures | −$91.45B | −$52.53B | −$32.25B | −$31.48B | −$24.64B | −$22.28B | −$23.55B | −$25.14B | −$13.18B | −$10.21B |
| Investments (net) | −$24.88B | −$45.54B | −$27.06B | $16.57B | −$8.81B | −$9.82B | −$4.02B | −$1.97B | −$18.03B | −$18.23B |
| Acquisitions & other investing | −$3.96B | $52.53B | $32.25B | −$5.38B | −$2.08B | −$670.0M | −$1.93B | −$1.39B | −$188.0M | −$2.72B |
| Cash from investing activities | −$120.29B | −$45.54B | −$27.06B | −$20.30B | −$35.52B | −$32.77B | −$29.49B | −$28.50B | −$31.40B | −$31.16B |
| Financing activities | ||||||||||
| Dividends paid | −$10.05B | −$7.36B | $0 | $0 | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$45.71B | −$62.22B | −$61.50B | −$59.30B | −$50.27B | −$31.15B | −$18.40B | −$9.07B | −$4.85B | −$3.69B |
| Net borrowing (repayment) | $32.14B | $888.0M | −$760.0M | −$1.20B | −$1.24B | $9.66B | −$268.0M | −$61.0M | −$86.0M | −$1.33B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $950.0M | $0 | $0 |
| Other financing | −$13.77B | −$11.04B | −$9.83B | −$9.27B | −$9.85B | −$2.92B | −$4.54B | −$4.99B | −$3.37B | −$3.30B |
| Cash from financing activities | −$37.39B | −$79.73B | −$72.09B | −$69.76B | −$61.36B | −$24.41B | −$23.21B | −$13.18B | −$8.30B | −$8.33B |
| Summary | ||||||||||
| Net change in cash | $7.24B | −$582.0M | $2.17B | $934.0M | −$5.52B | $7.97B | $1.80B | $5.99B | −$2.20B | −$3.63B |
| Cash at end of period | $30.71B | $23.47B | $24.05B | $21.88B | $20.95B | $26.46B | $18.50B | $16.70B | $10.71B | $12.92B |
| Free cash flow | $73.27B | $72.76B | $69.50B | $60.01B | $67.01B | $42.84B | $30.97B | $22.83B | $23.91B | $25.82B |
| Free cash flow margin | 18.2% | 20.8% | 22.6% | 21.2% | 26.0% | 23.5% | 19.1% | 16.7% | 21.6% | 28.6% |
| Capex / revenue | 22.7% | 15.0% | 10.5% | 11.1% | 9.6% | 12.2% | 14.5% | 18.4% | 11.9% | 11.3% |
| Operating cash flow / net income | 1.25 | 1.25 | 1.38 | 1.53 | 1.21 | 1.62 | 1.59 | 1.56 | 2.93 | 1.85 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $112.19B | $62.58B | $34.45B | $34.98B | $28.20B | $34.54B | $26.54B | $26.30B | $23.62B | $23.66B | $20.69B | $19.69B |
| Depreciation & amortization | $7.10B | $6.48B | $6.04B | $5.61B | $5.00B | $4.49B | $4.21B | $3.98B | $3.71B | $3.41B | $1.56B | $3.17B |
| Stock-based compensation | $7.96B | $6.75B | $7.07B | $6.37B | $6.00B | $5.52B | $5.81B | $5.85B | $5.87B | $5.26B | $5.66B | $5.74B |
| Change in working capital | −$11.70B | −$1.40B | $21.65B | $3.78B | −$10.11B | $2.24B | $3.12B | −$3.79B | −$5.27B | −$2.46B | −$10.27B | $2.12B |
| Other non-cash items | −$76.48B | −$28.62B | −$16.82B | −$2.33B | −$1.33B | −$10.63B | −$554.0M | −$1.65B | −$1.28B | −$1.03B | $1.28B | −$64.0M |
| Cash from operating activities | $39.07B | $45.79B | $52.40B | $48.41B | $27.75B | $36.15B | $39.11B | $30.70B | $26.64B | $28.85B | $18.91B | $30.66B |
| Investing activities | ||||||||||||
| Capital expenditures | −$44.92B | −$35.67B | −$27.85B | −$23.95B | −$22.45B | −$17.20B | −$14.28B | −$13.06B | −$13.19B | −$12.01B | −$11.02B | −$8.05B |
| Investments (net) | −$37.07B | $6.90B | −$23.23B | −$27.78B | −$24.54B | −$16.19B | −$16.18B | −$18.01B | −$2.78B | −$8.56B | −$6.17B | −$7.15B |
| Acquisitions & other investing | −$439.0M | −$34.62B | −$692.0M | $23.95B | $22.45B | $17.20B | $14.28B | $13.06B | $13.19B | $12.01B | $11.02B | $8.05B |
| Cash from investing activities | −$82.43B | −$63.39B | −$51.78B | −$27.78B | −$24.54B | −$16.19B | −$16.18B | −$18.01B | −$2.78B | −$8.56B | −$6.17B | −$7.15B |
| Financing activities | ||||||||||||
| Dividends paid | −$2.69B | −$2.54B | −$2.54B | −$2.54B | −$2.54B | −$2.43B | −$2.44B | −$2.46B | −$2.47B | $0 | — | $0 |
| Share repurchases & issuance (net) | $0 | −$15.07B | −$5.50B | −$11.50B | −$13.64B | −$15.07B | −$15.55B | −$15.29B | −$15.68B | −$15.70B | −$16.19B | −$15.79B |
| Net borrowing (repayment) | $21.07B | $29.90B | $20.23B | −$1.07B | $12.97B | $11.0M | $1.15B | $370.0M | — | — | — | −$166.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $42.86B | $12.79B | −$5.17B | −$3.27B | −$2.62B | −$2.71B | −$2.19B | −$2.72B | −$2.74B | −$4.02B | −$3.12B | −$2.43B |
| Cash from financing activities | $61.24B | $25.08B | $7.03B | −$18.38B | −$5.83B | −$20.20B | −$19.04B | −$20.09B | −$20.89B | −$19.71B | −$19.31B | −$18.38B |
| Summary | ||||||||||||
| Net change in cash | $17.85B | $7.36B | $7.62B | $2.05B | −$2.23B | −$202.0M | $3.51B | −$7.27B | $2.73B | $445.0M | −$6.65B | $4.77B |
| Cash at end of period | $55.91B | $38.06B | $30.71B | $23.09B | $21.04B | $23.26B | $23.47B | $19.96B | $27.23B | $24.49B | $24.05B | $30.70B |
| Free cash flow | −$5.86B | $10.12B | $24.55B | $24.46B | $5.30B | $18.95B | $24.84B | $17.64B | $13.45B | $16.84B | $7.90B | $22.60B |
| Free cash flow margin | −4.9% | 9.2% | 21.6% | 23.9% | 5.5% | 21.0% | 25.7% | 20.0% | 15.9% | 20.9% | 9.1% | 29.5% |
| Capex / revenue | 37.5% | 32.5% | 24.5% | 23.4% | 23.3% | 19.1% | 14.8% | 14.8% | 15.6% | 14.9% | 12.8% | 10.5% |
| Operating cash flow / net income | 0.35 | 0.73 | 1.52 | 1.38 | 0.98 | 1.05 | 1.47 | 1.17 | 1.13 | 1.22 | 0.91 | 1.56 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GOOG cash generation
In fiscal 2025 (ended December 31, 2025), Alphabet generated $164.7 billion of cash from operations (up 31.5%) and spent $91.4 billion on capital expenditures, leaving free cash flow of $73.3 billion, 18.2% of revenue. It returned $55.8 billion to shareholders through dividends ($10.0 billion) and net share buybacks ($45.7 billion). Cash and equivalents rose by $7.2 billion over the year.
Related: GOOG income statement, GOOG balance sheet, GOOG dividend history. See the GOOG stock overview for the latest quote and news.
GOOG cash flow FAQ
What is Alphabet's free cash flow?
Alphabet's free cash flow was $73.3 billion in fiscal 2025: $164.7 billion of operating cash flow minus $91.4 billion of capital expenditures It was $72.8 billion a year earlier..
How much cash does Alphabet generate from operations?
Alphabet generated $164.7 billion of cash from operating activities in fiscal 2025, 1.25 times its net income of $132.2 billion.
How much does Alphabet spend on capital expenditures?
Alphabet spent $91.4 billion on capital expenditures in fiscal 2025, 22.7% of revenue, compared with $52.5 billion the year before.
How much stock does Alphabet buy back?
Alphabet spent $45.7 billion on net share repurchases in fiscal 2025.
How much does Alphabet pay in dividends?
Alphabet paid $10.0 billion in dividends in fiscal 2025, 13.7% of free cash flow.