Stock Analysis on Net
Stock Analysis on Net

Alphabet Inc. (NASDAQ:GOOG)

$24.99

Cash Flow Statement
Quarterly Data

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.

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Alphabet Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net income
Depreciation of property and equipment
Stock-based compensation expense
Deferred income taxes
(Gain) loss on debt and equity securities, net
Other
Accounts receivable, net
Income taxes, net
Other assets
Accounts payable
Accrued expenses and other liabilities
Accrued revenue share
Deferred revenue
Changes in assets and liabilities, net of effects of acquisitions
Adjustments
Net cash provided by operating activities
Purchases of property and equipment
Purchases of marketable securities
Maturities and sales of marketable securities
Purchases of non-marketable securities
Maturities and sales of non-marketable securities
Acquisitions, net of cash acquired, and purchases of intangibles assets
Other investing activities
Net cash used in investing activities
Net payments related to stock-based award activities
Repurchases of stock
Dividend payments
Proceeds from issuance of debt, net of costs
Repayments of debt
Proceeds from sale of interest in consolidated entities, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

Operational cash flows demonstrate a sustained upward trajectory over the analyzed period, with net cash provided by operating activities increasing from 19,289 million USD in March 2021 to 45,790 million USD by March 2026. This growth is underpinned by a substantial rise in net income, which experienced a significant surge in the final quarter, reaching 62,578 million USD. Non-cash adjustments, particularly stock-based compensation, have remained a consistent contributor to operating cash, generally trending upward from approximately 3,700 million USD to peaks exceeding 7,000 million USD.

Capital Expenditure and Investing Trends
A aggressive acceleration in capital investment is evident. Purchases of property and equipment grew steadily from approximately 6,000 million USD per quarter in early 2021 to a peak of 35,674 million USD in March 2026. This suggests a strategic shift toward massive infrastructure expansion. Consequently, net cash used in investing activities intensified, shifting from a quarterly average of approximately 5,000 to 10,000 million USD in the early years to 63,389 million USD in the final reported quarter.
Shareholder Return Strategy
The approach to returning capital to shareholders evolved from a primary reliance on stock repurchases to a hybrid model. Repurchases of stock remained high and stable between 11,000 million USD and 16,000 million USD per quarter through 2024, but decreased sharply toward the end of 2025. Simultaneously, dividend payments were introduced in June 2024, maintaining a consistent quarterly distribution of approximately 2,400 to 2,500 million USD.
Financing and Debt Management
Financing activities were predominantly negative for most of the period, driven by shareholder returns. However, a pivot occurred in late 2025 and early 2026, characterized by a substantial increase in the proceeds from the issuance of debt, peaking at 31,379 million USD in March 2026. This influx of debt financing shifted net cash from financing activities from a chronic deficit to a significant surplus in the final two quarters.
Liquidity and Cash Position
The net increase or decrease in cash and cash equivalents exhibited high volatility throughout the period. While the company maintained a general capacity to generate cash, the scale of investing activities in 2026 necessitated a greater reliance on debt markets to maintain liquidity and fund the expanded capital expenditure program.