Alphabet
Alphabet returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 22.85% | 24.39% | 6.36% | 48.66% | 34.3% | 15.1 pp |
| FY 2026 Q1 | Mar 31, 2026 | 26.57% | 28.29% | 8.67% | 38.88% | 27.17% | 18.8 pp |
| FY 2025 Q4 | Dec 31, 2025 | 28.68% | 30.23% | 11.48% | 35.7% | 25.28% | 20.9 pp |
| FY 2025 Q3 | Sep 30, 2025 | 29.04% | 31.56% | 15.83% | 35.45% | 25.71% | 21.2 pp |
| FY 2025 Q2 | Jun 30, 2025 | 30.61% | 32.3% | 19.14% | 34.83% | 25.21% | 22.8 pp |
| FY 2025 Q1 | Mar 31, 2025 | 31.67% | 32.92% | 33.66% | 34.79% | 25.15% | 23.9 pp |
| FY 2024 Q4 | Dec 31, 2024 | 31.87% | 32.97% | 50.56% | 32.91% | 23.48% | 24.1 pp |
| FY 2024 Q3 | Sep 30, 2024 | 31.28% | 31.86% | 42% | 32.1% | 22.8% | 23.5 pp |
| FY 2024 Q2 | Jun 30, 2024 | 31.18% | 30.5% | 73.8% | 30.87% | 21.97% | 23.4 pp |
| FY 2024 Q1 | Mar 31, 2024 | 29.9% | 29.27% | 61.2% | 29.76% | 21.22% | 22.1 pp |
| FY 2023 Q4 | Dec 31, 2023 | 27.77% | 27.34% | 39.17% | 27.36% | 19.23% | 20 pp |
| FY 2023 Q3 | Sep 30, 2023 | 26.58% | 26.13% | 0.14% | 25.33% | 17.68% | 18.8 pp |
| FY 2023 Q2 | Jun 30, 2023 | 24.33% | 24.88% | -221.97% | 23.33% | 16.51% | 16.5 pp |
| FY 2023 Q1 | Mar 31, 2023 | 24.05% | 24.22% | -673.38% | 22.76% | 16.13% | 16.3 pp |
| FY 2022 Q4 | Dec 31, 2022 | 25.45% | 25.33% | -87.71% | 23.62% | 16.55% | 17.7 pp |
| FY 2022 Q3 | Sep 30, 2022 | 27.79% | 27.19% | 57.81% | 26.89% | 18.99% | 20 pp |
| FY 2022 Q2 | Jun 30, 2022 | 28.93% | 28.76% | 71% | 29.22% | 20.86% | 21.1 pp |
| FY 2022 Q1 | Mar 31, 2022 | 29.78% | 29.07% | 93.59% | 30.8% | 21.79% | 22 pp |
| FY 2021 Q4 | Dec 31, 2021 | 28.9% | 28.22% | 91.12% | 32.07% | 22.4% | 21.1 pp |
| FY 2021 Q3 | Sep 30, 2021 | 27.19% | 27.01% | 106.3% | 30.87% | 21.84% | 19.4 pp |
| FY 2021 Q2 | Jun 30, 2021 | 24.75% | 24.36% | 68.92% | 28.29% | 20.5% | 17 pp |
| FY 2021 Q1 | Mar 31, 2021 | — | 19.68% | — | 23.69% | 17.11% | — |
| FY 2020 Q4 | Dec 31, 2020 | 17.32% | 16.71% | 20.76% | 19% | 13.52% | 9.5 pp |
| FY 2020 Q3 | Sep 30, 2020 | — | 14.67% | — | 17.51% | 12.7% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 14.42% | — | 15.79% | 11.78% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 16.05% | — | 17.83% | 13.31% | — |
| FY 2019 Q4 | Dec 31, 2019 | 16.83% | 15.96% | 28.71% | 18.12% | 13.5% | 9 pp |
| FY 2019 Q3 | Sep 30, 2019 | — | 16.02% | — | 17.88% | 13.46% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 16.08% | — | 19.62% | 14.83% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 13.23% | — | 16.26% | 12.38% | — |
| FY 2018 Q4 | Dec 31, 2018 | 14.91% | 14.18% | 57.18% | 18.62% | 14.29% | 7.1 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 14.36% | — | 11.48% | 9.13% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 14.78% | — | 10.51% | 8.36% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 15.68% | — | 10.88% | 8.76% | — |
| FY 2017 Q4 | Dec 31, 2017 | 8.83% | 16.15% | -44.28% | 8.69% | 6.94% | 1 pp |
| FY 2017 Q3 | Sep 30, 2017 | — | 15.98% | — | 14.43% | 12.03% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 15.57% | — | 14.01% | 11.62% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 17.23% | — | 15.42% | 12.84% | — |
| FY 2016 Q4 | Dec 31, 2016 | 16% | 17.01% | 14.36% | 15.02% | 12.37% | 8.2 pp |
| FY 2016 Q3 | Sep 30, 2016 | 16.41% | 16.55% | — | 15.23% | 12.54% | 8.6 pp |
| FY 2016 Q2 | Jun 30, 2016 | — | — | — | — | — | — |
| FY 2016 Q1 | Mar 31, 2016 | — | — | — | — | — | — |
| FY 2015 Q4 | Dec 31, 2015 | — | — | — | — | — | — |
| FY 2015 Q3 | Sep 30, 2015 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.8%, rounded from the Advertising benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · GOOGL, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.