Alphabet 2025: revenue +15% to $402.8B, capex surges to $91.4B, $32B unrealized gain on investments

Filed February 5, 2026 · Period ending December 31, 2025 · Compared to 10-K Feb 5, 2025 · ~2 min read

Key Changes

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  Capex jumped 74% to $91.4B in 2025 (from $52.5B in 2024), with management signaling another significant increase in 2026 to support AI infrastructure. Operating cash flow rose 31% to $164.7B, aided by new tax law allowing immediate R&D expensing.

  MD&A: Capital Expenditures & Cash Flow verify on EDGAR →
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  Subsequent-events note discloses $32B unrealized gain on non-marketable investments in January 2026 from observable transactions, subject to final valuation. This follows $24.1B in unrealized gains recognized in 2025, driving net income up 32% to $132.2B.

  Notes: Subsequent Events & OI&E verify on EDGAR →
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  Announced $32B acquisition of Wiz (cloud security) and $4.8B acquisition of Intersect (data center infrastructure), both pending regulatory approval. Issued $37.3B in debt during 2025 to fund general corporate purposes.

  MD&A: Acquisitions & Financing verify on EDGAR →