Q4 2025 Earnings — Results of Operations

Revenue hit $113.8 billion in Q4, up 18% year-over-year, powered by Google Cloud's 48% surge to $17.7 billion and Search growing 17%, pushing full-year revenue past $400 billion for the first time. The massive signal for Alphabet's future trajectory: management guided 2026 capex of $175–$185 billion, a staggering bet that AI infrastructure demand across Cloud, Search, and Gemini (now at 750 million monthly active users) is just getting started.