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Alphabet (GOOG) Q1 FY2024 earnings: revenue $80.5 billion, up 15.4% on the year

Alphabet Inc. (GOOG) reported revenue of $80.5 billion for Q1 FY2024, the quarter ended 31 March 2024, up 15.4% on the same quarter a year earlier. Net income was $23.7 billion, up 57.2% on the year, and diluted earnings per share $1.89. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue
$80.5 billion
+15.4% on the year · -6.7% on the quarter
Q2 FY2022Q1 FY2024
Operating margin
31.6%
25.0% a year earlier
Q2 FY2022Q1 FY2024
Net income
$23.7 billion
+57.2% on the year · +14.4% on the quarter
Q2 FY2022Q1 FY2024
Diluted EPS
$1.89
+61.5% on the year · +15.2% on the quarter
Q2 FY2022Q1 FY2024

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ1 FY2024Q4 FY2023Q1 FY2023On the quarterOn the yearLast 8 quarters
Revenue80,53986,31069,787-6.7%+15.4%
Cost of revenue33,71237,57530,612-10.3%+10.1%
Gross profit46,82748,73539,175-3.9%+19.5%
Gross margin58.1%56.5%56.1%
Research and development11,90312,11311,468-1.7%+3.8%
Operating income25,47223,69717,415+7.5%+46.3%
Operating margin31.6%27.5%25.0%
Interest expense94.069.080.0+36.2%+17.5%
Pre-tax income28,31524,41218,205+16.0%+55.5%
Income tax4,6533,7253,154+24.9%+47.5%
Effective tax rate16.4%15.3%17.3%
Net income23,66220,68715,051+14.4%+57.2%
Net margin29.4%24.0%21.6%
Diluted EPS$1.89$1.64$1.17+15.2%+61.5%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionQ1 FY2024Q4 FY2023Q1 FY2023On the quarterOn the yearLast 8 quarters
Operating cash flow28,84818,91523,509+52.5%+22.7%
Capital expenditure12,01211,0196,289+9.0%+91.0%
Free cash flow16,8367,89617,220+113.2%-2.2%
Free cash flow margin20.9%9.1%24.7%
Cash from investing-8,564-6,167-2,946
Cash from financing-19,714-19,308-16,568
Share-based compensation5,2645,6595,284-7.0%-0.4%
Buybacks15,69616,19114,557-3.1%+7.8%
Dividends paid0.00.00.0
Diluted shares, weighted12,527m12,602mn/a-0.6%
Shares outstanding at period end12,381m12,460m12,722m-0.6%-2.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ1 FY2024Q4 FY2023Q1 FY2023On the quarterOn the yearLast 8 quarters
Shareholders' equity292,844283,379260,894+3.3%+12.2%
Debt13,22813,00013,697+1.8%-3.4%
Operating lease liabilities11,95712,46012,799-4.0%-6.6%
Finance lease liabilitiesn/a1,383n/a
Other liabilities89,32192,17082,101-3.1%+8.8%
Total liabilities and equity407,350402,392369,491+1.2%+10.2%
Fixed assets143,182134,345n/a+6.6%
Goodwill29,18329,19828,994-0.1%+0.7%
Intangible assetsn/an/a1,968
Investments84,99788,26890,098-3.7%-5.7%
Cash and equivalents24,49324,04825,924+1.9%-5.5%
Receivables44,55247,96436,036-7.1%+23.6%
Inventoryn/an/a2,315
Other assets80,94378,569184,156+3.0%-56.0%
Total assets407,350402,392369,491+1.2%+10.2%

Questions

What was Alphabet's revenue in Q1 FY2024?

Alphabet (GOOG) reported revenue of $80.5 billion for Q1 FY2024, the quarter ended 31 March 2024, up 15.4% on the same quarter a year earlier.

How much did Alphabet earn in Q1 FY2024?

Net income for Q1 FY2024 was $23.7 billion, up 57.2% on the year, and diluted earnings per share $1.89.

When did Alphabet report Q1 FY2024 results?

Alphabet filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 26 April 2024.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue75,32568,01169,68569,09276,04869,78774,60476,69386,31080,53984,74288,26896,46990,23496,428102,346113,828109,896119,796127,577
Cost of revenue32,98829,59930,10431,15835,34230,61231,91633,22937,57533,71235,50736,47440,61336,36139,03941,36945,76641,27145,94351,419
Gross profit42,33738,41239,58137,93440,70639,17542,68843,46448,73546,82749,23551,79455,85653,87357,38960,97768,06268,62573,85376,158
Gross margin56%56%57%55%54%56%57%57%56%58%58%59%58%60%60%60%60%62%62%60%
R&D8,7089,1199,84110,27310,26711,46810,58811,25812,11311,90311,86012,44713,11613,55613,80815,15118,57217,03218,21920,640
Operating income21,88520,09419,45317,13518,16017,41521,83821,34323,69725,47227,42528,52130,97230,60631,27131,22835,93439,69640,77040,576
Operating margin29%30%28%25%24%25%29%28%27%32%32%32%32%34%32%31%32%36%34%32%
Interest expense11783.083.010190.080.043.011669.094.067.054.053.034.02611432985331,278967
Pre-tax income24,40218,93419,01416,23317,14718,20521,90321,19724,41228,31527,55131,70632,24341,78933,93343,98739,11777,412138,75332,355
Tax rate15%13%16%14%21%17%16%7%15%16%14%17%18%17%17%20%12%19%19%18%
Net income20,64216,43616,00213,91013,62415,05118,36819,68920,68723,66223,61926,30126,53634,54028,19634,97934,45562,578112,19326,468
Net margin27%24%23%20%18%22%25%26%24%29%28%30%28%38%29%34%30%57%94%21%
Diluted EPS$1.53$1.23$1.21$1.06$1.06$1.17$1.44$1.55$1.64$1.89$1.89$2.12$2.15$2.81$2.31$2.87$2.82$5.11$9.11$2.12
Operating cash flow24,93425,10619,42223,35323,61423,50928,66630,65618,91528,84826,64030,69839,11336,15027,74748,41452,40245,79039,06942,290
Capital expenditure6,3839,7866,8287,2767,5956,2896,8888,05511,01912,01213,18613,06114,27617,19722,44623,95327,85135,67444,92451,355
Free cash flow18,55115,32012,59416,07716,01917,22021,77822,6017,89616,83613,45417,63724,83718,9535,30124,46124,55110,116-5,855-9,065
Buybacks13,47313,30015,19715,39215,40714,55714,96915,78716,19115,69615,68415,29115,55115,06813,63811,5045,4990.00.00.0
Dividends paid0.00.00.00.00.00.00.00.00.00.02,4662,4552,4422,4342,5432,5362,5362,5422,6892,936
Shares outstanding13,242m13,175m13,078m12,971m12,849m12,722m12,629m12,541m12,460m12,381m12,322m12,264m12,211m12,155m12,104m12,077m12,088m12,116m12,230m12,294m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2024, filed 26 April 2024: the filing.