Alphabet Inc. (GOOGL) financial model — FocusAlpha
Three-statement model of Alphabet Inc. (GOOGL): income statement, balance sheet, cash flow, segments and valuation, every reported figure linked to its filing. Key numbers: revenue (USD m) FY2024 350,018, FY2025 402,836, FY2026E 497,361, FY2027E 608,123, FY2028E 715,747; EPS – diluted FY2026E 20.32; target price 303.25 vs share price (close on 2026-10-26) 316.80. Built by FocusAlpha Model Builder; version 3338129 of 2026-10-28.
Income statement (USD m; margins and growth in %, EPS per share; negatives in parentheses; - = zero; E = model forecast)| Line | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E |
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| Revenue | 350,018 | 402,836 | 497,361 | 608,123 | 715,747 |
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| Revenue YoY | 13.9% | 15.1% | 23.5% | 22.3% | 17.7% |
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| Gross margin | 58.2% | 59.7% | 61.8% | 61.7% | 61.6% |
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| Operating income | 112,390 | 129,039 | 173,576 | 222,141 | 272,419 |
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| Operating margin | 32.1% | 32.0% | 34.9% | 36.5% | 38.1% |
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| Net income | 100,118 | 132,170 | 250,302 | 180,108 | 220,763 |
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| EPS – diluted | 8.04 | 10.81 | 20.32 | 14.48 | 17.59 |
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Segment revenue (USD m; margins and growth in %, EPS per share; negatives in parentheses; - = zero; E = model forecast)| Line | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E |
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| Reportable segments – revenue | | | | | |
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| Google Services | 304,930 | 342,721 | 392,884 | 447,167 | 508,180 |
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| Google Cloud | 43,229 | 58,705 | 103,116 | 159,567 | 206,038 |
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| Other Bets | 1,648 | 1,537 | 1,434 | 1,390 | 1,529 |
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| Products / services / platforms – revenue (these lines do not cover all of revenue; the rest is a formula row) | | | | | |
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| Google Search & other | 198,084 | 224,532 | 262,260 | 301,759 | 345,376 |
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| Google subscriptions, platforms, and devices | 40,340 | 48,030 | 55,973 | 65,499 | 77,140 |
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| YouTube ads | 36,147 | 40,367 | 45,311 | 50,872 | 56,991 |
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| Google Network | 30,359 | 29,792 | 29,341 | 29,037 | 28,674 |
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| Geography – revenue | | | | | |
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| United States | 170,447 | 194,229 | 249,662 | 312,655 | 372,229 |
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| EMEA | 102,127 | 117,152 | 137,185 | 160,437 | 184,858 |
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| APAC | 56,815 | 67,680 | 81,512 | 99,388 | 116,732 |
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| Other Americas | 20,418 | 23,902 | 29,076 | 35,644 | 41,927 |
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Valuation| Line | Value |
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| EPS, next four quarters (model, GAAP) | 12.85 |
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| Q3 FY26E | 2.80 |
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| Q4 FY26E | 3.32 |
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| Q1 FY27E | 3.31 |
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| Q2 FY27E | 3.43 |
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| Forward P/E (assumption) | 23.6x |
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| Revenue per share, next four quarters (model) | 44.58 |
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| Price / sales (assumption) | 7.1x |
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| Target price | 303.25 |
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| Target price on P/E | 303.25 |
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| Target price on price / sales | 316.51 |
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| Share price (close on 2026-10-26) | 316.80 |
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| Upside / (downside) to the target | (4.3%) |
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| P/E at the share price (check) | 24.7x |
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| Price / sales at the share price (check) | 7.1x |
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| Upside on P/E | (4.3%) |
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| Upside on price / sales | (0.1%) |
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| Consensus EPS, next four quarters | 13.43 |
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| Model EPS (GAAP) vs consensus — the bases can differ | (4.3%) |
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| Forward P/E today on consensus EPS | 23.6x |
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| Peer average forward P/E | 30.0x |
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| Target price at the peer average P/E | 385.25 |
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| Upside / (downside) at that P/E | 21.6% |
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| P/E | 303.25 |
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| EV / EBIT | 303.21 |
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| Discounted cash flow | 205.08 |
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| Weight — P/E | 33.3% |
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| Weight — EV / EBIT | 33.3% |
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| Weight — Discounted cash flow | 33.3% |
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| Blended target price | 270.51 |
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