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Alphabet (GOOG) FY2025 results: revenue $402.8 billion, up 15.1% on the year

Alphabet Inc. (GOOG) reported revenue of $402.8 billion for fiscal 2025, the year ended 31 December 2025, up 15.1% on the year before. Net income was $132.2 billion, up 32.0%, and diluted earnings per share $10.81. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2026.

Revenue
$402.8 billion
+15.1% on the year
FY2018FY2025
Operating margin
32.0%
32.1% a year earlier
FY2018FY2025
Net income
$132.2 billion
+32.0% on the year
FY2018FY2025
Diluted EPS
$10.81
+34.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Google Cloud revenue up 48%: Cloud revenue reached $17.7 billion, with operating income of $5.3 billion against $2.1 billion a year earlier. Management cited enterprise AI Infrastructure and enterprise AI Solutions as drivers.
  • Gemini tokens and app users grew: Direct API use by customers reached over 10 billion tokens per minute for first-party models such as Gemini. The Gemini app passed 750 million monthly active users.
Read the Q4 FY2025 earnings call summary

From this 10-K

Alphabet is a collection of businesses, the largest of which is Google, and it earns most of what it earns by selling advertising. Google is reported in two segments, Google Services and Google Cloud, with everything that is not Google grouped as Other Bets; centralised research on frontier artificial intelligence models sits outside all three, in Alphabet-level activities. The company was founded in 1998 with the stated mission of organising the world's information and making it universally accessible and useful, and Sundar Pichai is chief executive of both Alphabet and Google. It describes itself as having been an AI-first company since 2016.

Alphabet Inc., the 10-K for 2025

Alphabet is a collection of businesses, the largest of which is Google, and it earns most of what it earns by selling advertising. Google is reported in two segments, Google Services and Google Cloud, with everything that is not Google grouped as Other Bets; centralised research on frontier artificial intelligence models sits outside all three, in Alphabet-level activities. The company was founded in 1998 with the stated mission of organising the world's information and making it universally accessible and useful, and Sundar Pichai is chief executive of both Alphabet and Google. It describes itself as having been an AI-first company since 2016.

Google Services

The products here are ads, Android, Chrome, devices, Gmail, Google Drive, Google Gemini, Google Maps, Google Photos, Google Play, Search and YouTube. Advertising is the main source of money, delivered on Google Search and other Google properties, on YouTube, and on the properties of Google Network partners. The filing splits it two ways: performance advertising, which puts ads in front of users who click through to the advertiser and which is bought for measurable results, and brand advertising, which uses video, text, images and interactive formats to build awareness. Demand Gen, Performance Max and Product Studio are named as the AI-based tools advertisers use. Beyond advertising, the segment sells consumer subscriptions, meaning YouTube TV, YouTube Music and Premium, NFL Sunday Ticket and Google One; platforms, meaning Google Play app sales and in-app purchases; and devices, meaning the Pixel family, most recently the Pixel 10 series and the Pixel Watch 4.

Google Cloud

Google Cloud sells through Google Cloud Platform and Google Workspace, charging consumption-based fees and subscriptions for infrastructure, platform, applications and other cloud services. Vertex AI is the managed development platform, giving customers access to more than 200 foundation models including Google's own Gemini family, third-party models and open ones, to tune, augment and deploy. Alongside it sit cybersecurity services for detecting and responding to threats, and a data platform that unifies data lakes, data warehouses, governance and machine learning so customers can prepare and feed data into their own models. The agent products are Gemini Enterprise, a single platform for building and running AI agents, and Gemini for Google Workspace, which puts the same agents inside Gmail, Docs and Sheets.

Other Bets

These are separate companies at different stages, some with their own boards carrying independent members and outside investors. X is the research-stage moonshot factory. Waymo runs paid, fully autonomous ride-hailing in multiple cities and is adding more, including outside the United States. Isomorphic Labs applies AI to drug discovery. What Other Bets sells is mostly autonomous transportation and internet services.

The machinery underneath

The company runs its own AI-optimised infrastructure and offers customers a choice of accelerators, both specialised graphics processing units and Google's own Tensor Processing Units, of which Ironwood is the seventh generation. Gemini 3 is the current model, built for multimodal understanding and used for agentic and generative coding. All fifteen of the company's half-billion-user products, seven of which have two billion users, run on Gemini models, and AI Overviews and AI Mode are how it reaches Search. More than $200 billion has gone into research and development over the last five years.

Competition and people

The filing lists competitors in every part of the business: general purpose and vertical search engines, e-commerce providers, online advertising platforms, offline advertising in print, radio, television and billboards, content and app platforms, enterprise cloud providers, other AI model developers, consumer hardware makers, digital video services, social networks and workspace communication products. Alphabet had 190,820 employees on 31 December 2025, with an extended workforce of supplier and staffing-agency staff and self-employed contractors beyond that.

From Alphabet's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 5 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue402,836350,018307,394+15.1%
Cost of revenue162,535146,306133,332+11.1%
Gross profit240,301203,712174,062+18.0%
Gross margin59.7%58.2%56.6%
Research and development61,08749,32645,427+23.8%
Operating income129,039112,39084,293+14.8%
Operating margin32.0%32.1%27.4%
Interest expense736268308+174.6%
Pre-tax income158,826119,81585,717+32.6%
Income tax26,65619,69711,922+35.3%
Effective tax rate16.8%16.4%13.9%
Net income132,170100,11873,795+32.0%
Net margin32.8%28.6%24.0%
Diluted EPS$10.81$8.04$5.80+34.5%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow164,713125,299101,746+31.5%
Capital expenditure91,44752,53532,251+74.1%
Free cash flow73,26672,76469,495+0.7%
Free cash flow margin18.2%20.8%22.6%
Cash from investing-120,291-45,536-27,063
Cash from financing-37,388-79,733-72,093
Share-based compensation24,95322,78522,460+9.5%
Buybacks45,70962,22261,504-26.5%
Dividends paid10,0497,3630.0+36.5%
Dividend per share$0.83$0.60n/a+38.3%
Diluted shares, weighted12,230m12,447m12,722m-1.7%
Shares outstanding at period end12,088m12,211m12,460m-1.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity415,265325,084283,379+27.7%
Debt49,08512,00013,000+309.0%
Operating lease liabilities12,74411,69112,460+9.0%
Finance lease liabilities2,0591,4421,383+42.8%
Other liabilities116,128100,03992,170+16.1%
Total liabilities and equity595,281450,256402,392+32.2%
Fixed assetsn/a171,036134,345
Goodwill33,38031,88529,198+4.7%
Intangible assets1,283n/an/a
Investments96,13572,45788,268+32.7%
Cash and equivalents30,70823,46624,048+30.9%
Receivables62,88652,34047,964+20.1%
Inventory2,439n/an/a
Other assets368,45099,07278,569+271.9%
Total assets595,281450,256402,392+32.2%

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