Quarterly Report — Q2 2025
Filed July 24, 2025
Q2 2025 revenue hit $94.7 billion, up 11% year-over-year, with Google Cloud accelerating to $12.8 billion (35% growth) as the AI infrastructure buildout continues to pay off. Net income jumped to $30.6 billion for the quarter, pushing earnings per share to $2.53 — comfortably ahead of the year-ago $1.89. The advertising core still dominates at $67.9 billion in quarterly ad revenue, but the real story is Cloud's margin expansion and the company's $75 billion authorized buyback program signaling confidence in sustained cash generation.
Filing details
Performance by segment
Google Services
Google Services revenue grew 12% YoY to $82.5 billion in Q2 2025, driven by Google Search & other revenues of $54.2 billion (up 12%), YouTube ads of $9.8 billion (up 13%), and Google subscriptions, platforms, and devices of $11.2 billion (up 20%). Segment operating income rose to $33.1 billion from $29.7 billion a year ago, with growth partially offset by increases in TAC, content acquisition costs, and a $1.4 billion legal settlement charge.
Google Cloud
Google Cloud revenue surged 32% YoY to $13.6 billion in Q2 2025, primarily driven by growth in Google Cloud Platform infrastructure services. Operating income more than doubled to $2.8 billion from $1.2 billion a year ago. Revenue backlog reached $108.2 billion, with approximately 55% expected to be recognized over the next 24 months.
Other Bets
Other Bets revenue was essentially flat at $373 million in Q2 2025 versus $365 million a year ago. The segment generated revenues primarily from autonomous transportation services (Waymo), healthcare-related services, and internet services (GFiber). Operating loss widened slightly to $1.2 billion from $1.1 billion, with the increase due to a combination of factors, none individually significant.