What the changes say
- Alphabet added financing and indebtedness risk while removing stock-price volatility from its disclosed risks.
- Advertising exceeded 70% of 2025 revenue, down from over 75% in 2024, while AI reshapes advertising formats.
- AI risks now specifically include minor protection and greater misuse, while infrastructure, regulation, and competition pressure operating margins.
What changed since the prior 10-K
New
- New
Disruptions in our ability to access future financing or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition
Difficulty accessing financing or managing debt, leases, guarantees, and commercial obligations could raise costs, restrict investment, and reduce financial flexibility.
Dropped
- DroppedRisks Related to Ownership of our Stock
The trading price for our Class A stock and non-voting Class C stock may continue to be volatile
Reworded
- 86% rewrittenRisks Related to our Industry
Issues in the development and use of AI may result in reputational harm and increased liability exposure
AI-enabled products now explicitly raise minor-protection risks, while the wording emphasizes product and service deployment and removes the societal-effects reference.
- 80% rewrittenRisks Related to our Industry
Problematic content on our platforms, including low-quality user-generated content, web spam, content farms, and other violations of our guidelines could affect the quality of our services, which could harm our reputation and deter our current and potential users from using our products and services
AI is now described as creating new problematic content and greater misuse and abuse, rather than merely new avenues for bad actors.
- 51% rewritten
Our revenue growth rate could decline over time, and we may experience downward pressure on our operating margin in the future
Revenue risk now highlights competing technologies, while added infrastructure investment, regulation, and competition are identified as operating-margin pressures.
- 50% rewrittenRisks Related to Laws, Regulations, and Policies
We are subject to a variety of new, existing, and changing laws and regulations worldwide that could harm our business, and will likely be subject to an even broader scope of laws and regulations as we continue to expand our business
No substantive risk change; the update primarily changes “U.S.” to “US.”
- 48% rewritten
Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products, services, and brands as well as affect our ability to compete
The update specifically covers AI innovations, possible patent invalidity or unenforceability, and maintaining intellectual property as trade secrets.
- 47% rewritten
We face a number of manufacturing and supply chain risks that could affect our ability to supply our products and services and harm our business, financial condition, and operating results
The risk is substantively unchanged, with wording tightened from being negatively affected to the business being harmed.
Was: We face a number of risks related to manufacturing and supply chain management, which could affect our ability to supply both our products and our services
- 46% rewritten
We generate a significant portion of our revenues from advertising. Reduced spending by advertisers, a loss of partners, shifts in online advertising, new and evolving advertising formats, or new or existing technologies that block ads online or affect our ability to personalize ads could harm our business
Online advertising contributed over 70% of 2025 revenue versus over 75% in 2024, and AI-driven advertising changes were added.
Was: We generate a significant portion of our revenues from advertising. Reduced spending by advertisers, a loss of partners, or new and existing technologies that block ads online and/or affect our ability to personalize ads could harm our business
- 42% rewritten
We are exposed to fluctuations in the fair values of our investments and, in some instances, our financial statements incorporate inherently subjective valuation methodologies
The update expressly says investment declines could harm financial condition and operating results and revises the treatment of stock-based compensation awards.
- 40% rewritten
Our increasing investment in new businesses, products, services, and technologies is inherently risky, and could divert management attention and harm our business, financial condition, and operating results
Was: Our ongoing investment in new businesses, products, services, and technologies is inherently risky, and could divert management attention and harm our business, financial condition, and operating results
- 32% rewrittenRisks Related to Laws, Regulations, and Policies
We could be subject to changes in tax rates, the adoption of new US or international tax legislation, or exposure to additional tax liabilities
Was: We could be subject to changes in tax rates, the adoption of new U.S. or international tax legislation, or exposure to additional tax liabilities
- 30% rewritten
We face intense competition. If we do not continue to innovate and provide products and services that are useful to users, customers, and other partners, we may not remain competitive, which could harm our business, financial condition, and operating results
- 28% rewrittenGeneral Risks
We rely on highly skilled personnel and, if we are unable to retain or motivate key personnel, hire qualified personnel, or maintain and continue to adapt our corporate culture, we may not be able to grow or operate effectively
- 26% rewritten
Our international operations expose us to additional risks that could harm our business, reputation, financial condition, and operating results
- 25% rewrittenGeneral Risks
Our failure to address these risks or other problems encountered in connection with our past or future acquisitions and other strategic arrangements could cause us to fail to realize their anticipated benefits, incur unanticipated liabilities, and harm our business generally
- 24% rewritten
Our business depends on strong brands, and failing to maintain and enhance our brands would hurt our ability to expand our base of users, advertisers, customers, content providers, and other partners
- 23% rewrittenGeneral Risks
Acquisitions, joint ventures, investments, and divestitures could result in operating difficulties, dilution, and other consequences that could harm our business, financial condition, and operating results
All 28 risk factors
Headings as the filing states them, in filing order.
Other
- 01Risks Specific to our Company
- 02We generate a significant portion of our revenues from advertising. Reduced spending by advertisers, a loss of partners, shifts in online advertising, new and evolving advertising formats, or new or existing technologies that block ads online or affect our ability to personalize ads could harm our business46% rewritten
- 03Our increasing investment in new businesses, products, services, and technologies is inherently risky, and could divert management attention and harm our business, financial condition, and operating results40% rewritten
- 04We face intense competition. If we do not continue to innovate and provide products and services that are useful to users, customers, and other partners, we may not remain competitive, which could harm our business, financial condition, and operating results30% rewritten
- 05Our revenue growth rate could decline over time, and we may experience downward pressure on our operating margin in the future51% rewritten
- 06Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products, services, and brands as well as affect our ability to compete48% rewritten
- 07Our business depends on strong brands, and failing to maintain and enhance our brands would hurt our ability to expand our base of users, advertisers, customers, content providers, and other partners24% rewritten
- 08We face a number of manufacturing and supply chain risks that could affect our ability to supply our products and services and harm our business, financial condition, and operating results47% rewritten
- 09Interruption to, interference with, or failure of our complex information technology and communications systems could hurt our ability to effectively provide our products and services, which could harm our reputation, financial condition, and operating results
- 10Our international operations expose us to additional risks that could harm our business, reputation, financial condition, and operating results26% rewritten
- 11Disruptions in our ability to access future financing or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial conditionNew
- 12We are exposed to fluctuations in the fair values of our investments and, in some instances, our financial statements incorporate inherently subjective valuation methodologies42% rewritten
Risks Related to our Industry
- 13Issues in the development and use of AI may result in reputational harm and increased liability exposure86% rewritten
- 14People access our products and services through a variety of platforms and devices that continue to evolve with the advancement of technology and user preferences. If manufacturers and users do not widely adopt versions of our products and services developed for these interfaces, our business could be harmed
- 15Problematic content on our platforms, including low-quality user-generated content, web spam, content farms, and other violations of our guidelines could affect the quality of our services, which could harm our reputation and deter our current and potential users from using our products and services80% rewritten
- 16Our ongoing investments in safety, security, and content review will likely continue to identify abuse of our platforms and misuse of user data
- 17Our business depends on continued and unimpeded access to the Internet by us and our users. Internet access providers may be able to restrict, block, degrade, or charge for access to certain of our products and services, which could lead to additional expenses and the loss of users and advertisers
Risks Related to Laws, Regulations, and Policies
- 18We are subject to a variety of new, existing, and changing laws and regulations worldwide that could harm our business, and will likely be subject to an even broader scope of laws and regulations as we continue to expand our business50% rewritten
- 19Privacy, data protection, data usage, and portability regulations are complex and rapidly evolving areas. Any failure or alleged failure to comply with these laws could harm our business, reputation, financial condition, and operating results
- 20We face, and may continue to face, intellectual property infringement or misappropriation, violation of rights of publicity, and other claims that could be costly to defend, result in significant damage awards or other costs (including indemnification awards), and limit our ability to use certain technologies
- 21We could be subject to changes in tax rates, the adoption of new US or international tax legislation, or exposure to additional tax liabilities32% rewritten
Risks Related to Ownership of Our Stock
- 22We 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
- 23The concentration of our stock ownership limits our stockholders' ability to influence corporate matters
- 24Provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable
General Risks
- 25Our operating results may fluctuate, which makes our results difficult to predict and could cause our results to fall short of expectations
- 26Acquisitions, joint ventures, investments, and divestitures could result in operating difficulties, dilution, and other consequences that could harm our business, financial condition, and operating results23% rewritten
- 27Our failure to address these risks or other problems encountered in connection with our past or future acquisitions and other strategic arrangements could cause us to fail to realize their anticipated benefits, incur unanticipated liabilities, and harm our business generally25% rewritten
- 28We rely on highly skilled personnel and, if we are unable to retain or motivate key personnel, hire qualified personnel, or maintain and continue to adapt our corporate culture, we may not be able to grow or operate effectively28% rewritten
Other Alphabet 10-Ks
- FY2024 10-K risk factors28 risks
Online advertising generated more than 75% of 2024 revenue, creating substantial exposure to advertiser demand, partners, and ad-blocking technology.
Filed Feb 05, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.