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Quarterly Report — Q1 2025
Filed April 25, 2025
Revenue hit $90.2 billion, up 12% year-over-year, with Google Cloud accelerating to $12.3 billion (28% growth) as the AI infrastructure buildout continues at full throttle — capital expenditures surged to $17.2 billion in the quarter alone. Net income jumped 46% to $34.5 billion, fueled by strong ad revenue across Search and YouTube plus a notable boost from investment gains, while the $70 billion buyback authorization signals management's confidence in the cash machine humming beneath the AI spending spree.
What is Quarterly Report?
Filed after each of the first three fiscal quarters with unaudited financial statements, management discussion, and any material changes to risk factors or legal proceedings.
Quarterly financial update — tracks business trajectory between annual reports.
Extracted Milestones (4)
Google Cloud Revenue Backlog Reaches $92.4 Billion
As of March 31, 2025, Alphabet reported $92.4 billion in remaining performance obligations primarily related to Google Cloud, with approximately 55% expected to be recognized over the next 24 months.
Major Technical Infrastructure Capital Expenditure Ramp
Property and equipment net increased to $185.1 billion (from $171.0 billion at year-end 2024), with technical infrastructure assets growing from $139.6 billion to $151.0 billion and assets not yet in service rising from $50.6 billion to $55.6 billion, reflecting accelerated AI infrastructure buildout.
Data Center Lease Commitments of $17.3 Billion Not Yet Commenced
As of March 31, 2025, Alphabet has entered into leases primarily for data centers with $17.3 billion in future payments that have not yet commenced, set to begin between 2025 and 2031 with terms of one to 25 years.
Wiz Acquisition Closed
Alphabet completed its acquisition of Wiz, Inc., a cloud security company, in March 2025, with the transaction recorded in the Q3 2025 10-Q goodwill and acquisition disclosures.