Alphabet Inc. Class A Common Stock

Capital structure and performance · Financial performance volatility

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.

Capital structure and performance · Dividend policy and capital allocation

We cannot guarantee that any share repurchase program or dividend program will be continuously active or fully consummated or will enhance long-term stockholder value, and share repurchases or dividends could increase the volatility of our stock prices and could diminish our cash reserves.

Market and investment · Asset valuation and impairment

We have invested and expect to significantly expand our investment in property and equipment, including our technical infrastructure, and we expect these assets to benefit our business over their estimated useful lives. Changes in facts and circumstances could change the period over which we expect to benefit from the asset and impact our financial condition and operating results.

Cybersecurity and data protection · Data breaches and cyber attacks

Data privacy and security concerns relating to our technology and our practices could harm our reputation, cause us to incur significant liability. Computer viruses, software bugs or defects, security breaches, and attacks on our systems could result in the improper disclosure and use of user data.

Digital transformation and innovation · Technology obsolescence and evolution

People access our products and services through a growing variety of devices such as phones, laptops and tablets, video game consoles, voice-activated speakers, wearables. Each manufacturer or distributor may establish unique technical standards for its devices, and our products and services may not be available or may only be available with limited functionality.

Cybersecurity and data protection · Third party data security and vendors

If any partners with whom we share user or other customer information fail to implement adequate data-security practices, fail to comply with our terms and policies, or otherwise suffer a network or other security breach, our users' data may be improperly accessed, used, or disclosed.

Technology infrastructure · Disaster recovery and business continuity

Some of our systems are not fully redundant, and disaster recovery planning cannot account for all eventualities. The occurrence of a natural disaster or pandemic, closure of a facility, or other unanticipated problems affecting our data centers could result in lengthy interruptions in our service.

Supply chain and procurement · Raw material availability and cost volatility

We have experienced and may in the future experience supply shortages, price increases, quality issues, or longer lead times that could harm our operations, driven by raw material or component availability, manufacturing capacity, labor shortages, industry allocations, logistics capacity, inflation, foreign currency exchange rates, tariffs, sanctions and export controls.

Supply chain and procurement · Geographic concentration of suppliers

Some of the components we use in our technical infrastructure and our devices are available from only one or limited sources, and we may not be able to find replacement vendors on favorable terms in the event of a supply chain disruption. 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.

Human capital and workforce · Key personnel dependence and succession

Our performance and future success depends in large part upon the continued service of key technical leads as well as members of our senior management team. For instance, Sundar Pichai is critical to the overall management of Alphabet and its subsidiaries.

Corporate governance · Shareholder rights and activism

The concentration of our stock ownership limits our stockholders' ability to influence corporate matters. As of December 31, 2025, Larry Page and Sergey Brin beneficially owned approximately 89.3% of our outstanding Class B stock, which represented approximately 52.7% of the voting power of our outstanding common stock.

Reputation and brand · Social media and digital reputation

We face legal and regulatory challenges to our efforts to address low-quality content, and our ability to address it may be constrained or made more costly through added compliance requirements. We also face other challenges to the quality of our search results from low-quality and irrelevant content websites.

Legal and litigation · Intellectual property disputes

Our patents, trademarks, trade secrets, copyrights, and other intellectual property rights are important assets for us. Various events outside of our control pose a threat to our intellectual property rights, as well as to our products, services, and technologies.

Tax and financial reporting · Transfer pricing and international tax

We are subject to regular review and audit by both domestic and foreign tax authorities. As a result, we have received, and may in the future receive, assessments in multiple jurisdictions, on various tax-related assertions, such as transfer-pricing adjustments or permanent-establishment claims.

Data and privacy · Data protection and privacy laws

Changes to our advertising policies and data privacy practices, as well as changes to other companies' advertising or data privacy practices have in the past, and may in the future, affect the advertising services that we are able to provide.

Customer and revenue · Revenue concentration in specific products or segments

We generated more than 70% of total revenues from online advertising in 2025. Many of our advertisers, companies that distribute our products and services, digital publishers, and content providers can terminate their contracts with us at any time.

Market position and competition · Disruptive competitors and new market entrants

Our businesses face changing technologies, shifting user needs, and frequent introductions of rival products and services. As new and existing technologies continue to develop, competitors and new entrants may be able to offer experiences that are substantially similar to or better than ours.

Geopolitical and trade · Political instability and government changes

An evolving foreign policy landscape could harm our revenues and could subject us to litigation, new regulatory costs and challenges, uncertainty regarding regulatory outcomes, and other liabilities under local laws that may not offer due process or clear legal precedent.

Geopolitical and trade · Trade policies tariffs and sanctions

Sanctions, tariffs, import and export controls, other market access barriers, political unrest, geopolitical tensions, changes in regimes, or armed conflict may affect our business continuity, increase our operating costs, limit demand for our products and services, limit our ability to source components or final products.

Economic and market conditions · Consumer spending and confidence

Expenditures by advertisers tend to correlate with overall economic conditions. Adverse macroeconomic conditions have affected, and may in the future affect, the demand for advertising, resulting in fluctuations in the amounts our advertisers spend on advertising.