GOOGL

알파벳(구글)
Alphabet Inc. · CIK 1652044
GOOGL 리스크 변화 알림 받기
이번 보고서
2026.06 분기보고서
10-Q · 기간 말 2026. 6. 30. · 제출 2026. 7. 23.
비교 기준
2025 연차보고서 이후 누적
10-K · 기간 말 2025. 12. 31.
SEC 원문 ↗

분기보고서는 연차보고서 이후 바뀐 리스크만 적는 경우가 많습니다. 직전 연차보고서와 그 뒤 분기보고서에 이미 나온 내용은 빼고, 이번에 처음 들어간 것만 보여드립니다.

2
새 리스크 항목
4
신규 문단
9
수정 문단
AI 한국어 요약

한 줄 요약

알파벳이 최대 400억 달러 규모의 ATM(시장가 주식 발행) 프로그램과 의무전환우선주를 도입하면서, 주주가치 희석과 자사주 매입 축소 가능성을 새 리스크로 크게 추가했습니다.

주목할 변화

  • 신규ATM 프로그램을 통한 대규모 신주 발행과 희석2026년 6월 최대 400억 달러어치 Class A·C 주식을 판매 대리인을 통해 시장에 팔 수 있는 프로그램을 만들었고, 이 판매가 기존 주주의 지분을 희석할 수 있다고 밝혔습니다. "Any sales under our ATM Program could have dilutive effects for our existing stockholders over time."
  • 신규의무전환우선주의 전환·배당에 따른 희석과 주가 하락 압력우선주가 보통주로 전환되거나 배당을 주식으로 지급하면 희석이 생길 수 있다고 적었습니다. 투자자의 매도 예상, 우선주 쪽으로 옮겨가려는 보통주 매도, 헤지·차익거래도 주가를 누를 수 있으며, 이런 하락이 단기에 그친다는 보장이 없다고 명시했습니다. "There is no assurance that any depression in the market price from such dilution will only be in the short-term or temporary."
  • 강화자사주 매입 지속성에 대한 표현 약화자사주 매입을 "해 왔다(historically engaged)"는 과거형으로 바꿨고, 가까운 시일 내에 매입한다는 보장이 없다는 문장을 새로 넣었습니다. ATM 등으로 주식을 발행하는 동안에는 매입을 중단해야 할 수 있어 희석에 따른 주가 하락이 더 커질 수 있다고 덧붙였습니다. "there can be no assurances that we will make repurchases in the near term or at all."
  • 신규우선주 배당 의무에 따른 현금 유출의무전환우선주에는 계약상 정기 배당을 줘야 하며, 이는 현금을 줄이거나 주식으로 지급할 경우 희석을 일으킨다고 밝혔습니다. 우선주 배당과 자사주 매입·보통주 배당을 합쳐도 장기 주주가치가 높아진다는 보장은 없다고 적었습니다. "contractually required to make regular dividend payments on our Mandatory Convertible Preferred Stock"
  • 강화자금 조달 리스크의 범위를 주식 발행까지 확대그동안 부채 조달 중심이던 서술에 주식 시장 접근, ATM 프로그램, 파생증권 발행을 추가했습니다. 부채 부담이 "주식 발행에 따른 희석"과 합쳐져 주가를 누를 수 있다는 내용도 새로 들어갔습니다. "combined with the dilutive impact of current or future equity issuances, could harm our financial condition, depress our stock price"
  • 강화EU 디지털시장법(DMA) 의무 구체화기존에는 경쟁사에 익명화된 데이터를 공유하는 정도로 설명했습니다. 이번에는 제3자 검색엔진에 검색 데이터를 공유해야 하고, 제3자 AI 기업에 안드로이드 운영체제 상호운용 접근을 허용해야 한다는 의무를 명시했습니다. "require interoperable access to the Android operating system by third-party AI companies"
  • 강화TPU 시스템 외부 공급 명시고객의 AI 컴퓨팅 수요에 대응하려고 공급하는 대상을 기존의 "자체 하드웨어(custom hardware)"에서 "TPU 시스템"으로 구체화했습니다. 이 사업이 비용과 운영 복잡성을 키울 수 있다는 점은 그대로 유지했습니다. "we are engaging in the supply of TPU systems"

읽는 법

이번 분기 변경의 중심은 자본 정책입니다. 알파벳은 그동안 자사주 매입으로 주식 수를 줄여 왔는데, 이번에는 주식 발행(ATM, 의무전환우선주)을 자금 조달 수단으로 공식화했고, 그에 따른 희석과 자사주 매입 축소 가능성을 리스크로 명시했습니다. AI 인프라 투자 등 자금 수요가 커졌을 가능성을 시사하므로, 앞으로 실제 ATM 판매 규모와 자사주 매입 집행 여부, 우선주 배당을 현금으로 낼지 주식으로 낼지를 분기마다 확인해 볼 만합니다. 이와 별도로 EU DMA가 검색 데이터와 안드로이드 접근을 AI 경쟁사에 개방하도록 요구하는 내용이 구체화된 점도 규제 측면에서 지켜볼 대목입니다.

원문 비교
  1. 새 리스크 항목
    Additional issuances of our Class A stock or Class C stock under our ATM Program, any conversions of our Mandatory Convertible Preferred Stock to Class A stock or Class C stock and any other future sales or other issuances of our Class A stock or Class C stock could dilute our existing stockholders or otherwise depress the market prices of our Class A stock and Class C stock.
  2. 신규Additional issuances of our Class A stock or Class C stock under our ATM Program, any conversions of our Mandatory Convertible Preferred Stock to Class A stock or Class C stock and any other future sales or other issuances of our Class A stock or Class C stock could dilute our existing stockholders or otherwise depress the market prices of our Class A stock and Class C stock.
    In June 2026, we established an ATM Program, pursuant to which we may offer and sell up to $40 billion of shares of our Class A stock and Class C stock to or through sales agents under established limits. Any sales under our ATM Program could have dilutive effects for our existing stockholders over time. In addition, the conversion of some or all of our shares of Mandatory Convertible Preferred Stock and our depositary shares, or any election to settle our contractually required dividend payments on our Mandatory Convertible Preferred Stock in the form of Class A stock or Class C stock, could also have dilutive effects for our existing stockholders over time.
  3. 신규Additional issuances of our Class A stock or Class C stock under our ATM Program, any conversions of our Mandatory Convertible Preferred Stock to Class A stock or Class C stock and any other future sales or other issuances of our Class A stock or Class C stock could dilute our existing stockholders or otherwise depress the market prices of our Class A stock and Class C stock.
    The market prices of our Class A stock or Class C stock is likely to be influenced by any sales under our ATM Program, the issuance of additional Class A stock or Class C stock in connection with the conversion of or dividend payments on our Mandatory Convertible Preferred Stock and our depositary shares, or any other future sales or other issuances of our Class A stock or Class C stock. Market prices could be depressed as a result of: (1) investors’ anticipation of the potential sale or resale, as applicable, under the ATM Program or received upon conversion of our Mandatory Convertible Preferred Stock or our depositary shares; (2) possible sales of our Class A stock or Class C stock by investors who view the Mandatory Convertible Preferred Stock or our depositary shares as a more attractive means of equity participation in us than owning shares of Class A stock or Class C stock; and (3) any hedging or arbitrage trading activity involving the Mandatory Convertible Preferred Stocks or our depositary shares and our Class A stock or Class C stock. There is no assurance that any depression in the market price from such dilution will only be in the short-term or temporary.
  4. 새 리스크 항목
    We cannot guarantee that we will make repurchases under any share repurchase program, that our common stock dividend program will be continuously active or fully consummated, or that the required dividend payments on our Mandatory Convertible Preferred Stock together with any repurchases or dividends on our common stock will enhance long-term stockholder value. Further, share repurchases or dividends could increase the volatility of our stock prices and could diminish our cash reserves.
  5. 수정Our 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.
    To meet the AI compute capacity demands of our customers, we are engaging in the supply of our custom hardware TPU systems which may increase our costs and operational complexity. We also have a number of large, long-duration commercial agreements, which could increase our liabilities and obligations in the event of nonperformance by us, our counterparties, or vendors. These include certain financial guarantees, such as backstops to support the build-out of third-party data centers and power infrastructure. In the event of such nonperformance or industry challenges, we may incur additional liabilities, have excess capacity that we cannot easily redeploy, and not receive payments from our counterparties or customers.
  6. 수정Disruptions in our ability to access the capital markets, obtain future financing, or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition.
    Disruptions in our ability to access the capital markets, obtain future financing financing, or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition.
  7. 수정Disruptions in our ability to access the capital markets, obtain future financing, or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition.
    We may from time to time access capital markets for debt or equity, including through our ATM Program, or any derivative securities thereof, or seek to enter into other forms of financing, such as leases. Any difficulty in accessing capital markets, entering into other forms of financing on favorable terms, or managing our existing indebtedness could increase our costs of financing and restrict our ability to invest in our business. Furthermore, the combination of our current and any future indebtedness, including obligations arising under leases, backstops, guarantees, and potential liabilities from large commercial agreements, combined with the dilutive impact of current or future equity issuances, could harm our financial condition and condition, depress our stock price or reduce our financial and business flexibility.
  8. 수정Privacy, 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.
    •Various US federal, US state, and foreign privacy laws related to the processing and security of personal data, including (1) comprehensive privacy laws that provide data privacy rights (including, in California, a private right of action in the event of a data breach resulting from our failure to implement and maintain reasonable security procedures and practices) and impose significant obligations on controllers and processors of consumer data; (2) laws imposing obligations on businesses that collect or disclose biometric information (including, in Colorado, Illinois, Texas, and Washington); (3) laws governing the collection and processing of children and minor's data and how companies provide age-appropriate online experiences
  9. 수정Privacy, 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.
    (3) laws governing the collection and processing of children and minor's data and how companies provide age-appropriate online experiences (including, in the US, the Children's Online Privacy Protection Act of 1998; the pending Children and Teens' Online Privacy Protection Act (COPPA 2.0); similar US state laws related to children's privacy, such as the New York Child Data Protection Act; and the UK's Age-Appropriate Design Code); and (4) laws regulating internet-connected devices (such as, in California, the Internet of Things Security Law).
  10. 수정Privacy, 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.
    •The EU's Digital Markets Act, which requires in-scope companies to obtain user consent for combining data across certain products products, mandate the sharing of search data with third-party search engines, and require search engines interoperable access to share anonymized data with rival the Android operating system by third-party AI companies, among other changes; and the EU Data Act, which introduces new data portability requirements with respect to connected products (i.e., 'internet of things' products) and related services, as well as interoperability obligations on data processing services.
  11. 수정We cannot guarantee that we will make repurchases under any share repurchase program, that our common stock dividend program will be continuously active or fully consummated, or that the required dividend payments on our Mandatory Convertible Preferred Stock together with any repurchases or dividends on our common stock will enhance long-term stockholder value. Further, share repurchases or dividends could increase the volatility of our stock prices and could diminish our cash reserves.
    We engage have historically engaged in share repurchases of our Class A stock and Class C stock from time to time in accordance with authorizations from the Board of Directors of Alphabet. Our repurchase program does not have an expiration date and does not obligate Alphabet to repurchase any specific dollar amount or to acquire any specific number of shares. shares and we retain discretion as to whether and when to utilize this program. Although we have an authorized share repurchase program, there can be no assurances that we will make repurchases in the near term or at all. Furthermore, if we are utilizing the repurchase program at the time of any future offerings of our equity securities, including offerings of our Class A stock or Class C stock under our ATM Program, we may be required to suspend share repurchases, which could further exacerbate any decrease in the trading prices of our stock from dilution or otherwise.
  12. 수정We cannot guarantee that we will make repurchases under any share repurchase program, that our common stock dividend program will be continuously active or fully consummated, or that the required dividend payments on our Mandatory Convertible Preferred Stock together with any repurchases or dividends on our common stock will enhance long-term stockholder value. Further, share repurchases or dividends could increase the volatility of our stock prices and could diminish our cash reserves.
    Our cash dividend program pays regular cash dividends to our Class A, Class B and Class C stockholders. Any and all future cash dividends on our common stock are subject to declaration by our Board of Directors in its sole discretion, and in accordance with the requirements of any applicable laws, rules, rules and regulations, including the Delaware General Corporation Law.
  13. 수정We cannot guarantee that we will make repurchases under any share repurchase program, that our common stock dividend program will be continuously active or fully consummated, or that the required dividend payments on our Mandatory Convertible Preferred Stock together with any repurchases or dividends on our common stock will enhance long-term stockholder value. Further, share repurchases or dividends could increase the volatility of our stock prices and could diminish our cash reserves.
    Delaware General Corporation Law. Our common stock cash dividend program does not require, and our Board of Directors may decide not to declare, a cash dividend each quarter, and does not obligate our Board of Directors to declare a dividend at any specific dollar amount per share. Any such decision by our Board of Directors may depend on a variety of factors that it may deem relevant, including but not limited to our earnings, liquidity, financial condition, other capital deployment opportunities, level of indebtedness and general market conditions. Separately, we are contractually required to make regular dividend payments on our Mandatory Convertible Preferred Stock, which will diminish our cash reserves or cause dilution if we elect to settle in shares.