10-K 0001652044-26-000018 (2026-02-05) vs 10-K 0001652044-25-000014 (2025-02-05)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 12,502 |
20.8% |
| MD&A | Item 7 | 7,169 |
34.6% |
| Legal Proceedings | Item 3, via Note 10 – Commitments and Contingencies | 2,411 |
26.6% |
| Accounting Policies | Item 8, Note 1 – Summary of Significant Accounting Policies | 4,459 |
9.2% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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 ↗
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 ↗
RemovedRisk Factors
implementation of AI in our offerings and internal systems) could subject us to regulatory action and legal liability, including under specific legislation regulating AI, as well as new applications of existing data protection, cybersecurity, privacy, intellectual property, and other laws.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
For example, the DOJ and a number of state Attorneys General filed a lawsuit alleging that Google violated antitrust laws relating to Search and Search advertising, and in August 2024, the U.S. District Court for the District of Columbia ruled that Google violated such antitrust laws. The Court is holding a separate proceeding to determine remedies, which could include alterations to our products and services and our business models and operations, including structural remedies, and/or our distribution arrangements, among other changes. While we plan to appeal, there can be no assurance that our appeal will succeed, or that we will be able to change or decrease the severity of any remedies that may be ordered, and any or all of these potential remedies could harm our business, reputation, financial condition, and operating results.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
Also, in December 2023, a California jury delivered a verdict in Epic Games v. Google finding that Google violated antitrust laws relating to Google Play's business. The presiding judge issued a remedies decision in October 2024 that ordered a variety of alterations to our business models and operations and contractual agreements for Android and Google Play. We are appealing the verdict, but if we are unsuccessful, we could face significant expenses to implement the remedies, and such costs and alterations could harm our business, reputation, financial condition, and operating results.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
The trading price for our Class A stock and non-voting Class C stock may continue to be volatile.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
The trading price of our stock has at times experienced significant volatility and may continue to be volatile. In addition to the factors discussed in this report, the trading prices of our Class A stock and Class C stock have fluctuated, and may continue to fluctuate widely, in response to various factors, including, among others, the size or continuity of either our share repurchase or dividend programs, the activities of our peers and changes in broader economic and political conditions around the world. These broad market and industry factors could harm the market price of our Class A stock and our Class C stock, regardless of our actual operating performance.
Read it in 10-K 2025-02-05 at sec.gov ↗
RewordedRisk Factors
(3) laws governing the collection and processing of children and minor’s minor's data and how companies provide age appropriate age-appropriate online experiences (including, in the U.S., US, the Children’s Children's Online Privacy Protection Act of 1998, 1998; the pending Children and Teens' Online Privacy Protection Act (COPPA 2.0), which passed 2.0); similar US state laws related to children's privacy, such as the U.S. New York Child Data Protection Act; and the UK's Age-Appropriate Design Code); and (4) laws regulating internet-connected devices (such as, in California, the Internet of Things Security Law).
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Changes to our advertising policies and data privacy practices, such as our initiatives related to third-party cookies, including our announcement in July 2024 to move from phasing out all third-party cookies to a proposed user choice model (which remains subject to continuing discussions with regulators), as well as changes to other companies’ companies' advertising and/or or data privacy practices have in the past, and may in the future, affect the advertising services that we are able to provide.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
In addition, we We may experience downward pressure on our operating also face margin resulting compression from a variety of factors, such as an increase in the mix of lower-margin products and services, in particular from the continued expansion of our business into new fields, including products and services such as Google Cloud, our devices, Google Cloud, and consumer subscription products, as well as significant investments in Other Bets, all of which may have margins lower than those we generate from advertising. Bets.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
We have experienced and/or and may in the future experience supply shortages, price increases, quality issues, and/or or longer lead times that could negatively affect harm our operations, driven by raw material and/or or component availability, manufacturing capacity, labor shortages, industry allocations, logistics capacity, inflation, foreign currency exchange rates, tariffs, sanctions and export controls, trade disputes and barriers, forced labor concerns, sustainability sourcing requirements, geopolitical tensions, armed conflicts, natural disasters or pandemics, the effects of climate change (such as sea level rise, drought, flooding, heat waves, wildfires and resultant air quality effects and power shutdowns associated with wildfire prevention, and increased storm severity), change, power and transmission availability, and significant changes in the financial or business condition of our suppliers.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Although we continue to invest in and deploy proprietary technology to detect and prevent web spam on our platforms, platforms and to evolve our policies to address emerging threats, there is no guarantee that our technology and policy enforcement will always be successful, and our users may have negative experiences on our platforms if our technology fails to work as intended, which may affect our users' decisions in continuing that make them less likely to use our platforms.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Our systems are vulnerable to damage, interference, or interruption from modifications or upgrades, terrorist attacks, state-sponsored attacks, natural disasters or pandemics, geopolitical tensions or armed conflicts, export controls and sanctions, tariffs and non-tariff trade barriers, the effects of climate change (such as sea level rise, drought, flooding, heat waves, wildfires and resultant air quality effects and power shutdowns associated with wildfire prevention, and increased storm severity), change, power and transmission availability challenges, utility outages, telecommunications failures, computer viruses, software bugs, cyber attacks, supply-chain attacks, computer denial of service attacks, phishing schemes, or other attempts to harm or access our systems.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Furthermore, in December 2020, several State a number of state Attorneys General, led by the Texas Attorney General, filed an antitrust a lawsuit in the U.S. US District Court for the Eastern District of Texas concerning our advertising technology and our compliance with US antitrust laws and other laws.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Our revenue growth rate could decline over time as a result of a number of factors, including changes in customer usage and demand for our existing products and increasing demand for competing technologies; changes in the devices and modalities used to access our products and services; changes in geographic mix; deceleration or declines in advertiser spending; competition; changes in customer usage and demand for our existing products and increasing demand for new technologies; decreases in the pricing of our products and services; ongoing product and policy changes; and shifts to lower priced products and services.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Laws and regulations focused on large technology platforms, including the Digital Markets Act in the European Union (EU); (EU) and the Act on Promotion of Competition for Specified Smartphone Software in Japan; regulations and legal settlements in the U.S., US, South Korea, and elsewhere that affect Google Play’s Play's billing policies, fees, and business model; as well as litigation and new and expected regulations in a range of jurisdictions, including, among others, in the UK, Japan, and India. jurisdictions.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Various laws covering content moderation and removal, and related disclosure obligations, such as the EU's Digital Services Act, Florida’s Florida's Senate Bill 7072 and Texas’ Texas' House Bill 20, and laws and proposed legislation in Singapore, Australia, and the United Kingdom (UK) that impose penalties for failure to remove certain types of content or require disclosure of information about the operation of our services and algorithms, which may make it harder for services like Google Search and YouTube to detect and deal with limit low-quality, deceptive, or harmful content, or or, on the other hand, may impinge on the rights of free expression, which, in turn, could impact how our platforms are viewed by users. expression and access to content.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Changes in facts and circumstances such as changes to ongoing business operations, changes in the planned use historical asset performance, expected technology advancements, and utilization of assets, and/or technological advancements, future network deployment plans could indicate a change in the period over which we expect to benefit from the asset and impact our financial condition and operating results.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
We are subject to claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and orders involving competition, intellectual property, data privacy and security, tax and related compliance, labor and employment, commercial disputes, content generated by our users, goods and services offered by advertisers or publishers using our platforms, design of our products and services, personal injury, injury and other tort and nuisance theories, consumer protection claims, including how we moderate content on our platforms, AI, and other matters.
Read it in 10-K 2026-02-05 at sec.gov ↗
Quiet changesRisk Factors
Our operations and financial results are subject to various risks and uncertainties, including but not limited to those described below, which could harm our business, reputation, financial condition, and operating results, and may affect the trading price and price volatility of our Class A and Class C stock.
Read it in 10-K 2026-02-05 at sec.gov ↗
Quiet changesRisk Factors
Furthermore, certain Certain of our competitors may negotiate more favorable contractual terms based on volume and other commitments that may provide them with competitive advantages and may affect our supply.
Read it in 10-K 2026-02-05 at sec.gov ↗
Quiet changesRisk Factors
Because the techniques used to obtain unauthorized access to, disable disable, or degrade service provided by or otherwise sabotage systems change frequently and often are recognized only after being launched against a target, even taking all reasonable precautions, including those required by law, we have been unable in the past and may continue to be unable to anticipate or detect certain attacks or vulnerabilities or implement adequate preventative measures.
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
•In 2025, we issued senior unsecured notes for net proceeds of $37.3 billion, to be used for general corporate purposes.
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 ↗
AddedMD&A
(1) Regions represent Europe, the Middle East, and Africa (EMEA); Asia-Pacific (APAC); and Canada and Latin America ("Other Americas").
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedMD&A
(1)Alphabet-level activities primarily reflect expenses related to our shared AI research and development.
Read it in 10-K 2026-02-05 at sec.gov ↗
RemovedMD&A
•Users' behaviors and advertising continue to shift online as the digital economy evolves.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•Users continue to access our products and services using diverse devices and modalities, which allows for new advertising formats that may benefit our revenues but adversely affect our margins.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
Our users are accessing our products and services via diverse devices and modalities beyond traditional desktop, such as smartphones, wearables, connected TVs, and smart home devices, and want to be able to be connected no matter where they are or what they are doing. We are focused on expanding our products and services to stay in front of these trends in order to maintain and grow our business.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
We benefit from advertising revenues generated from different channels, including mobile, and newer advertising formats. The margins from these channels and newer products have generally been lower than those from traditional desktop search. Additionally, as the market for a particular device type or modality matures, our advertising revenues may be affected. For example, changing dynamics within the global smartphone market, such as increased market saturation in developed countries, can affect our mobile advertising revenues.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
We expect these trends to continue to affect our revenues and put pressure on our margins.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•As online advertising evolves, we continue to expand our product offerings, which may affect our monetization.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•As users in developing economies increasingly come online, our revenues from international markets continue to increase, and may require continued investments. In addition, movements in foreign exchange rates affect such revenues.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
The shift to online, as well as the advent of the multi-device world, has brought opportunities outside of the U.S., including in emerging markets, such as India. We continue to invest heavily and develop localized versions of our products and advertising programs relevant to our users in these markets. This has led to a trend of increased
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
revenues from emerging markets. We expect that our results will continue to be affected by our performance in these markets, particularly as low-cost mobile devices become more available. This trend could affect our revenues as developing markets initially monetize at a lower rate than more mature markets.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
International revenues represent a significant portion of our revenues and are subject to fluctuations in foreign currency exchange rates relative to the U.S. dollar. While we have a foreign exchange risk management program designed to reduce our exposure to these fluctuations, this program does not fully offset their effect on our revenues and earnings.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•The revenues that we derive beyond advertising are increasing and may adversely affect our margins.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•As we continue to serve our users and expand our businesses, we will invest heavily in operating and capital expenditures.
Read it in 10-K 2025-02-05 at sec.gov ↗
RewordedMD&A
The increase in employee compensation expenses was primarily driven by a $1.3 billion an increase in SBC expenses, expenses of $4.2 billion, which includes the reduction included an increase in a valuation-based compensation liabilities charge related to certain Other Bets recognized in the prior year comparable period, partially offset by a $537 million decrease in severance and related charges. Waymo.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
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.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Net cash used in financing activities increased decreased from 2023 2024 to 2024 2025 due to dividend payments and net payments related to stock-based award activities, partially offset by an increase in proceeds from issuance of debt, net debt and a decrease in repurchases of repayments. stock, partially offset by repayments of debt.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
We expect Our TAC paid to our distribution partners and Google Network partners to increase as our revenues grow and TAC as a percentage of our advertising revenues ("TAC rate") rate will continue to be affected by changes in device mix; geographic mix; partner agreement terms; partner mix; the percentage of queries channeled through paid access points; product mix; the relative revenue growth rates of advertising revenues from different channels; and revenue share terms.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
We In 2026, we expect to significantly increase, relative to 2024, 2025, our investment in our technical infrastructure, including servers, servers and network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services. centers.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Year Ended December 31, 2023 2024 2025 Interest income $ 3,865 4,482 $ 4,482 4,337 Interest expense (308) (268) (736) Foreign currency exchange gain (loss), net (1,238) (409) (382) Gain (loss) on debt securities, net (1,215) (1,043) 540 Gain (loss) on equity securities, net 392 3,714 Performance fees 257 218 24,080 Income (loss) and impairment from equity method investments, net (628) (188) 281 Other 299 919 1,137 1,667 Other income (expense), net $ 1,424 7,425 $ 7,425 29,787
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
OI&E, net increased $6.0 $22.4 billion from 2023 2024 to 2024 2025, primarily due to an increase increases in net unrealized gains on equity securities and a decrease in net losses resulting from fair value adjustments on foreign currency exchange. non-marketable equity securities.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, we have entered into leases primarily related to data centers that have not yet commenced with future short-term and long-term future lease payments of $773 million $5.8 billion and $6.5 $52.7 billion, respectively, that are not yet recorded on our Consolidated Balance Sheets. respectively.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, we had senior unsecured notes outstanding with a total carrying value of $11.9 $48.5 billion, of which $2.0 billion with short-term and long-term future interest payments of $197 million and $3.4 billion, respectively. was short-term.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
During the year ended December 31, 2024 2025, total cash dividends, which dividends were first paid in June 2024, were $3.5 billion, $519 million, and $3.3 $4.8 billion for Class A, $703 million for Class B, and $4.5 billion for Class C shares, respectively.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
We expect that this evolution evolution, including user engagement with AI products and services, will continue to benefit our business and our revenues, although at a slower pace than we have experienced historically. revenues.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Google Network revenues decreased $953 $567 million from 2023 2024 to 2024, 2025, primarily driven by due to a decrease in Google Ad Manager and AdSense revenues, partially offset by an increase in AdMob revenues.
Read it in 10-K 2026-02-05 at sec.gov ↗
