Mirror Review
Summary:
- Alphabet reported $96.4B in revenue for Q2 2025, up 14% YoY.
- In the first half of 2025 alone, Google Cloud revenue has reached $25.9B, and Google Services Revenue has reached $159.8B.
- Net income has risen to $28.2B, 19% YoY, driven by operational efficiency and growing demand across core products.
- Google Search, YouTube ads, subscriptions, and Google Cloud are all showing strong double-digit growth.
Is it possible for a company to outdo its entire previous year’s performance in just six months?
While Alphabet hasn’t quite achieved that, the Google Alphabet Earnings Report for the first half of 2025 reveals a company on an astonishing growth trajectory — more than halfway through its full-year 2024 results!
In just two quarters, Alphabet, the parent company of Google, has reached $62.7 billion in net income, 60% more than the full year 2024.
The Google earnings report paints a picture of a company that’s thriving due to its generative AI, Gemini models, and enterprise cloud expansion.
Q2 2025 at a Glance: Stronger Than Q2 2024
| Metric | Q2 2025 | Q2 2024 | YoY Change |
| Total Revenue | $96.4B | $84.7B | +14% |
| Net Income | $28.2B | $23.6B | +19% |
| Diluted EPS (Earnings Per Share) | $2.31 | $1.89 | +22% |
| Google Cloud Revenue | $13.6B | $10.3B | +32% |
| Operating Margin | 32.4% | 32% | – |
| Total Employees | 187,103 | 179,582 | +7,521 |
It’s important to note that even after mass layoffs and offering buyouts this year, Q2 2025 saw 7,500 more employees than Q2 2024.
First Half 2025 vs Full Year 2024: The Bigger Picture
| Segment | H1 2025 Total | Full-Year 2024 | % of 2024 Covered |
| Revenue | $186.6B | $350.1B | 53.2% |
| Net Income | $62.7B | $100B | 62.7% |
| Google Cloud Revenue | $25.9B | $43.3B | 59.8% |
| Google Services Revenue | $159.8B | $304.9B | 52.4% |
In just 6 months, Alphabet generated more than half the profit it did in all of 2024, suggesting even stronger margins ahead.
Source: Alphabet 2024 Annual Report and other Alphabet Quarterly Releases.
AI Is the Growth Engine—And It’s Scaling Fast
Sundar Pichai, Alphabet CEO, stated: “AI is positively impacting every part of the business, driving strong momentum.”
And here’s how AI helped transform Google Q2 results:
- AI Overviews now drive over 2B monthly users and contribute to +10% growth in search queries.
- YouTube Shorts averages over 200 billion daily views, with new AI tools improving creator reach.
- Gemini 2.5 models now power core Google services and are used by over 9M developers.
- Gemini App reached 450M MAUs, and Gemini-powered agents are deployed across Google Cloud, aiding companies like Target, Wayfair, and BBVA.
AI is not just an add-on; it’s driving search engagement, ad revenues, productivity tools, and enterprise cloud transformation.
Google Cloud: From Supporting Role to Growth Star
Google Cloud’s rapid growth continued into Q2 2025:
- Revenue grew +32% YoY to $13.6B in Q2; $25.9B for H1.
- It signed as many $1B+ deals in the first half of 2025 as all of 2024 combined.
- 85,000+ enterprises now use Gemini in Cloud, including Salesforce, Capgemini, and BBVA.
Google Cloud is now becoming essential to Alphabet’s growth story, pushing its annual run-rate to over $50 billion.
YouTube, Subscriptions, and Pixel Momentum In Q2 2025
- YouTube Shorts revenue per hour now matches or exceeds traditional streams in some regions.
- YouTube Premium Lite expanded to 15 more countries.
- Subscriptions saw a boost from Google AI Pro and AI Ultra plans.
- The Pixel hardware ecosystem, especially AI-integrated phones and Wearables, gained traction.
These areas are now meaningful contributors to Alphabet’s non-advertising revenue streams.
Financial Strength & Capital Strategy
- Alphabet increased its 2025 capex plans to $85B, up from $75B in 2024.
- Q2 also saw the issuance of $12.5B in senior unsecured notes for general corporate purposes.
- Stock buybacks and increased dividends also continued through Q1 2025.
Final Word
The Google Alphabet Earnings Report for Q2 2025 shows the company outperforming on nearly all fronts.
CEO Sundar Pichai described this as a “standout quarter,” and the numbers back him up.
If the current pace holds—or even slows slightly—Alphabet could cross the $370B revenue mark in 2025, an all-time high.
The momentum in 2025 could mark a turning point in Google’s history—one where AI takes center stage across its core products and profits.
