Alphabet (GOOG) Q4 FY2025 earnings: revenue $113.8 billion, up 18.0% on the year

Alphabet Inc. (GOOG) reported revenue of $113.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 18.0% on the same quarter a year earlier. Net income was $34.5 billion, up 29.8% on the year, and diluted earnings per share $2.82. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2026.

Revenue

$113.8 billion

+18.0% on the year · +11.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

31.6%

32.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$34.5 billion

+29.8% on the year · -1.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.82

+31.2% on the year · -1.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Revenue rose 18% in the quarter: Quarterly revenue was $113.8 billion, up 18% (17% in constant currency) from $96.5 billion a year earlier, with growth in Google Services and Google Cloud.
Diluted EPS rose 31% to $2.82: Net income rose 30% to $34.5 billion, and diluted EPS rose 31% to $2.82 from $2.15 a year earlier. Other income added to the result, as covered below.
Google Services revenue up 14%: Services revenue reached $95.9 billion. Search & other grew 17% to $63.1 billion, subscriptions, platforms, and devices grew 17% to $13.6 billion, and YouTube ads grew 9% to $11.4 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	113,828	102,346	96,469	+11.2%	+18.0%
Cost of revenue	45,766	41,369	40,613	+10.6%	+12.7%
Gross profit	68,062	60,977	55,856	+11.6%	+21.9%
Gross margin	59.8%	59.6%	57.9%
Research and development	18,572	15,151	13,116	+22.6%	+41.6%
Operating income	35,934	31,228	30,972	+15.1%	+16.0%
Operating margin	31.6%	30.5%	32.1%
Interest expense	298	143	53.0	+108.4%	+462.3%
Pre-tax income	39,117	43,987	32,243	-11.1%	+21.3%
Income tax	4,662	9,008	5,707	-48.2%	-18.3%
Effective tax rate	11.9%	20.5%	17.7%
Net income	34,455	34,979	26,536	-1.5%	+29.8%
Net margin	30.3%	34.2%	27.5%
Diluted EPS	$2.82	$2.87	$2.15	-1.7%	+31.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	52,402	48,414	39,113	+8.2%	+34.0%
Capital expenditure	27,851	23,953	14,276	+16.3%	+95.1%
Free cash flow	24,551	24,461	24,837	+0.4%	-1.2%
Free cash flow margin	21.6%	23.9%	25.7%
Cash from investing	-51,776	-27,777	-16,180
Cash from financing	7,028	-18,383	-19,036
Depreciation and amortisation	n/a	5,740	n/a
Share-based compensation	7,071	6,400	5,810	+10.5%	+21.7%
Buybacks	5,499	11,504	15,551	-52.2%	-64.6%
Dividends paid	2,536	2,536	2,442	0.0%	+3.8%
Dividend per share	n/a	$0.21	n/a
Diluted shares, weighted	12,228m	12,203m	12,348m	+0.2%	-1.0%
Shares outstanding at period end	12,088m	12,077m	12,211m	+0.1%	-1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	415,265	386,867	325,084	+7.3%	+27.7%
Debt	49,085	23,602	12,000	+108.0%	+309.0%
Operating lease liabilities	12,744	12,106	11,691	+5.3%	+9.0%
Finance lease liabilities	2,059	2,050	1,442	+0.4%	+42.8%
Other liabilities	116,128	111,844	100,039	+3.8%	+16.1%
Total liabilities and equity	595,281	536,469	450,256	+11.0%	+32.2%
Fixed assets	n/a	n/a	171,036
Goodwill	33,380	33,269	31,885	+0.3%	+4.7%
Intangible assets	1,283	n/a	n/a
Investments	96,135	75,406	72,457	+27.5%	+32.7%
Cash and equivalents	30,708	23,090	23,466	+33.0%	+30.9%
Receivables	62,886	57,148	52,340	+10.0%	+20.1%
Inventory	2,439	n/a	n/a
Other assets	368,450	347,556	99,072	+6.0%	+271.9%
Total assets	595,281	536,469	450,256	+11.0%	+32.2%

Questions

What was Alphabet's revenue in Q4 FY2025?

Alphabet (GOOG) reported revenue of $113.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 18.0% on the same quarter a year earlier.

How much did Alphabet earn in Q4 FY2025?

Net income for Q4 FY2025 was $34.5 billion, up 29.8% on the year, and diluted earnings per share $2.82.

When did Alphabet report Q4 FY2025 results?

Alphabet filed its 10-K for the year that ended with the quarter on 5 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	75,325	68,011	69,685	69,092	76,048	69,787	74,604	76,693	86,310	80,539	84,742	88,268	96,469	90,234	96,428	102,346	113,828	109,896	119,796	127,577
Cost of revenue	32,988	29,599	30,104	31,158	35,342	30,612	31,916	33,229	37,575	33,712	35,507	36,474	40,613	36,361	39,039	41,369	45,766	41,271	45,943	51,419
Gross profit	42,337	38,412	39,581	37,934	40,706	39,175	42,688	43,464	48,735	46,827	49,235	51,794	55,856	53,873	57,389	60,977	68,062	68,625	73,853	76,158
Gross margin	56%	56%	57%	55%	54%	56%	57%	57%	56%	58%	58%	59%	58%	60%	60%	60%	60%	62%	62%	60%
R&D	8,708	9,119	9,841	10,273	10,267	11,468	10,588	11,258	12,113	11,903	11,860	12,447	13,116	13,556	13,808	15,151	18,572	17,032	18,219	20,640
Operating income	21,885	20,094	19,453	17,135	18,160	17,415	21,838	21,343	23,697	25,472	27,425	28,521	30,972	30,606	31,271	31,228	35,934	39,696	40,770	40,576
Operating margin	29%	30%	28%	25%	24%	25%	29%	28%	27%	32%	32%	32%	32%	34%	32%	31%	32%	36%	34%	32%
Interest expense	117	83.0	83.0	101	90.0	80.0	43.0	116	69.0	94.0	67.0	54.0	53.0	34.0	261	143	298	533	1,278	967
Pre-tax income	24,402	18,934	19,014	16,233	17,147	18,205	21,903	21,197	24,412	28,315	27,551	31,706	32,243	41,789	33,933	43,987	39,117	77,412	138,753	32,355
Tax rate	15%	13%	16%	14%	21%	17%	16%	7%	15%	16%	14%	17%	18%	17%	17%	20%	12%	19%	19%	18%
Net income	20,642	16,436	16,002	13,910	13,624	15,051	18,368	19,689	20,687	23,662	23,619	26,301	26,536	34,540	28,196	34,979	34,455	62,578	112,193	26,468
Net margin	27%	24%	23%	20%	18%	22%	25%	26%	24%	29%	28%	30%	28%	38%	29%	34%	30%	57%	94%	21%
Diluted EPS	$1.53	$1.23	$1.21	$1.06	$1.06	$1.17	$1.44	$1.55	$1.64	$1.89	$1.89	$2.12	$2.15	$2.81	$2.31	$2.87	$2.82	$5.11	$9.11	$2.12
Operating cash flow	24,934	25,106	19,422	23,353	23,614	23,509	28,666	30,656	18,915	28,848	26,640	30,698	39,113	36,150	27,747	48,414	52,402	45,790	39,069	42,290
Capital expenditure	6,383	9,786	6,828	7,276	7,595	6,289	6,888	8,055	11,019	12,012	13,186	13,061	14,276	17,197	22,446	23,953	27,851	35,674	44,924	51,355
Free cash flow	18,551	15,320	12,594	16,077	16,019	17,220	21,778	22,601	7,896	16,836	13,454	17,637	24,837	18,953	5,301	24,461	24,551	10,116	-5,855	-9,065
Buybacks	13,473	13,300	15,197	15,392	15,407	14,557	14,969	15,787	16,191	15,696	15,684	15,291	15,551	15,068	13,638	11,504	5,499	0.0	0.0	0.0
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2,466	2,455	2,442	2,434	2,543	2,536	2,536	2,542	2,689	2,936
Shares outstanding	13,242m	13,175m	13,078m	12,971m	12,849m	12,722m	12,629m	12,541m	12,460m	12,381m	12,322m	12,264m	12,211m	12,155m	12,104m	12,077m	12,088m	12,116m	12,230m	12,294m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 5 February 2026: the filing.