Alphabet Inc (google) Class C · NASDAQ:GOOG
Alphabet Inc (google) Class C — Alphabet — Q4 2025 Earnings Presentation
12 slides from Alphabet Inc (google) Class C's earnings presentation, Feb 4, 2026
Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 4, 2026
Slide 2: Note About Forward-Looking Statements and Non-GAAP Financial Measures
Q4 2025 Earnings Note About Forward-Looking Statements and Non-GAAP Financial Measures This presentation may contain forward-looking statements regarding our business, operations, and financial performance. Such statements are based on current expectations and assumptions that are subject to a numbe
Slide 3: Earnings Highlights: Annual revenues exceeded $400B for the first time
Q4 2025 Earnings Earnings Highlights: Annual revenues exceeded $400B for the first time +17% 750M+ $60B+ $70B+ 10B+ 325M+ y/y revenue Gemini App revenue from annualized revenue tokens per paid consumer growth in Search monthly YouTube Ads + Subs run-rate; minute subscriptions active users in 2025 Q4
Slide 4: Q4 2025 Earnings
Q4 2025 Earnings in Millions, except Percentages and EPS; unaudited Q4'24 Q4'25 Y/Y FY'24 FY'25 Y/Y Revenues $96,469 $113,828 18% $350,018 $402,836 15% Costs and Expenses: Cost of Revenues 40,613 45,766 13% 146,306 162,535 11% Research and Development 13,116 18,572 42% 49,326 61,087 24% Sales and Ma
Slide 5: Revenues
Q4 2025 Earnings in Millions, except Percentages; unaudited $120,000 $450,000 $113,828 $402,836 $110,000 $400,000 $350,018 $100,000 $350,000 $96,469 $90,000 $300,000 $80,000 $250,000 $70,000 $200,000 $60,000 $150,000 Q4’24 Q4’25 FY 2024 FY 2025 Y/Y Growth +12% +18% Y/Y Growth +14% +15%
Slide 6: Operating Income
Q4 2025 Earnings in Millions, except Percentages; unaudited $50,000 $150,000 $129,039 $40,000 $120,000 $35,934 $112,390 $30,972 $30,000 $90,000 $20,000 $60,000 $10,000 $30,000 $0 $0 Q4’24 Q4’25 FY 2024 FY 2025 Operating Margin 32.1% 31.6% Operating Margin 32.1% 32.0%
Slide 7: Operating Expenses and Cost of Revenues
Q4 2025 Earnings in Millions, except Percentages; unaudited Total TAC Other Cost of Revenues Research & Development Sales & Marketing General & Administrative $50,000 $50,000 $45,766 Operating Expenses ($MM) $40,613 Cost of Revenues ($MM) $40,000 $40,000 $32,128 $29,169 $30,000 $30,000 $5,341 $24,88
Slide 8: Google Services Revenues and Operating Income
Q4 2025 Earnings in Millions, except Percentages; unaudited Google Search & Other YouTube Ads Google Network Subscriptions, Platforms & Devices $40,132 $100,000 $40,000 $95,862 Operating Income ($MM) $13,578 +17% Y/Y $84,094 $32,836 Revenues ($MM) $80,000 $11,633 $7,828 $30,000 -2% Y/Y $7,954 $11,38
Slide 9: Google Cloud Revenues and Operating Income
Q4 2025 Earnings in Millions, except Percentages; unaudited $5,313 $20,000 $17,664* $5,000 Operating Income ($MM) $15,000 Revenues ($MM) $4,000 $11,955 $10,000 $3,000 $2,093 $5,000 $2,000 $0 $1,000 Q4’24 Q4’25 Q4’24 Q4’25 Y/Y Growth +30% +48% Operating Margin 17.5% 30.1% *Note: >$70B annualized (x4)
Slide 10: Capital Expenditures
Q4 2025 Earnings in Millions, except Percentages; unaudited $30,000 $27,851 $25,000 $23,953 Capital Expenditures ($MM) $22,446 $20,000 $17,197 $15,000 $14,276 $10,000 $5,000 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Y/Y Growth +30% +43% +70% +83% +95%
Slide 11: Free Cash Flow
Q4 2025 Earnings in Millions, except Percentages; unaudited Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4’25 Y/Y Net cash provided by operating activities 39,113 36,150 27,747 48,414 52,402 34% Purchases of property and equipment (14,276) (17,197) (22,446) (23,953) (27,851) 95% Free Cash Flow $24,837 $18,953 $5,
Slide 12: Reconciliation of GAAP to Non-GAAP Financial Information
Q4 2025 Earnings in Millions, except Percentages; unaudited We provide non-GAAP free cash flow for the current quarter and trailing twelve months (“TTM”) because it is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business