Annual Report — FY 2024
Filed February 5, 2025
Total revenue surged to approximately $350 billion in fiscal 2024, with Google Cloud continuing its rapid growth trajectory as a key profit engine alongside the dominant advertising business. The massive ramp in capital expenditures — particularly in data centers and AI infrastructure — signals Alphabet is making its biggest-ever bet on artificial intelligence across Search, Cloud, and its Waymo autonomous-driving subsidiary. Shareholders benefited from aggressive buybacks and a newly initiated dividend, while ongoing antitrust cases remain the most significant overhang on the stock's forward outlook.
Filing details
Performance by segment
Google Services
Google Services revenue grew 12% YoY to $304.9 billion, driven by Google Search & other revenues rising $23.1 billion to $198.1 billion, YouTube ads growing $4.6 billion to $36.1 billion, and subscriptions/platforms/devices increasing $5.7 billion to $40.3 billion. Operating income jumped $25.4 billion to $121.3 billion, fueled by revenue growth and reduced employee compensation expenses. AI Overviews has been released in more than one hundred countries, reaching more than one billion users.
“Today, all seven of our two billion-user products — Android, Chrome, Gmail, Maps, Play Store, Search, and YouTube — are using Gemini.”
Google Cloud
Google Cloud revenue grew 31% YoY to $43.2 billion, primarily driven by growth in Google Cloud Platform infrastructure services. Operating income surged $4.4 billion to $6.1 billion, up from $1.7 billion in 2023, as revenue growth outpaced increases in technical infrastructure usage costs and employee compensation. Revenue backlog reached $93.2 billion, primarily related to Google Cloud.
“AI is a major technology shift for enterprises. Globally, businesses from startups to large enterprises, and the public sector are thinking about how to drive transformation.”
Other Bets
Other Bets revenue grew modestly to $1.6 billion from $1.5 billion in 2023, generated primarily from healthcare-related services and internet services. Operating loss widened slightly to $4.4 billion from $4.1 billion, driven by increased employee compensation expenses. Waymo, a consolidated VIE, received $5.6 billion in funding during 2024, the majority from Alphabet, and is now providing fully autonomous paid ride-hailing services in multiple cities.
“In Other Bets, our fully autonomous driving technology company, Waymo, is now providing fully autonomous, paid ride-hailing services to customers in multiple cities.”