What Google keeps
Alphabet took in $402.8 billion in 2025. More than half of it was one product: Search.
Straight from the 10-K for the year to 31 December 2025.
Three things worth sitting with.
Search is still the company. Twenty-seven years after it launched, $224.5bn of a $402.8bn business is Search and other - about 56 cents in every dollar. Cloud is the fastest grower at $58.7bn, up 36% on the year, and it is still a quarter of Search's size.
Research is the second-biggest bar on the chart. $61.1bn on R&D against $50.2bn on selling and admin combined, and R&D grew 24% in a single year.
And the chart stops early on purpose. Alphabet's net profit for 2025 was $132.2bn - higher than the $129.0bn operating profit you see at the bottom. That is not a mistake: below the operating line the company took $29.8bn of other income, mostly gains on the stakes it holds in other companies, and paid $26.7bn of tax. A cascade can only show money leaving, so a year where $29.8bn arrives cannot be drawn as one. The honest version is to end at operating profit and say the rest here.
That gap is worth knowing about generally: Alphabet's bottom line moves with the value of its investments, which is why its net profit can jump in a year its operating business did not.
