Company: GOOGL
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261546
Chunk: 17

Company: Alphabet Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 17
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 would have a claim for any shortfall that would rank equally in right of
payment with the notes. In any of the foregoing events, we cannot assure you that there will be sufficient assets to pay amounts due on the notes. As a result, holders of the notes may receive less, ratably, than holders of our secured indebtedness.
As of September 30, 2025, Alphabet Inc. on a standalone basis had no secured indebtedness outstanding.

The notes are structurally subordinated to the existing and future liabilities of our subsidiaries.

We conduct most of our operations through our subsidiaries, which are separate and
distinct legal entities from us. The notes are exclusively our obligations and are not guaranteed by our subsidiaries, which have no obligation to pay any amounts due on the notes or to provide us with funds to meet our payment obligations on the
notes, whether in the form of dividends, distributions, loans or other payments. Our subsidiaries are not prohibited from incurring additional debt or other liabilities, including senior indebtedness, or from issuing equity interests that have
priority over our interests in the subsidiaries. Consequently, the notes will be structurally subordinated to all existing and future liabilities of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish. As of
September 30, 2025, Google and certain other subsidiaries had approximately $2.4 billion in finance lease obligations and no long-term debt outstanding. Additionally, as of September 30, 2025, we have entered into leases primarily
related to data centers that have not yet commenced with future lease payments of $42.6 billion, that are not yet recorded on our consolidated balance sheets, a portion of which will represent finance lease obligations. As of September 30,
2025, the notes would have been structurally subordinated to such existing third-party debt. If our subsidiaries were to incur additional debt or liabilities or to issue equity interests that have priority over our interests in our subsidiaries, our
ability to pay our obligations on the notes could be adversely affected.

In addition, any payment of dividends, loans or advances by our subsidiaries
could be subject to statutory or contractual restrictions. Payments to us by our subsidiaries will also be contingent upon the subsidiaries’ earnings and business considerations. Our right to receive any assets of any of our subsidiaries upon
their bankruptcy, liquidation or reorganization, and therefore the right of the holders of the notes to participate in those assets, will be effectively subordinated to the claims of that subsidiary’s creditors, including trade