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Alphabet Inc. Q4 FY2025 results: revenue $113.8 billion, up 18.0% on the year

Alphabet Inc. (GOOGL) 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 billionup 18.0%
Net income$34.5 billionup 29.8%
Diluted EPS$2.82
QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

LineQ4 FY2025Q3 FY2025Q4 FY2024Change on the year
Revenue113,828102,34696,469+18.0%
Cost of revenue45,76641,36940,613+12.7%
Gross profit68,06260,97755,856+21.9%
Gross margin59.8%59.6%57.9%
Research and development18,57215,15113,116+41.6%
Operating income35,93431,22830,972+16.0%
Operating margin31.6%30.5%32.1%
Interest expense29814353.0+462.3%
Pre-tax income39,11743,98732,243+21.3%
Income tax4,6629,0085,707-18.3%
Effective tax rate11.9%20.5%17.7%
Net income34,45534,97926,536+29.8%
Net margin30.3%34.2%27.5%
Diluted EPS$2.82$2.87$2.14+31.8%

$ 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 and capital returned

LineQ4 FY2025Q3 FY2025Q4 FY2024Change on the year
Operating cash flow52,40248,41439,113+34.0%
Capital expenditure27,85123,95314,276+95.1%
Free cash flow24,55124,46124,837-1.2%
Free cash flow margin21.6%23.9%25.7%
Share-based compensation7,0716,4005,810+21.7%
Buybacks5,49911,50415,551-64.6%
Dividends paid2,5362,5362,442+3.8%
Dividend per sharen/a$0.21n/an/a
Diluted shares, weighted12,230m12,203m12,447m-1.7%
Shares outstanding at period end12,088m12,077m12,211m-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 at quarter end

LineQ4 FY2025Q3 FY2025Q4 FY2024Change on the year
Total assets595,281536,469450,256+32.2%
Cash and equivalents30,70823,09023,466+30.9%
Receivables62,88657,14852,340+20.1%
Inventory2,439n/an/an/a
Goodwill33,38033,26931,885+4.7%
Long-term debt49,08521,60712,000+309.0%
Long-term debt including finance leasesn/an/a10,883n/a
Borrowings, as the company tags them49,08523,89212,000+309.0%
Operating lease liabilities12,74412,10611,691+9.0%
Finance lease liabilities2,0592,0501,442+42.8%
Shareholders' equity415,265386,867325,084+27.7%

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue76,69386,31080,53984,74288,26896,46990,23496,428102,346113,828109,896119,796
Cost of revenue33,22937,57533,71235,50736,47440,61336,36139,03941,36945,76641,27145,943
Gross profit43,46448,73546,82749,23551,79455,85653,87357,38960,97768,06268,62573,853
Gross margin57%56%58%58%59%58%60%60%60%60%62%62%
R&D11,25812,11311,90311,86012,44713,11613,55613,80815,15118,57217,03218,219
Operating income21,34323,69725,47227,42528,52130,97230,60631,27131,22835,93439,69640,770
Operating margin28%27%32%32%32%32%34%32%31%32%36%34%
Interest expense11669.094.067.054.053.034.02611432985331,278
Pre-tax income21,19724,41228,31527,55131,70632,24341,78933,93343,98739,11777,412138,753
Tax rate7%15%16%14%17%18%17%17%20%12%19%19%
Net income19,68920,68723,66223,61926,30126,53634,54028,19634,97934,45562,578112,193
Net margin26%24%29%28%30%28%38%29%34%30%57%94%
Diluted EPS$1.55$1.64$1.89$1.89$2.12$2.14$2.81$2.31$2.87$2.82$5.11$9.11
Operating cash flow30,65618,91528,84826,64030,69839,11336,15027,74748,41452,40245,79039,069
Capital expenditure8,05511,01912,01213,18613,06114,27617,19722,44623,95327,85135,67444,924
Free cash flow22,6017,89616,83613,45417,63724,83718,9535,30124,46124,55110,116-5,855
Buybacks15,78716,19115,69615,68415,29115,55115,06813,63811,5045,4990.00.0
Dividends paid0.0n/a0.02,4662,4552,4422,4342,5432,5362,5362,542n/a
Shares outstanding12,541m12,460m12,381m12,322m12,264m12,211m12,155m12,104m12,077m12,088m12,116m12,230m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* 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. 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.

Source

10-K for the period ended 31 December 2025, filed 5 February 2026, accession 0001652044-26-000018: the filing on EDGAR. All of Alphabet Inc.'s filings: EDGAR company page.

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