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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- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Alphabet Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
The financial information reveals a complex pattern of cash flows over the observed period. While net cash provided by operating activities generally demonstrates strength, particularly in recent quarters, investing and financing activities present more volatile trends. Overall, the company exhibits substantial cash flow generation, but significant outflows related to stock repurchases and debt management are consistently present.
- Operating Activities
- Net cash provided by operating activities generally increased from US$19,289 million in March 2021 to US$52,402 million in December 2025, with fluctuations throughout the period. A notable surge is observed in the latter half of 2024 and early 2025. Net income consistently contributes significantly to this inflow, though deferred income taxes and gains/losses on securities introduce variability. Stock-based compensation consistently adds to operating cash flow. Changes in working capital, particularly accounts receivable, demonstrate considerable quarterly swings, often offsetting portions of net income.
- Investing Activities
- Net cash used in investing activities is consistently negative, indicating ongoing investment. Purchases of marketable and non-marketable securities represent the largest outflows. Maturities and sales of these securities partially offset these outflows, but a net cash outflow persists. Acquisitions and purchases of intangible assets also contribute to the negative cash flow in this category, with a particularly large outflow in September 2022. The magnitude of net cash used in investing activities increased significantly towards the end of the period, reaching US$-51,776 million in December 2025.
- Financing Activities
- Net cash used in financing activities is also consistently negative, driven primarily by stock repurchases and debt repayments. Proceeds from the issuance of debt provide a significant inflow, particularly in 2021, 2024, and 2025, but these are often outweighed by the outflows related to share repurchases and debt reduction. Dividend payments, initiated in June 2024, introduce a new, consistent outflow. The net cash used in financing activities shows a substantial increase in volatility towards the end of the period, culminating in a positive cash flow of US$7,028 million in December 2025, likely due to a combination of debt issuance and other financing activities.
- Key Trends & Observations
- A significant increase in net income is observed from 2021 to 2025, peaking in March 2025 at US$34,540 million. Depreciation and stock-based compensation expenses show a generally increasing trend over the period. The company actively manages its debt levels, with both proceeds from issuance and repayments fluctuating considerably. Stock repurchases represent a substantial and consistent use of cash. Exchange rate changes have a relatively minor, though fluctuating, impact on cash and cash equivalents.
In conclusion, the company demonstrates robust operating cash flow, but actively deploys this cash through investments, debt management, and shareholder returns. The increasing scale of stock repurchases and debt issuance/repayment suggests a dynamic capital allocation strategy. The recent surge in operating cash flow, coupled with the shift towards positive cash flow from financing activities in the final quarter, warrants further investigation.