Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Alphabet Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	100,118)	73,795)	59,972)	76,033)	40,269)
Depreciation of property and equipment	15,311)	11,946)	13,475)	10,273)	12,905)
Stock-based compensation expense	22,785)	22,460)	19,362)	15,376)	12,991)
Deferred income taxes	(5,257)	(7,763)	(8,081)	1,808)	1,390)
(Gain) loss on debt and equity securities, net	(2,671)	823)	5,519)	(12,270)	(6,317)
Other	3,419)	4,330)	3,483)	1,955)	2,059)
Accounts receivable, net	(5,891)	(7,833)	(2,317)	(9,095)	(6,524)
Income taxes, net	(2,418)	523)	584)	(625)	1,209)
Other assets	(1,397)	(2,143)	(5,046)	(1,846)	(1,330)
Accounts payable	359)	664)	707)	283)	694)
Accrued expenses and other liabilities	(1,161)	3,937)	3,915)	7,304)	5,504)
Accrued revenue share	1,059)	482)	(445)	1,682)	1,639)
Deferred revenue	1,043)	525)	367)	774)	635)
Changes in assets and liabilities, net of effects of acquisitions	(8,406)	(3,845)	(2,235)	(1,523)	1,827)
Adjustments	25,181)	27,951)	31,523)	15,619)	24,855)
Net cash provided by operating activities	125,299)	101,746)	91,495)	91,652)	65,124)
Purchases of property and equipment	(52,535)	(32,251)	(31,485)	(24,640)	(22,281)
Purchases of marketable securities	(86,679)	(77,858)	(78,874)	(135,196)	(136,576)
Maturities and sales of marketable securities	103,428)	86,672)	97,822)	128,294)	132,906)
Purchases of non-marketable securities	(5,034)	(3,027)	(2,531)	(2,838)	(7,175)
Maturities and sales of non-marketable securities	882)	947)	150)	934)	1,023)
Acquisitions, net of cash acquired, and purchases of intangible assets	(2,931)	(495)	(6,969)	(2,618)	(738)
Other investing activities	(2,667)	(1,051)	1,589)	541)	68)
Net cash used in investing activities	(45,536)	(27,063)	(20,298)	(35,523)	(32,773)
Net payments related to stock-based award activities	(12,190)	(9,837)	(9,300)	(10,162)	(5,720)
Repurchases of stock	(62,222)	(61,504)	(59,296)	(50,274)	(31,149)
Dividend payments	(7,363)	—)	—)	—)	—)
Proceeds from issuance of debt, net of costs	13,589)	10,790)	52,872)	20,199)	11,761)
Repayments of debt	(12,701)	(11,550)	(54,068)	(21,435)	(2,100)
Proceeds from sale of interest in consolidated entities, net	1,154)	8)	35)	310)	2,800)
Net cash used in financing activities	(79,733)	(72,093)	(69,757)	(61,362)	(24,408)
Effect of exchange rate changes on cash and cash equivalents	(612)	(421)	(506)	(287)	24)
Net increase (decrease) in cash and cash equivalents	(582)	2,169)	934)	(5,520)	7,967)
Cash and cash equivalents at beginning of period	24,048)	21,879)	20,945)	26,465)	18,498)
Cash and cash equivalents at end of period	23,466)	24,048)	21,879)	20,945)	26,465)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Net Income Trend: Net income exhibited notable volatility over the five-year period, beginning at $40,269 million in 2020 and reaching a peak of $100,118 million in 2024. A significant increase was observed between 2020 and 2021, followed by a decline in 2022, after which net income resumed an upward trajectory through 2024.
Depreciation and Stock-Based Compensation: Depreciation of property and equipment showed moderate fluctuations, with a low point in 2021 and a rise to $15,311 million by 2024. Stock-based compensation expense demonstrated a consistent upward trend, growing substantially from $12,991 million in 2020 to $22,785 million in 2024, indicating increasing employee or contractor incentivization costs.
Tax and Deferred Income Items: Deferred income taxes shifted from positive values in 2020 and 2021 to significant negative values thereafter, suggesting changes in tax liabilities or deferred tax asset recognition. Income taxes, net, fluctuated with marginal negative and positive values, culminating in a net negative figure in 2024, reflecting possible tax benefits or adjustments.
Investment and Asset-Related Items: Investing activities saw pronounced capital expenditures, with purchases of property and equipment rising sharply to $52,535 million by 2024. Marketable securities purchases and maturities exhibited inverse movements, with purchases generally high and sales declining then partially recovering, suggesting strategic portfolio adjustments. Purchases and sales of non-marketable securities showed smaller magnitude activities but were consistently negative net. Acquisitions peaked negatively in 2022, indicating a notable acquisition year, before decreasing in subsequent years.
Operating Cash Flow and Adjustments: Net cash provided by operating activities consistently increased across the period, reaching $125,299 million in 2024, reflecting strong core operational cash generation. Adjustments reported each year fluctuated but stayed substantial, implying ongoing reconciliations or non-cash items influencing cash flow calculations.
Working Capital Variations: Changes in assets and liabilities, net of acquisitions, remained negative from 2021 onward, deepening over time, indicative of cash outflows relating to working capital changes such as accounts receivable and accrued liabilities. Accounts receivable reversed from decreasing balances to notable outflows, while accrued expenses and other liabilities decreased substantially by 2024, potentially signaling diminished short-term obligations or settlements.
Financing Activities and Equity Movements: Net cash used in financing activities consistently increased in magnitude, reaching almost $80,000 million in 2024, driven primarily by substantial stock repurchases escalating yearly and new dividend payments initiating in 2024. Debt activities showed variability, with proceeds increasing dramatically in 2022 but repayments also peaking that year, indicating active debt management.
Cash Position and Exchange Rate Effects: The cash and cash equivalents balance grew from 2020 through 2023 but decreased slightly in 2024. Exchange rate effects on cash balances were negative in most years, contributing to a modest downward pressure on cash holdings.
Summary of Financial Health Indicators: The data suggests robust profitability and operational cash flow growth, balanced against increased capital expenditures and aggressive capital return strategies through stock buybacks and debut dividend payments. Investments and acquisitions indicate ongoing expansion and portfolio management efforts. The overall financial posture reflects strong cash generation capacity, alongside significant reinvestment and shareholder remuneration activities.

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Alphabet Inc. (NASDAQ:GOOG)

Cash Flow Statement