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Annual Report — FY 2025
Filed February 5, 2026
Revenue surged to approximately $350 billion in fiscal 2025, powered by continued strength in Google Search advertising, YouTube ad growth, and an accelerating Google Cloud business that has become a meaningful profit contributor. The company is making a massive capital investment bet on AI infrastructure — pouring tens of billions into data centers and custom chips — while returning enormous cash to shareholders through aggressive share buybacks that have steadily shrunk the share count. Google Cloud's rapid scaling and the deep integration of AI across Search, YouTube, and enterprise products represent the clearest forward-looking signal: Alphabet is positioning itself as the infrastructure backbone of the AI era, though investors should watch whether those heavy capital expenditures translate into durable margin expansion or become a drag.
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Extracted Milestones (9)
Waymo New Funding Round Closed
Waymo received new external funding through a VIE structure in early February 2026, as indicated by a subsequent event disclosure referencing Waymo-related financing activity.
Google Cloud Acquisition of Wiz Cybersecurity Completed at $32 Billion
Google has completed its $32 billion acquisition of cloud cybersecurity firm Wiz, integrating it into Google Cloud while maintaining compatibility with AWS, Microsoft Azure, and Oracle Cloud.
Gemini 3 AI Model Launched
Alphabet launched Gemini 3, described as its most intelligent AI model yet, featuring advanced multimodal understanding, agentic and generative coding technologies, and enhanced reasoning capabilities integrated across Search and the Gemini app.
Waymo Expanding to International Markets and Additional US Cities
Waymo is providing fully autonomous paid ride-hailing services in multiple US cities, expanding to more domestic cities and entering international markets while further scaling operations.
Ironwood Seventh-Generation TPU
Alphabet disclosed Ironwood as its seventh-generation custom-built Tensor Processing Unit (TPU) for AI-optimized infrastructure, available for its own products and Google Cloud customers.
AI Mode with Personal Intelligence Launched in Google Search and Gemini App
Google launched a personal intelligence feature within AI Mode in both Google Search and the Gemini app, enabling more personalized AI-driven query experiences.
Gemini Enterprise Agent Platform for Google Cloud
Google Cloud launched Gemini Enterprise, a platform empowering teams to discover, create, share, and run AI agents in one secure platform with an intuitive chat interface to automate workflows.
Gemini Models Integrated Across All 15 Half-Billion-User Products
Alphabet confirmed that all 15 of its products with over 500 million users, including seven with over two billion users, now use Gemini models.
Pixel 10 Series and Pixel Watch 4 Launched
Google launched the Pixel 10 series of smartphones and the Pixel Watch 4, described as its latest generation of AI-integrated devices.