Alphabet (GOOGL) Cash Flow: Operating & Free Cash Flow

Alphabet (GOOGL) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Alphabet generated $164.71B of operating cash flow and spent $91.45B on capital expenditures. That left free cash flow of $73.27B, up 0.7% from $72.76B a year earlier, or 18.2% of revenue. It returned $55.76B to shareholders through $10.05B in dividends and $45.71B in share buybacks.

Alphabet Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Alphabet Inc. (GOOGL) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	132.17	100.12	73.80	59.97	76.03	40.27	34.34	30.74	12.66
Depreciation & Amortization	21.14	15.31	11.95	13.48	12.44	13.70	11.78	9.04	6.92
Deferred Income Tax	8.35	-5.26	-7.76	-8.08	1.81	1.39	0.17	0.78	0.26
Stock Based Compensation	24.95	22.79	22.46	19.36	15.38	12.99	10.79	9.35	7.68
Change in Working Capital	17.57	-8.41	-3.85	-2.24	-1.52	1.83	0.82	4.91	9.25
Change in Accounts Receivable	0.95	-5.89	-7.83	-2.32	-9.10	-6.52	-4.34	-2.17	-3.77
Change in Inventory	0.00	0.00	2.28	0.00	0.00	5.81	7.82	7.89	3.68
Change in Accounts Payable	-0.13	0.36	0.66	0.71	0.28	0.69	0.43	1.07	0.73
Change in Other Working Capital	16.75	-0.34	4.33	3.48	7.29	1.84	-3.09	-1.88	8.60
Other Operating Activities	-39.46	-4.51	4.33	3.48	-12.48	-5.05	-3.39	-6.84	0.33
Net Cash from Operating Activities	164.71	125.30	101.75	91.50	91.65	65.12	54.52	47.97	37.09
Investing Activities
Capital Expenditures	-91.45	-52.54	-32.25	-31.49	-24.64	-22.28	-23.55	-25.14	-13.18
Acquisitions	-1.59	-2.93	-0.50	-6.97	-2.62	-0.74	-2.52	-1.49	-0.29
Purchases of Investments	-109.49	12.60	-80.89	-81.41	-138.03	-143.75	-102.25	-52.23	-93.94
Sales/Maturities of Investments	84.61	104.31	87.62	97.97	129.23	133.93	98.23	50.26	74.49
Other Investing Activities	-2.37	-2.67	-1.05	1.59	0.54	0.07	0.59	0.10	1.52
Net Cash from Investing Activities	-120.29	-45.54	-27.06	-20.30	-35.52	-32.77	-29.49	-28.50	-31.40
Financing Activities
Debt Repayment	32.14	-12.70	-11.55	-54.07	-1.24	9.66	-0.27	-0.06	-0.09
Common Stock Issued	0.00	-12.19	0.00	-9.30	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-45.71	-62.22	-61.50	-59.30	-50.27	-31.15	-18.40	-9.08	-4.85
Dividends Paid	-10.05	-7.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-13.77	-11.04	0.01	0.04	-9.85	-2.92	-4.55	-4.04	-3.37
Net Cash from Financing Activities	-37.39	-79.73	-72.09	-69.76	-61.36	-24.41	-23.21	-13.18	-8.30
Summary
Effect of Forex Changes on Cash	0.21	-0.61	-0.42	-0.51	-0.29	0.02	-0.02	-0.30	0.41
Net Change in Cash	7.24	-0.58	2.17	0.93	-5.52	7.97	1.80	5.99	-2.20
Cash at Beginning of Period	23.47	24.05	21.88	20.95	26.47	18.50	16.70	10.72	12.92
Cash at End of Period	30.71	23.47	24.05	21.88	20.95	26.47	18.50	16.70	10.72
Free Cash Flow	73.27	72.76	69.50	60.01	67.01	42.84	30.97	22.83	23.91
Supplemental Disclosures
Income Taxes Paid	21.53	27.35	19.16	18.90	13.41	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Alphabet Cash Flow

What is Alphabet's free cash flow?

Alphabet generated free cash flow of $73.27B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $164.71B minus $91.45B of capital expenditures. That was up 0.7% from $72.76B a year earlier. Free cash flow equaled 18.2% of revenue.

How much does Alphabet spend on capital expenditures?

Alphabet spent $91.45B on capital expenditures in fiscal 2025, compared with $52.53B a year earlier. That equals 55.5% of operating cash flow.

Does Alphabet pay dividends or buy back shares?

Yes. In fiscal 2025 Alphabet returned $10.05B in dividends and $45.71B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition