Alphabet reported $102.35 billion in revenue for the September 2025 quarter, with Google Cloud up 33.5% to $15.16 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 filed its Form 10-Q (the quarterly report a listed US company files with the SEC) on Oct 30, 2025, reporting revenue of $102.35 billion for the quarter ended Sep 30, 2025, up 15.9% from $88.27 billion a year earlier. In the earnings release of Oct 29, 2025, the CEO called it the company's first-ever $100 billion quarter. Net income was $34.98 billion, up 33.0% from $26.3 billion, and income from operations was $31.23 billion, up 9.5% from $28.52 billion. Diluted earnings per share were $2.87, against $2.12. Below operating income, other income, net was $12.76 billion, against $3.19 billion, and included net gains on equity securities of $10.7 billion, primarily unrealized gains on non-marketable equity securities.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14^,15^,16^,17

Google Cloud had revenue of $15.16 billion, up 33.5% from $11.35 billion, and operating income of $3.59 billion, against $1.95 billion. Management attributed the $3.8 billion increase mainly to growth in Google Cloud Platform, largely from infrastructure services. The release said the growth was led by core products, AI infrastructure and generative AI solutions. The CEO added that the Gemini app had over 650 million monthly active users, that Google's first-party models such as Gemini processed 7 billion tokens a minute through direct API use by customers, and that Google Cloud ended the quarter with $155 billion in backlog.18^,19^,20^,21^,22^,23^,24^,25^,26

Capital expenditure was $24.0 billion in the quarter, which the filing said primarily reflected investments in technical infrastructure, and $63.6 billion in the first nine months, against $38.3 billion a year earlier. The release said that, as of Oct 29, 2025, Alphabet expected 2025 capital expenditure of $91 billion to $93 billion, and the filing said it expected to increase its 2026 investment in technical infrastructure significantly, in particular in support of AI products and services. At Sep 30, 2025, leases that had not yet started, primarily related to data centers, carried $42.6 billion of future payments, including a purchase option the filing considered reasonably certain to be exercised. Alphabet-level activities, the costs not allocated to the segments, had an operating loss of $4.47 billion, against $3.17 billion. The notes said these costs primarily included certain AI-focused shared research and development, including development costs of Alphabet's general AI models; corporate initiatives such as philanthropic activities; and shared corporate costs such as certain finance, human resource and legal costs, including certain fines and settlements.27^,28^,6^,29^,30^,31^,32^,33

Operating income carried a European Commission fine: in September 2025 the Commission decided that Google had infringed competition law through self-preferencing in its advertising technology, and imposed a fine of €3.0 billion, or $3.5 billion as of Sep 5, 2025. Alphabet accrued the $3.5 billion in the quarter, in general and administrative expenses of Google Services. After the filing, on Nov 6, 2025, Alphabet closed offerings of $17.5 billion of US dollar senior notes and €6.5 billion of euro senior notes.34^,35^,36^,37

Our records hold this report's revenue, operating income, net income and diluted earnings per share for the quarter, and the text of its management discussion and 15 numbered notes. They cannot tell whether the year-earlier figures were restated.38^,39^,40