FirmAtlas
Company handbook · GOOGL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
GOOGL · CIK 1652044 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
Alphabet Inc.
$340.59
−8.63 (−2.47%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $244–409
Alphabet owns Google. It earns most of its money from ads on Google Search, YouTube and partner sites, and also sells Google Cloud computing and AI services (including Gemini), subscriptions such as YouTube Premium and Google One, Pixel phones, and apps on Google Play. Its Other Bets include Waymo self-driving cars.
- SegmentsGoogle Services 85% · Google Cloud 15% · All Other Segments 0% (FY25)
- CustomersAdvertisers of all sizes, and businesses and governments that use Google Cloud; consumers use most services free. Ads are sold online and by its sales force, Cloud by its sales force and partners
- ChangeGoogle Cloud 15% of revenue in FY25, up from 4% in FY18
- Cash useFY16–FY25: buybacks $346.2B · capex $326.7B · dividends $17.4B
Reinvested 40% of operating cash flow · returned 74% of free cash flow
Last fiscal year
Alphabet Inc. reported revenue of $402.8B for the year ended Dec 31, 2025 (FY25), up 15.1% from FY24. Net income was $132.2B, operating cash flow $164.7B and free cash flow $73.3B. Source: 10-K filed Feb 5, 2026.
Fixed or guaranteed commitments, mostly long-term supply agreements for technical infrastructure, were $707.0 billion at June 30, 2026.
10-Q Jun '26Alphabet completed its acquisition of Wiz for $29.5 billion on March 11, 2026; it reports in Google Cloud.
10-Q Jun '26A December 2025 final judgment in the DOJ search case restricts how Google distributes its services and requires it to share certain search data with competitors; both sides have appealed.
10-Q Jun '26In the DOJ ad tech case, the court on September 2, 2026 declined to order a sale of the AdX exchange and ordered behavioral changes instead.
News · Sep 2026
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Market cap
$4.12T
P/E
16.9
EV/EBITDA
26.9x
P/B
6.4
Div yield
0.25%
ROIC
37.2%
Revenue 10Y
18.3%/yr
EPS 10Y
24.7%/yr
Shares 10Y
−12%
Share count down 12% in 10 years.
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOSundar Pichai
HQMountain View, CA
AuditorErnst & Young LLP
Employees190,820
Year endsDecember
Revenue by segment · FY25
Google Services85%
Google Cloud15%
All Other Segments0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
18.3%
17.2%
12.5%
20.1%
Net income
23.2%
26.8%
30.1%
111.3%
EPS
24.7%
29.8%
33.3%
111.8%
Share price
23.8%
19.2%
34.8%
35.4%
Avg ROIC
39.7%
45.3%
41.3%
37.2%
The windows end at FY25, the highest net income in the record.
Growth rows are yearly compound rates; ROIC is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the cash went · FY16–FY25
$690.3B deployed
Capex
$326.7B
47.3%
Dividends
$17.4B
2.5%
Buybacks
$346.2B
50.1%
Operating cash flow over the period: $815.6B. Total debt changed by +$47.1B. R&D of $332.5B is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
After-tax operating profit growth, split into its two engines · A = FY22, B = FY25 · A = FY20, B = FY25 · A = FY15, B = FY25
Total growth
+19.5%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+26.9%
ROIIC 30.3% × reinvestment 88.9%
+
Engine 2 · existing capital
−7.4%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $44.5B ÷ Δ capital $146.8B
Total growth
+25.5%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+20.3%
ROIIC 39.1% × reinvestment 52.0%
+
Engine 2 · existing capital
+5.2%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $72.9B ÷ Δ capital $186.5B
Total growth
+20.9%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+24.3%
ROIIC 35.4% × reinvestment 68.8%
+
Engine 2 · existing capital
−3.4%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $91.3B ÷ Δ capital $258.2B
Financials
10-year record · USD millions · each year opens its 10-K · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (20-for-1 split after FY20).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
90,272+20.4%
110,855+22.8%
136,819+23.4%
161,857+18.3%
182,527+12.8%
257,637+41.2%
282,836+9.8%
307,394+8.7%
350,018+13.9%
402,836+15.1%
445,866
YoY
+20.4%
+22.8%
+23.4%
+18.3%
+12.8%
+41.2%
+9.8%
+8.7%
+13.9%
+15.1%
Gross profit
55,134+17.7%
65,272+18.4%
77,270+18.4%
89,961+16.4%
97,795+8.7%
146,698+50.0%
156,633+6.8%
174,062+11.1%
203,712+17.0%
240,301+18.0%
271,517
Gross margin
61.1%−1.4 pp
58.9%−2.2 pp
56.5%−2.4 pp
55.6%−0.9 pp
53.6%−2.0 pp
56.9%+3.4 pp
55.4%−1.6 pp
56.6%+1.2 pp
58.2%+1.6 pp
59.7%+1.5 pp
—
Operating income
23,716+22.5%
26,178+10.4%
27,524+5.1%
34,231+24.4%
41,224+20.4%
78,714+90.9%
74,842−4.9%
84,293+12.6%
112,390+33.3%
129,039+14.8%
147,628
Operating margin
26.3%+0.5 pp
23.6%−2.7 pp
20.1%−3.5 pp
21.1%+1.0 pp
22.6%+1.4 pp
30.6%+8.0 pp
26.5%−4.1 pp
27.4%+1.0 pp
32.1%+4.7 pp
32.0%−0.1 pp
—
EBITDA
29,860+22.3%
33,093+10.8%
36,559+10.5%
46,012+25.9%
54,921+19.4%
88,987+62.0%
88,317−0.8%
96,239+9.0%
127,701+32.7%
150,175+17.6%
—
EBITDA margin
33.1%+0.5 pp
29.9%−3.2 pp
26.7%−3.1 pp
28.4%+1.7 pp
30.1%+1.7 pp
34.5%+4.5 pp
31.2%−3.3 pp
31.3%+0.1 pp
36.5%+5.2 pp
37.3%+0.8 pp
—
Interest expense
124+19.2%
109−12.1%
114+4.6%
100−12.3%
135+35.0%
346+156.3%
357+3.2%
308−13.7%
268−13.0%
736+174.6%
—
Interest coverage
240.81x+5.97x
303.61x+62.80x
320.69x+17.09x
460.12x+139.43x
406.82x−53.30x
257.19x−149.63x
247.39x−9.80x
312.46x+65.08x
476.50x+164.03x
204.04x−272.45x
—
Net income
19,478+19.1%
12,662−35.0%
30,736+142.7%
34,343+11.7%
40,269+17.3%
76,033+88.8%
59,972−21.1%
73,795+23.0%
100,118+35.7%
132,170+32.0%
244,205
YoY
+19.1%
−35.0%
+142.7%
+11.7%
+17.3%
+88.8%
−21.1%
+23.0%
+35.7%
+32.0%
Net margin
21.6%−0.2 pp
11.4%−10.2 pp
22.5%+11.0 pp
21.2%−1.2 pp
22.1%+0.8 pp
29.5%+7.4 pp
21.2%−8.3 pp
24.0%+2.8 pp
28.6%+4.6 pp
32.8%+4.2 pp
—
EPS (diluted, $)
1.39+17.1%
0.90−35.4%
2.19+142.8%
2.46+12.5%
2.93+19.2%
5.61+91.5%
4.56−18.7%
5.80+27.2%
8.04+38.6%
10.81+34.5%
19.94
YoY
+17.1%
−35.4%
+142.8%
+12.5%
+19.2%
+91.5%
−18.7%
+27.2%
+38.6%
+34.5%
Balance sheet
Total assets
167,497+13.6%
197,295+17.8%
232,792+18.0%
275,909+18.5%
319,616+15.8%
359,268+12.4%
365,264+1.7%
402,392+10.2%
450,256+11.9%
595,281+32.2%
921,983
Cash & short-term investments
86,333+18.2%
101,871+18.0%
109,140+7.1%
119,675+9.7%
136,694+14.2%
139,649+2.2%
113,762−18.5%
110,916−2.5%
95,657−13.8%
126,843+32.6%
—
Accounts receivable
14,137+22.3%
18,336+29.7%
20,838+13.6%
25,326+21.5%
30,930+22.1%
39,304+27.1%
40,258+2.4%
47,964+19.1%
52,340+9.1%
62,886+20.1%
—
Inventory
268−45.4%
749+179.5%
1,107+47.8%
999−9.8%
728−27.1%
1,170+60.7%
2,670+128.2%
—
—
—
—
Net PP&E
34,234+18.0%
42,383+23.8%
59,719+40.9%
73,646+23.3%
84,749+15.1%
97,599+15.2%
112,668+15.4%
134,345+19.2%
171,036+27.3%
246,597+44.2%
—
Other assets
32,525−2.4%
33,956+4.4%
41,988+23.7%
56,263+34.0%
66,515+18.2%
81,546+22.6%
95,906+17.6%
109,167+13.8%
131,223+20.2%
158,955+21.1%
—
Total liabilities
28,461+4.9%
44,793+57.4%
55,164+23.2%
74,467+35.0%
97,072+30.4%
107,633+10.9%
109,120+1.4%
119,013+9.1%
125,172+5.2%
180,016+43.8%
281,503
Accounts payable
2,041+5.7%
3,137+53.7%
4,378+39.6%
5,561+27.0%
5,589+0.5%
6,037+8.0%
5,128−15.1%
7,493+46.1%
7,987+6.6%
12,200+52.7%
—
Total debt
3,935+97.2%
3,969+0.9%
4,012+1.1%
4,554+13.5%
13,932+205.9%
14,817+6.4%
14,701−0.8%
11,870−19.3%
10,883−8.3%
49,085+351.0%
98,165
Other liabilities
22,485−3.1%
37,687+67.6%
46,774+24.1%
64,352+37.6%
77,551+20.5%
86,779+11.9%
89,291+2.9%
99,650+11.6%
106,302+6.7%
118,731+11.7%
—
Shareholders’ equity
139,036+15.5%
152,502+9.7%
177,628+16.5%
201,442+13.4%
222,544+10.5%
251,635+13.1%
256,144+1.8%
283,379+10.6%
325,084+14.7%
415,265+27.7%
640,480
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
36,036+35.6%
37,091+2.9%
47,971+29.3%
54,520+13.7%
65,124+19.4%
91,652+40.7%
91,495−0.2%
101,746+11.2%
125,299+23.1%
164,713+31.5%
185,675
Net income
19,478+19.1%
12,662−35.0%
30,736+142.7%
34,343+11.7%
40,269+17.3%
76,033+88.8%
59,972−21.1%
73,795+23.0%
100,118+35.7%
132,170+32.0%
—
Depreciation & amortization
6,144+21.4%
6,915+12.5%
9,035+30.7%
11,781+30.4%
13,697+16.3%
10,273−25.0%
13,475+31.2%
11,946−11.3%
15,311+28.2%
21,136+38.0%
—
Stock-based compensation
6,703+28.8%
7,679+14.6%
9,353+21.8%
10,794+15.4%
12,991+20.4%
15,376+18.4%
19,362+25.9%
22,460+16.0%
22,785+1.4%
24,953+9.5%
—
Working capital & other
3,711n/m
9,835+165.0%
(1,153)−111.7%
(2,398)n/m
(1,833)n/m
(10,030)n/m
(1,314)n/m
(6,455)n/m
(12,915)n/m
(13,546)n/m
—
Cash from investing
(31,165)n/m
(31,401)n/m
(28,504)n/m
(29,491)n/m
(32,773)n/m
(35,523)n/m
(20,298)n/m
(27,063)n/m
(45,536)n/m
(120,291)n/m
—
Capex
(10,212)n/m
(13,184)n/m
(25,139)n/m
(23,548)n/m
(22,281)n/m
(24,640)n/m
(31,485)n/m
(32,251)n/m
(52,535)n/m
(91,447)n/m
—
PP&E sold
240+585.7%
99−58.8%
98−1.0%
—
—
—
—
—
—
—
—
Investments bought
(84,509)n/m
(92,195)n/m
(50,158)n/m
(100,315)n/m
(136,576)n/m
(135,196)n/m
(78,874)n/m
(77,858)n/m
(86,679)n/m
(103,773)n/m
—
Investments sold / matured
66,895+6.3%
73,959+10.6%
48,507−34.4%
97,825+101.7%
132,906+35.9%
128,294−3.5%
97,822−23.8%
86,672−11.4%
103,428+19.3%
83,240−19.5%
—
Other investing
(3,579)n/m
(80)n/m
(1,812)n/m
(3,453)n/m
(6,822)n/m
(3,981)n/m
(7,761)n/m
(3,626)n/m
(9,750)n/m
(8,311)n/m
—
Cash from financing
(8,332)n/m
(8,298)n/m
(13,179)n/m
(23,209)n/m
(24,408)n/m
(61,362)n/m
(69,757)n/m
(72,093)n/m
(79,733)n/m
(37,388)n/m
—
Debt raised
8,729−36.3%
4,291−50.8%
6,766+57.7%
317−95.3%
11,761+3610.1%
20,199+71.7%
52,872+161.8%
10,790−79.6%
13,589+25.9%
64,564+375.1%
—
Debt repaid
(10,064)n/m
—
—
—
—
—
—
—
—
—
—
Dividends
0n/m
0n/m
—
—
—
—
0
0n/m
(7,363)n/m
(10,049)n/m
—
Buybacks
(3,693)n/m
(4,846)n/m
(9,075)n/m
(18,396)n/m
(31,149)n/m
(50,274)n/m
(59,296)n/m
(61,504)n/m
(62,222)n/m
(45,709)n/m
—
Shares issued
298−24.2%
—
—
—
—
—
—
—
—
—
—
Other financing
(3,602)n/m
(7,743)n/m
(10,870)n/m
(5,130)n/m
(5,020)n/m
(31,287)n/m
(63,333)n/m
(21,379)n/m
(23,737)n/m
(46,194)n/m
—
Net change in cash
(3,631)n/m
(2,203)n/m
5,986n/m
1,797−70.0%
7,967+343.4%
(5,520)−169.3%
934n/m
2,169+132.2%
(582)−126.8%
7,242n/m
—
Free cash flow (OCF − capex)
25,824+55.4%
23,907−7.4%
22,832−4.5%
30,972+35.7%
42,843+38.3%
67,012+56.4%
60,010−10.4%
69,495+15.8%
72,764+4.7%
73,266+0.7%
53,273
Where the cash went
Operating cash flow
36,036+35.6%
37,091+2.9%
47,971+29.3%
54,520+13.7%
65,124+19.4%
91,652+40.7%
91,495−0.2%
101,746+11.2%
125,299+23.1%
164,713+31.5%
185,675
Reinvested in the business
10,212+2.6%
13,184+29.1%
25,139+90.7%
23,548−6.3%
22,281−5.4%
24,640+10.6%
31,485+27.8%
32,251+2.4%
52,535+62.9%
91,447+74.1%
—
% of operating cash flow
28.3%
35.5%
52.4%
43.2%
34.2%
26.9%
34.4%
31.7%
41.9%
55.5%
Capex
10,212+2.6%
13,184+29.1%
25,139+90.7%
23,548−6.3%
22,281−5.4%
24,640+10.6%
31,485+27.8%
32,251+2.4%
52,535+62.9%
91,447+74.1%
132,402
R&D (memo, already in costs)
13,948+13.6%
16,625+19.2%
21,419+28.8%
26,018+21.5%
27,573+6.0%
31,562+14.5%
39,500+25.2%
45,427+15.0%
49,326+8.6%
61,087+23.8%
—
Free cash flow
25,824+55.4%
23,907−7.4%
22,832−4.5%
30,972+35.7%
42,843+38.3%
67,012+56.4%
60,010−10.4%
69,495+15.8%
72,764+4.7%
73,266+0.7%
53,273
YoY
+55.4%
−7.4%
−4.5%
+35.7%
+38.3%
+56.4%
−10.4%
+15.8%
+4.7%
+0.7%
Returned to shareholders
3,693+102.1%
4,846+31.2%
9,075+87.3%
18,396+102.7%
31,149+69.3%
50,274+61.4%
59,296+17.9%
61,504+3.7%
69,585+13.1%
55,758−19.9%
—
% of free cash flow
14.3%
20.3%
39.7%
59.4%
72.7%
75.0%
98.8%
88.5%
95.6%
76.1%
Dividends
0−100.0%
0n/m
—
—
—
—
0
0n/m
7,363n/m
10,049+36.5%
—
Buybacks
3,693+107.5%
4,846+31.2%
9,075+87.3%
18,396+102.7%
31,149+69.3%
50,274+61.4%
59,296+17.9%
61,504+3.7%
62,222+1.2%
45,709−26.5%
—
Change in total debt
1,940
34−98.2%
43+26.5%
542+1160.5%
9,378+1630.3%
885−90.6%
(116)−113.1%
(2,831)n/m
(987)n/m
38,202n/m
—
Cash left over
24,071
19,095−20.7%
13,800−27.7%
13,118−4.9%
21,072+60.6%
17,623−16.4%
598−96.6%
5,160+762.9%
2,192−57.5%
55,710+2441.5%
—
FCF conversion (FCF ÷ net income)
132.6%+30.9 pp
188.8%+56.2 pp
74.3%−114.5 pp
90.2%+15.9 pp
106.4%+16.2 pp
88.1%−18.3 pp
100.1%+11.9 pp
94.2%−5.9 pp
72.7%−21.5 pp
55.4%−17.2 pp
—
Owner earnings
13,162
2,809−78.7%
13,013+363.3%
19,379+48.9%
26,380+36.1%
53,298+102.0%
38,599−27.6%
50,819+31.7%
59,012+16.1%
55,526−5.9%
—
Owner earnings margin
14.6%
2.5%−12.0 pp
9.5%+7.0 pp
12.0%+2.5 pp
14.5%+2.5 pp
20.7%+6.2 pp
13.6%−7.0 pp
16.5%+2.9 pp
16.9%+0.3 pp
13.8%−3.1 pp
—
Buyback yield
0.7%+0.3 pp
0.7%−0.0 pp
1.2%+0.6 pp
2.0%+0.7 pp
2.6%+0.6 pp
2.6%−0.0 pp
5.2%+2.6 pp
3.5%−1.7 pp
2.7%−0.8 pp
1.2%−1.5 pp
—
Returns & ratios
ROIC (all capital)
36.1%+3.4 pp
21.9%−14.2 pp
38.1%+16.2 pp
37.4%−0.8 pp
37.1%−0.3 pp
58.2%+21.1 pp
44.3%−13.9 pp
42.5%−1.8 pp
44.2%+1.7 pp
37.2%−7.1 pp
—
ROIC (operating)
44.6%+3.5 pp
23.2%−21.4 pp
35.7%+12.5 pp
34.6%−1.2 pp
33.6%−0.9 pp
54.3%+20.7 pp
44.5%−9.8 pp
44.6%+0.1 pp
48.1%+3.5 pp
41.9%−6.2 pp
—
Net debt / EBITDA
−2.76x+0.15x
−2.96x−0.20x
−2.88x+0.08x
−2.50x+0.37x
−2.24x+0.27x
−1.40x+0.83x
−1.12x+0.28x
−1.03x+0.09x
−0.66x+0.37x
−0.52x+0.15x
—
Debt / equity
0.03x+0.01x
0.03x−0.00x
0.02x−0.00x
0.02x+0.00x
0.06x+0.04x
0.06x−0.00x
0.06x−0.00x
0.04x−0.02x
0.03x−0.01x
0.12x+0.08x
—
ROE
14.0%+0.4 pp
8.3%−5.7 pp
17.3%+9.0 pp
17.0%−0.3 pp
18.1%+1.0 pp
30.2%+12.1 pp
23.4%−6.8 pp
26.0%+2.6 pp
30.8%+4.8 pp
31.8%+1.0 pp
—
ROA
11.6%+0.5 pp
6.4%−5.2 pp
13.2%+6.8 pp
12.4%−0.8 pp
12.6%+0.2 pp
21.2%+8.6 pp
16.4%−4.7 pp
18.3%+1.9 pp
22.2%+3.9 pp
22.2%−0.0 pp
—
ROCE
15.7%+0.6 pp
15.1%−0.6 pp
13.9%−1.2 pp
14.8%+0.9 pp
15.7%+0.8 pp
26.7%+11.0 pp
25.3%−1.4 pp
26.3%+1.0 pp
31.1%+4.8 pp
26.2%−4.9 pp
—
NOPAT
19,128+18.8%
12,189−36.3%
24,231+98.8%
29,668+22.4%
34,525+16.4%
65,961+91.0%
62,927−4.6%
72,569+15.3%
93,914+29.4%
107,382+14.3%
—
Invested capital (operating)
46,598+19.1%
58,331+25.2%
77,286+32.5%
94,410+22.2%
110,818+17.4%
132,036+19.1%
150,468+14.0%
174,816+16.2%
215,389+23.2%
297,283+38.0%
—
Invested capital (all)
56,638+15.0%
54,600−3.6%
72,500+32.8%
86,321+19.1%
99,782+15.6%
126,803+27.1%
157,083+23.9%
184,333+17.3%
240,310+30.4%
337,507+40.4%
—
Reinvestment rate
39.0%
96.3%+57.2 pp
78.2%−18.0 pp
57.7%−20.5 pp
47.5%−10.2 pp
32.2%−15.4 pp
29.3%−2.9 pp
33.6%+4.3 pp
43.2%+9.7 pp
76.3%+33.1 pp
—
Income
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
88,268
96,469
90,234
96,428
102,346+15.9%
113,828+18.0%
109,896+21.8%
119,796+24.2%
vs year-ago quarter
+15.9%
+18.0%
+21.8%
+24.2%
Gross profit
51,794
55,856
53,873
57,389
60,977+17.7%
68,062+21.9%
68,625+27.4%
73,853+28.7%
Gross margin
58.7%
57.9%
59.7%
59.5%
59.6%+0.9 pp
59.8%+1.9 pp
62.4%+2.7 pp
61.6%+2.1 pp
Operating income
28,521
30,972
30,606
31,271
31,228+9.5%
35,934+16.0%
39,696+29.7%
40,770+30.4%
Net income
26,301
26,536
34,540
28,196
34,979+33.0%
34,455+29.8%
62,578+81.2%
112,193+297.9%
vs year-ago quarter
+33.0%
+29.8%
+81.2%
+297.9%
Net margin
29.8%
27.5%
38.3%
29.2%
34.2%+4.4 pp
30.3%+2.8 pp
56.9%+18.7 pp
93.7%+64.4 pp
EPS (diluted, $)
2.12
2.17
2.81
2.31
2.87+35.4%
2.85+31.2%
5.11+81.9%
9.11+294.4%
vs year-ago quarter
+35.4%
+31.2%
+81.9%
+294.4%
Balance sheet
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
430,266
450,256
475,374
502,053
536,469+24.7%
595,281+32.2%
703,919+48.1%
921,983+83.6%
Cash & equivalents
93,230
95,657
95,328
95,148
98,496+5.6%
126,843+32.6%
126,840+33.1%
242,474+154.8%
Total debt
12,297
10,883
10,886
26,607
24,607+100.1%
49,085+351.0%
79,499+630.3%
98,165+268.9%
Shareholders’ equity
314,119
325,084
345,267
362,916
386,867+23.2%
415,265+27.7%
478,746+38.7%
640,480+76.5%
Cash flow
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
30,698
39,113
36,150
27,747
48,414+57.7%
52,402+34.0%
45,790+26.7%
39,069+40.8%
Capex
13,061
14,276
17,197
22,446
23,953+83.4%
27,851+95.1%
35,674+107.4%
44,924+100.1%
Free cash flow
17,637
24,837
18,953
5,301
24,461+38.7%
24,551−1.2%
10,116−46.6%
(5,855)−210.5%
vs year-ago quarter
+38.7%
−1.2%
−46.6%
−210.5%