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Arphra AIPlain-English read on Alphabet Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $257.64B | $282.84B | $307.39B | $350.02B | $402.96B | $486.45B | $579.69B | $681.66B | $778.86B |
| Cost of revenue | $110.94B | $126.2B | $133.33B | $146.31B | $162.54B | $200.85B | $241.6B | $290.23B | $321.7B |
| Gross profit | $146.7B | $156.63B | $174.06B | $203.71B | $240.43B | $282.59B | $339.47B | $404.33B | $454.86B |
| Gross margin | +56.94% | +55.38% | +56.63% | +58.20% | +59.67% | +58.09% | +58.56% | +59.32% | +58.40% |
| Operating | |||||||||
| Research & development | $31.56B | $39.5B | $45.43B | $49.33B | $61.09B | $71.51B | $87.15B | $100.99B | $115.24B |
| Selling, general & administrative | $36.42B | $42.29B | $44.34B | $42B | $50.18B | $61.35B | $75.22B | $86.74B | $100.12B |
| Total operating expenses | $67.98B | $81.79B | $89.77B | $91.32B | $111.26B | $131.38B | $159.42B | $189.96B | $214.84B |
| Operating income | $78.71B | $74.84B | $84.29B | $112.39B | $129.17B | $148.12B | $180.29B | $204.92B | $233.28B |
| Operating margin | +30.55% | +26.46% | +27.42% | +32.11% | +32.05% | +30.45% | +31.10% | +30.06% | +29.95% |
| EBITDA | $103.52B | $85.16B | $97.97B | $135.39B | $179.96B | $185.79B | $217.99B | $268.42B | $293.74B |
| EBIT | $91.08B | $71.69B | $86.03B | $120.08B | $158.83B | $163.09B | $197.99B | $233.98B | $264.02B |
| Below the line | |||||||||
| Interest expense | $346M | $357M | $308M | $268M | $143M | $335.34M | $421.11M | $491.56M | $549.59M |
| Interest income | $1.5B | $2.17B | $3.87B | $4.48B | $1.08B | $4.56B | $5.32B | $6.19B | $7.21B |
| Other income / expense | $12.02B | -$3.51B | $1.42B | $7.43B | $29.66B | — | — | — | — |
| Pre-tax income | $90.73B | $71.33B | $85.72B | $119.82B | $158.83B | $166.13B | $196.95B | $230.68B | $257.7B |
| Income tax expense | $14.7B | $11.36B | $11.92B | $19.7B | $26.66B | $26.06B | $31.48B | $36.24B | $41.23B |
| Earnings | |||||||||
| Net income | $76.03B | $59.97B | $73.8B | $100.12B | $132.17B | $135.71B | $165.93B | $196.82B | $218.02B |
| Net income · continuing ops | $76.03B | $59.97B | $73.8B | $100.12B | $132.17B | $137.17B | $167.17B | $189.59B | $226.62B |
| Net margin | +29.51% | +21.20% | +24.01% | +28.60% | +32.80% | +27.90% | +28.62% | +28.87% | +27.99% |
| EPS · basic | $5.69 | $4.59 | $5.84 | $8.13 | $10.91 | $14.29 | $14.96 | $17.57 | $20.22 |
| EPS · diluted | $5.61 | $4.56 | $5.80 | $8.04 | $10.81 | $14.22 | $14.71 | $17.22 | $19.95 |
| EPS · low estimate | — | — | — | — | — | $13.82 | $13.68 | $15.43 | $17.76 |
| EPS · high estimate | — | — | — | — | — | $15.05 | $17.17 | $20.20 | $22.35 |
| Shares · basic | 13.35B | 13.06B | 12.63B | 12.32B | 12.12B | 12.17B | 12.09B | 12.12B | 12.21B |
| Shares · diluted | 13.55B | 13.16B | 12.72B | 12.45B | 12.23B | 12.18B | 12.28B | 12.15B | 12.19B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 37 | 38 | 31 | 26 |
| Analysts (EPS) | — | — | — | — | — | 40 | 42 | 30 | 14 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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