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GOOGLAlphabet Inc. (Class A)

Communication · Internet & Software Services · Nasdaq · also trades as GOOG
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The 10-K against last year's

198 changes: 32 added, 44 removed, 119 reworded, 3 quiet changes

10-K Feb 5, 2026 vs Feb 5, 2025
Risk FactorsRedline ↓
20.8%
of the text changed · 12,502 words now
34.6%
of the text changed · 7,169 words now
Legal ProceedingsRedline ↓
26.6%
of the text changed · 2,411 words now
Accounting PoliciesRedline ↓
9.2%
of the text changed · 4,459 words now

10-K 0001652044-26-000018 (2026-02-05) vs 10-K 0001652044-25-000014 (2025-02-05)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 271 words changed in this paragraph; it is 45% similar to last year's version.
•AI: Laws and regulations focused on the development, use, and provision of AI technologies and other digital products and services, which could result in monetary penalties or other regulatory actions. For example, the EU AI Act came into force on August 1, 2024, and will generally become fully applicable after a two-year transitional period (although certain obligations will take effect at an earlier or later time). have already taken effect). The EU AI Act introduces various requirements for AI systems and models placed on the market or put into service in the EU, including specific transparency transparency, safety, and other copyright requirements for general purpose AI systems and the models on which those systems are based. Various countries, including Brazil, India, Japan, South Korea, Singapore, and Vietnam, have also enacted or are considering enacting regulations focused on AI. In the U.S., there US, an increasing amount of legislative and regulatory activity regarding AI is increasing uncertainty as to taking place at the federal government's approach state level. In 2025, state legislatures considered more than 1,000 AI-related bills, including on fundamental model research and development, synthetic media, algorithmic decision-making, and many others, and took a variety of approaches to AI regulation going forward, as regulation. For instance, in 2025, California and New York passed the continued applicability Transparency in Frontier Artificial Intelligence Act and the Responsible AI Safety and Education Act, respectively, each of which imposes safety and reporting obligations on developers of frontier models. At the same time, the White House's 2023 Executive Order on the Safe, Secure, and Trustworthy Development and Use of Order, Removing Barriers to American Leadership in Artificial Intelligence, which lays out a framework for the U.S. government, among other things, to monitor private sector development of certain foundation models, remains subject to regulatory development. Several states are considering enacting or have already enacted regulations concerning the use of prioritizes deregulation, while its AI technologies, including those focused on consumer protection, and depending on the scope of AI regulation at the federal level, some states may move to regulate AI model development and deployment. Further, at the federal and state level, there have been various proposals (and in some cases laws enacted) addressing “deepfakes” and other AI-generated synthetic media. Action Plan emphasizes accelerating American innovation leadership.

Source: Item 1A, 10-K 0001652044-26-000018 vs Item 1A, 10-K 0001652044-25-000014

Legal Proceedings 217 words changed in this paragraph; it is 42% similar to last year's version.
•Advertising Technology: In December 2020, a number of state Attorneys General filed a lawsuit in the U.S. US District Court for the Eastern District of Texas alleging that Google violated U.S. concerning Google's advertising technology and its compliance with US antitrust laws as well as and state deceptive trade laws relating to its advertising technology, and a trial is scheduled for March 2025. Additionally, in laws. In January 2023, the DOJ, along with a number of state Attorneys General, filed a lawsuit in the U.S. US District Court for the Eastern District of Virginia alleging that Google violated U.S. concerning Google's advertising technology and its compliance with US antitrust laws relating to its advertising technology, laws, and a number of additional state Attorneys General subsequently joined the lawsuit. The trial ended In April 2025, the US District Court for the Eastern District of Virginia issued a mixed decision in the DOJ case against Google, ruling that neither Google's advertiser tools nor the DoubleClick and AdMeld acquisitions were anticompetitive, but that Google's publisher tools unfairly excluded rivals. A separate proceeding to determine remedies, the range of which vary widely, took place in September 2024, 2025, with the parties presenting differing remedy proposals. The DOJ's remedy proposal includes structural remedies that could have a material adverse effect on our business. Closing arguments were held in November 2025, and we expect are awaiting a final judgment. After that judgment, we plan to appeal the adverse portion of the April 2025 decision and potentially aspects of the remedies decision. A trial in the state Attorneys General case in the Eastern District of Texas will take place after a decision on remedies is issued in early 2025. the DOJ case. Given the nature of these matters, we cannot estimate a possible loss.

Source: Item 3, via Note 10 – Commitments and Contingencies, 10-K 0001652044-26-000018 vs Item 3, via Note 10 – Commitments and Contingencies, 10-K 0001652044-25-000014

Accounting Policies 140 words changed in this paragraph; it is 36% similar to last year's version.
In December 2023, September 2025, the Financial Accounting Standards Board (FASB) FASB issued Accounting Standards Update (ASU) 2023-09 "Income Taxes (Topics 740): ASU 2025-06 "Intangibles: Goodwill and Other‒Internal-Use Software (Subtopic 350-40): Targeted Improvements to Income Tax Disclosures" the Accounting for Internal-Use Software" to expand modernize the disclosure requirements accounting for income taxes. software costs under Subtopic 350-40, Intangibles‒Goodwill and Other‒Internal-Use Software (referred to as “internal-use software”). Upon adoption adoption, we will be required to disclose additional specified categories in account for internal-use software under the rate reconciliation in both percentage updated capitalization criteria. The standard is effective for our interim and dollar amounts. We will also be required to disclose the amount of income taxes paid disaggregated by jurisdiction, among other disclosure requirements. annual 2028 periods, with early adoption permitted. The standard can be applied either prospectively prospectively, retrospectively, or retrospectively. under a modified transition approach. We will adopt the standard in our 2025 annual period and are currently assessing adoption timing, the method of adoption, and the effect that the updated standard will have on our consolidated financial statement disclosures. statements.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001652044-26-000018 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001652044-25-000014

MD&A 117 words changed in this paragraph; it is 40% similar to last year's version.
For the years ended December 31, 2023 and 2024, we recognized additional operating lease assets of $2.9 billion and $2.5 billion, and additional finance lease assets of $564 million and $313 million, respectively. As of December 31, 2024, 2025, the amount of total undiscounted future lease payments under operating leases, which had a weighted average remaining lease term of 7.8 years, leases was $17.0 $18.3 billion, of which $3.2 $3.3 billion is short-term, and total undiscounted future lease payments under finance leases, which had a weighted average remaining lease term of 10.4 years, leases was $1.9 $2.9 billion, of which $257 $491 million is short-term. As of December 31, 2024, we have entered into leases that have not yet commenced with future short-term and long-term lease payments of $773 million and $6.5 billion, respectively, that are not yet recorded on our Consolidated Balance Sheets. These leases will commence between 2025 and 2028 with non-cancelable lease terms of one to 25 years.

Source: Item 7, 10-K 0001652044-26-000018 vs Item 7, 10-K 0001652044-25-000014

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of GOOGL's Risk Factors and MD&A, 10-K 2026-02-05 against 10-K 2025-02-05. Each links to the text at sec.gov.

AddedRisk Factors
We believe AI is quickly reshaping the advertising industry, including how ads are delivered online, and we and our competitors are constantly adjusting to meet this shift and provide new and evolving advertising formats. There is no assurance that we will adapt effectively and competitively to meet this shift, and that such advertising formats, strategies, and offerings will be successful.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
To meet the compute capacity demands of AI training and inference, as well as traditional cloud computing services, we are entering into significant leasing arrangements with third party operators, which may increase costs and operational complexity. We also have a number of large, long-duration commercial agreements, which could increase our liabilities and obligations in the event of nonperformance by us, our counterparties, or vendors. In such nonperformance or an industry downturn, we may incur additional liabilities, have excess capacity that we cannot easily redeploy, and not receive payments from our counterparties or customers.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
Our strong brands have significantly contributed to the success of our business. Maintaining and enhancing the brands within Google Services, Google Cloud, and Other Bets increases our ability to enter new categories and launch

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
Our ability to scale our technical infrastructure is increasingly constrained by the availability of power, water, and land. For example, energy supply is constrained globally due to the significant increase in demand for and limited availability of energy to power AI compute. Securing this capacity involves entering into complex, long-lead-time arrangements. Additionally, manufacturing and supply of servers and network equipment for our technical infrastructure, particularly for specialized AI chips, is limited to a small number of qualified suppliers. Extended or unforeseen disruptions at these suppliers could impact our ability to meet customer demand. Failure to secure sufficient capacity in a timely manner would limit our ability to train models and serve Cloud customers.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
Disruptions in our ability to access future financing or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
We may from time to time access capital markets for debt or seek to enter into other forms of financing, such as leases. Any difficulty in accessing capital markets, entering into other forms of financing on favorable terms, or managing our existing indebtedness could increase our costs of financing and restrict our ability to invest in our business. Furthermore, the combination of our current and any future indebtedness, including obligations arising under

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
leases, backstops, guarantees, and potential liabilities from large commercial agreements, could harm our financial condition and reduce our financial and business flexibility.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
regulatory inquiries, which could result in monetary penalties and damages, divert management's time and attention, and lead to enhanced regulatory oversight.

Read it in 10-K 2026-02-05 at sec.gov ↗

Show the other 14
AddedRisk Factors
For example, the DOJ and a number of state Attorneys General filed a lawsuit concerning our Search and Search advertising practices and our compliance with US antitrust laws. In August 2024, the US District Court for the District of Columbia ruled against Google, and in December 2025, entered a final judgment requiring remedies, which, among other things, imposes restrictions on how we distribute our services and requires us to share certain search data with and offer syndication services to certain competitors. In January 2026, we appealed the final judgment and moved to pause implementation of certain remedies. In February 2026, the DOJ and state Attorneys General also appealed.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedRisk Factors
Our Class B stock has 10 votes per share, our Class A stock has one vote per share, and our Class C stock has no voting rights. As of December 31, 2025, Larry Page and Sergey Brin beneficially owned approximately 89.3% of our

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•As we continue to grow our business and meet the evolving behaviors and needs of our users and customers, our revenue growth and mix along with our cost and margin profiles are being influenced by a number of factors, including:

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
Increased Investment in Technical Infrastructure: We continue to invest in capital expenditures as we scale our technical infrastructure, in particular for AI, to meet the demand of our users and enterprise customers and to support research internally. We invested heavily in capital expenditures in 2025 and in 2026, we expect to significantly increase, relative to 2025, our investment in our technical infrastructure, including servers and network equipment, and data centers. The costs associated with operating our technical infrastructure - depreciation, energy, equipment, and network capacity - are expected to significantly increase as developing and serving AI offerings require more compute power than our historical consumer and enterprise offerings. While our technical infrastructure costs increase, we expect to continue to drive efficiencies in our data centers, for example, through the design of our AI models and our TPU and GPU-based technical infrastructure.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•We have raised capital through external financing in the form of debt and we may continue to seek debt or other forms of financing in the future to support our capital and operating needs.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
In 2025, we raised capital through the issuance of debt and we expect to continue to assess the use of debt and other forms of financing in the future. We expect to continue to enter into finance leases, primarily for data centers. Additionally, in 2025, we provided credit support, such as through backstops and guarantees, to certain infrastructure related counterparties and may continue to provide additional credit support in the future.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•In 2025, we entered into definitive agreements to acquire Wiz, a leading cloud security platform, for $32.0 billion, and Intersect, a provider of data center and energy infrastructure solutions, for $4.8 billion in cash plus the assumption of debt. Both acquisitions are expected to close in 2026, subject to customary closing conditions, including the receipt of regulatory approvals.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•OI&E of $29.8 billion for the year ended December 31, 2025 included net gains on equity securities of $24.1 billion, primarily related to unrealized gains on our non-marketable equity securities.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•Other Bets operating loss of $7.5 billion for the year ended December 31, 2025 included a $2.1 billion employee compensation charge recognized in the fourth quarter for Waymo, primarily reflected in research and development expenses, based on estimated stock valuation. In February 2026, Waymo announced an investment round of $16.0 billion, the significant majority of which was funded by Alphabet.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
•Changes to U.S. tax law enacted on July 4, 2025, allow, among other things, for immediate expensing of domestic research and experimentation costs and accelerated depreciation on eligible capital expenditures, the effects of which are included in operating cash flows for the year ended December 31, 2025.

Read it in 10-K 2026-02-05 at sec.gov ↗

AddedMD&A
We are monitoring ongoing developments surrounding international trade and the macroeconomic environment. As a result of volatility in international trade and financial markets, we may experience direct and indirect effects on our business, operations, and financial results. Our past results may not be indicative of our future performance, and our financial results may differ materially from historical trends.

Read it in 10-K 2026-02-05 at sec.gov ↗

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