Google vs Porsche: Revenue, Profit and Business Model
Google reported $402.8B of revenue in FY2025 and $132.2B of net income. Porsche reported ~$41B of revenue in FY2025 and ~$350.3M of net income.
Latest financial snapshot
Financial summary
Alphabet's FY2025 Form 10-K reported $402.836 billion of revenue and $132.170 billion of net income, making it one of the most profitable companies in the world. Growth accelerated in 2026: Q2 2026 revenue rose 24% year over year to $119.8 billion, operating income rose 30% to $40.8 billion and operating margin reached 34.0%. Reported Q2 net income of $112.1 billion was inflated by a $99.0 billion gain, mostly unrealized gains on equity holdings, so operating income is the cleaner measure. The trade-off is spending: management raised 2026 capital expenditure guidance to $195-205 billion, and analysts flagged negative free cash flow in Q2 2026 as data-center investment outpaced operating cash flow.
Porsche
Porsche's financials swung from a record 2023 (~$45.8 billion (EUR40.53 billion) revenue, ~$5.83 billion (EUR5.16 billion) profit after tax) to a sharp reset. In 2025 revenue fell 9.5% to ~$41 billion (EUR36.27 billion), operating profit dropped to ~$467 million (EUR413 million) (1.1% return on sales) and profit after tax was ~$350 million (EUR310 million), hit by costs of reworking the product plan, U.S. tariffs and weak China demand. In the first half of 2026 revenue was ~$19.5 billion (EUR17.23 billion) (prior year ~$20.5 billion (EUR18.16 billion)), operating profit rose 34% to ~$1.53 billion (EUR1.35 billion) and return on sales improved to 7.8%, helped by lower one-off charges.
Revenue and profit by year
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $402.8B | $132.2B | 32.8% | +15.1% | Source |
| FY2024 | $350B | $100.1B | 28.6% | +13.9% | Source |
| FY2023 | $307.4B | $73.8B | 24.0% | +8.7% | Source |
| FY2022 | $282.8B | $60B | 21.2% | +9.8% | Source |
| FY2021 | $257.6B | $76B | 29.5% | +41.2% | Source |
| FY2020 | $182.5B | $40.3B | 22.1% | +12.8% | Source |
| FY2019 | $161.9B | $34.3B | 21.2% | +18.3% | Source |
| FY2018 | $136.8B | $30.7B | 22.5% | +23.4% | Source |
| FY2017 | $110.9B | $12.7B | 11.4% | +22.8% | Source |
| FY2016 | $90.3B | $19.5B | 21.6% | — | Source |
Porsche
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$41B | ~$350.3M | 0.9% | -9.5% | Source |
| FY2024 | ~$45.3B | ~$4.1B | 9.0% | -1.1% | Source |
| FY2023 | ~$45.8B | ~$5.8B | 12.7% | +7.7% | Source |
| FY2022 | ~$42.5B | ~$5.6B | 13.2% | +13.6% | Source |
| FY2021 | ~$37.4B | ~$4.6B | 12.2% | — | Source |
Where the revenue comes from
- Google Search advertising~12%
Auction-based text and shopping ads served alongside organic search results, generating approximately $198 billion in FY2024 through cost-per-click and cost-per-impression pricing.
- YouTube advertising~12%
Video advertising across pre-roll, mid-roll, display, and Shorts formats, plus subscription revenue from YouTube Premium, Music, and YouTube TV, totaling approximately $36 billion in ad revenue for FY2024.
- Google Cloud~12%
Infrastructure-as-a-service, platform tools, Vertex AI, BigQuery, Mandiant cybersecurity, and Google Workspace subscriptions, generating significant FY2025 revenue.
- Google Network~12%
Ads placed on third-party websites through AdSense, AdMob, and Google Ad Manager, generating approximately $31 billion in FY2024 with revenue shared with publishers.
- Other Bets~12%
Revenue from Waymo autonomous ride-hailing, Verily health technology, hardware sales (Pixel, Nest, Fitbit), Google Play commissions, and other non-advertising sources.
Porsche
- Vehicle sales
Not formally reported
Sales of 911, Cayenne, Macan, Panamera, Taycan, and 718 vehicles.
- Personalization and options
Not formally reported
High-margin customization, trims, performance packages, and limited editions.
- Financial services
Not formally reported
Financing and leasing for Porsche customers.
- Parts, service, and brand
Not formally reported
After-sales, accessories, motorsport-linked products, and brand experiences.
Business model and strategy
How it makes money
Alphabet makes money mainly by selling ads against user intent and attention. Google Search & other, YouTube ads and the Google Network together account for roughly three quarters of revenue. Advertisers bid in real-time auctions to appear next to queries or videos, and Google charges per click, view or conversion.
Growth strategy
Alphabet's growth plan has four parts: put Gemini into Search (AI Overviews and AI Mode), Workspace, Android and Chrome to keep users and advertisers engaged; sell AI infrastructure, TPUs and Gemini models through Google Cloud, backed by the Wiz security platform acquired in March 2026; grow subscriptions such as YouTube Premium, YouTube TV and Google One AI plans;
Competitive advantage
Alphabet's edge is a stack few rivals own end to end: default distribution through Android and Chrome, the largest pool of search-intent data, YouTube's video audience, its own TPU chips and global data centers, and frontier models from Google DeepMind.
Porsche
How it makes money
Porsche earns most of its money selling premium vehicles at high average prices. SUVs (Cayenne and Macan) supply most of the volume, the 911 anchors the brand and its pricing power, and the Panamera, Taycan and 718 fill out the range. Margin comes from mix and options: personalization through Porsche Exclusive Manufaktur and Sonderwunsch adds high-margin revenue per car.
Growth strategy
After 2025, Porsche moved from an EV-first plan to a flexible powertrain mix. It is extending combustion and hybrid versions of existing lines, adding the T-Hybrid 911, keeping the electric Taycan, Macan and the new Cayenne Electric, and planning a combustion Macan for 2028 after electric Macan sales fell in the first half of 2026.
Competitive advantage
Porsche's edge is a 60-year 911 lineage that few rivals can copy, a reputation for cars that are both track-capable and usable every day, and access to Volkswagen Group platforms and purchasing scale. The Cayenne shares architecture with the Audi Q7 and VW Touareg, and the electric Macan uses the PPE platform co-developed with Audi, which spreads development cost over far more vehicles than Porsche sells alone.
Questions about Google vs Porsche
Which company has higher revenue — Alphabet Inc. or Dr. Ing. h.c. F. Porsche AG?
Alphabet Inc. reported $402.8B (FY2025), while Dr. Ing. h.c. F. Porsche AG reported ~$41B (FY2025). By last reported revenue, Alphabet Inc. is the larger business, with Dr. Ing. h.c. F. Porsche AG reporting a smaller revenue base.
What is the market cap of Alphabet Inc. vs Dr. Ing. h.c. F. Porsche AG?
Alphabet Inc.'s market capitalisation stands at $4.31T, while Dr. Ing. h.c. F. Porsche AG's is $41.4B. Alphabet Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Dr. Ing. h.c. F. Porsche AG.
Which is more financially efficient — Alphabet Inc. or Dr. Ing. h.c. F. Porsche AG?
Alphabet Inc. generates $2.11M / employee in revenue per employee, while Dr. Ing. h.c. F. Porsche AG generates $981k / employee. Alphabet Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Alphabet Inc. and Dr. Ing. h.c. F. Porsche AG make money?
Alphabet Inc. and Dr. Ing. h.c. F. Porsche AG generate revenue in fundamentally different ways. Alphabet Inc.: Alphabet makes money mainly by selling ads against user intent and attention. Dr. Ing. h.c. F. Porsche AG: Porsche earns most of its money selling premium vehicles at high average prices.
Which company is valued higher relative to revenue — Alphabet Inc. or Dr. Ing. h.c. F. Porsche AG?
On a price-to-sales (P/S) basis, Alphabet Inc. trades at 10.7x P/S and Dr. Ing. h.c. F. Porsche AG at 1.0x P/S. Alphabet Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Dr. Ing. h.c. F. Porsche AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Alphabet Inc. bigger than Dr. Ing. h.c. F. Porsche AG?
By last reported revenue, Alphabet Inc. ($402.8B (FY2025)) is the larger company compared to Dr. Ing. h.c. F. Porsche AG (~$41B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Google vs Porsche overview