Alphabet reported 2024 revenue of $350.02 billion, with Google Cloud up 31% to $43.23 billion

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Alphabet, which owns Google DeepMind and the Google businesses, reported revenue of $350.02 billion for the year ended Dec 31, 2024, up 14% from $307.39 billion a year earlier, in its annual report on Form 10-K filed Feb 5, 2025. Operating income, the profit from running the business before interest and tax, rose 33% to $112.39 billion from $84.29 billion. Net income was $100.12 billion, up 36% from $73.8 billion. Net income includes other income, net, which grew to $7.425 billion from $1.424 billion; the filing ties the $6.0 billion increase primarily to higher net gains on equity securities, chiefly unrealized gains on non-marketable ones after observable transactions, and to smaller foreign exchange losses.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14

Google Cloud's revenue rose 31% to $43.23 billion from $33.09 billion. The 10-K put the growth down to Google Cloud Platform, largely infrastructure services, and names AI infrastructure, the Vertex AI platform and Gemini for Google Cloud among the AI offerings it gives access to. Google Cloud's operating income was $6.11 billion, against $1.72 billion a year earlier. Alphabet's revenue backlog, the contracted future services not yet booked as revenue, stood at $93.2 billion at the end of 2024, primarily related to Google Cloud, and the company said it expected to recognize about half of it over the following 24 months.15^,16^,17^,18^,19^,20^,21

Capital expenditures were $52.5 billion in 2024, against $32.3 billion in 2023, and the filing says they primarily reflected technical infrastructure. The 10-K said Alphabet expected to increase its investment in technical infrastructure, including servers, network equipment and data centers, relative to 2024, in particular for AI products and services. In its earnings release a day earlier, on Feb 4, 2025, chief executive Sundar Pichai said the company expected to invest approximately $75 billion in capital expenditures in 2025.22^,23^,24^,25^,26^,27

Alphabet reported the costs it did not assign to a segment as Alphabet-level activities, which included certain AI-focused shared R&D, including the development costs of its general AI models, as well as corporate shared costs. That whole line, which also carried corporate costs and the severance and office space charges of 2023 and 2024, was a loss of $10.54 billion in 2024, against $9.19 billion in 2023. The general AI model teams previously under Google Research were reported there from the second quarter of 2024, and in October 2024 the Gemini app team joined Google DeepMind, its costs staying in Google Services. In August 2024 Alphabet took a non-exclusive license to the then-current large language model technology of character.ai, paid it $2.7 billion in cash, canceled Alphabet's convertible instruments and hired certain of its employees.28^,29^,30^,31^,32^,33

In our records, we hold the 10-K's management discussion and notes to the financial statements but not its other exhibits, and we cannot tell whether the year-earlier figures were restated, since we keep one value for each period.34^,35