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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 | $486.53B | $579.95B | $682.37B | $784.3B |
| Cost of revenue | $110.94B | $126.2B | $133.33B | $146.31B | $162.54B | $201.73B | $242.45B | $285.45B | $333.02B |
| Gross profit | $146.7B | $156.63B | $174.06B | $203.71B | $240.43B | $278.82B | $345.55B | $386.24B | $462.09B |
| Gross margin | +56.94% | +55.38% | +56.63% | +58.20% | +59.67% | +57.31% | +59.58% | +56.60% | +58.92% |
| Operating | |||||||||
| Research & development | $31.56B | $39.5B | $45.43B | $49.33B | $61.09B | $72.95B | $86.95B | $101.72B | $117.81B |
| Selling, general & administrative | $36.42B | $42.29B | $44.34B | $42B | $50.18B | $63.19B | $76.1B | $88.32B | $98.83B |
| Total operating expenses | $67.98B | $81.79B | $89.77B | $91.32B | $111.26B | $131.31B | $164.17B | $187.25B | $215.92B |
| Operating income | $78.71B | $74.84B | $84.29B | $112.39B | $129.17B | $144.79B | $175.31B | $214.44B | $245.58B |
| Operating margin | +30.55% | +26.46% | +27.42% | +32.11% | +32.05% | +29.76% | +30.23% | +31.43% | +31.31% |
| EBITDA | $103.52B | $85.16B | $97.97B | $135.39B | $179.96B | $186.22B | $220.62B | $268.71B | $301.35B |
| EBIT | $91.08B | $71.69B | $86.03B | $120.08B | $158.83B | $167.29B | $191.97B | $232.21B | $264.17B |
| Below the line | |||||||||
| Interest expense | $346M | $357M | $308M | $268M | $143M | $336.6M | $419.01M | $482.01M | $540.67M |
| Interest income | $1.5B | $2.17B | $3.87B | $4.48B | $1.08B | $4.48B | $5.4B | $6.4B | $7.41B |
| 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 | $165.09B | $199.37B | $228.09B | $272.44B |
| Income tax expense | $14.7B | $11.36B | $11.92B | $19.7B | $26.66B | $25.91B | $30.52B | $36.04B | $42.57B |
| Earnings | |||||||||
| Net income | $76.03B | $59.97B | $73.8B | $100.12B | $132.17B | $135.98B | $165.68B | $191.91B | $228.83B |
| Net income · continuing ops | $76.03B | $59.97B | $73.8B | $100.12B | $132.17B | $142.04B | $168.59B | $198.87B | $227.13B |
| Net margin | +29.51% | +21.20% | +24.01% | +28.60% | +32.80% | +27.95% | +28.57% | +28.12% | +29.18% |
| EPS · basic | $5.69 | $4.59 | $5.84 | $8.13 | $10.91 | $14.46 | $15.06 | $17.39 | $20.06 |
| EPS · diluted | $5.61 | $4.56 | $5.80 | $8.04 | $10.81 | $14.21 | $14.71 | $17.23 | $20.07 |
| EPS · low estimate | — | — | — | — | — | $13.82 | $13.68 | $15.34 | $17.88 |
| EPS · high estimate | — | — | — | — | — | $15.05 | $17.17 | $19.30 | $22.49 |
| Shares · basic | 13.35B | 13.06B | 12.63B | 12.32B | 12.12B | 12.07B | 12.18B | 12.09B | 12.05B |
| Shares · diluted | 13.55B | 13.16B | 12.72B | 12.45B | 12.23B | 12.35B | 12.16B | 12.34B | 12.25B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 30 | 31 | 14 | 26 |
| Analysts (EPS) | — | — | — | — | — | 31 | 34 | 27 | 30 |
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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