Company profile
SEC EDGAR ↗- Industry
- Services-Computer Programming, Data Processing, Etc.
- Listed
- Nasdaq: GOOGL
- Incorporated
- DE
- Headquarters
- Mountain View, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $402.8B
- Net income
- $132.2B
- Total assets
- $595.3B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $402.8B | $132.2B | $595.3B |
| FY2024 | $350.0B | $100.1B | $450.3B |
| FY2023 | $307.4B | $73.8B | $402.4B |
| FY2022 | $282.8B | $60.0B | $365.3B |
| FY2021 | $257.6B | $76.0B | $359.3B |
| FY2020 | $182.5B | $40.3B | $319.6B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
Ads Still Funded 78% of Alphabet's 2023 Revenue; Android and YouTube Hardened the Engine
The story is that Alphabet escaped advertising. The numbers say the opposite: ads still funded ~78% of 2023 revenue, Other Bets cleared just 0.5% while losing $4 billion, and the real moves — Android, YouTube — only made the ad engine harder to attack.
8 min
The Adjacency Arc · Growth & Portfolio
Every Google Expansion Answered a Threat to Where the Search Query Gets Typed
Search, Android, Cloud, AI — it looks like the boldest land-grab in tech. It was the opposite: a string of defensive moves, each one triggered by a threat to where the search query gets typed. The arc runs on fear, not vision.
8 min
The Adjacency Expansion · Growth & Portfolio
Google Built the Cloud First and Still Lost a Decade. The Reason Wasn't Technical.
Google previewed its first major cloud platform in 2008 and spent the next twelve years trailing Amazon and Microsoft. The lag wasn't engineering. It was a company that hid the losses inside 'Google other' and kept hiring people who couldn't sell to the enterprise.
7 min
The Money Machine · Business Model
Google's Own 10-K Says It: More Than 75% of $350B Rides on Ads Sold Against Your Intent
Everyone calls Google a tech company. Its own 10-K disagrees: more than 75% of $350B in 2024 revenue came from selling ads against your intent. The genius was the auction. The vulnerability is what it pays to stay the default.
8 min
The Money Machine · Business Model
Google Still Ran 90% of Searches in 2025 — the Real Threat Wears a Black Robe
Everyone says ChatGPT is taking Google's search share. The query data says otherwise — Google still ran ~90% of searches in 2025, and its $198B search line grew 13% in FY2024. The real threat wears a black robe, not a chat box.
8 min
The Cannibalization Choice · Decision Forks
Google+ Failed in Five Seconds. Most People Never Even Lasted That Long.
Google's own 2018 audit found 90% of Google+ sessions lasted under five seconds. Everyone blames Facebook's head start. The real story is that Google built a data-collection project with a social UI bolted on - and called it a community.
7 min
The Counterfactual · Decision Forks
The Four Points Between 80% and 75.6% Hold Google's Next Decade
Everyone repeats that ~80% of Google's revenue is advertising. Alphabet's own 10-K says 'more than 75%' - the precise tally is 75.6% of $350B. The four-point gap is where the next decade hides: Cloud growing 30%+ a year, and two courts that just ruled the ad moat illegal.
8 min
The Counterfactual · Decision Forks
Inside the Google Graveyard: 250 Products Starved on Purpose by a $400B Ad Monoculture
A community tracker now lists over 250 dead Google products. The story is that Google has institutional ADD. The truth is colder: at a company built on a $400B ad monoculture, anything that can't reach $1B or fortify Search gets starved on purpose.
7 min
The Crisis Response · Decision Forks
Two Courts Called Google a Monopolist. The Remedy Was a Six-Year Promise.
By April 2025, two federal courts had ruled Google an illegal monopolist - in search and in ad tech. Yet the September 2025 remedy rejected a breakup and ordered a six-year ban on exclusive default deals. The reckoning is real. The dislocation isn't - yet.
8 min
The Cross-Subsidy · Business Model
Google Services Earned $121.3B in 2024; Other Bets Lost About $4.4B — a 17:1 Cross-Subsidy
In 2024 Google Services threw off $121.3 billion in operating income while Other Bets lost about $4.4 billion - a 17:1 ratio. Ten years in, not one moonshot funds itself. The cross-subsidy is real; the romance around it is not.
8 min
The Cross-Subsidy · Business Model
Waymo Just Raised $16 Billion. The Real Story Is Who Keeps Writing the Check.
As of February 2026, Waymo was valued at $126 billion and delivered more than 400,000 rides a week across 2025. It also dragged Other Bets to a $7.52B operating loss in 2025 - the widest in the segment's history. The cross-subsidy isn't shrinking. Search ads are funding a bigger bet, not a cheaper one.
7 min
The Cross-Subsidy · Business Model
Search Earns About $121 Billion and Tows the Rest of Alphabet — Now Under Court Order
Alphabet looks like a diversified tech empire. Strip away the holding-company packaging and you find a single profit engine - Search - that earns ~$121 billion and quietly bankrolls a money-losing moonshot lab, a finally-profitable cloud, and $10.5 billion of corporate overhead. That engine is now under court order.
8 min
The Fork in the Road · Decision Forks
Google's Own AI Chief Said It Moved 'More Conservatively Than a Small Startup'
The story is that ChatGPT ambushed a dozing giant and forced a panicked 'code red.' But Google had conversational AI for years - its own AI chief said it was moving 'more conservatively than a small startup.' The scramble wasn't about capability. It was about a choice.
8 min
The Fork · Decision Forks
By Its Co-Founder's Own Account, Google Bought Android Out of Fear of Being Locked Out
The legend says Google paid a rumored $50M for a visionary mobile bet. The number was never in any filing, the OS started as a camera platform, and the real motive its own co-founder named wasn't foresight - it was the fear of being locked out.
7 min
The Hidden Price · Business Model
Google Pays Apple $20 Billion a Year to Not Compete. The Court Just Made It Renewable.
In 2022, Alphabet paid Apple $20 billion to be the default search engine in Safari - 36% of the revenue it earns there. A judge ruled it an illegal monopoly, then let the payments continue. The real threat was never the court.
8 min
The Standards War · Moat & Competition
Android Won 72% of the World. Google Still Writes Apple a $20 Billion Check.
Android runs on roughly 72% of the world's phones. Yet Google pays Apple about $20 billion a year to reach iOS users - and the App Store, on a third of the devices, out-earns Google Play two to one. Winning share was the easy part.
8 min