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 | |
| 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 |
| 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) |
Segment Operating Results
(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.
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
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which are on file with the SEC and are available on our investor relations website at http://abc.xyz/investor and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, and may be set forth in other reports and filings we make with the SEC. All information provided in this release and in the attachments is as of February 4, 2026. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: free cash flow; constant currency revenues; and percentage change in constant currency revenues. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, such as our revenues excluding the effect of foreign exchange rate movements and hedging activities, which are recognized at the consolidated level. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP. For more information on these non-GAAP financial measures, please see the sections captioned “Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow” and “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” included at the end of this release.