Alphabet reported $102.346 billion in revenue for the third quarter of 2025, up 16% from a year earlier and its first quarter above $100 billion. That figure is revenue, not profit: net income was $34.979 billion, or about $35 billion. Google Cloud and advertising both grew, while a European Commission fine and a large investment gain affected the profit figures.
The quarter ended September 30, 2025; Alphabet released results on October 29, 2025. These figures describe Q3 2025, not the company’s latest results. Alphabet’s earnings release provides the reported figures.
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What did Alphabet report?
Compared with the same quarter in 2024, revenue rose from $88.268 billion to $102.346 billion. Growth was 16% as reported and 15% on a constant-currency basis. Net income increased from $26.301 billion to $34.979 billion, and diluted earnings per share (EPS) rose from $2.12 to $2.87.
| Measure | Q3 2024 | Q3 2025 | Year-over-year change |
|---|---|---|---|
| Revenue | $88.268 billion | $102.346 billion | +16% |
| Operating income | $28.521 billion | $31.228 billion | +9% |
| Net income | $26.301 billion | $34.979 billion | +33% |
| Diluted EPS | $2.12 | $2.87 | +35% |
Revenue is money earned from selling products and services before expenses. Operating income reflects profit from the business before interest, taxes, and certain other income or expenses. Net income is the bottom line after those items. The terms are not interchangeable: Alphabet’s $102.346 billion was quarterly revenue, while its net income was nearly $35 billion.
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Where did the revenue growth come from?
Google Services remained Alphabet’s largest segment, bringing in $87.052 billion, up 14% from $76.510 billion. It includes Search, YouTube, Android, Chrome, devices, Maps, Google Play and subscription products. Google Cloud was smaller but grew faster. Other Bets, Alphabet’s collection of businesses outside its main Google segments, remained a small source of revenue.
| Business or segment | Q3 2024 | Q3 2025 | Approximate change |
|---|---|---|---|
| Google Services | $76.510 billion | $87.052 billion | +14% |
| Google Cloud | $11.353 billion | $15.157 billion | +34% |
| Other Bets | $388 million | $344 million | Declined |
Advertising remained the main engine
Google’s advertising revenue rose from $65.854 billion to $74.182 billion, about 12.6%. Search & other was the largest individual revenue stream. YouTube ads grew at a similar pace, while Google Network revenue edged down.
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| Advertising business | Q3 2024 | Q3 2025 | Approximate change |
|---|---|---|---|
| Google Search & other | $49.385 billion | $56.567 billion | +14.5% |
| YouTube ads | $8.921 billion | $10.261 billion | +15.0% |
| Google Network | $7.548 billion | $7.354 billion | -2.6% |
| Total advertising | $65.854 billion | $74.182 billion | +12.6% |
Advertising made up about 72.5% of Alphabet’s Q3 2025 revenue, calculated by dividing $74.182 billion of advertising revenue by $102.346 billion in total revenue. That concentration matters: the company’s results remain sensitive to advertiser budgets, economic conditions and changes in how people use search.
Subscriptions, platforms and devices also expanded
Revenue in this category rose from $10.656 billion to $12.870 billion, approximately 20.8%. It includes consumer subscriptions, Google Play and hardware-related revenue, so the figure does not represent subscriptions alone.
Cloud grew quickly and increased operating profit
Google Cloud revenue reached $15.157 billion, up 34% from $11.353 billion. Alphabet attributed growth to Google Cloud Platform, core products, AI infrastructure and generative-AI solutions. Cloud operating income rose to $3.594 billion from $1.947 billion, indicating that the segment added revenue while increasing operating profit.
Alphabet also reported a $155 billion Google Cloud backlog at quarter end. Backlog indicates contracted or committed future business; it is not the same as revenue already recognized, cash already collected or guaranteed profit.
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Other Bets remained small and loss-making
Other Bets revenue slipped to $344 million from $388 million. Its operating loss widened to $1.426 billion from $1.116 billion.
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Reported operating income rose 9% to $31.228 billion, but operating margin fell from about 32.3% to 30.5%. A $3.457 billion European Commission fine, recorded in Google Services, weighed on the reported result. Excluding that fine, Alphabet presented non-GAAP operating income of $34.685 billion, up approximately 22%, and an operating margin of 33.9%. The exclusion is an alternative presentation, not the reported GAAP result.
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Net income also received a substantial boost from investment performance. Alphabet reported a $10.734 billion net gain on equity securities, which the company said increased net income by approximately $8.3 billion and diluted EPS by $0.68. As a result, the 33% increase in net income should not be read as a measure of recurring operating growth by itself.
What did Alphabet say about AI?
CEO Sundar Pichai said Alphabet was accelerating the rollout of AI Overviews and AI Mode in Search. The company also reported more than 650 million monthly active users for the Gemini app, 7 billion tokens per minute processed by its first-party models through direct customer API use, and more than 300 million paid subscriptions, led by Google One and YouTube Premium. These are company-reported figures, not independent measurements.
Alphabet connected AI to product rollouts, infrastructure investment and demand from Cloud customers, but it did not isolate AI’s contribution to the quarter’s total revenue. The figures therefore support a story of expanding AI use and investment—not a claim that AI produced all, or even most, of the revenue increase. Advertising remained the largest reported revenue source.
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How much was Alphabet investing in infrastructure?
Alphabet raised its expected 2025 capital-expenditure range to $91 billion–$93 billion, compared with $52 billion in 2024. The company said spending was primarily related to AI infrastructure and was also responding to Cloud customer demand. This was full-year guidance, not money already spent during Q3.
For Q3 2025, Alphabet reported $23.953 billion in purchases of property and equipment, compared with $13.061 billion in Q3 2024. The rising investment supports capacity for AI and Cloud, but it also creates a financial test: revenue growth alone does not guarantee that future margins will hold if infrastructure costs continue climbing.
Quick Recap
What should readers watch in the results?
- Search economics: AI-generated answers may change the traditional search-results page, affecting ad volume, user clicks or traffic to outside websites. This quarter’s figures do not settle how AI will affect Search monetization over time.
- Cloud backlog conversion: The $155 billion backlog is a demand indicator, but the pace and profitability of converting commitments into recognized revenue matter.
- Returns on infrastructure spending: Capital investment is rising sharply; its long-term value depends on whether AI and Cloud demand generate returns that justify the costs.
- Advertising exposure: Advertising’s large share of revenue leaves Alphabet exposed to changes in advertiser spending and competition.
- Regulatory and investment effects: The fine lowered reported operating results, while the equity-securities gain lifted net income and EPS. Neither should be mistaken for a simple recurring trend.
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