Slides
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Q4 2025 Earnings February 4, 2026
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Note About Forward-Looking Statements and Non-GAAP Financial Measures Q4 2025 Earnings 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 number of risks and uncertainties. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement, except as required by law. Given these risk and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. We present both GAAP and non-GAAP financial measures in this presentation. A reconciliation of non-GAAP to GAAP measures is included in this presentation and in the most recent earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor.
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Q4 2025 Earnings Google Cloud 325M+ paid consumer subscriptions Across Google One, YouTube, Other $70B+ annualized revenue run-rate; Q4 revenue +48% Y/Y YouTubeGemini App 750M+ Gemini App monthly active users $60B+ revenue from YouTube Ads + Subs in 2025 Search & Other Ads +17% y/y revenue growth in Search Across 1P models, including Gemini via Direct API usage 10B+ tokens per minute Earnings Highlights: Annual revenues exceeded $400B for the first time
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in Millions, except Percentages and EPS; unaudited Revenues Costs and Expenses: Cost of Revenues Research and Development Sales and Marketing General and Administrative Total Costs and Expenses Income from operations Other income (expense), net Income before income taxes Provision for income taxes Net income Diluted EPS $96,469 40,613 13,116 7,363 4,405 65,497 30,972 1,271 32,243 5,707 $26,536 $113,828 45,766 18,572 8,215 5,341 77,894 35,934 3,183 39,117 4,662 $34,455 $2.82 18% 13% 42% 12% 21% 19% 16% 150% 21% -18% 30% 31% $350,018 146,306 49,326 27,808 14,188 237,628 112,390 7,425 119,815 19,697 $100,118 $8.04 $402,836 $2.15 162,535 61,087 28,693 21,482 273,797 129,039 29,787 158,826 26,656 $132,170 $10.81 15% 11% 24% 3% 51% 15% 15% 301% 33% 35% 32% 34% Q4 2025 Earnings Y/YFY'24 FY'25Q4'24 Q4'25 Y/Y
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$96,469 $113,828 Q4’24 Q4’25 Y/Y Growth +12% +18% $100,000 $60,000 $70,000 $80,000 $90,000 $110,000 $350,018 $402,836 FY 2024 FY 2025 Y/Y Growth +14% +15% $350,000 $150,000 $200,000 $250,000 $300,000 $400,000 $120,000 $450,000 in Millions, except Percentages; unaudited Q4 2025 Earnings
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$0 $30,000 $60,000 $90,000 $120,000 $112,390 $129,039 Operating Margin 32.1% 32.0% $150,000 $0 $10,000 $20,000 $30,000 $40,000 $30,972 $35,934 Q4’24 Q4’25 Operating Margin 32.1% 31.6% $50,000 FY 2024 FY 2025 in Millions, except Percentages; unaudited Q4 2025 Earnings
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in Millions, except Percentages; unaudited Q4 2025 Earnings $0 Q4’24 Q4’25 Operating Expenses ($MM) Sales & MarketingResearch & Development General & Administrative $0 $10,000 $20,000 $30,000 $40,000 $40,613 $45,766 Q4’24 Q4’25 Cost of Revenues ($MM) $16,597 $14,848 Total TAC Other Cost of Revenues Y/Y Growth +8% +13% Y/Y Growth -1% +29% $10,000 $20,000 $30,000 $40,000 $24,884 $7,363 $8,215 $18,572$13,116 $32,128 $50,000 $50,000 $4,405 $5,341 $25,765 $29,169
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$40,000 Q4’24 Q4’25 Revenues ($MM) Operating Income ($MM) $60,000 $80,000 $100,000 $84,094 Google NetworkGoogle Search & Other YouTube Ads Subscriptions, Platforms & Devices $54,034 $10,473 $7,954 $11,383 $63,073 $7,828 Y/Y Growth +10% +14% Operating Margin 39.0% 41.9% +17% Y/Y -2% Y/Y +9% Y/Y +17% Y/Y $10,000 Q4’24 Q4’25 $20,000 $30,000 $40,000 $32,836 $95,862 $40,132 in Millions, except Percentages; unaudited Q4 2025 Earnings $11,633 $13,578
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*Note: >$70B annualized (x4) Q4’24 Q4’25 Operating Income ($MM) $1,000 $2,000 $3,000 $2,093 $5,313 Operating Margin 17.5% 30.1% $0 Q4’24 Q4’25 Revenues ($MM) $11,955 $17,664* Y/Y Growth +30% +48% $4,000 $5,000 $10,000 $15,000 $20,000 $5,000 in Millions, except Percentages; unaudited Q4 2025 Earnings
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$5,000 Capital Expenditures ($MM) $10,000 $15,000 $20,000 Q4’24 Q1’25 $14,276 $17,197 +30% +43%Y/Y Growth Q2’25 $22,446 +70% $25,000 Q3’25 $23,953 +83% $27,851 Q4’25 +95% $30,000 in Millions, except Percentages; unaudited Q4 2025 Earnings
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Q1'25 Q2'25 Free Cash Flow Purchases of property and equipment Net cash provided by operating activities Trailing Twelve Months Free Cash Flow 36,150 (17,197) $18,953 $74,881 27,747 $66,728 Q4’25 Y/Y (22,446) 34% -1% 0.7% 95% Q4'24 39,113 $24,837 $72,764 (14,276) $5,301 *Non-GAAP measure. See following slide for reconciliation of GAAP to Non-GAAP measures Q3'25 48,414 $73,552 (23,953) $24,461 Q4'25 52,402 $73,266 (27,851) $24,551 in Millions, except Percentages; unaudited Q4 2025 Earnings
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Free Cash Flow less: purchases of property and equipment Net cash provided from operating activities Net cash provided from operating activities - TTM less: purchases of property and equipment - TTM Free Cash Flow - TTM 28,848 (12,012) 16,836 26,640 (13,186) 13,454 39,113 (14,276) 24,837 (52,535) 36,150 (17,197) 18,953 (57,720) 132,601125,299 Reconciliation of GAAP to Non-GAAP Financial Information 30,698 (13,061) 17,637 72,764 74,881 *TTM = Trailing Twelve Months 27,747 (22,446) 5,301 (66,980) 133,708 66,728 48,414 (23,953) 24,461 151,424 73,552 (77,872) 52,402 (27,851) 24,551 164,713 73,266 (91,447) 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 that can be used for strategic opportunities, including investing in our business and acquisitions, and to strengthen our balance sheet. ● Free cash flow: We define free cash flow as net cash provided by operating activities less capital expenditures. ● TTM free cash flow: We define trailing twelve months free cash flow as net cash provided by operating activities less capital expenditures for the most recent twelve consecutive months. in Millions, except Percentages; unaudited Q4 2025 Earnings Q1’24 Q2’24 Q3’24 Q4’24 Q1’25in millions; unaudited Q2’25 Q3’25 Q4’25