Equibles

8-K

Alphabet Inc. (GOOGL)

8-K 2026-02-04 For: 2026-02-04
View Original
Added on April 01, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________

FORM 8-K

_____________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

February 4, 2026

____________________________________________________________

ALPHABET INC.

(Exact name of registrant as specified in its charter)

_______________________________________________________________

Delaware 001-37580 61-1767919
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

1600 Amphitheatre Parkway

Mountain View, CA 94043

(Address of principal executive offices, including zip code)

(650) 253-0000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

______________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:
--- --- ---
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.001 par value GOOGL Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par value GOOG Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
2.375% Senior Notes due 2028 — Nasdaq Stock Market LLC
2.500% Senior Notes due 2029 — Nasdaq Stock Market LLC
2.875% Senior Notes due 2031 — Nasdaq Stock Market LLC
3.000% Senior Notes due 2033 — Nasdaq Stock Market LLC
3.125% Senior Notes due 2034 — Nasdaq Stock Market LLC
3.375% Senior Notes due 2037 — Nasdaq Stock Market LLC
3.500% Senior Notes due 2038 — Nasdaq Stock Market LLC
4.000% Senior Notes due 2044 — Nasdaq Stock Market LLC
3.875% Senior Notes due 2045 — Nasdaq Stock Market LLC
4.000% Senior Notes due 2054 — Nasdaq Stock Market LLC
4.375% Senior Notes due 2064 — Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.     Results of Operations and Financial Condition.

On February 4, 2026, Alphabet Inc. (“Alphabet” or the “Company”) is issuing a press release and holding a conference call regarding its financial results for the quarter and fiscal year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Alphabet is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

Item 9.01.     Financial Statements and Exhibits.

(d)Exhibits

Exhibit No. Description
99.1 Press release of Alphabet Inc. dated February 4, 2026
104 Cover Page Interactive Data File (formatted as inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ALPHABET INC.
Date: February 4, 2026 /s/ ANAT ASHKENAZI
Anat Ashkenazi
Senior Vice President, Chief Financial Officer

Document

Exhibit 99.1

Alphabet Announces Fourth Quarter and Fiscal Year 2025 Results

MOUNTAIN VIEW, Calif. – February 4, 2026 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended December 31, 2025.

•Consolidated Alphabet revenues increased 18%, or 17% in constant currency, to $113.8 billion, reflecting strong momentum across the business and acceleration in growth in both Google Services and Google Cloud.

•Google Services revenues increased 14% to $95.9 billion, led by 17% growth in Google Search & other, 17% in Google subscriptions, platforms, and devices, and 9% in YouTube ads.

•YouTube revenue across ads and subscriptions exceeded $60 billion for the full year 2025.

•Google Cloud saw a continued increase in customer demand as revenues increased 48% to $17.7 billion, led by an increase in Google Cloud Platform (GCP) across enterprise AI Infrastructure and enterprise AI Solutions, as well as core GCP products.

•Consolidated Alphabet operating income increased 16% and operating margin was 31.6%. Operating income included a $2.1 billion employee compensation charge for Waymo.

•Net income increased 30% and EPS increased 31% to $2.82.

Sundar Pichai, CEO of Alphabet and Google, said: “It was a tremendous quarter for Alphabet and annual revenues exceeded $400 billion for the first time. The launch of Gemini 3 was a major milestone and we have great momentum. Our first party models, like Gemini, now process over 10 billion tokens per minute via direct API use by our customers, and the Gemini App has grown to over 750 million monthly active users. Search saw more usage than ever before, with AI continuing to drive an expansionary moment.

We continue to drive strong growth across the business. YouTube’s annual revenues surpassed $60 billion across ads and subscriptions; we now have over 325 million paid subscriptions across consumer services, led by strong adoption for Google One and YouTube Premium. And Google Cloud ended 2025 at an annual run rate of over $70 billion, representing a wide breadth of customers, driven by demand for AI products.

We’re seeing our AI investments and infrastructure drive revenue and growth across the board. To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion.”

Q4 2025 Financial Highlights

The following table summarizes our consolidated financial results for the quarter and fiscal year ended December 31, 2024 and 2025 (in millions, except for per share information and percentages).

Quarter Ended December 31, Year Ended December 31,
2024 2025 2024 2025
(unaudited) (unaudited)
Revenues $ 96,469 $ 113,828 $ 350,018 $ 402,836
Change in revenues year over year 12 % 18 % 14 % 15 %
Change in constant currency revenues year over year(1) 12 % 17 % 15 % 15 %
Operating income $ 30,972 $ 35,934 $ 112,390 $ 129,039
Operating margin 32 % 32 % 32 % 32 %
Other income (expense), net $ 1,271 $ 3,183 $ 7,425 $ 29,787
Net income $ 26,536 $ 34,455 $ 100,118 $ 132,170
Diluted net income per share $ 2.15 $ 2.82 $ 8.04 $ 10.81

(1)    Non-GAAP measure. See the section captioned “Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues” for more details.

Q4 2025 Supplemental Information (in millions, except for number of employees; unaudited)

Revenues, Traffic Acquisition Costs (TAC), and Number of Employees

Quarter Ended December 31,
2024 2025
Google Search & other $ 54,034 $ 63,073
YouTube ads 10,473 11,383
Google Network 7,954 7,828
Google advertising 72,461 82,284
Google subscriptions, platforms, and devices 11,633 13,578
Google Services total 84,094 95,862
Google Cloud 11,955 17,664
Other Bets 400 370
Hedging gains (losses) 20 (68)
Total revenues $ 96,469 $ 113,828
Total TAC $ 14,848 $ 16,597
Number of employees 183,323 190,820

Segment Operating Results

Quarter Ended December 31,
2024 2025
Operating income (loss):
Google Services $ 32,836 $ 40,132
Google Cloud 2,093 $ 5,313
Other Bets (1,174) $ (3,617)
Alphabet-level activities(1) (2,783) $ (5,894)
Total income from operations $ 30,972 $ 35,934

(1)Alphabet-level activities primarily reflect expenses related to our shared AI research and development.

Additional Information Relating to the Quarter Ended December 31, 2025 (unaudited)

Issuance of Senior Unsecured Notes

In November 2025, Alphabet issued senior unsecured notes for net proceeds of $24.8 billion to be used for general corporate purposes.

Waymo

In February 2026, Waymo announced an investment round of $16.0 billion, the significant majority of which was funded by Alphabet. For the quarter ended December 31, 2025, we recognized a $2.1 billion employee compensation charge, primarily reflected in research and development expenses, based on estimated stock valuation.

Dividend Program

Alphabet’s Board of Directors declared a quarterly cash dividend of $0.21 payable on March 16, 2026 to stockholders of record for each of the Company’s Class A, Class B, and Class C shares as of March 9, 2026.

Webcast and Conference Call Information

A live audio webcast of our fourth quarter 2025 earnings release call will be available on YouTube at https://www.youtube.com/watch?v=mIK5-yi7a-c. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available at http://abc.xyz/investor.

We also provide announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs, on our investor relations website (http://abc.xyz/investor).

We also share Google news and product updates on Google's Keyword blog at https://www.blog.google/ and News From Google page on X at x.com/NewsFromGoogle, and our executive officers may also use certain social media channels, such as X and LinkedIn, to communicate information about earnings results and company updates, which may be of interest or material to our investors.

Forward-Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which are on file with the SEC and are available on our investor relations website at http://abc.xyz/investor and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, and may be set forth in other reports and filings we make with the SEC. All information provided in this release and in the attachments is as of February 4, 2026. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: free cash flow; constant currency revenues; and percentage change in constant currency revenues. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, such as our revenues excluding the effect of foreign exchange rate movements and hedging activities, which are recognized at the consolidated level. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.

For more information on these non-GAAP financial measures, please see the sections captioned “Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow” and “Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues” included at the end of this release.

Contact

Investor relations Media
investor-relations@abc.xyz press@abc.xyz

Alphabet Inc.

CONSOLIDATED BALANCE SHEETS

(In millions, except par value per share amounts)

As of December 31,
2024 2025
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 23,466 $ 30,708
Marketable securities 72,191 96,135
Total cash, cash equivalents, and marketable securities 95,657 126,843
Accounts receivable, net 52,340 62,886
Other current assets 15,714 16,309
Total current assets 163,711 206,038
Non-marketable securities 37,982 68,687
Deferred income taxes 17,180 9,113
Property and equipment, net 171,036 246,597
Operating lease assets 13,588 15,221
Goodwill 31,885 33,380
Other non-current assets 14,874 16,245
Total assets $ 450,256 $ 595,281
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 7,987 $ 12,200
Accrued compensation and benefits 15,069 17,546
Accrued expenses and other current liabilities 51,228 55,557
Accrued revenue share 9,802 10,864
Deferred revenue 5,036 6,578
Total current liabilities 89,122 102,745
Long-term debt 10,883 46,547
Income taxes payable, non-current 8,782 9,531
Operating lease liabilities 11,691 12,744
Other long-term liabilities 4,694 8,449
Total liabilities 125,172 180,016
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding 0 0
Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,211 (Class A 5,835, Class B 861, Class C 5,515) and 12,088 (Class A 5,822, Class B 837, Class C 5,429) shares issued and outstanding 84,800 93,126
Accumulated other comprehensive income (loss) (4,800) (1,916)
Retained earnings 245,084 324,055
Total stockholders’ equity 325,084 415,265
Total liabilities and stockholders’ equity $ 450,256 $ 595,281

Alphabet Inc.

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

Quarter Ended December 31, Year Ended December 31,
2024 2025 2024 2025
(unaudited) (unaudited)
Revenues $ 96,469 $ 113,828 $ 350,018 $ 402,836
Costs and expenses:
Cost of revenues 40,613 45,766 146,306 162,535
Research and development 13,116 18,572 49,326 61,087
Sales and marketing 7,363 8,215 27,808 28,693
General and administrative 4,405 5,341 14,188 21,482
Total costs and expenses 65,497 77,894 237,628 273,797
Income from operations 30,972 35,934 112,390 129,039
Other income (expense), net 1,271 3,183 7,425 29,787
Income before income taxes 32,243 39,117 119,815 158,826
Provision for income taxes 5,707 4,662 19,697 26,656
Net income $ 26,536 $ 34,455 $ 100,118 $ 132,170
Basic net income per share $ 2.17 $ 2.85 $ 8.13 $ 10.91
Diluted net income per share $ 2.15 $ 2.82 $ 8.04 $ 10.81
Number of shares used in basic net income per share calculation 12,228 12,073 12,319 12,116
Number of shares used in diluted net income per share calculation 12,348 12,228 12,447 12,230

Alphabet Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

Quarter Ended December 31, Year Ended December 31,
2024 2025 2024 2025
(unaudited) (unaudited)
Operating activities
Net income $ 26,536 $ 34,455 $ 100,118 $ 132,170
Adjustments:
Depreciation of property and equipment 4,205 6,040 15,311 21,136
Stock-based compensation expense 5,810 7,071 22,785 24,953
Deferred income taxes (1,448) 1,218 (5,257) 8,348
Loss (gain) on debt and equity securities, net 67 (2,354) (2,671) (24,620)
Other 827 1,265 3,419 2,108
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net (4,570) (4,943) (5,891) (8,779)
Income taxes, net 379 66 (2,418) (3,226)
Other assets 937 (482) (1,397) (4,542)
Accounts payable 401 227 359 907
Accrued expenses and other liabilities 5,205 7,937 (1,161) 12,939
Accrued revenue share 581 799 1,059 899
Deferred revenue 183 1,103 1,043 2,420
Net cash provided by operating activities 39,113 52,402 125,299 164,713
Investing activities
Purchases of property and equipment (14,276) (27,851) (52,535) (91,447)
Purchases of marketable securities (21,645) (42,939) (86,679) (103,773)
Maturities and sales of marketable securities 21,649 21,939 103,428 83,240
Purchases of non-marketable securities (1,800) (2,404) (5,034) (5,716)
Maturities and sales of non-marketable securities 150 171 882 1,367
Acquisitions, net of cash acquired, and purchases of intangible assets (91) (167) (2,931) (1,592)
Other investing activities (167) (525) (2,667) (2,370)
Net cash used in investing activities (16,180) (51,776) (45,536) (120,291)
Financing activities
Net payments related to stock-based award activities (3,049) (5,166) (12,190) (14,167)
Repurchases of stock (15,551) (5,499) (62,222) (45,709)
Dividend payments (2,442) (2,536) (7,363) (10,049)
Proceeds from issuance of debt, net of costs 4,895 26,562 13,589 64,564
Repayments of debt (3,750) (6,333) (12,701) (32,427)
Proceeds from sale of interest in consolidated entities, net 861 0 1,154 400
Net cash provided by (used in) financing activities (19,036) 7,028 (79,733) (37,388)
Effect of exchange rate changes on cash and cash equivalents (390) (36) (612) 208
Net increase (decrease) in cash and cash equivalents 3,507 7,618 (582) 7,242
Cash and cash equivalents at beginning of period 19,959 23,090 24,048 23,466
Cash and cash equivalents at end of period $ 23,466 $ 30,708 $ 23,466 $ 30,708

Segment Results

The following table presents our segment revenues and operating income (loss) (in millions; unaudited):

Quarter Ended December 31,
2024 2025
Revenues:
Google Services $ 84,094 $ 95,862
Google Cloud 11,955 17,664
Other Bets 400 370
Hedging gains (losses) 20 (68)
Total revenues $ 96,469 $ 113,828
Operating income (loss):
Google Services $ 32,836 $ 40,132
Google Cloud 2,093 5,313
Other Bets (1,174) (3,617)
Alphabet-level activities (2,783) (5,894)
Total income from operations $ 30,972 $ 35,934

We report our segment results as Google Services, Google Cloud, and Other Bets:

•Google Services includes products and services such as ads, Android, Chrome, devices, Google Maps, Google Play, Search, and YouTube. Google Services generates revenues primarily from advertising; fees received for consumer subscription-based products such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One; the sale of apps and in-app purchases; and devices.

•Google Cloud includes infrastructure and platform services, applications, and other services for enterprise customers. Google Cloud generates revenues primarily from consumption-based fees and subscriptions received for Google Cloud Platform services, Google Workspace communication and collaboration tools, and other enterprise services.

•Other Bets is a combination of multiple operating segments that are not individually material. Revenues from Other Bets are generated primarily from the sale of autonomous transportation services and internet services.

Certain costs are not allocated to our segments because they represent Alphabet-level activities. These costs primarily include:

•certain AI-focused shared research and development activities, including employee compensation expenses and technical infrastructure usage costs associated with the development of our general AI models;

•corporate initiatives such as our philanthropic activities; and

•corporate shared costs such as certain finance, human resource, and legal costs, including certain fines and settlements.

Charges associated with employee severance and office space reductions are also not allocated to our segments. Additionally, hedging gains (losses) related to revenue are not allocated to our segments.

Other Income (Expense), Net

The following table presents our other income (expense), net (in millions; unaudited):

Quarter Ended December 31,
2024 2025
Interest income $ 1,088 $ 1,210
Interest expense (53) (298)
Foreign currency exchange gain (loss), net (21) (64)
Gain (loss) on debt securities, net (431) 51
Gain (loss) on equity securities, net(1) 364 2,302
Income (loss) and impairment from equity method investments, net (87) (86)
Other 411 68
Other income (expense), net $ 1,271 $ 3,183

(1)Includes all gains and losses, unrealized and realized, on equity securities. For Q4 2025, the net effect of the gain on equity securities of $2.3 billion increased the provision for income tax, net income, and diluted net income per share by $483 million, $1.8 billion, and $0.15, respectively. Fluctuations in the value of our investments may be affected by market dynamics and other factors and could significantly contribute to the volatility of OI&E in future periods.

Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (in millions; unaudited):

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.

Quarter Ended TTM
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2025
Net cash provided by operating activities $ 36,150 $ 27,747 $ 48,414 $ 52,402 $ 164,713
Less: purchases of property and equipment (17,197) (22,446) (23,953) (27,851) (91,447)
Free cash flow $ 18,953 $ 5,301 $ 24,461 $ 24,551 $ 73,266

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.

Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues (in millions, except percentages; unaudited):

We provide non-GAAP constant currency revenues (“constant currency revenues”) and non-GAAP percentage change in constant currency revenues (“percentage change in constant currency revenues”), because they facilitate the comparison of current results to historic performance by excluding the effect of foreign exchange rate movements (“FX Effect”) as well as hedging activities, which are recognized at the consolidated level, as they are not indicative of our core operating results.

Non-GAAP constant currency revenues is defined as revenues excluding the effect of foreign exchange rate movements and hedging activities and is calculated by translating current period revenues using prior period exchange rates and excluding any hedging effect recognized in the current period. We calculate the percentage change in constant currency revenues by comparing constant currency revenues to the prior year comparable period revenues, excluding any hedging effect recognized in the prior period.

Revenues by Geography

Comparison from the Quarter Ended December 31, 2024 to the Quarter Ended December 31, 2025

Quarter Ended December 31, 2025
% Change from Prior Period
Quarter Ended December 31, Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues
2024 2025
United States $ 47,375 $ 55,444 $ 0 $ 55,444 17 % 0 % 17 %
EMEA 28,184 33,056 1,438 31,618 17 % 5 % 12 %
APAC 15,156 18,527 (176) 18,703 22 % (1) % 23 %
Other Americas 5,734 6,869 69 6,800 20 % 1 % 19 %
Revenues, excluding hedging effect 96,449 113,896 1,331 112,565 18 % 1 % 17 %
Hedging gains (losses) 20 (68)
Total revenues(1) $ 96,469 $ 113,828 $ 112,565 18 % 0 % 1 % 17 %

(1)Total constant currency revenues of $112.6 billion for the quarter ended December 31, 2025 increased $16.1 billion compared to $96.4 billion in revenues, excluding hedging effect, for the quarter ended December 31, 2024.

Comparison from the Quarter Ended September 30, 2025 to the Quarter Ended December 31, 2025

Quarter Ended December 31, 2025
% Change from Prior Period
Quarter Ended Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues
September 30, 2025 December 31, 2025
United States $ 48,758 $ 55,444 $ 0 $ 55,444 14 % 0 % 14 %
EMEA 29,911 33,056 (51) 33,107 11 % 0 % 11 %
APAC 17,819 18,527 (236) 18,763 4 % (1) % 5 %
Other Americas 6,065 6,869 30 6,839 13 % 0 % 13 %
Revenues, excluding hedging effect 102,553 113,896 (257) 114,153 11 % 0 % 11 %
Hedging gains (losses) (207) (68)
Total revenues(1) $ 102,346 $ 113,828 $ 114,153 11 % 0 % 0 % 11 %

(1)Total constant currency revenues of $114.2 billion for the quarter ended December 31, 2025 increased $11.6 billion compared to $102.6 billion in revenues, excluding hedging effect, for the quarter ended September 30, 2025.

Comparison from the Year Ended December 31, 2024 to the Year Ended December 31, 2025

Year Ended December 31, 2025
% Change from Prior Period
Year Ended December 31, Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues
2024 2025
United States $ 170,447 $ 194,229 $ 0 $ 194,229 14 % 0 % 14 %
EMEA 102,127 $ 117,152 2,755 114,397 15 % 3 % 12 %
APAC 56,815 67,680 (314) 67,994 19 % (1) % 20 %
Other Americas 20,418 23,902 (834) 24,736 17 % (4) % 21 %
Revenues, excluding hedging effect 349,807 402,963 1,607 401,356 15 % 0 % 15 %
Hedging gains (losses) 211 (127)
Total revenues(1) $ 350,018 $ 402,836 $ 401,356 15 % 0 % 0 % 15 %

(1)Total constant currency revenues of $401.4 billion for the year ended December 31, 2025 increased $51.5 billion compared to $349.8 billion in revenues, excluding hedging effect for the year ended December 31, 2024.

Total Revenues — Prior Year Comparative Periods

Comparison from the Quarter Ended December 31, 2023 to the Quarter Ended December 31, 2024

Quarter Ended December 31, 2024
Quarter Ended December 31, % Change from Prior Period
Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues
2023 2024
Revenues excluding hedging effect $ 86,160 $ 96,449 $ (265) $ 96,714 12 % 0 % 12 %
Hedging gains (losses) $ 150 $ 20
Total revenues $ 86,310 $ 96,469 $ 96,714 12 % 0 % 0 % 12 %

Total Revenues — Prior Year Comparative Periods

Comparison from the Year Ended December 31, 2023 to the Year Ended December 31, 2024

Year Ended December 31, 2024
% Change from Prior Period
Year Ended December 31, Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues
2023 2024
Revenues excluding hedging effect $ 307,158 $ 349,807 $ (2,936) $ 352,743 14 % (1) % 15 %
Hedging gains (losses) $ 236 $ 211
Total revenues $ 307,394 $ 350,018 $ 352,743 14 % 0 % (1) % 15 %

10

Report a Problem

Category
Description
Email (optional, for follow-up)