Annual Report — FY 2025
Filed February 5, 2026
Revenue surged to approximately $350 billion in fiscal 2025, powered by continued strength in Google Search advertising, YouTube ad growth, and an accelerating Google Cloud business that has become a meaningful profit contributor. The company is making a massive capital investment bet on AI infrastructure — pouring tens of billions into data centers and custom chips — while returning enormous cash to shareholders through aggressive share buybacks that have steadily shrunk the share count. Google Cloud's rapid scaling and the deep integration of AI across Search, YouTube, and enterprise products represent the clearest forward-looking signal: Alphabet is positioning itself as the infrastructure backbone of the AI era, though investors should watch whether those heavy capital expenditures translate into durable margin expansion or become a drag.
Filing details
Performance by segment
Google Services
Google Services revenue grew 12% YoY to $342.7 billion, driven by Google Search & other revenues increasing $26.4 billion to $224.5 billion, YouTube ads rising $4.2 billion to $40.4 billion, and subscriptions, platforms, and devices growing $7.7 billion to $48.0 billion. Google Network revenues declined slightly to $29.8 billion. Segment operating income increased $18.1 billion to $139.4 billion, driven by revenue growth partially offset by higher TAC, content acquisition costs, and legal expenses.
Google Cloud
Google Cloud revenue surged 36% YoY to $58.7 billion, primarily driven by growth in Google Cloud Platform infrastructure and platform services including AI offerings. Operating income more than doubled, increasing $7.8 billion to $13.9 billion. Revenue backlog was $242.8 billion as of December 31, 2025, with over 50% expected to be recognized in the next 24 months. The company entered into a definitive agreement to acquire Wiz, a cloud security platform, for $32.0 billion.
Other Bets
Other Bets revenue was $1.5 billion, roughly flat compared to $1.6 billion in 2024, generated primarily from autonomous transportation and internet services. Operating loss widened significantly to $7.5 billion from $4.4 billion, driven by a $2.1 billion employee compensation charge for Waymo in Q4 based on estimated stock valuation. In February 2026, Waymo announced a $16.0 billion investment round, the significant majority funded by Alphabet.