Alphabet (GOOGL) EPS History: Diluted Earnings Per Share (2021–2025)

Alphabet EPS: 2021–2025

Alphabet (GOOGL) reported diluted EPS of $2.82 per share in Q4 2025 on a post-split basis, and full calendar year 2025 diluted EPS of approximately $10.81. This compares to $8.04 in 2024 — a +34.5% increase — driven by strong net income growth and continued share count reduction through buybacks.

Important note on data coverage: The chart above shows data beginning Q2 2021. The earliest quarters (Q3 2020 through Q1 2021) reflect pre-split per-share figures that are not directly comparable to post-split data. Alphabet completed a 20-for-1 stock split in July 2022. Data shown from Q2 2021 onward represents post-split equivalent diluted EPS.

Alphabet Annual Diluted EPS by Year (Post-Split Basis)

Source: SEC EDGAR XBRL. Post-split basis (adjusted for July 2022 20:1 stock split). 2021 reflects Q2–Q4 only; Q1 2021 data is on pre-split basis in the underlying dataset.

The 20-for-1 Stock Split (July 2022)

Alphabet executed a 20-for-1 stock split effective July 15, 2022. This increased the share count by 20x and reduced the per-share price by 20x, making the stock more accessible to retail investors. All post-split EPS figures in the $1–$3/quarter range are on this adjusted basis.

The split was purely a financial engineering move with no economic effect on the underlying business. Total market capitalization and earnings were unchanged; only the per-share presentation changed.

EPS Growth Drivers

Alphabet’s EPS growth has been driven by two compounding forces:

1. Net income growth: Net income grew from approximately $60B in 2022 to $132.2B in 2025 — more than doubling over three years. This reflects operating margin recovery, Google Cloud profitability, and significant investment portfolio gains.

2. Share count reduction: Alphabet has been aggressively buying back shares — $62 billion in repurchases in 2024 alone. Fewer shares outstanding means each remaining share represents a larger portion of earnings. Since 2022, Alphabet has reduced its diluted share count from approximately 13.5 billion to under 12 billion, adding several percentage points of annual EPS growth beyond what net income growth alone would produce.

EPS vs. Revenue Growth: The Shareholder Return Story

EPS has consistently grown 2–3x faster than revenue because: (1) margins are expanding, meaning profit grows faster than revenue, and (2) share buybacks further amplify per-share earnings growth. This compounding effect is why Alphabet is valued as a capital-efficient business despite its scale.

Key Takeaways

• Alphabet 2025 diluted EPS of ~$10.81 represents 34.5% growth from $8.04 in 2024
• EPS growth has materially outpaced revenue growth due to margin expansion and buybacks
• The July 2022 20:1 stock split changed per-share presentation but not economic value
• Early quarters (pre-Q2 2021) in the dataset reflect pre-split figures and are not directly comparable
• Alphabet has reduced its diluted share count from ~13.5B to under 12B through aggressive buybacks

Frequently Asked Questions

What is Alphabet’s earnings per share? Alphabet reported diluted EPS of approximately $10.81 for calendar year 2025 (post-split basis), up 34.5% from $8.04 in 2024.

When did Alphabet do its stock split? Alphabet completed a 20-for-1 stock split effective July 15, 2022. Historical EPS figures prior to this date reflect the old per-share basis (20x higher) and are not directly comparable to post-split figures.

Why is Alphabet’s EPS growing faster than revenue? EPS growth exceeds revenue growth because (1) operating margins are expanding (profit grows faster than revenue) and (2) Alphabet’s share repurchase program reduces the share count, amplifying per-share earnings growth beyond what net income growth alone would produce.