Alphabet Inc.

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	124,251	100,118	73,795	59,972	76,033	40,269	34,343	30,736	12,662	19,478	16,348
Net Income
Depreciation & Amortization	19,301	15,311	11,946	13,475	10,273	13,697	11,781	9,035	6,915	6,144	5,063
Depreciation and Impairment of Property and Equipment
Amortization and Impairment of Intangible Assets
Depreciation of Property and Equipment
Stock Based Compensation	23,692	22,785	22,460	19,362	15,376	12,991	10,794	9,353	7,679	6,703	5,203
Stock-Based Compensation Expense
Other Adjustments	-14,847	-4,509	-2,610	921	-8,507	-3,660	-3,217	-6,061	589	411	367
Excess Tax Benefits from Stock-Based Award Activities
Deferred Income Taxes
Gain on Divestiture of Business
Gain on Marketable and Non-Marketable Investments, Net
Loss on Marketable and Non-Marketable Investments, Net
Gain (Loss) on Debt and Equity Securities, Net
Gain on Sale of Non-Marketable Equity Investments
Other
Changes in Trade Receivables	-8,152	-5,891	-7,833	-2,317	-9,095	-6,524	-4,340	-2,169	-3,768	-2,578	-2,094
Accounts Receivable, Net
Changes in Inventories	—	—	—	—	—	—	—	—	—	—	—
Inventories
Changes in Accounts Payable	-370	359	664	707	283	694	428	1,067	731	110	203
Accounts Payable
Changes in Accrued Expenses	11,404	-1,161	3,937	3,915	7,304	5,504	7,170	8,614	4,891	1,515	1,597
Accrued Expenses and Other Liabilities
Changes in Income Taxes Payable	-2,913	-2,418	523	584	-625	1,209	-3,128	-2,251	8,211	3,125	-179
Income Taxes, Net
Changes in Unearned Revenue	1,500	1,043	525	367	774	635	37	371	390	223	43
Deferred Revenue
Changes in Other Operating Activities	-2,442	-338	-1,661	-5,491	-164	309	652	-724	-1,209	905	21
Other Assets
Accrued Revenue Share
Cash from Operating Activities	151,424	125,299	101,746	91,495	91,652	65,124	54,520	47,971	37,091	36,036	26,572
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-77,872	-52,535	-32,251	-31,485	-24,640	-22,281	-23,548	-25,139	-13,184	-10,212	-9,950
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	240	35
Proceeds from Disposals of Property and Equipment
Purchases of Investments	-87,591	-91,713	-80,885	-81,405	-138,034	-143,751	-102,247	-52,231	-93,940	-85,618	-76,694
Purchases of Marketable Securities
Purchases of Non-Marketable Securities
Proceeds from Sale of Investments	84,296	104,310	87,619	97,972	129,228	133,929	98,230	50,259	74,492	67,389	63,059
Maturities and Sales of Marketable Securities
Maturities and Sales of Non-Marketable Securities
Payments for Business Acquisitions	-1,516	-2,931	-495	-6,969	-2,618	-738	-2,515	-1,491	-287	-986	-236
Acquisitions, Net of Cash Acquired, and Purchases of Intangible Assets
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Divestiture of Business
Other Investing Activities	-2,012	-2,667	-1,051	1,589	541	68	589	98	1,518	-1,978	75
Cash Collateral Related to Securities Lending
Investments in Reverse Repurchase Agreements
Proceeds from Collection of Notes Receivable
Other Investing Activities
Cash from Investing Activities	-84,695	-45,536	-27,063	-20,298	-35,523	-32,773	-29,491	-28,504	-31,401	-31,165	-23,711
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	42,897	13,589	10,790	52,872	20,199	11,761	317	6,766	4,291	8,729	13,705
Proceeds from Issuance of Debt, Net of Costs
Repayments of Long-Term Debt	-29,844	-12,701	-11,550	-54,068	-21,435	-2,100	-585	-6,827	-4,377	-10,064	-13,728
Repayments of Debt
Net Issuance / (Repayments) of Long-Term Debt	13,053	888	-760	-1,196	-1,236	9,661	-268	-61	-86	-1,335	-23
Issuance of Common Shares	-12,050	-12,190	-9,837	-9,300	-10,162	-5,720	-4,765	-4,993	-4,166	-3,304	-2,375
Net Payments Related to Stock-Based Award Activities
Net Proceeds from Public Offerings
Repurchases of Common Shares	-55,761	-62,222	-61,504	-59,296	-50,274	-31,149	-18,396	-9,075	-4,846	-3,693	-1,780
Repurchases of Stock
Net Issuance / (Repurchases) of Common Shares	-67,811	-74,412	-71,341	-68,596	-60,436	-36,869	-23,161	-14,068	-9,012	-6,997	-4,155
Common Share Dividends Paid	-9,955	-7,363	—	—	—	—	—	—	—	—	—
Dividend Payments
Other Financing Activities	1,261	1,154	8	35	310	2,800	220	950	800	—	-47
Excess Tax Benefits from Stock-Based Award Activities
Adjustment Payment to Class C Capital Stockholders
Proceeds from Sale of Interest in Consolidated Entities, Net
Cash from Financing Activities	-63,452	-79,733	-72,093	-69,757	-61,362	-24,408	-23,209	-13,179	-8,298	-8,332	-4,225
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	73,552	72,764	69,495	60,010	67,012	42,843	30,972	22,832	23,907	25,824	16,622
NOPAT	101,457.6	93,913.6	72,569.1	62,926.5	65,960.5	34,525.4	29,668	24,231	12,189.4	19,128	16,105.9
Levered Free Cash Flow	85,912	61,267	56,718	40,848	68,002	49,697	27,467	21,648	19,321	19,953	13,123
Unlevered Free Cash Flow	50,065.6	54,174.6	56,252.1	44,998.5	59,165.5	34,292.4	23,060	15,204	18,934.4	20,938	12,903.9
Net Change in Cash	3,277	30	2,590	1,440	-5,233	7,943	1,820	6,288	-2,608	-3,461	-1,364