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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,
2024202520242025
(unaudited)(unaudited)
Revenues$96,469 $113,828 $350,018 $402,836 
Change in revenues year over year12 %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,
20242025
Google Search & other$54,034 $63,073 
YouTube ads10,473 11,383 
Google Network7,954 7,828 
Google advertising72,461 82,284 
Google subscriptions, platforms, and devices11,633 13,578 
Google Services total84,094 95,862 
Google Cloud11,955 17,664 
Other Bets400 370 
Hedging gains (losses)20 (68)
Total revenues$96,469 $113,828 
Total TAC$14,848 $16,597 
Number of employees
183,323190,820
Segment Operating Results

Quarter Ended December 31,
20242025
Operating income (loss):
Google Services
$32,836 $40,132 
Google Cloud2,093 $5,313 
Other Bets(1,174)$(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
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.
Contact
Investor relations
Media
investor-relations@abc.xyzpress@abc.xyz

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Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except par value per share amounts)
As of December 31,
20242025
(unaudited)
Assets
Current assets:
Cash and cash equivalents$23,466 $30,708 
Marketable securities72,191 96,135 
Total cash, cash equivalents, and marketable securities95,657 126,843 
Accounts receivable, net52,340 62,886 
Other current assets15,714 16,309 
Total current assets163,711 206,038 
Non-marketable securities37,982 68,687 
Deferred income taxes17,180 9,113 
Property and equipment, net171,036 246,597 
Operating lease assets13,588 15,221 
Goodwill31,885 33,380 
Other non-current assets14,874 16,245 
Total assets$450,256 $595,281 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$7,987 $12,200 
Accrued compensation and benefits15,069 17,546 
Accrued expenses and other current liabilities51,228 55,557 
Accrued revenue share9,802 10,864 
Deferred revenue5,036 6,578 
Total current liabilities89,122 102,745 
Long-term debt10,883 46,547 
Income taxes payable, non-current8,782 9,531 
Operating lease liabilities11,691 12,744 
Other long-term liabilities4,694 8,449 
Total liabilities125,172 180,016 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding0 0 
Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,211 (Class A 5,835, Class B 861, Class C 5,515) and 12,088 (Class A 5,822, Class B 837, Class C 5,429) shares issued and outstanding
84,800 93,126 
Accumulated other comprehensive income (loss)(4,800)(1,916)
Retained earnings245,084 324,055 
Total stockholders’ equity325,084 415,265 
Total liabilities and stockholders’ equity$450,256 $595,281 
4

Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
Quarter Ended December 31,Year Ended December 31,
2024202520242025
(unaudited)(unaudited)
Revenues$96,469 $113,828 $350,018 $402,836 
Costs and expenses:
Cost of revenues40,613 45,766 146,306 162,535 
Research and development13,116 18,572 49,326 61,087 
Sales and marketing7,363 8,215 27,808 28,693 
General and administrative4,405 5,341 14,188 21,482 
Total costs and expenses65,497 77,894 237,628 273,797 
Income from operations30,972 35,934 112,390 129,039 
Other income (expense), net1,271 3,183 7,425 29,787 
Income before income taxes32,243 39,117 119,815 158,826 
Provision for income taxes5,707 4,662 19,697 26,656 
Net income$26,536 $34,455 $100,118 $132,170 
Basic net income per share$2.17 $2.85 $8.13 $10.91 
Diluted net income per share$2.15 $2.82 $8.04 $10.81 
Number of shares used in basic net income per share calculation
12,228 12,073 12,319 12,116 
Number of shares used in diluted net income per share calculation
12,348 12,228 12,447 12,230 

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Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Quarter Ended December 31,Year Ended December 31,
2024202520242025
(unaudited)(unaudited)
Operating activities
Net income$26,536 $34,455 $100,118 $132,170 
Adjustments:
Depreciation of property and equipment4,205 6,040 15,311 21,136 
Stock-based compensation expense5,810 7,071 22,785 24,953 
Deferred income taxes(1,448)1,218 (5,257)8,348 
Loss (gain) on debt and equity securities, net67 (2,354)(2,671)(24,620)
Other827 1,265 3,419 2,108 
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net(4,570)(4,943)(5,891)(8,779)
Income taxes, net379 66 (2,418)(3,226)
Other assets937 (482)(1,397)(4,542)
Accounts payable401 227 359 907 
Accrued expenses and other liabilities5,205 7,937 (1,161)12,939 
Accrued revenue share581 799 1,059 899 
Deferred revenue183 1,103 1,043 2,420 
Net cash provided by operating activities39,113 52,402 125,299 164,713 
Investing activities
Purchases of property and equipment(14,276)(27,851)(52,535)(91,447)
Purchases of marketable securities(21,645)(42,939)(86,679)(103,773)
Maturities and sales of marketable securities21,649 21,939 103,428 83,240 
Purchases of non-marketable securities(1,800)(2,404)(5,034)(5,716)
Maturities and sales of non-marketable securities150 171 882 1,367 
Acquisitions, net of cash acquired, and purchases of intangible assets(91)(167)(2,931)(1,592)
Other investing activities(167)(525)(2,667)(2,370)
Net cash used in investing activities(16,180)(51,776)(45,536)(120,291)
Financing activities
Net payments related to stock-based award activities(3,049)(5,166)(12,190)(14,167)
Repurchases of stock(15,551)(5,499)(62,222)(45,709)
Dividend payments(2,442)(2,536)(7,363)(10,049)
Proceeds from issuance of debt, net of costs4,895 26,562 13,589 64,564 
Repayments of debt(3,750)(6,333)(12,701)(32,427)
Proceeds from sale of interest in consolidated entities, net861 0 1,154 400 
Net cash provided by (used in) financing activities
(19,036)7,028 (79,733)(37,388)
Effect of exchange rate changes on cash and cash equivalents(390)(36)(612)208 
Net increase (decrease) in cash and cash equivalents3,507 7,618 (582)7,242 
Cash and cash equivalents at beginning of period19,959 23,090 24,048 23,466 
Cash and cash equivalents at end of period$23,466 $30,708 $23,466 $30,708 

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Segment Results
The following table presents our segment revenues and operating income (loss) (in millions; unaudited):
Quarter Ended December 31,
20242025
Revenues:
Google Services$84,094 $95,862 
Google Cloud11,955 17,664 
Other Bets400 370 
Hedging gains (losses)20 (68)
Total revenues$96,469 $113,828 
Operating income (loss):
Google Services$32,836 $40,132 
Google Cloud2,093 5,313 
Other Bets(1,174)(3,617)
Alphabet-level activities
(2,783)(5,894)
Total income from operations$30,972 $35,934 
We report our segment results as Google Services, Google Cloud, and Other Bets:
•Google Services includes products and services such as ads, Android, Chrome, devices, Google Maps, Google Play, Search, and YouTube. Google Services generates revenues primarily from advertising; fees received for consumer subscription-based products such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One; the sale of apps and in-app purchases; and devices.
•Google Cloud includes infrastructure and platform services, applications, and other services for enterprise customers. Google Cloud generates revenues primarily from consumption-based fees and subscriptions received for Google Cloud Platform services, Google Workspace communication and collaboration tools, and other enterprise services.
•Other Bets is a combination of multiple operating segments that are not individually material. Revenues from Other Bets are generated primarily from the sale of autonomous transportation services and internet services.
Certain costs are not allocated to our segments because they represent Alphabet-level activities. These costs primarily include:
•certain AI-focused shared research and development activities, including employee compensation expenses and technical infrastructure usage costs associated with the development of our general AI models;
•corporate initiatives such as our philanthropic activities; and
•corporate shared costs such as certain finance, human resource, and legal costs, including certain fines and settlements.
Charges associated with employee severance and office space reductions are also not allocated to our segments. Additionally, hedging gains (losses) related to revenue are not allocated to our segments.

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Other Income (Expense), Net
The following table presents our other income (expense), net (in millions; unaudited):
Quarter Ended December 31,
20242025
Interest income$1,088 $1,210 
Interest expense(53)(298)
Foreign currency exchange gain (loss), net(21)(64)
Gain (loss) on debt securities, net(431)51 
Gain (loss) on equity securities, net(1)
364 2,302 
Income (loss) and impairment from equity method investments, net(87)(86)
Other411 68 
Other income (expense), net$1,271 $3,183 
(1)Includes all gains and losses, unrealized and realized, on equity securities. For Q4 2025, the net effect of the gain on equity securities of $2.3 billion increased the provision for income tax, net income, and diluted net income per share by $483 million, $1.8 billion, and $0.15, respectively. Fluctuations in the value of our investments may be affected by market dynamics and other factors and could significantly contribute to the volatility of OI&E in future periods.

Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (in millions; unaudited):
We provide non-GAAP free cash flow for the current quarter and trailing twelve months (“TTM”) because it is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be used for strategic opportunities, including investing in our business and acquisitions, and to strengthen our balance sheet.
Quarter Ended
TTM
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q4 2025
Net cash provided by operating activities$36,150 $27,747 $48,414 $52,402 $164,713 
Less: purchases of property and equipment(17,197)(22,446)(23,953)(27,851)(91,447)
Free cash flow$18,953 $5,301 $24,461 $24,551 $73,266 
Free cash flow: We define free cash flow as net cash provided by operating activities less capital expenditures.
TTM free cash flow: We define trailing twelve months free cash flow as net cash provided by operating activities less capital expenditures for the most recent twelve consecutive months.


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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 (in millions, except percentages; unaudited):
We provide non-GAAP constant currency revenues (“constant currency revenues”) and non-GAAP percentage change in constant currency revenues (“percentage change in constant currency revenues”), because they facilitate the comparison of current results to historic performance by excluding the effect of foreign exchange rate movements (“FX Effect”) as well as hedging activities, which are recognized at the consolidated level, as they are not indicative of our core operating results.
Non-GAAP constant currency revenues is defined as revenues excluding the effect of foreign exchange rate movements and hedging activities and is calculated by translating current period revenues using prior period exchange rates and excluding any hedging effect recognized in the current period. We calculate the percentage change in constant currency revenues by comparing constant currency revenues to the prior year comparable period revenues, excluding any hedging effect recognized in the prior period.
Revenues by Geography
Comparison from the Quarter Ended December 31, 2024 to the Quarter Ended December 31, 2025
Quarter Ended December 31, 2025
% Change from Prior Period
Quarter Ended December 31,Less FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
20242025
United States$47,375 $55,444 $0 $55,444 17 %0 %17 %
EMEA28,184 33,056 1,438 31,618 17 %5 %12 %
APAC15,156 18,527 (176)18,703 22 %(1)%23 %
Other Americas5,734 6,869 69 6,800 20 %1 %19 %
Revenues, excluding hedging effect
96,449 113,896 1,331 112,565 18 %1 %17 %
Hedging gains (losses)20 (68)
Total revenues(1)
$96,469 $113,828 $112,565 18 %0 %1 %17 %
(1)Total constant currency revenues of $112.6 billion for the quarter ended December 31, 2025 increased $16.1 billion compared to $96.4 billion in revenues, excluding hedging effect, for the quarter ended December 31, 2024.
Comparison from the Quarter Ended September 30, 2025 to the Quarter Ended December 31, 2025
Quarter Ended December 31, 2025
% Change from Prior Period
Quarter EndedLess FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
September 30, 2025December 31, 2025
United States$48,758 $55,444 $0 $55,444 14 %0 %14 %
EMEA29,911 33,056 (51)33,107 11 %0 %11 %
APAC17,819 18,527 (236)18,763 4 %(1)%5 %
Other Americas6,065 6,869 30 6,839 13 %0 %13 %
Revenues, excluding hedging effect102,553 113,896 (257)114,153 11 %0 %11 %
Hedging gains (losses)(207)(68)
Total revenues(1)
$102,346 $113,828 $114,153 11 %0 %0 %11 %
(1)Total constant currency revenues of $114.2 billion for the quarter ended December 31, 2025 increased $11.6 billion compared to $102.6 billion in revenues, excluding hedging effect, for the quarter ended September 30, 2025.

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Comparison from the Year Ended December 31, 2024 to the Year Ended December 31, 2025
Year Ended December 31, 2025
% Change from Prior Period
Year Ended December 31,Less FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
20242025
United States$170,447 $194,229 $0 $194,229 14 %0 %14 %
EMEA102,127 $117,152 2,755 114,397 15 %3 %12 %
APAC56,815 67,680 (314)67,994 19 %(1)%20 %
Other Americas20,418 23,902 (834)24,736 17 %(4)%21 %
Revenues, excluding hedging effect
349,807 402,963 1,607 401,356 15 %0 %15 %
Hedging gains (losses)211 (127)
Total revenues(1)
$350,018 $402,836 $401,356 15 %0 %0 %15 %
(1)Total constant currency revenues of $401.4 billion for the year ended December 31, 2025 increased $51.5 billion compared to $349.8 billion in revenues, excluding hedging effect for the year ended December 31, 2024.
Total Revenues — Prior Year Comparative Periods
Comparison from the Quarter Ended December 31, 2023 to the Quarter Ended December 31, 2024
Quarter Ended December 31, 2024
Quarter Ended December 31,% Change from Prior Period
 Less FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
20232024
Revenues excluding hedging effect$86,160 $96,449 $(265)$96,714 12 %0 %12 %
Hedging gains (losses)$150 $20 
Total revenues$86,310 $96,469 $96,714 12 %0 %0 %12 %
Total Revenues — Prior Year Comparative Periods
Comparison from the Year Ended December 31, 2023 to the Year Ended December 31, 2024
Year Ended December 31, 2024
% Change from Prior Period
 Year Ended December 31,Less FX EffectConstant Currency RevenuesAs ReportedLess Hedging EffectLess FX EffectConstant Currency Revenues
20232024
Revenues excluding hedging effect$307,158 $349,807 $(2,936)$352,743 14 %(1)%15 %
Hedging gains (losses)$236 $211 
Total revenues$307,394 $350,018 $352,743 14 %0 %(1)%15 %
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