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.

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

US$ in millions

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	62,578)	34,455)	34,979)	28,196)	34,540)	26,536)	26,301)	23,619)	23,662)	20,687)	19,689)	18,368)	15,051)	13,624)	13,910)	16,002)	16,436)	20,642)	18,936)	18,525)	17,930)
Depreciation of property and equipment	6,482)	6,040)	5,611)	4,998)	4,487)	4,205)	3,985)	3,708)	3,413)	1,936)	4,551)	2,824)	2,635)	4,065)	3,933)	3,698)	3,591)	3,215)	3,085)	2,730)	2,525)
Stock-based compensation expense	6,751)	7,071)	6,368)	5,998)	5,516)	5,810)	5,846)	5,865)	5,264)	5,659)	5,743)	5,774)	5,284)	5,100)	4,976)	4,782)	4,504)	3,954)	3,874)	3,803)	3,745)
Deferred income taxes	6,920)	1,218)	8,726)	(444)	(1,152)	(1,448)	(1,071)	(3,157)	419)	(1,670)	(1,824)	(2,415)	(1,854)	(1,924)	(1,920)	(2,147)	(2,090)	1,616)	(1,287)	379)	1,100)
(Gain) loss on debt and equity securities, net	(36,804)	(2,354)	(10,855)	(1,451)	(9,960)	67)	(1,981)	1,024)	(1,781)	(471)	869)	509)	(84)	1,663)	1,378)	1,041)	1,437)	(2,478)	(2,158)	(2,883)	(4,751)
Other	1,265)	1,265)	(198)	560)	481)	827)	1,407)	851)	334)	3,045)	(489)	670)	1,104)	797)	280)	263)	331)	210)	283)	207)	(27)
Accounts receivable, net	(363)	(5,197)	(2,381)	(2,839)	1,638)	(4,570)	(1,431)	(3,057)	3,167)	(6,518)	(2,821)	(2,948)	4,454)	(4,615)	(97)	(1,969)	4,364)	(5,819)	(2,409)	(3,661)	2,794)
Income taxes, net	8,101)	66)	(858)	(9,631)	7,197)	379)	(1,908)	(3,900)	3,011)	(9,869)	1,872)	4,451)	4,069)	1,446)	(609)	(4,073)	3,820)	(3,369)	3,041)	(1,082)	785)
Other assets	(3,403)	(482)	(1,293)	(1,479)	(1,288)	937)	(802)	(532)	(1,000)	740)	(1,624)	(513)	(746)	(778)	(2,647)	(845)	(776)	(399)	(1,255)	(199)	7)
Accounts payable	(240)	1,678)	(444)	553)	(880)	401)	521)	1,561)	(2,124)	427)	223)	1,119)	(1,105)	(28)	1,907)	1,201)	(2,373)	1,157)	238)	(130)	(982)
Accrued expenses and other liabilities	(6,002)	6,740)	7,759)	3,485)	(5,045)	5,205)	(1,190)	(122)	(5,054)	4,317)	3,657)	459)	(4,496)	3,424)	2,210)	1,497)	(3,216)	4,541)	2,562)	3,731)	(3,530)
Accrued revenue share	—)	799)	319)	(335)	116)	581)	381)	419)	(322)	797)	103)	184)	(602)	577)	(80)	(114)	(828)	1,296)	357)	473)	(444)
Deferred revenue	505)	1,103)	681)	136)	500)	183)	640)	361)	(141)	(165)	707)	184)	(201)	263)	112)	86)	(94)	368)	272)	(3)	137)
Changes in assets and liabilities, net of effects of acquisitions	(1,402)	4,707)	3,783)	(10,110)	2,238)	3,116)	(3,789)	(5,270)	(2,463)	(10,271)	2,117)	2,936)	1,373)	289)	796)	(4,217)	897)	(2,225)	2,806)	(871)	(1,233)
Adjustments	(16,788)	17,947)	13,435)	(449)	1,610)	12,577)	4,397)	3,021)	5,186)	(1,772)	10,967)	10,298)	8,458)	9,990)	9,443)	3,420)	8,670)	4,292)	6,603)	3,365)	1,359)
Net cash provided by operating activities	45,790)	52,402)	48,414)	27,747)	36,150)	39,113)	30,698)	26,640)	28,848)	18,915)	30,656)	28,666)	23,509)	23,614)	23,353)	19,422)	25,106)	24,934)	25,539)	21,890)	19,289)
Purchases of property and equipment	(35,674)	(27,851)	(23,953)	(22,446)	(17,197)	(14,276)	(13,061)	(13,186)	(12,012)	(11,019)	(8,055)	(6,888)	(6,289)	(7,595)	(7,276)	(6,828)	(9,786)	(6,383)	(6,819)	(5,496)	(5,942)
Purchases of marketable securities	(31,041)	(42,939)	(20,964)	(21,417)	(18,453)	(21,645)	(22,023)	(22,327)	(20,684)	(28,436)	(13,833)	(21,362)	(14,227)	(11,621)	(17,054)	(21,737)	(28,462)	(40,090)	(34,497)	(24,183)	(36,426)
Maturities and sales of marketable securities	38,001)	21,939)	20,371)	20,585)	20,345)	21,649)	23,202)	33,592)	24,985)	34,030)	15,593)	18,722)	18,327)	13,735)	28,713)	25,595)	29,779)	36,168)	31,459)	21,419)	39,248)
Purchases of non-marketable securities	(906)	(2,404)	(1,000)	(1,354)	(958)	(1,800)	(1,035)	(993)	(1,206)	(851)	(663)	(887)	(626)	(903)	(364)	(488)	(776)	(770)	(656)	(766)	(646)
Maturities and sales of non-marketable securities	848)	171)	323)	614)	259)	150)	127)	292)	313)	204)	562)	145)	36)	19)	6)	113)	12)	344)	334)	237)	19)
Acquisitions, net of cash acquired, and purchases of intangibles assets	(33,621)	(167)	(1,072)	(13)	(340)	(91)	(2,753)	(26)	(61)	(29)	(126)	(298)	(42)	(84)	(5,649)	(1,063)	(173)	(385)	(259)	(308)	(1,666)
Other investing activities	(996)	(525)	(1,482)	(513)	150)	(167)	(2,468)	(133)	101)	(66)	(628)	(232)	(125)	222)	791)	221)	355)	100)	388)	23)	30)
Net cash used in investing activities	(63,389)	(51,776)	(27,777)	(24,544)	(16,194)	(16,180)	(18,011)	(2,781)	(8,564)	(6,167)	(7,150)	(10,800)	(2,946)	(6,227)	(833)	(4,187)	(9,051)	(11,016)	(10,050)	(9,074)	(5,383)
Net payments related to stock-based award activities	(5,483)	(5,166)	(3,270)	(2,621)	(3,110)	(3,049)	(3,003)	(3,209)	(2,929)	(2,680)	(2,432)	(2,736)	(1,989)	(2,079)	(2,041)	(2,264)	(2,916)	(2,923)	(2,602)	(2,453)	(2,184)
Repurchases of stock	—)	(5,499)	(11,504)	(13,638)	(15,068)	(15,551)	(15,291)	(15,684)	(15,696)	(16,191)	(15,787)	(14,969)	(14,557)	(15,407)	(15,392)	(15,197)	(13,300)	(13,473)	(12,610)	(12,796)	(11,395)
Dividend payments	(2,542)	(2,536)	(2,536)	(2,543)	(2,434)	(2,442)	(2,455)	(2,466)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from issuance of debt, net of costs	31,379)	26,562)	6,624)	26,846)	4,532)	4,895)	3,819)	2,893)	1,982)	1,492)	1,248)	1,123)	6,927)	8,550)	15,094)	12,806)	16,422)	6,250)	6,350)	6,699)	900)
Repayments of debt	(1,477)	(6,333)	(7,697)	(13,876)	(4,521)	(3,750)	(3,449)	(2,423)	(3,079)	(1,929)	(1,414)	(1,255)	(6,952)	(8,718)	(15,768)	(13,162)	(16,420)	(6,365)	(6,392)	(7,741)	(937)
Proceeds from sale of interest in consolidated entities, net	3,200)	—)	—)	—)	400)	861)	285)	—)	8)	—)	3)	2)	3)	25)	10)	—)	—)	—)	—)	300)	10)
Net cash provided by (used in) financing activities	25,077)	7,028)	(18,383)	(5,832)	(20,201)	(19,036)	(20,094)	(20,889)	(19,714)	(19,308)	(18,382)	(17,835)	(16,568)	(17,629)	(18,097)	(17,817)	(16,214)	(16,511)	(15,254)	(15,991)	(13,606)
Effect of exchange rate changes on cash and cash equivalents	(123)	(36)	(200)	401)	43)	(390)	141)	(238)	(125)	(94)	(351)	(26)	50)	137)	(375)	(368)	100)	(181)	(146)	183)	(143)
Net increase (decrease) in cash and cash equivalents	7,355)	7,618)	2,054)	(2,228)	(202)	3,507)	(7,266)	2,732)	445)	(6,654)	4,773)	5)	4,045)	(105)	4,048)	(2,950)	(59)	(2,774)	89)	(2,992)	157)

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.

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Alphabet Inc. (NASDAQ:GOOG)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data