Alphabet today announced Q4 2025 earnings with $113.8 billion in revenue. These numbers range from October to December and wrap up the fiscal year.
Revenue is up 18% from $96.5 billion in Q4 2024, with operating income at $35.93 billion and net income of $34.46 billion for this quarter (versus $26.54 billion a year ago). For comparison, Alphabet reported $102.3 billion in revenue and $34.98 billion in net income last quarter.
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.”
Sundar Pichai, CEO
In Q4 2025, YouTube ad revenue was $11.38 billion (versus $10.47 billion a year ago), while Cloud reported $17.66 billion (compared to $11.96 billion).
“Google subscriptions, platforms, and devices” — which includes hardware, Play Store, and non-advertising YouTube revenues — reported $13.58 billion, compared to $11.63 billion the same quarter last year.
“Other Bets” continues to lose money. It reported $370 million in revenue compared to $400 million in Q4 of 2024. It lost $3.6 billion compared to $1.17 billion in the same quarter of last year.
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