FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Alphabet Inc. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Page / Page / Page

Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) ... Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) / Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) / 45 / 45 / 45

Financial Statements: ................... Financial Statements: / Financial Statements:

Consolidated Balance Sheets ............. Consolidated Balance Sheets / Consolidated Balance Sheets / 48 / 48 / 48

Consolidated Statements of Income ....... Consolidated Statements of Income / Consolidated Statements of Income / 49 / 49 / 49

Consolidated Statements of Comprehensive Income ... Consolidated Statements of Comprehensive Income / Consolidated Statements of Comprehensive Income / 50 / 50 / 50

Consolidated Statements of Stockholders’ Equity ... Consolidated Statements of Stockholders’ Equity / Consolidated Statements of Stockholders’ Equity / 51 / 51 / 51

Consolidated Statements of Cash Flows ... Consolidated Statements of Cash Flows / Consolidated Statements of Cash Flows / 52 / 52 / 52

Notes to Consolidated Financial Statements ... Notes to Consolidated Financial Statements / Notes to Consolidated Financial Statements / 53 / 53 / 53

44.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Alphabet Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Alphabet Inc. (the Company) as of December 31, 2024 and 2025, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 , in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 4, 2026 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 45.

Loss Contingencies

Description of the Matter

Description of the Matter / Description of the Matter / The Company is subject to claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders. As described in Note 10 to the consolidated financial statements, such claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders could result in adverse consequences. Significant judgment is required to determine both the likelihood and the estimated amount of a loss related to such matters. Auditing management’s accounting for and disclosure of loss contingencies from these matters involved challenging and subjective auditor judgment in assessing the Company’s evaluation of the probability of a loss, and the estimated amount or range of loss. / The Company is subject to claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders. As described in Note 10 to the consolidated financial statements, such claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders could result in adverse consequences. Significant judgment is required to determine both the likelihood and the estimated amount of a loss related to such matters. Auditing management’s accounting for and disclosure of loss contingencies from these matters involved challenging and subjective auditor judgment in assessing the Company’s evaluation of the probability of a loss, and the estimated amount or range of loss. / The Company is subject to claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders. As described in Note 10 to the consolidated financial statements, such claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders could result in adverse consequences. Significant judgment is required to determine both the likelihood and the estimated amount of a loss related to such matters. Auditing management’s accounting for and disclosure of loss contingencies from these matters involved challenging and subjective auditor judgment in assessing the Company’s evaluation of the probability of a loss, and the estimated amount or range of loss.

How We Addressed the Matter in Our Audit ... How We Addressed the Matter in Our Audit / How We Addressed the Matter in Our Audit / We tested relevant controls over the identified risks associated with management’s accounting for and disclosure of these matters. This included controls over management’s assessment of the probability of incurrence of a loss and whether the loss or range of loss was reasonably estimable and the development of related disclosures. Our audit procedures included, among others, gaining an understanding of previous rulings and the status of ongoing lawsuits, reviewing letters from internal and external legal counsel addressing the matters, meeting with internal legal counsel to discuss the allegations, and obtaining a representation letter from management on these matters. We also evaluated the Company’s disclosures in relation to these matters. / We tested relevant controls over the identified risks associated with management’s accounting for and disclosure of these matters. This included controls over management’s assessment of the probability of incurrence of a loss and whether the loss or range of loss was reasonably estimable and the development of related disclosures. Our audit procedures included, among others, gaining an understanding of previous rulings and the status of ongoing lawsuits, reviewing letters from internal and external legal counsel addressing the matters, meeting with internal legal counsel to discuss the allegations, and obtaining a representation letter from management on these matters. We also evaluated the Company’s disclosures in relation to these matters. / We tested relevant controls over the identified risks associated with management’s accounting for and disclosure of these matters. This included controls over management’s assessment of the probability of incurrence of a loss and whether the loss or range of loss was reasonably estimable and the development of related disclosures. Our audit procedures included, among others, gaining an understanding of previous rulings and the status of ongoing lawsuits, reviewing letters from internal and external legal counsel addressing the matters, meeting with internal legal counsel to discuss the allegations, and obtaining a representation letter from management on these matters. We also evaluated the Company’s disclosures in relation to these matters.

/s/ Ernst & Young LLP / /s/ Ernst & Young LLP / /s/ Ernst & Young LLP

We have served as the Company's auditor since 1999. ... We have served as the Company's auditor since 1999. / We have served as the Company's auditor since 1999.

San Jose, California .................... San Jose, California / San Jose, California

February 4, 2026 ........................ February 4, 2026 / February 4, 2026

46.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Alphabet Inc. Opinion on Internal Control Over Financial Reporting We have audited Alphabet Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Alphabet Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2025 consolidated financial statements of the Company and our report dated February 4, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

| --- | --- | --- | | /s/ Ernst & Young LLP | /s/ Ernst & Young LLP | /s/ Ernst & Young LLP | | San Jose, California | San Jose, California | San Jose, California | | February 4, 2026 | February 4, 2026 | February 4, 2026 |

47.

Alphabet Inc. CONSOLIDATED BALANCE SHEETS (in millions, except par value per share amounts)

As of December 31,

As of December 31, / As of December 31, / As of December 31, / As of December 31, / As of December 31, / As of December 31, / As of December 31, / As of December 31,

2024 / 2024 / 2024 / 2025 / 2025 / 2025

Assets .................................. Assets / Assets

Current assets: ......................... Current assets: / Current assets:

Cash and cash equivalents ............... Cash and cash equivalents / Cash and cash equivalents / $ / 23,466 / $ / 30,708

Marketable securities ................... Marketable securities / Marketable securities / 72,191 / 72,191 / 96,135 / 96,135

Total cash, cash equivalents, and marketable securities ... Total cash, cash equivalents, and marketable securities / Total cash, cash equivalents, and marketable securities / 95,657 / 95,657 / 126,843 / 126,843

Accounts receivable, net ................ Accounts receivable, net / Accounts receivable, net / 52,340 / 52,340 / 62,886 / 62,886

Other current assets .................... Other current assets / Other current assets / 15,714 / 15,714 / 16,309 / 16,309

Total current assets .................... Total current assets / Total current assets / 163,711 / 163,711 / 206,038 / 206,038

Non-marketable securities ............... Non-marketable securities / Non-marketable securities / 37,982 / 37,982 / 68,687 / 68,687

Deferred income taxes ................... Deferred income taxes / Deferred income taxes / 17,180 / 17,180 / 9,113 / 9,113

Property and equipment, net ............. Property and equipment, net / Property and equipment, net / 171,036 / 171,036 / 246,597 / 246,597

Operating lease assets .................. Operating lease assets / Operating lease assets / 13,588 / 13,588 / 15,221 / 15,221

Goodwill ................................ Goodwill / Goodwill / 31,885 / 31,885 / 33,380 / 33,380

Other non-current assets ................ Other non-current assets / Other non-current assets / 14,874 / 14,874 / 16,245 / 16,245

Total assets ............................ Total assets / Total assets / $ / 450,256 / $ / 595,281

Liabilities and Stockholders’ Equity .... Liabilities and Stockholders’ Equity / Liabilities and Stockholders’ Equity

Current liabilities: .................... Current liabilities: / Current liabilities:

Accounts payable ........................ Accounts payable / Accounts payable / $ / 7,987 / $ / 12,200

Accrued compensation and benefits ....... Accrued compensation and benefits / Accrued compensation and benefits / 15,069 / 15,069 / 17,546 / 17,546

Accrued expenses and other current liabilities ... Accrued expenses and other current liabilities / Accrued expenses and other current liabilities / 51,228 / 51,228 / 55,557 / 55,557

Accrued revenue share ................... Accrued revenue share / Accrued revenue share / 9,802 / 9,802 / 10,864 / 10,864

Deferred revenue ........................ Deferred revenue / Deferred revenue / 5,036 / 5,036 / 6,578 / 6,578

Total current liabilities ............... Total current liabilities / Total current liabilities / 89,122 / 89,122 / 102,745 / 102,745

Long-term debt .......................... Long-term debt / Long-term debt / 10,883 / 10,883 / 46,547 / 46,547

Income taxes payable, non-current ....... Income taxes payable, non-current / Income taxes payable, non-current / 8,782 / 8,782 / 9,531 / 9,531

Operating lease liabilities ............. Operating lease liabilities / Operating lease liabilities / 11,691 / 11,691 / 12,744 / 12,744

Other long-term liabilities ............. Other long-term liabilities / Other long-term liabilities / 4,694 / 4,694 / 8,449 / 8,449

Total liabilities ....................... Total liabilities / Total liabilities / 125,172 / 125,172 / 180,016 / 180,016

Commitments and Contingencies (Note 10) ... Commitments and Contingencies (Note 10) / Commitments and Contingencies (Note 10)

Stockholders’ equity: ................... Stockholders’ equity: / Stockholders’ equity:

Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding ... Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding / Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding / 0 / 0 / 0 / 0

Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,211 (Class A 5,835, Class B 861, Class C 5,515) and 12,088 (Class A 5,822, Class B 837, Class C 5,429) shares issued and outstanding ... Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,211 (Class A 5,835, Class B 861, Class C 5,515) and 12,088 (Class A 5,822, Class B 837, Class C 5,429) shares issued and outstanding / Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,211 (Class A 5,835, Class B 861, Class C 5,515) and 12,088 (Class A 5,822, Class B 837, Class C 5,429) shares issued and outstanding / 84,800 / 84,800 / 93,126 / 93,126

Accumulated other comprehensive income (loss) ... Accumulated other comprehensive income (loss) / Accumulated other comprehensive income (loss) / (4,800) / (4,800) / (1,916) / (1,916)

Retained earnings ....................... Retained earnings / Retained earnings / 245,084 / 245,084 / 324,055 / 324,055

Total stockholders’ equity .............. Total stockholders’ equity / Total stockholders’ equity / 325,084 / 325,084 / 415,265 / 415,265

Total liabilities and stockholders’ equity ... Total liabilities and stockholders’ equity / Total liabilities and stockholders’ equity / $ / 450,256 / $ / 595,281

See accompanying notes. 48.

Alphabet Inc. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts)

Year Ended December 31,

Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31,

2023 / 2023 / 2023 / 2024 / 2024 / 2024 / 2025 / 2025 / 2025

Revenues ................................ Revenues / Revenues / $ / 307,394 / $ / 350,018 / $ / 402,836

Costs and expenses: ..................... Costs and expenses: / Costs and expenses:

Cost of revenues ........................ Cost of revenues / Cost of revenues / 133,332 / 133,332 / 146,306 / 146,306 / 162,535 / 162,535

Research and development ................ Research and development / Research and development / 45,427 / 45,427 / 49,326 / 49,326 / 61,087 / 61,087

Sales and marketing ..................... Sales and marketing / Sales and marketing / 27,917 / 27,917 / 27,808 / 27,808 / 28,693 / 28,693

General and administrative .............. General and administrative / General and administrative / 16,425 / 16,425 / 14,188 / 14,188 / 21,482 / 21,482

Total costs and expenses ................ Total costs and expenses / Total costs and expenses / 223,101 / 223,101 / 237,628 / 237,628 / 273,797 / 273,797

Income from operations .................. Income from operations / Income from operations / 84,293 / 84,293 / 112,390 / 112,390 / 129,039 / 129,039

Other income (expense), net ............. Other income (expense), net / Other income (expense), net / 1,424 / 1,424 / 7,425 / 7,425 / 29,787 / 29,787

Income before income taxes .............. Income before income taxes / Income before income taxes / 85,717 / 85,717 / 119,815 / 119,815 / 158,826 / 158,826

Provision for income taxes .............. Provision for income taxes / Provision for income taxes / 11,922 / 11,922 / 19,697 / 19,697 / 26,656 / 26,656

Net income .............................. Net income / Net income / $ / 73,795 / $ / 100,118 / $ / 132,170

Basic net income per share (Note 12) .... Basic net income per share (Note 12) / Basic net income per share (Note 12) / $ / 5.84 / $ / 8.13 / $ / 10.91

Diluted net income per share (Note 12) ... Diluted net income per share (Note 12) / Diluted net income per share (Note 12) / $ / 5.80 / $ / 8.04 / $ / 10.81

See accompanying notes. 49.

Alphabet Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions)

Year Ended December 31,

Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31,

2023 / 2023 / 2023 / 2024 / 2024 / 2024 / 2025 / 2025 / 2025

Net income .............................. Net income / Net income / $ / 73,795 / $ / 100,118 / $ / 132,170

Other comprehensive income (loss): ...... Other comprehensive income (loss): / Other comprehensive income (loss):

Change in foreign currency translation adjustment, net of income tax benefit (expense) of $63, $(49) and $180 ... Change in foreign currency translation adjustment, net of income tax benefit (expense) of $63, $(49) and $180 / Change in foreign currency translation adjustment, net of income tax benefit (expense) of $63, $(49) and $180 / 735 / 735 / (1,673) / (1,673) / 2,522 / 2,522

Available-for-sale investments: ......... Available-for-sale investments: / Available-for-sale investments:

Change in net unrealized gains (losses) ... Change in net unrealized gains (losses) / Change in net unrealized gains (losses) / 1,344 / 1,344 / (116) / (116) / 1,146 / 1,146

Less: reclassification adjustment for net (gains) losses included in net income ... Less: reclassification adjustment for net (gains) losses included in net income / Less: reclassification adjustment for net (gains) losses included in net income / 1,168 / 1,168 / 782 / 782 / (169) / (169)

Net change, net of income tax benefit (expense) of $(698), $(190), and $(276) ... Net change, net of income tax benefit (expense) of $(698), $(190), and $(276) / Net change, net of income tax benefit (expense) of $(698), $(190), and $(276) / 2,512 / 2,512 / 666 / 666 / 977 / 977

Cash flow hedges: ....................... Cash flow hedges: / Cash flow hedges:

Change in net unrealized gains (losses) ... Change in net unrealized gains (losses) / Change in net unrealized gains (losses) / 168 / 168 / 775 / 775 / (779) / (779)

Less: reclassification adjustment for net (gains) losses included in net income ... Less: reclassification adjustment for net (gains) losses included in net income / Less: reclassification adjustment for net (gains) losses included in net income / (214) / (214) / (166) / (166) / 164 / 164

Net change, net of income tax benefit (expense) of $2, $(151), and $174 ... Net change, net of income tax benefit (expense) of $2, $(151), and $174 / Net change, net of income tax benefit (expense) of $2, $(151), and $174 / (46) / (46) / 609 / 609 / (615) / (615)

Other comprehensive income (loss) ....... Other comprehensive income (loss) / Other comprehensive income (loss) / 3,201 / 3,201 / (398) / (398) / 2,884 / 2,884

Comprehensive income .................... Comprehensive income / Comprehensive income / $ / 76,996 / $ / 99,720 / $ / 135,054

See accompanying notes. 50.

Alphabet Inc. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in millions)

Class A, Class B, Class C Stock and Additional Paid-In Capital

Class A, Class B, Class C Stock and Additional Paid-In Capital / Class A, Class B, Class C Stock and Additional Paid-In Capital / Class A, Class B, Class C Stock and Additional Paid-In Capital / Class A, Class B, Class C Stock and Additional Paid-In Capital / Class A, Class B, Class C Stock and Additional Paid-In Capital / Class A, Class B, Class C Stock and Additional Paid-In Capital / Class A, Class B, Class C Stock and Additional Paid-In Capital / Class A, Class B, Class C Stock and Additional Paid-In Capital / AccumulatedOtherComprehensiveIncome (Loss) / AccumulatedOtherComprehensiveIncome (Loss) / AccumulatedOtherComprehensiveIncome (Loss) / RetainedEarnings / RetainedEarnings / RetainedEarnings / TotalStockholders’Equity / TotalStockholders’Equity / TotalStockholders’Equity

Shares / Shares / Shares / Amount / Amount / Amount / AccumulatedOtherComprehensiveIncome (Loss) / RetainedEarnings / TotalStockholders’Equity

Balance as of December 31, 2022 ......... Balance as of December 31, 2022 / Balance as of December 31, 2022 / 12,849 / 12,849 / $ / 68,184 / $ / (7,603) / $ / 195,563 / $ / 256,144

Stock issued ............................ Stock issued / Stock issued / 139 / 139 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0

Stock-based compensation ................ Stock-based compensation / Stock-based compensation / 0 / 0 / 22,578 / 22,578 / 0 / 0 / 0 / 0 / 22,578 / 22,578

Tax withholding related to vesting of restricted stock units and other ... Tax withholding related to vesting of restricted stock units and other / Tax withholding related to vesting of restricted stock units and other / 0 / 0 / (10,164) / (10,164) / 0 / 0 / 9 / 9 / (10,155) / (10,155)

Repurchases of stock .................... Repurchases of stock / Repurchases of stock / (528) / (528) / (4,064) / (4,064) / 0 / 0 / (58,120) / (58,120) / (62,184) / (62,184)

Net income .............................. Net income / Net income / 0 / 0 / 0 / 0 / 0 / 0 / 73,795 / 73,795 / 73,795 / 73,795

Other comprehensive income (loss) ....... Other comprehensive income (loss) / Other comprehensive income (loss) / 0 / 0 / 0 / 0 / 3,201 / 3,201 / 0 / 0 / 3,201 / 3,201

Balance as of December 31, 2023 ......... Balance as of December 31, 2023 / Balance as of December 31, 2023 / 12,460 / 12,460 / 76,534 / 76,534 / (4,402) / (4,402) / 211,247 / 211,247 / 283,379 / 283,379

Stock issued ............................ Stock issued / Stock issued / 130 / 130 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0

Stock-based compensation ................ Stock-based compensation / Stock-based compensation / 0 / 0 / 22,937 / 22,937 / 0 / 0 / 0 / 0 / 22,937 / 22,937

Tax withholding related to vesting of restricted stock units and other ... Tax withholding related to vesting of restricted stock units and other / Tax withholding related to vesting of restricted stock units and other / 0 / 0 / (12,507) / (12,507) / 0 / 0 / (16) / (16) / (12,523) / (12,523)

Repurchases of stock .................... Repurchases of stock / Repurchases of stock / (379) / (379) / (3,359) / (3,359) / 0 / 0 / (58,688) / (58,688) / (62,047) / (62,047)

Dividends and dividend equivalents declared ($0.60 per share) ... Dividends and dividend equivalents declared ($0.60 per share) / Dividends and dividend equivalents declared ($0.60 per share) / 0 / 0 / 41 / 41 / 0 / 0 / (7,577) / (7,577) / (7,536) / (7,536)

Sale of interest in consolidated entities ... Sale of interest in consolidated entities / Sale of interest in consolidated entities / 0 / 0 / 1,154 / 1,154 / 0 / 0 / 0 / 0 / 1,154 / 1,154

Net income .............................. Net income / Net income / 0 / 0 / 0 / 0 / 0 / 0 / 100,118 / 100,118 / 100,118 / 100,118

Other comprehensive income (loss) ....... Other comprehensive income (loss) / Other comprehensive income (loss) / 0 / 0 / 0 / 0 / (398) / (398) / 0 / 0 / (398) / (398)

Balance as of December 31, 2024 ......... Balance as of December 31, 2024 / Balance as of December 31, 2024 / 12,211 / 12,211 / 84,800 / 84,800 / (4,800) / (4,800) / 245,084 / 245,084 / 325,084 / 325,084

Stock issued ............................ Stock issued / Stock issued / 117 / 117 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0

Stock-based compensation ................ Stock-based compensation / Stock-based compensation / 0 / 0 / 25,130 / 25,130 / 0 / 0 / 0 / 0 / 25,130 / 25,130

Tax withholding related to vesting of restricted stock units and other ... Tax withholding related to vesting of restricted stock units and other / Tax withholding related to vesting of restricted stock units and other / 0 / 0 / (14,842) / (14,842) / 0 / 0 / 0 / 0 / (14,842) / (14,842)

Repurchases of stock .................... Repurchases of stock / Repurchases of stock / (240) / (240) / (2,514) / (2,514) / 0 / 0 / (42,884) / (42,884) / (45,398) / (45,398)

Dividends and dividend equivalents declared ($0.83 per share) ... Dividends and dividend equivalents declared ($0.83 per share) / Dividends and dividend equivalents declared ($0.83 per share) / 0 / 0 / 152 / 152 / 0 / 0 / (10,315) / (10,315) / (10,163) / (10,163)

Sale of interest in consolidated entities ... Sale of interest in consolidated entities / Sale of interest in consolidated entities / 0 / 0 / 400 / 400 / 0 / 0 / 0 / 0 / 400 / 400

Net income .............................. Net income / Net income / 0 / 0 / 0 / 0 / 0 / 0 / 132,170 / 132,170 / 132,170 / 132,170

Other comprehensive income (loss) ....... Other comprehensive income (loss) / Other comprehensive income (loss) / 0 / 0 / 0 / 0 / 2,884 / 2,884 / 0 / 0 / 2,884 / 2,884

Balance as of December 31, 2025 ......... Balance as of December 31, 2025 / Balance as of December 31, 2025 / 12,088 / 12,088 / $ / 93,126 / $ / (1,916) / $ / 324,055 / $ / 415,265

See accompanying notes. 51.

Alphabet Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)

Year Ended December 31,

Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31, / Year Ended December 31,

2023 / 2023 / 2023 / 2024 / 2024 / 2024 / 2025 / 2025 / 2025

Operating activities .................... Operating activities / Operating activities

Net income .............................. Net income / Net income / $ / 73,795 / $ / 100,118 / $ / 132,170

Adjustments: ............................ Adjustments: / Adjustments:

Depreciation of property and equipment ... Depreciation of property and equipment / Depreciation of property and equipment / 11,946 / 11,946 / 15,311 / 15,311 / 21,136 / 21,136

Stock-based compensation expense ........ Stock-based compensation expense / Stock-based compensation expense / 22,460 / 22,460 / 22,785 / 22,785 / 24,953 / 24,953

Deferred income taxes ................... Deferred income taxes / Deferred income taxes / (7,763) / (7,763) / (5,257) / (5,257) / 8,348 / 8,348

Loss (gain) on debt and equity securities, net ... Loss (gain) on debt and equity securities, net / Loss (gain) on debt and equity securities, net / 823 / 823 / (2,671) / (2,671) / (24,620) / (24,620)

Other ................................... Other / Other / 4,330 / 4,330 / 3,419 / 3,419 / 2,108 / 2,108

Changes in assets and liabilities, net of effects of acquisitions: ... Changes in assets and liabilities, net of effects of acquisitions: / Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable, net ................ Accounts receivable, net / Accounts receivable, net / (7,833) / (7,833) / (5,891) / (5,891) / (8,779) / (8,779)

Income taxes, net ....................... Income taxes, net / Income taxes, net / 523 / 523 / (2,418) / (2,418) / (3,226) / (3,226)

Other assets ............................ Other assets / Other assets / (2,143) / (2,143) / (1,397) / (1,397) / (4,542) / (4,542)

Accounts payable ........................ Accounts payable / Accounts payable / 664 / 664 / 359 / 359 / 907 / 907

Accrued expenses and other liabilities ... Accrued expenses and other liabilities / Accrued expenses and other liabilities / 3,937 / 3,937 / (1,161) / (1,161) / 12,939 / 12,939

Accrued revenue share ................... Accrued revenue share / Accrued revenue share / 482 / 482 / 1,059 / 1,059 / 899 / 899

Deferred revenue ........................ Deferred revenue / Deferred revenue / 525 / 525 / 1,043 / 1,043 / 2,420 / 2,420

Net cash provided by operating activities ... Net cash provided by operating activities / Net cash provided by operating activities / 101,746 / 101,746 / 125,299 / 125,299 / 164,713 / 164,713

Investing activities .................... Investing activities / Investing activities

Purchases of property and equipment ..... Purchases of property and equipment / Purchases of property and equipment / (32,251) / (32,251) / (52,535) / (52,535) / (91,447) / (91,447)

Purchases of marketable securities ...... Purchases of marketable securities / Purchases of marketable securities / (77,858) / (77,858) / (86,679) / (86,679) / (103,773) / (103,773)

Maturities and sales of marketable securities ... Maturities and sales of marketable securities / Maturities and sales of marketable securities / 86,672 / 86,672 / 103,428 / 103,428 / 83,240 / 83,240

Purchases of non-marketable securities ... Purchases of non-marketable securities / Purchases of non-marketable securities / (3,027) / (3,027) / (5,034) / (5,034) / (5,716) / (5,716)

Maturities and sales of non-marketable securities ... Maturities and sales of non-marketable securities / Maturities and sales of non-marketable securities / 947 / 947 / 882 / 882 / 1,367 / 1,367

Acquisitions, net of cash acquired, and purchases of intangible assets ... Acquisitions, net of cash acquired, and purchases of intangible assets / Acquisitions, net of cash acquired, and purchases of intangible assets / (495) / (495) / (2,931) / (2,931) / (1,592) / (1,592)

Other investing activities .............. Other investing activities / Other investing activities / (1,051) / (1,051) / (2,667) / (2,667) / (2,370) / (2,370)

Net cash used in investing activities ... Net cash used in investing activities / Net cash used in investing activities / (27,063) / (27,063) / (45,536) / (45,536) / (120,291) / (120,291)

Financing activities .................... Financing activities / Financing activities

Net payments related to stock-based award activities ... Net payments related to stock-based award activities / Net payments related to stock-based award activities / (9,837) / (9,837) / (12,190) / (12,190) / (14,167) / (14,167)

Repurchases of stock .................... Repurchases of stock / Repurchases of stock / (61,504) / (61,504) / (62,222) / (62,222) / (45,709) / (45,709)

Dividend payments ....................... Dividend payments / Dividend payments / 0 / 0 / (7,363) / (7,363) / (10,049) / (10,049)

Proceeds from issuance of debt, net of costs ... Proceeds from issuance of debt, net of costs / Proceeds from issuance of debt, net of costs / 10,790 / 10,790 / 13,589 / 13,589 / 64,564 / 64,564

Repayments of debt ...................... Repayments of debt / Repayments of debt / (11,550) / (11,550) / (12,701) / (12,701) / (32,427) / (32,427)

Proceeds from sale of interest in consolidated entities, net ... Proceeds from sale of interest in consolidated entities, net / Proceeds from sale of interest in consolidated entities, net / 8 / 8 / 1,154 / 1,154 / 400 / 400

Net cash used in financing activities ... Net cash used in financing activities / Net cash used in financing activities / (72,093) / (72,093) / (79,733) / (79,733) / (37,388) / (37,388)

Effect of exchange rate changes on cash and cash equivalents ... Effect of exchange rate changes on cash and cash equivalents / Effect of exchange rate changes on cash and cash equivalents / (421) / (421) / (612) / (612) / 208 / 208

Net increase (decrease) in cash and cash equivalents ... Net increase (decrease) in cash and cash equivalents / Net increase (decrease) in cash and cash equivalents / 2,169 / 2,169 / (582) / (582) / 7,242 / 7,242

Cash and cash equivalents at beginning of period ... Cash and cash equivalents at beginning of period / Cash and cash equivalents at beginning of period / 21,879 / 21,879 / 24,048 / 24,048 / 23,466 / 23,466

Cash and cash equivalents at end of period ... Cash and cash equivalents at end of period / Cash and cash equivalents at end of period / $ / 24,048 / $ / 23,466 / $ / 30,708

Supplemental disclosures of non-cash investing activities: ... Supplemental disclosures of non-cash investing activities: / Supplemental disclosures of non-cash investing activities:

Purchases of property and equipment included in accrued liabilities and accounts payable ... Purchases of property and equipment included in accrued liabilities and accounts payable / Purchases of property and equipment included in accrued liabilities and accounts payable / $ / 7,435 / $ / 10,326 / $ / 15,090

See accompanying notes. 52.

Alphabet Inc.