Alphabet Announces Fourth Quarter and Fiscal Year 2025 Results (Form 8-K)

Alphabet Announces Fourth Quarter and Fiscal Year 2025 Results

MOUNTAIN VIEW, Calif. - February 4, 2026 - Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended December 31, 2025.

•Consolidated Alphabet revenues increased 18%, or 17% in constant currency, to $113.8 billion, reflecting strong momentum across the business and acceleration in growth in both Google Services and Google Cloud.

•Google Services revenues increased 14% to $95.9 billion, led by 17% growth in Google Search & other, 17% in Google subscriptions, platforms, and devices, and 9% in YouTube ads.

•YouTube revenue across ads and subscriptions exceeded $60 billion for the full year 2025.

•Google Cloud saw a continued increase in customer demand as revenues increased 48% to $17.7 billion, led by an increase in Google Cloud Platform (GCP) across enterprise AI Infrastructure and enterprise AI Solutions, as well as core GCP products.

•Consolidated Alphabet operating income increased 16% and operating margin was 31.6%. Operating income included a $2.1 billion employee compensation charge for Waymo.

•Net income increased 30% and EPS increased 31% to $2.82.

Sundar Pichai, CEO of Alphabet and Google, said: "It was a tremendous quarter for Alphabet and annual revenues exceeded $400 billion for the first time. The launch of Gemini 3 was a major milestone and we have great momentum. Our first party models, like Gemini, now process over 10 billion tokens per minute via direct API use by our customers, and the Gemini App has grown to over 750 million monthly active users. Search saw more usage than ever before, with AI continuing to drive an expansionary moment.

We continue to drive strong growth across the business. YouTube's annual revenues surpassed $60 billion across ads and subscriptions; we now have over 325 million paid subscriptions across consumer services, led by strong adoption for Google One and YouTube Premium. And Google Cloud ended 2025 at an annual run rate of over $70 billion, representing a wide breadth of customers, driven by demand for AI products.

We're seeing our AI investments and infrastructure drive revenue and growth across the board. To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion."

Q4 2025 Financial Highlights

The following table summarizes our consolidated financial results for the quarter and fiscal year ended December 31, 2024 and 2025 (in millions, except for per share information and percentages).

			Quarter Ended December 31,												Year Ended December 31,
			2024						2025						2024						2025
			(unaudited)																		(unaudited)
Revenues			$	96,469					$	113,828					$	350,018					$	402,836
Change in revenues year over year			12		%				18		%				14		%				15		%
Change in constant currency revenues year over year(1)			12		%				17		%				15		%				15		%
Operating income			$	30,972					$	35,934					$	112,390					$	129,039
Operating margin			32		%				32		%				32		%				32		%
Other income (expense), net			$	1,271					$	3,183					$	7,425					$	29,787
Net income			$	26,536					$	34,455					$	100,118					$	132,170
Diluted net income per share			$	2.15					$	2.82					$	8.04					$	10.81

(1) Non-GAAP measure. See the section captioned "Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues" for more details.

Q4 2025 Supplemental Information (in millions, except for number of employees; unaudited)

Revenues, Traffic Acquisition Costs (TAC), and Number of Employees

			Quarter Ended December 31,
			2024						2025
Google Search & other			$	54,034					$	63,073
YouTube ads			10,473						11,383
Google Network			7,954						7,828
Google advertising			72,461						82,284
Google subscriptions, platforms, and devices			11,633						13,578
Google Services total			84,094						95,862
Google Cloud			11,955						17,664
Other Bets			400						370
Hedging gains (losses)			20						(68)
Total revenues			$	96,469					$	113,828
Total TAC			$	14,848					$	16,597
Number of employees			183,323						190,820

Segment Operating Results

			Quarter Ended December 31,
			2024						2025
Operating income (loss):
Google Services			$	32,836					$	40,132
Google Cloud			2,093						$	5,313
Other Bets			(1,174)						$	(3,617)
Alphabet-level activities(1)			(2,783)						$	(5,894)
Total income from operations			$	30,972					$	35,934

(1)Alphabet-level activities primarily reflect expenses related to our shared AI research and development.

Additional Information Relating to the Quarter Ended December 31, 2025 (unaudited)

Issuance of Senior Unsecured Notes

In November 2025, Alphabet issued senior unsecured notes for net proceeds of $24.8 billion to be used for general corporate purposes.

Waymo

In February 2026, Waymo announced an investment round of $16.0 billion, the significant majority of which was funded by Alphabet. For the quarter ended December 31, 2025, we recognized a $2.1 billion employee compensation charge, primarily reflected in research and development expenses, based on estimated stock valuation.

Dividend Program

Alphabet's Board of Directors declared a quarterly cash dividend of $0.21 payable on March 16, 2026 to stockholders of record for each of the Company's Class A, Class B, and Class C shares as of March 9, 2026.

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Webcast and Conference Call Information

A live audio webcast of our fourth quarter 2025 earnings release call will be available on YouTube at https://www.youtube.com/watch?v=mIK5-yi7a-c. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available at http://abc.xyz/investor.

We also provide announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs, on our investor relations website (http://abc.xyz/investor).

We also share Google news and product updates on Google's Keyword blog at https://www.blog.google/ and News From Google page on X at x.com/NewsFromGoogle, and our executive officers may also use certain social media channels, such as X and LinkedIn, to communicate information about earnings results and company updates, which may be of interest or material to our investors.

Forward-Looking Statements