Alphabet Q4 2025 Earnings Analysis
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Alphabet Q4 2025 Earnings Analysis
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Jordan, where do I even start with these numbers? Alphabet just posted their first $400 billion revenue year!
**JORDAN**: Alex, this was genuinely jaw-dropping. We're talking about $113.8 billion in Q4 revenue alone - that's up 17% year-over-year. But what really caught my eye was the acceleration story here. Search revenue jumped 17%, which is a significant pickup from recent quarters, and Google Cloud absolutely exploded with 48% growth hitting $17.7 billion.
**ALEX**: And let's talk about that Cloud number for a second because this is where the AI story really comes alive. They're now at a $70 billion annual run rate, and get this - their backlog grew 55% quarter-over-quarter to $240 billion. That's not a typo, folks. $240 billion in committed future revenue.
**JORDAN**: The backlog number is insane, but what's driving it is even more interesting. Sundar Pichai mentioned they've sold over 8 million paid seats of Gemini Enterprise in just four months since launch. And here's a stat that blew me away - customers using their AI products use 1.8 times as many Google Cloud products compared to those who don't. That's the power of the AI ecosystem lock-in effect.
**ALEX**: Speaking of Gemini, the usage numbers are staggering. The Gemini app now has 750 million monthly active users, and they added 100 million users just in Q4. But Jordan, what really stood out to me was how Sundar kept emphasizing this "expansionary moment" - they're not seeing cannibalization between traditional search and AI search, they're seeing people do more queries overall.
**JORDAN**: Exactly, and that's showing up in the monetization too. Philip Schindler mentioned that Gemini-based improvements in search ads are helping them better match queries and deliver ads on longer, more complex searches that were previously difficult to monetize. They're literally expanding the addressable market for search advertising.
**ALEX**: Now let's talk about the elephant in the room - that massive CapEx guidance. They're projecting $175 to $185 billion for 2026. That's nearly double what they spent in 2025. This is a company betting big on the AI infrastructure race.
**JORDAN**: And they have to, right? Sundar was very candid about being supply constrained even with their current massive investments. He said they expect to "go through the year in a supply constrained way." What's fascinating is how they're approaching efficiency - Anat Ashkenazi mentioned that about 50% of their code is now written by AI coding agents, which is then reviewed by human engineers. They're using AI to fund more AI investment.
**ALEX**: That's such a smart flywheel effect. And speaking of flywheels, let's talk about some of the strategic announcements. The Apple partnership really surprised me - Google becoming Apple's preferred cloud provider and helping develop Apple's foundation models based on Gemini technology.
**JORDAN**: That Apple deal is huge strategically. But I was equally intrigued by the Universal Commerce Protocol they announced. This could be a game-changer for how people shop online. Imagine being able to complete purchases directly in AI search results or the Gemini app. They're essentially trying to own the entire commerce funnel.
**ALEX**: And YouTube continues to be this steady growth engine. $60 billion in annual revenue across ads and subscriptions, and they're still the number one streamer in the US for nearly three years running. The creator economy numbers were impressive too - over 1 million channels used their AI cre
This episode includes AI-generated content.
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