Alphabet raises $19.25B via mandatory convertible preferred stock, adds 6.25% dividend obligation

Filed June 5, 2026 · Period ending June 5, 2026 · ~2 min read

Key Changes

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  Alphabet issued 385 million depositary shares representing $19.25B in mandatory convertible preferred stock, closing June 5, 2026. Both series pay 6.25% annual dividends and automatically convert to common stock in May 2029.

  Item 1.01: Entry into Material Agreement verify on EDGAR →
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  Common stockholders cannot receive dividends or buybacks unless preferred dividends are paid first. Preferred holders also have senior claims on assets in liquidation scenarios at $1,000 per share plus unpaid dividends.

  Item 3.03: Material Modification verify on EDGAR →
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  Conversion in 2029 will dilute existing shareholders by 2.2520 to 2.8160 shares per preferred share (lower stock prices mean more dilution). Series A converts to Class A voting shares; Series B to Class C non-voting shares.

  Item 3.03: Preferred Stock Terms verify on EDGAR →