Alphabet reported $402.84 billion in 2025 revenue, with Google Cloud up 35.8% and capital expenditure of $91.4 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-K (the annual report a listed US company files with the SEC) on Feb 5, 2026, reporting revenue of $402.84 billion for the year ended Dec 31, 2025, up 15.1% from $350.02 billion a year earlier. In the earnings release of Feb 4, 2026, the CEO said annual revenues had exceeded $400 billion for the first time. Income from operations was $129.04 billion, up 14.8% from $112.39 billion, and net income was $132.17 billion, up 32.0% from $100.12 billion.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13

Net income included other income, net of $29.79 billion, against $7.43 billion the year before. The filing said that figure included net gains on equity securities of $24.1 billion, primarily unrealized gains on non-marketable equity securities. After the year ended, in January 2026, Alphabet recognized approximately $32.0 billion of unrealized gains in its non-marketable investments, following observable transactions that month; the filing said the figure was subject to change.11^,14^,15^,16

Google Cloud had revenue of $58.7 billion, up 35.8% from $43.23 billion, and operating income of $13.91 billion, against $6.11 billion. Management attributed the $15.5 billion increase mainly to growth in Google Cloud Platform, largely from infrastructure and platform services. The release said fourth-quarter Cloud revenue rose 48% to $17.7 billion, led by enterprise AI infrastructure and enterprise AI solutions as well as core Google Cloud Platform products, and the CEO said Cloud ended 2025 at an annual run rate of over $70 billion. The CEO also called the launch of Gemini 3 a major milestone and said Google's first-party models such as Gemini processed over 10 billion tokens a minute through direct API use, and the Gemini app had over 750 million monthly active users.17^,18^,19^,20^,21^,22^,23^,24^,25

Capital expenditure was $91.4 billion in 2025, against $52.5 billion in 2024. The filing said Alphabet expected to increase its 2026 investment in technical infrastructure significantly, and the CEO said 2026 capital expenditure was anticipated to be in the range of $175 to $185 billion. Alphabet-level activities, which the filing said primarily reflected expenses related to its shared AI research and development, had an operating loss of $16.76 billion, against $10.54 billion. On Feb 13, 2026, after the filing, Alphabet closed offerings of $20 billion of US dollar and £5.5 billion of sterling senior notes.26^,27^,28^,29^,30^,31^,32

The filing listed these acquisitions as pending: Wiz, a cloud security platform, after a March 2025 agreement for an all-cash transaction that the filing stated as $32.0 billion, and Intersect, a data center and energy infrastructure provider, after a December 2025 agreement for cash of $4.8 billion and the assumption of debt.33^,34

Our records hold this report's revenue, operating income, net income and diluted earnings per share for the year, and the text of its management discussion and 16 numbered notes. They cannot tell whether the year-earlier figures were restated.35^,36^,37