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- **Record Q3 Revenue**: $102.3B (+16% YoY), fueled by AI, cloud, and Waymo expansion.
- **AI Leadership**: Gemini app MAUs at 650M, 7B tokens/minute, and 230M+ videos generated with Veo 3.
- **Cloud Dominance**: $15.2B revenue (+34%), 23.7% margin, $155B backlog, 9/10 top AI labs as customers.
- **Waymo Expansion**: 2026 launches in London, Tokyo, and U.S. cities, 2M enterprise subscribers.
- **Profitability Focus**: 50% code via AI, $24B Q3 CapEx, 2025 guidance $91-93B.

**【CEO Summary Section】**
- Alphabet reported a record $102.3 billion in Q3 2025 revenue, up 16% YoY, driven by double-digit growth across all major businesses.
- AI investments are driving growth: Gemini models processed 7 billion tokens per minute, and the Gemini app has 650 million monthly active users with 3x query growth QoQ.
- Cloud backlog reached $155 billion, up 46% QoQ, with 9 of the top 10 AI labs choosing Google Cloud.
- Waymo plans to expand to London, Tokyo, and U.S. cities in 2026, with 2 million enterprise subscribers.

**【CFO Financial Commentary】**
- GAAP net income was $35 billion, with EPS of $2.87, up 35% YoY.
- Google Services revenue grew 14% to $87.1 billion, driven by 15% growth in Search and 15% in YouTube ads.
- Google Cloud revenue rose 34% to $15.2 billion, with operating margin expanding to 23.7%.
- CapEx increased to $24 billion in Q3, with 2025 guidance raised to $91-93 billion.

**【Q&A Key Highlights】**
- **AI Monetization**: AI Overviews and AI Mode are additive to search, with monetization rates similar to traditional ads. AI Max unlocked $1 billion in new queries Q3.
- **Waymo Integration**: Plans to integrate Gemini with Waymo for in-car AI experiences in 2026, leveraging user data for personalized services.
- **Cloud Economics**: 34% revenue growth with 82% YoY AI product revenue growth, offsetting supply constraints.
- **ROIC Focus**: CFO emphasizes disciplined spending, with 50% of code generated by AI driving efficiency.

Alphabet Inc. (GOOGL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

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Current Income Tax

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Net Income from Continuing Operations

Income from Discontinued Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS

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GOOG

GOOG fundamentals

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