Overview
- Fourth‑quarter search revenue rose 17% year over year as AI Overviews and AI Mode increased user query engagement.
- Gemini now exceeds 750 million monthly active users, Google One counts 325 million paid subscribers, and seven Google products each reach 2 billion users.
- Google Cloud revenue jumped 48% in the fourth quarter to $18 billion, with an estimated $70 billion annual run rate and a $240 billion backlog.
- Capital spending totaled $52 billion in 2024, rose to $91 billion in 2025, and is guided up to $185 billion for 2026 to fund chips and data centers.
- Wall Street scrutiny centers on free cash flow pressure, with shares up 220% over three years while free cash flow increased 18%.