Analysis of Revenues
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Revenues as Reported
Alphabet Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenues demonstrate a consistent upward trajectory from 2021 through 2025. While growth rates fluctuate across different revenue streams, the aggregate revenue figure increases steadily over the five-year period. A detailed examination of individual components reveals varying performance characteristics.
- Google Advertising Revenue
- Google advertising revenue, encompassing Search & other, YouTube ads, and Google Network, constitutes the largest portion of overall revenue. Google Search & other exhibits strong and consistent growth, increasing from US$148,951 million in 2021 to US$224,532 million in 2025. YouTube ads also shows positive growth, albeit at a slower pace, rising from US$28,845 million to US$40,367 million. Conversely, Google Network revenue experiences a decline after 2022, decreasing from US$32,780 million to US$29,792 million by 2025. The combined Google advertising revenue demonstrates a robust increase, moving from US$209,497 million to US$294,691 million.
- Google Services Revenue
- Google Services revenue, which includes Google advertising, subscriptions, platforms, and devices, mirrors the overall revenue trend with consistent growth. The growth is driven primarily by the advertising segment and a significant expansion in Google subscriptions, platforms, and devices, which increases from US$28,032 million in 2021 to US$48,030 million in 2025. Google Services revenue rises from US$237,529 million to US$342,721 million over the period.
- Google Cloud Revenue
- Google Cloud demonstrates the most substantial percentage growth among the reported segments. Starting from US$19,206 million in 2021, it increases to US$58,705 million in 2025. This represents a significant expansion in this business area, indicating increasing market share and adoption of Google Cloud services.
- Other Bets Revenue
- Other Bets revenue shows initial growth from US$753 million in 2021 to US$1,648 million in 2023, but experiences a slight decrease to US$1,537 million in 2025. While still a relatively small portion of overall revenue, the fluctuation suggests potential challenges or shifts in strategy within these ventures.
- Hedging Gains (Losses)
- Hedging gains (losses) are relatively small in comparison to other revenue streams and exhibit volatility. A gain of US$149 million in 2021 is followed by a substantial gain of US$1,960 million in 2022, then moderates to US$236 million and US$211 million in 2023 and 2024 respectively, before becoming a loss of US$127 million in 2025. This suggests active hedging strategies with varying degrees of success.
In summary, the revenue performance is characterized by strong growth in Google Search & other, YouTube ads, Google Cloud, and Google subscriptions, platforms, and devices. Google Network shows a declining trend, while Other Bets exhibits some volatility. Overall revenues consistently increase, indicating a healthy growth trajectory for the company.