Alphabet Inc.
For the period ended Jun 30, 2025. Filed Jul 24, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 24, 2025
GOOGL$284.78+0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-25.
0001652044-25-000043
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001652044-25-000062
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 217 previous paragraphs and 228 current paragraphs.
165 unchanged; 44 reworded; 17 added; 7 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 14 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
•Operating expenses were $26.1 billion, an increase of 20% year over year, primarily driven by increases in expenses related to legal and other matters, employee compensation expenses, and depreciation expense.
Current report
•General and administrative expenses of $5.2 billion for the three months ended June 30, 2025 included a$1.4 billion charge in our Google Services segment related to a settlement in principle of certain legal matters.
Current report
•In May 2025, Alphabet issued fixed-rate senior unsecured notes for net proceeds of $12.5 billion to be used for general corporate purposes. For additional information, see Note 6 of the Notes to Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q.
Current report
•As of June 30, 2025, we had 187,103 employees.
Current report
On July 4, 2025 the OBBBA was signed into law. We are assessing the legislation and its effects on our business, operations, and financial results, including the potential effects on our effective tax rate.
Current report
Google Network revenues decreased $90 million from the three months ended June 30, 2024 to the three months ended June 30, 2025, primarily due to a decrease in AdSense and Google Ad Manager revenues, partially offset by an increase in AdMob revenues.
Current report
APAC revenue growth was favorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar weakening relative to the Japanese yen, partially offset by the U.S. dollar strengthening relative to the South Korean won and Australian dollar.
Current report
EMEA revenue growth was not materially affected by changes in foreign currency exchange rates, as the effect of the U.S. dollar weakening relative to the British pound was largely offset by the U.S. dollar strengthening relative to the Turkish lira.
Current report
Cost of revenues increased $3.5 billion from the three months ended June 30, 2024 to the three months ended June 30, 2025 due to an increase in other cost of revenues and TAC of $2.2 billion and $1.3 billion, respectively. Cost of revenues increased $6.2 billion from the six months ended June 30, 2024 to the six months ended June 30, 2025 due to an increase in other cost of revenues and TAC of $4.1 billion and $2.1 billion, respectively.
Current report
Sales and marketing expenses increased $309 million from the three months ended June 30, 2024 to the three months ended June 30, 2025, primarily driven by an increase in advertising and promotional activities of $305 million.
Current report
General and administrative expenses increased $2.1 billion and $2.6 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025, primarily driven by an increase in expenses related to legal and other matters of $2.3 billion and $2.6 billion, respectively, largely due to a settlement in principle of certain legal matters.
Current report
Google Services operating income increased $3.4 billion from the three months ended June 30, 2024 to the three months ended June 30, 2025. The increase in operating income was primarily driven by an increase in revenues, partially offset by increases in expenses related to legal and other matters, TAC, and content acquisition costs.
Current report
OI&E, net increased $10.9 billion from the six months ended June 30, 2024 to the six months ended June 30, 2025. The increase was primarily due to an increase in net unrealized gains on equity securities resulting from fair value adjustments related to observable transactions and market-driven changes.
Current report
The effective tax rate increased from the three months ended June 30, 2024 to the three months ended June 30, 2025. This increase was primarily due to a decrease in SBC-related tax benefits, and a non-deductible legal settlement in the U.S., partially offset by changes in prior period tax positions.
Current report
On July 4, 2025, the OBBBA was signed into law. This legislation includes changes to U.S. federal tax law, which may be subject to further clarification and the issuance of interpretive guidance. We are assessing the legislation and its effect on our consolidated financial statements, which we expect to begin reflecting in the three month period ended September 30, 2025.
Current report
In May 2025, we issued $5.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes in four tranches: $750 million of 4.00% notes due 2030, $1.25 billion of 4.50% notes due 2035, $1.5 billion of 5.25% notes due 2055, and $1.5 billion of 5.30% notes due 2065. Additionally in May 2025, we issued €6.75 billion of euro-denominated fixed-rate senior unsecured notes in five tranches: €1.5 billion of 2.50% notes due 2029, €1.5 billion of 3.00% notes due 2033, €1.25 billion of 3.38% notes due 2037, €1.25 billion of 3.88% notes due 2045, and €1.25 billion of 4.00% notes due 2054. The net proceeds from all notes issued in May 2025 are used for general corporate purposes.
Current report
In April 2025, the Board of Directors of Alphabet increased the quarterly cash dividend by 5% to $0.21 per share of outstanding Class A, Class B, and Class C shares.
Removed paragraphs (7)
Previous report
•Operating expenses were $23.3 billion, an increase of 9% year over year, primarily driven by increases in depreciation expense, employee compensation expenses, andother technical infrastructure operations costs.
Previous report
•In April 2025, the Board of Directors of Alphabet declared a quarterly cash dividend of $0.21 representing a 5% increase from the previous quarterly dividend of $0.20. The dividend is payable on June 16, 2025 to stockholders of record for each of the company’s Class A, Class B, and Class C shares as of June 9, 2025. For additional information, see Note 11 of the Notes to Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q
Previous report
•OI&E of $11.2 billion for the three months ended March 31, 2025 included an $8.0 billion unrealized gain on our non-marketable equity securities related to our investment in a private company.
Previous report
•As of March 31, 2025, we had 185,719 employees.
Previous report
Cost of revenues increased $2.6 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025 due to an increase in other cost of revenues and TAC of $1.8 billion and $802 million, respectively.
Previous report
General and administrative expenses increased $513 million from the three months ended March 31, 2024 to the three months ended March 31, 2025, primarily driven by an increase in charges related to legal and other matters of $292 million and a combination of other factors, none of which were individually significant.
Previous report
In April 2025, the Board of Directors of Alphabet declared a quarterly cash dividend of $0.21 representing a 5% increase from the previous quarterly dividend of $0.20. The dividend is payable on June 16, 2025 to stockholders of record for each of the company’s Class A, Class B, and Class C shares as of June 9, 2025.
Reworded paragraphs (44)
Previous wording
Revenues from Other Bets are generated primarily from the sale of healthcare-related services and internet services.
Current wording
Revenues from Other Bets are generated primarily from the sale of autonomous transportation services, healthcare-related services, and internet services.
Previous wording
•Revenues were $90.2 billion, an increase of 12% year over year, primarily driven by an increase in Google Services revenues of $6.9 billion, or 10%, and an increase in Google Cloud revenues of $2.7 billion, or 28%.
Current wording
•Revenues were $96.4 billion, an increase of 14% year over year, primarily driven by an increase in Google Services revenues of $8.6 billion, or 12%, and an increase in Google Cloud revenues of $3.3 billion, or 32%.
Previous wording
•Total constant currency revenues, which exclude the effect of hedging, increased 14% year over year.
Current wording
•Total constant currency revenues, which exclude the effect of hedging, increased 13% year over year.
Previous wording
•Cost of revenues was $36.4 billion, an increase of 8% year over year, primarily driven by increases in content acquisition costs, TAC, and depreciation expense.
Current wording
•Cost of revenues was $39.0 billion, an increase of 10% year over year, primarily driven by increases in TAC, content acquisition costs, and depreciation expense.
Previous wording
•Repurchases of Class A and Class C shares were $2.8 billion and $12.5 billion, respectively, totaling $15.3 billion for the three months ended March 31, 2025. For additional information, see Note 11 of the Notes to Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q.
Current wording
•Repurchases of Class A and Class C shares were $2.5 billion and $10.7 billion, respectively, totaling $13.3 billion for the three months ended June 30, 2025. For additional information, see Note 11 of the Notes to Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q.
Previous wording
•Operating cash flow was $36.2 billion for the three months ended March 31, 2025.
Current wording
•Operating cash flow was $27.7 billion for the three months ended June 30, 2025.
Previous wording
•Capital expenditures, which primarily reflected investments in technical infrastructure, were $17.2 billion for the three months ended March 31, 2025.
Current wording
•Capital expenditures, which primarily reflected investments in technical infrastructure, were $22.4 billion for the three months ended June 30, 2025.
Previous wording
Google Search & other revenues increased$4.5 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025. The overall growth was driven by interrelated factors including increases in search queries resulting from growth in user adoption and usage on mobile devices; growth in advertiser spending; and improvements we have made in ad formats and delivery.
Current wording
Google Search & other revenues increased $5.7 billion and $10.2 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025. The overall growth was driven by interrelated factors including increases in search queries resulting from growth in user adoption and usage on mobile devices; growth in advertiser spending; and improvements we have made in ad formats and delivery.
Previous wording
YouTube ads revenues increased $837 million from the three months ended March 31, 2024 to the three months ended March 31, 2025. The growth was driven by our direct response advertising products followed by our brand advertising products, both of which benefited from increased spending by our advertisers.
Current wording
YouTube ads revenues increased $1.1 billion and $2.0 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025. The growth was driven by our direct response advertising products followed by our brand advertising products, both of which benefited from increased spending by our advertisers.
Previous wording
Google Network revenues decreased $157 million from the three months ended March 31, 2024 to the three months ended March 31, 2025, primarily due to the unfavorable effect of foreign currency exchange rates and a decrease in Google Ad Manager and AdMob revenues. These decreases were partially offset by an increase in AdSense revenues.
Current wording
Google Network revenues decreased $247 million from the six months ended June 30, 2024 to the six months ended June 30, 2025, primarily due to a decrease in Google Ad Manager revenues and the unfavorable effect of foreign currency exchange rates. These decreases were partially offset by an increase in AdSense revenues.
Previous wording
The following table presents changes in monetization metrics for Google Search & other revenues (paid clicks and cost-per-click) and Google Network revenues (impressions and cost-per-impression), expressed as a percentage, from three months ended March 31, 2024 to three months ended March 31, 2025:
Current wording
The following table presents changes in monetization metrics for Google Search & other revenues (paid clicks and cost-per-click) and Google Network revenues (impressions and cost-per-impression), expressed as a percentage, from three and six months ended June 30, 2024 to three and six months ended June 30, 2025:
Previous wording
Google subscriptions, platforms, and devices revenues increased$1.6 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025. The growth was primarily driven by an increase in subscription revenues. The increase in subscription revenues was primarily due to growth in the number of paid subscribers across both YouTube services and Google One.
Current wording
Google subscriptions, platforms, and devices revenues increased $1.9 billion and $3.5 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025. The growth was primarily driven by an increase in subscription revenues. This increase was primarily due to the contribution from growth in paid subscriptions across both YouTube services and Google One.
Previous wording
Google Cloud revenues increased $2.7 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025 primarily driven by growth in Google Cloud Platform largely from infrastructure services.
Current wording
Google Cloud revenues increased $3.3 billion and $6.0 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025 primarily driven by growth in Google Cloud Platform largely from infrastructure services.
Previous wording
(1)Total constant currency revenues of $91.6 billion for the three months ended March 31, 2025 increased $11.1 billion compared to $80.5 billion in revenues, excluding hedging effect, for the three months ended March 31, 2024.
Current wording
(1)Total constant currency revenues of $96.0 billion for the three months ended June 30, 2025 increased $11.4 billion compared to $84.6 billion in revenues, excluding hedging effect, for the three months ended June 30, 2024.
Previous wording
EMEA revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the euro.
Current wording
EMEA revenue growth was favorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar weakening relative to the euro and British pound.
Previous wording
Other Americas revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the Brazilian real.
Current wording
Other Americas revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the Brazilian real and Mexican peso.
Previous wording
APAC revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the Japanese yen, Australian dollar, and South Korean won.
Current wording
APAC revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the Australian dollar, South Korean won, and Indian rupee.
Previous wording
Theincrease in TAC from the three months ended March 31, 2024 to the three months ended March 31, 2025 was largely due to an increase in TAC paid to distribution partners, primarily driven by growth in revenues subject to TAC. The TAC rate decreased from 21.0% to 20.6% from the three months ended March 31, 2024 to the three months ended March 31, 2025 primarily due to a revenue mix shift from Google Network properties to Google Search & other properties. The TAC rate on Google Search & other revenues increased from the three months ended March 31, 2024 to the three months ended March 31, 2025 primarily due to increases related to mobile searches, which carries higher TAC because more mobile searches are channeled through paid access points. The TAC rate on Google Network revenues decreased from the three months ended March 31, 2024 to the three months ended March 31, 2025 due to a combination of factors, none of which were individually significant.
Current wording
The increase in TAC from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025 was largely due to an increase in TAC paid to distribution partners, primarily driven by growth in revenues subject to TAC. The TAC rate decreased from 20.7% to 20.6% from the three months ended June 30, 2024 to the three months ended June 30, 2025 and decreased from 20.9% to 20.6% from the six months ended June 30, 2024 to the six months ended June 30, 2025, primarily due to a revenue mix shift from Google Network properties to Google Search & other properties partially offset by an increase in the Google Search & other TAC rate. The TAC rate on Google Search & other revenues increased from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025 primarily due to increases related to mobile searches. The TAC rate on Google Network revenues was substantially consistent from the three months ended June 30, 2024 to the three months ended June 30, 2025 and decreased from the six months ended June 30, 2024 to the six months ended June 30, 2025 due to a combination of factors, none of which were individually significant.
Previous wording
The increase in other cost of revenues from the three months ended March 31, 2024 to the three months ended March 31, 2025 was primarily due to increases in content acquisition costs, largely for YouTube, depreciation expense, and other technical infrastructure operations costs.
Current wording
The increase in other cost of revenues from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025 was primarily due to increases in content acquisition costs, largely for YouTube, depreciation expense, and certain app and platform distribution costs.
Previous wording
R&D expenses increased $1.7 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025, primarily driven by increases in employee compensation expenses of $697 million and depreciation expense of $491 million.
Current wording
R&D expenses increased $1.9 billion and $3.6 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025, primarily driven by increases in employee compensation expenses of $851 million and $1.5 billion as well as depreciation expense of $575 million and $1.1 billion, respectively.
Previous wording
Sales and marketing expenses decreased $254 million from the three months ended March 31, 2024 to the three months ended March 31, 2025 primarily driven by a decrease in employee compensation expenses of $307 million.
Current wording
Sales and marketing expenses increased $55 million from the six months ended June 30, 2024 to the six months ended June 30, 2025, primarily driven by an increase in advertising and promotional activities of $361 million, partially offset by a decrease in employee compensation expenses of $314 million.
Previous wording
(1)In addition to the costs included in Alphabet-level activities, hedging gains (losses) related to revenue were $72 million and$260 millionfor the three months ended March 31, 2024 and 2025, respectively. Alphabet-level activities include all of the charges related to employee severance and office space charges.
Current wording
(1)In addition to the costs included in Alphabet-level activities, hedging gains (losses) related to revenue were $102 millionand $(112) millionfor the three months ended June 30, 2024 and 2025, respectively, and $174 million and $148 million for the six months ended June 30, 2024 and 2025, respectively. Alphabet-level activities include charges related to employee severance and office space charges.
Previous wording
Google Services operating income increased $4.8 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025. The increase in operating income was primarily driven by an increase in revenues, partially offset by increases in content acquisition costs and TAC.
Current wording
Google Services operating income increased $8.2 billion from the six months ended June 30, 2024 to the six months ended June 30, 2025. The increase in operating income was primarily driven by an increase in revenues, partially offset by increases in TAC and content acquisition costs.
Previous wording
Google Cloud operating income increased $1.3 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025. The increase in operating income was primarily driven by an increase in revenues, partially offset by increases in usage costs for technical infrastructure and employee compensation expenses.
Current wording
Google Cloud operating income increased $1.7 billion and $2.9 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025, respectively. The increase in operating income was primarily driven by an increase in revenues, partially offset by increases in usage costs for technical infrastructure and employee compensation expenses.
Previous wording
Other Bets operating loss increased $206 million from the three months ended March 31, 2024 to the three months ended March 31, 2025. The increase in operating loss was due to a combination of factors, none of which were individually significant.
Current wording
Other Bets operating loss increased $112 million and $318 million from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025, respectively. The increase in operating loss was due to a combination of factors, none of which were individually significant.
Previous wording
OI&E, net increased $8.3 billion from the three months ended March 31, 2024 to the three months ended March 31, 2025 primarily due to an increase in net gains on equity securities. The net gains on equity securities were due to net unrealized gains on non-marketable equity securities driven by fair value adjustments related to observable transactions.
Current wording
OI&E, net increased $2.5 billion from the three months ended June 30, 2024 to the three months ended June 30, 2025 primarily due to an increase in net gains on equity and debt securities. The increase was primarily due to an increase in net unrealized gains on equity securities resulting from market-driven changes and fair value adjustments related to observable transactions, and increased net gains on debt securities due to lower market interest rates.
Previous wording
The effective tax rate increased from the three months ended March 31, 2024 to the three months ended March 31, 2025. This increase was primarily due to lower effective tax rate impacts in the U.S. federal Foreign Derived Intangible Income tax deduction, R&D credits, and stock-based compensation-related tax benefits.
Current wording
The effective tax rate increased from the six months ended June 30, 2024 to the six months ended June 30, 2025. This increase was primarily due to a decrease in SBC-related tax benefits, lower effective tax rate impacts in the U.S. federal Foreign Derived Intangible Income tax deduction, and a non-deductible legal settlement in the U.S., partially offset by changes in prior period tax positions.
Previous wording
The OECD is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%. Some countries have already implemented the legislation effective January 1, 2024, and we expect others to follow, however this did not have a material effect on our income tax provision for the period ending March 31, 2025.
Current wording
The Organization for Economic Cooperation and Development is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%. Some countries have already implemented the legislation effective January 1, 2024, and we expect others to follow, however this did not have a material effect on our income tax provision for the period ending June 30, 2025.
Previous wording
As of March 31, 2025, we had $95.3 billion in cash, cash equivalents, and short-term marketable securities. Cash equivalents and marketable securities are comprised of time deposits, money market funds, highly liquid government bonds, corporate debt securities, mortgage-backed and asset-backed securities, and marketable equity securities.
Current wording
As of June 30, 2025, we had $95.1 billion in cash, cash equivalents, and short-term marketable securities. Cash equivalents and marketable securities are comprised of time deposits, money market funds, highly liquid government bonds, corporate debt securities, mortgage-backed and asset-backed securities, and marketable equity securities.
Previous wording
Net cash provided by operating activities increased from the three months ended March 31, 2024 to the three months ended March 31, 2025 due to an increase in cash received from customers, partially offset by an increase in cash payments for cost of revenues and operating expenses.
Current wording
Net cash provided by operating activities increased from the six months ended June 30, 2024 to the six months ended June 30, 2025 due to an increase in cash received from customers, partially offset by an increase in cash payments for cost of revenues and operating expenses and an increase in income tax payments.
Previous wording
Net cash used in investing activities increased from the three months ended March 31, 2024 to the three months ended March 31, 2025 primarily due to an increase in purchases of property and equipment and a decrease in maturities and sales of marketable securities, partially offset by a decrease in purchases of marketable securities. The increase in purchases of property and equipment is primarily driven by investments in technical infrastructure.
Current wording
Net cash used in investing activities increased from the six months ended June 30, 2024 to the six months ended June 30, 2025 primarily due to a decrease in maturities and sales of marketable securities and an increase in purchases of property and equipment primarily driven by investments in technical infrastructure.
Previous wording
Net cash used in financing activities increased from the three months ended March 31, 2024 to the three months ended March 31, 2025 due to dividend payments, partially offset by an increase in proceeds from issuance of debt, net of repayments.
Current wording
Net cash used in financing activities decreased from the six months ended June 30, 2024 to the six months ended June 30, 2025 due to an increase in proceeds from issuance of debt, net of repayments.
Previous wording
During the three months ended March 31, 2024 and 2025, we spent $12.0 billion and $17.2 billion on capital expenditures, respectively. We expect to increase, relative to 2024, our investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services. Depreciation of our property and equipment commences when such assets are ready for our intended use. For the three months ended March 31, 2024 and 2025, depreciation on property and equipment was $3.4 billion and $4.5 billion, respectively.
Current wording
During the six months ended June 30, 2024 and 2025, we spent $25.2 billion and $39.6 billion on capital expenditures, respectively. We expect to increase, relative to 2024, our investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services. Depreciation of our property and equipment commences when such assets are ready for our intended use. For the six months ended June 30, 2024 and 2025, depreciation on property and equipment was $7.1 billion and $9.5 billion, respectively.
Previous wording
As of March 31, 2025, the amount of total future lease payments under operating and finance leases was $17.0 billion and $2.5 billion, respectively.
Current wording
As of June 30, 2025, the amount of total future lease payments under operating and finance leases was $17.4 billion and $2.6 billion, respectively.
Previous wording
As of March 31, 2025, we have entered into leases primarily related to data centers that have not yet commenced with future lease payments of $17.3 billion. These leases will commence between 2025 and 2031 with non-cancelable lease terms between one and 25 years.
Current wording
As of June 30, 2025, we have entered into leases primarily related to data centers that have not yet commenced with future lease payments of $23.9 billion. These leases will commence between 2025 and 2031 with non-cancelable lease terms between one and 25 years.
Previous wording
We have a short-term debt financing program of up to $10.0 billion through the issuance of commercial paper. Net proceeds from this program are used for general corporate purposes. As of March 31, 2025, we had $2.5 billion of short-term commercial paper outstanding.
Current wording
We have a short-term debt financing program of up to $25.0 billion through the issuance of commercial paper. Net proceeds from this program are used for general corporate purposes. As of June 30, 2025, we had $3.0 billion of short-term commercial paper outstanding.
Previous wording
As of March 31, 2025, we had senior unsecured notes outstanding with a total carrying value of $11.9 billion.
Current wording
As of June 30, 2025, we had senior unsecured notes outstanding with a total carrying value of $24.6 billion.
Previous wording
As of March 31, 2025, we had $10.0 billion of revolving credit facilities,$4.0 billion expiring in April 2025 and$6.0 billion expiring in April 2028. In April 2025, we entered into a new $4.0 billion revolving credit facility expiring in April 2026. Additionally, we terminated the $6.0 billion revolving credit facility expiring in April 2028 and entered into a new $6.0 billion revolving credit facility expiring in April 2030. The interest rates for all credit facilities are determined based on a formula using certain market rates. No amounts have been borrowed under the credit facilities.
Current wording
As of June 30, 2025, we had$10.0 billion of revolving credit facilities, $4.0 billion expiring in April 2026 and$6.0 billion expiring in April 2030. The interest rates for all credit facilities are determined based on a formula using certain market rates. No amounts have been borrowed under the credit facilities.
Previous wording
During the three months ended March 31, 2025, we repurchased and subsequently retired 83 million shares for $15.3 billion.
Current wording
During the three and six months ended June 30, 2025, we repurchased and subsequently retired 81 million and 164 million shares for $13.3 billion and $28.6 billion, respectively.
Previous wording
In April 2024, the Board of Directors of Alphabet authorized the company to repurchase up to $70.0 billion of its Class A and Class C shares. As of March 31, 2025,$29.5 billion remained available for Class A and Class C share repurchases. In April 2025, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 billion of Class A and Class C shares.
Current wording
In April 2024, the Board of Directors of Alphabet authorized the company to repurchase up to $70.0 billion of its Class A and Class C shares. In April 2025, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 billion of Class A and Class C shares. As of June 30, 2025,$86.3 billion remained available for Class A and Class C share repurchases.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(1)Total constant currency revenues of $187.6 billion for the six months ended June 30, 2025 increased $22.5 billion compared to$165.1 billion in revenues, excluding hedging effect, for the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Other Americas revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the Brazilian real and Mexican peso.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•In March 2025, we entered into a definitive agreement to acquire Wiz, a leading cloud security platform, for $32.0 billion, subject to closing adjustments, in an all-cash transaction. The acquisition of Wiz is expected to close in 2026, subject to customary closing conditions, including the receipt of regulatory approvals. Upon the close of the acquisition, Wiz will be part of the Google Cloud segment.