内容来源：https://blog.google/company-news/inside-google/message-ceo/alphabet-earnings-q4-2025/

内容总结：

谷歌母公司Alphabet发布2025年第四季度财报：年度营收首破4000亿美元，AI战略全面驱动增长

在近日举行的2025年第四季度财报电话会议上，谷歌与Alphabet首席执行官桑达尔·皮查伊宣布，公司年度营收历史上首次突破4000亿美元大关，标志着该科技巨头在人工智能（AI）时代实现了里程碑式的增长。

皮查伊将这一强劲业绩归功于AI技术，特别是Gemini 3模型的发布，称其为“重大里程碑”，正为公司各业务线带来真实的增长动力和商业成果。财报数据显示，AI已成为驱动公司核心业务加速发展的核心引擎。

各业务板块表现亮眼：

• 搜索业务：营收同比增长17%，持续加速。AI功能深度整合，使用AI模式的用户日均查询量自功能推出以来已翻倍。
• YouTube业务：年度总营收（含广告和订阅）突破600亿美元。在电视大屏端，YouTube已连续近三年成为美国排名第一的流媒体服务。
• 谷歌云业务：增长显著提速，营收同比猛增48%，年化营收运行率超过700亿美元。未履行合同金额环比增长55%，达2400亿美元，其中AI产品需求是主要驱动力。
• 订阅与服务：全平台付费订阅总数超过3.25亿。仅推出四个月的Gemini Enterprise（企业版）已售出超800万付费席位，获得超过2800家企业客户采用。

AI基础设施与创新成果丰硕：
皮查伊详细阐述了公司“全栈式”AI战略的优势。谷歌拥有业界最广泛的计算选项组合，并与英伟达等伙伴紧密合作。通过模型优化和效率提升，2025年内将Gemini服务的单位成本降低了78%。

在模型能力上，Gemini 3 Pro在推理和多模态理解上处于业界领先地位，其采用速度创下公司历史记录。基于最新模型的开发平台Google Antigravity上线仅两个多月，周活跃用户已超150万。

AI产品化与生态扩展迅速：
公司正大规模将AI创新融入产品。仅今年1月，就推出了搜索与Gemini应用中的“个人智能”模式、为Gmail添加新AI功能、将Chrome重新构想为AI优先的智能浏览器，并发布了能让用户实时生成互动世界的Project Genie。

在硬件生态方面，通过与三星等伙伴合作，Gemini正被引入从XR设备到客厅智能终端等更多设备。皮查伊也确认，Pixel 10a手机即将加入广受好评的Pixel 10系列。

云业务成为AI变现关键：
谷歌云被强调为AI投资成果的重要体现。近75%的云客户使用了其垂直优化的AI解决方案。基于生成式AI模型构建的产品收入在第四季度同比增长近400%。目前，超过12万家企业正在使用Gemini，包括空中客车、霍尼韦尔等全球巨头，以及Salesforce、Shopify等顶级SaaS公司。

皮查伊特别提到，谷歌正与苹果公司合作，作为其首选云服务提供商，并基于Gemini技术共同开发下一代苹果基础模型。

其他业务进展：

• Waymo：近期完成了迄今为止最大规模的融资轮。去年12月，其完全自动驾驶行程累计已突破2000万次，目前每周提供超过40万次出行服务，并正在向美国迈阿密、英国、日本等地扩展。
• 2026年展望：为把握AI机遇，公司预计2026年的资本支出将在1750亿至1850亿美元之间，以持续满足客户需求并投资未来增长。

皮查伊总结称，2025年对公司而言是“非凡的一年”，公司正以强劲态势步入2026年。

中文翻译：

第四季度财报电话会议：首席执行官致辞

编者按： 我们的第四季度业绩显示，Alphabet在本季度取得了非凡成就。在今天的2025年第四季度财报电话会议上，谷歌和Alphabet首席执行官桑达尔·皮查伊强调了Gemini 3的发布是一个重要里程碑，正在推动整个公司形成强劲的发展势头和业务成果。Alphabet年度营收首次突破4000亿美元。以下是他讲话的文字记录。

对Alphabet而言，这是一个非凡的季度。Gemini 3的发布是一个重要里程碑，我们正保持着强劲的发展势头。

Alphabet年度营收首次突破4000亿美元。本季度：

• 搜索业务持续加速增长，营收增长17%。
• YouTube年度营收（涵盖广告和订阅）突破600亿美元。
• 云业务显著加速，营收增长48%，目前年化营收运行率已超过700亿美元。积压订单额环比增长55%，达到2400亿美元，这得益于市场对AI产品的广泛需求，客户基础非常多元化。
• 我们的消费者服务付费订阅用户数超过3.25亿，Google One和YouTube Premium的采用率强劲。此外，我们仅在四个月前推出的Gemini Enterprise付费席位已售出超过800万个。
• 我们的Gemini应用月活跃用户现已超过7.5亿。同时，我们看到单用户参与度显著提高，特别是在去年12月Gemini 3发布之后。

总体而言，我们看到我们的AI投资和基础设施正在全面推动营收和增长。为满足客户需求并抓住眼前不断增长的市场机遇，我们预计2026年的资本支出投资将在1750亿至1850亿美元之间。

今天，我将首先介绍我们在AI方面的最新进展，然后分享搜索、云、YouTube和Waymo业务的亮点。

我们的全栈式AI战略

AI基础设施

我们无与伦比的基础设施是我们AI技术栈的基石。

我们拥有业界最广泛的计算选项。这包括来自我们合作伙伴英伟达的GPU，他们在CES上宣布，我们将成为首批提供其最新Vera Rubin GPU平台的厂商之一。

此外，还有我们自主研发了十年的TPU。

去年12月，我们宣布有意收购Intersect公司，该公司提供数据中心和能源基础设施解决方案。

随着规模的扩大，我们的效率也在大幅提升：通过模型优化、效率提升和利用率改进，我们得以在2025年内将Gemini服务的单位成本降低了78%。

世界一流的AI研究，包括模型与工具

我们提供全球最广泛的模型组合，并在文本、视觉和图像到视频领域的LMArena排行榜上处于领先地位。

Gemini 3 Pro在推理和多模态理解方面达到了业界最高水平。它在我们历史上所有模型中获得了最快的采用速度。自发布以来，Gemini 3 Pro平均每日处理的token数量是2.5 Pro的三倍。

我们的最新模型驱动着Google Antigravity——这是我们新的开发平台，智能体可以在其中自主规划和执行复杂的软件任务。该平台在推出仅两个多月后，周活跃用户数已超过150万。

我们的第一方模型（如Gemini）现在通过客户直接API调用，每分钟处理的token数量超过100亿，而上个季度是70亿。

将AI融入我们的产品与平台

我们正在大规模推出创新，为全球用户提供实用的AI功能。仅在1月份，我们就：

• 在搜索的AI模式和Gemini应用中推出了个人智能功能；
• 为Gmail引入了新的AI功能并更新了Veo；
• 通过Chrome自动浏览等功能，将Chrome重塑为一款AI优先、具备智能体能力的浏览器；
• 宣布了Project Genie，用户可以利用我们的通用世界模型Genie 3，实时创建和探索生成的交互式世界；
• 通过与众多零售业领导者共同构建新的开放式智能体商务标准——通用商务协议，为AI时代的购物奠定了基础。
• 最后，从Android到Pixel，我们正将最出色的AI能力带给用户。在CES上，包括三星在内的一系列合作伙伴展示了他们如何将Gemini带到更多设备上，从XR到头戴设备，再到客厅及其他场景。
• 同时，为了回应传闻，我们很快将把Pixel 10a加入到我们广受好评的Pixel 10系列中。

搜索业务

随着AI持续推动扩张性增长，第四季度搜索的使用量达到了前所未有的水平。我们的执行速度令人惊叹。仅上个季度，我们就在AI模式和AI概览中推出了超过250项产品更新。

我们已将Gemini 3直接集成到搜索的AI模式中。现在，搜索能更好地理解您的查询，在网络上进行更深入的探索，并生成交互式UI体验。上周，我们将AI概览升级至Gemini 3，在搜索结果页面顶部为用户提供顶级的AI响应。

我们还使搜索体验更加连贯，确保从AI概览无缝过渡到AI模式下的对话。事实证明，这些新体验更有帮助，并推动了更高的使用率。几个亮点：

• 首先，一旦人们开始使用这些新体验，他们就会更多地使用。在美国，我们看到自发布以来，每位用户的每日AI模式查询量翻了一番，AI概览的表现也持续优异。
• 其次，人们正在进行更长、更复杂的会话。AI模式下的查询长度是传统搜索的三倍。我们还看到会话变得更加对话化，AI模式中相当一部分查询现在会引发后续问题。
• 第三，人们正在使用文本以外的新方式进行搜索。现在近六分之一的AI模式查询是非文本形式，使用语音或图像。而"圈选即搜"功能现已可在超过5.8亿台Android设备上使用。

谷歌云

我们在营收、运营利润率和积压订单方面的增长凸显了我们整个产品组合的实力：

• 第一，我们赢得新客户的速度更快。到年底时，我们的新客户获取速度比第一季度快了一倍。
• 第二，我们也在签署更大的客户承诺。2025年交易额超过10亿美元的交易数量超过了前三年之和。
• 第三，我们继续深化与现有客户的关系，他们的实际使用量超出了最初承诺的30%以上。

近75%的谷歌云客户使用了我们垂直优化的AI产品——从芯片、模型到AI平台，再到企业AI智能体，这些产品提供了卓越的性能、质量、安全性和成本效益。这些AI客户使用的产品数量是非AI客户的1.8倍，使我们能够实现产品组合多元化、深化客户关系并加速营收增长。

我们的产品线拥有多种盈利杠杆，涵盖基础设施、平台以及高利润的AI驱动产品和服务，其中有14条产品线的年营收超过10亿美元。

我们为云客户提供领先的AI训练和推理基础设施，拥有业界最广泛的计算选项，从我们自研的第七代Ironwood TPU到最新的英伟达GPU。我们在自研加速器方面拥有十年的经验，在芯片、系统、网络和软件方面的专业知识转化为大规模推理和训练方面领先的能效和性能效率。我们的云AI加速器服务于领先的前沿AI实验室；像Citadel Securities这样的资本市场公司；像梅赛德斯-奔驰这样的企业；以及用于高性能计算应用的政府机构。

我们还向云客户提供领先的生成式AI模型，包括Gemini、Imagen、Veo、Chirp和Lyria。仅在12月，就有近350名客户各自处理了超过1000亿个token。第四季度，基于我们生成式AI模型构建的产品的营收同比增长近400%，较前一季度显著加速。如今，超过12万家企业正在使用Gemini，包括Lovable和OpenEvidence等AI独角兽，以及空客和霍尼韦尔等全球企业。前20大SaaS公司中的95% 以及前100大SaaS公司中的超过80% 都在使用Gemini，包括Salesforce和Shopify。Gemini正在成为全球最成功软件公司的AI引擎。

领先企业也对我们企业AI智能体产生了强劲需求。我们已经向包括BNY和Virgin Voyages在内的超过2800家公司售出了超过800万个Gemini Enterprise付费席位，以简化知识管理和自动化流程。Gemini Enterprise在第四季度管理了超过50亿次客户互动，同比增长65%，客户包括Wendy's、Kroger和Woolworths Group。我们将Gemini集成到Google Workspace中，正赢得像Schwarz Group这样的全球品牌以及像美国交通部这样的公共部门组织的青睐。

我们在独立软件供应商方面也看到了增长势头。合作伙伴基于我们平台构建的AI解决方案带来的营收同比增长近300%，我们前15大软件合作伙伴的承诺额同比增长超过16倍。

在继续之前，我很高兴地宣布，我们正与苹果公司合作，作为其首选的云服务提供商，并基于Gemini技术共同开发下一代苹果基础模型。

YouTube业务

我想强调四点：

• 第一，流媒体：在客厅电视端，根据尼尔森数据，YouTube在美国连续近三年保持流媒体第一的位置。从NFL到科切拉音乐节，YouTube是人们观看当今最热门流行文化盛事的地方。
• 第二，订阅服务：我们在YouTube上持续看到强劲的订阅收入增长，尤其是YouTube Music Premium。我们很快将推出新的YouTube TV套餐，为订阅者提供超过10种特定类型的套餐，带来更多选择和灵活性。NFL的Sunday Ticket订阅用户在YouTube上增长强劲……达到了该产品历史上最高的付费订阅用户数。
• 第三，播客：为了说明YouTube的受欢迎程度，在2025年10月，观众在客厅设备上观看了超过7亿小时的播客内容，较一年前增长了75%。
• 第四，AI正在改变创作者和观众的YouTube体验。在12月，平均每天有超过100万个频道使用我们的新AI创作工具来激发他们的创造力。同月，超过2000万观众使用了我们由Gemini驱动的新"提问"工具，以了解更多关于他们所观看内容的信息。

Waymo业务

本周，Waymo完成了迄今为止规模最大的一轮融资，以安全为核心，为继续保持发展势头做好了充分准备。去年12月，我们完成了超过2000万次全自动驾驶行程，现在每周提供超过40万次出行服务。

Waymo继续扩大其服务区域。其第六个市场——迈阿密于两周前启动服务，Waymo很快将把服务扩展到美国多个城市，以及英国和日本。团队在重要能力方面取得了惊人进展，包括向机场和高速公路开放公共服务。

总结

总而言之，2025年对公司来说是辉煌的一年。衷心感谢全球的员工和合作伙伴。我们对进入2026年充满信心，形势非常有利。

英文来源：

Q4 earnings call: Remarks from our CEO
Editor’s Note: Our Q4 results show a tremendous quarter for Alphabet. On today’s 2025 Q4 earnings call, Google and Alphabet CEO Sundar Pichai highlighted how the launch of Gemini 3 was a major milestone and is driving real momentum and business results across the company. Alphabet annual revenues exceeded $400 billion for the first time. Below is a transcript of his remarks.
It was a tremendous quarter for Alphabet. The launch of Gemini 3 was a major milestone and we have great momentum.
Alphabet annual revenues exceeded $400 hundred billion for the first time. This quarter:

• Search continued to accelerate with revenues growing 17%.
• YouTube’s annual revenues surpassed $60 billion across ads and subscriptions.
• Cloud significantly accelerated with revenues growing 48%, now on an annual run rate of over $70 billion. Backlog grew by 55% quarter over quarter to $240 billion, representing a wide breadth of customers, driven by demand for AI products.
• We have over 325 million paid subscriptions across consumer services, with strong adoption for Google One and YouTube Premium. In addition, we have sold more than eight million paid seats of Gemini Enterprise, which we launched just four months ago.
• And our Gemini App now has over 750 million monthly active users. We’re also seeing significantly higher engagement per user, especially since the launch of Gemini 3 in December.
  Overall, 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 ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion.
  Today, I’ll provide an update on our AI progress and then share highlights from Search, Cloud, YouTube and Waymo.
  Our full-stack approach to AI
  AI Infrastructure
  Our unrivaled infrastructure serves as the bedrock of our AI stack.
  We have the industry’s widest variety of compute options. That includes GPUs from our partner NVIDIA, who announced at CES that we’ll be among the first to offer their latest Vera Rubin GPU platform.
  Plus, our own TPUs that we’ve been developing for a decade.
  In December, we announced our intent to acquire Intersect, which provides data center and energy infrastructure solutions.
  As we scale, we’re getting dramatically more efficient: we were able to lower Gemini serving unit costs by 78% over 2025 through model optimizations, efficiency and utilization improvements.
  World-class AI research, including models and tooling
  We offer the most extensive model portfolio in the world and lead across Text, Vision and Image-to-Video LMArena leaderboards.
  Gemini 3 Pro drives the state of the art in reasoning and multimodal understanding. It has seen the fastest adoption of any model in our history. Since launch, Gemini 3 Pro has consistently processed three times as many daily tokens on average as 2.5 Pro.
  Our latest model powers Google Antigravity, our new development platform where agents can autonomously plan and execute complex software tasks. It already has more than 1.5 million weekly active users after launching just over two months ago.
  Our first party models, like Gemini, now process over 10 billion tokens per minute via direct API use by our customers, up from 7 billion last quarter.
  Bringing AI to our Products and platforms
  We’re shipping innovation at scale to bring helpful AI features to people everywhere. In January alone, we have:
• Launched Personal Intelligence in AI Mode in Search and the Gemini app;
• Introduced new AI features to Gmail and updated Veo;
• Reimagined Chrome as an AI-first, agentic browser through features like Chrome Auto Browse;
• Announced Project Genie, which lets users create and explore interactive worlds generated in real-time using Genie 3, our general purpose world model;
• And we laid the groundwork for shopping in the AI era by introducing a new open standard for agentic commerce, the Universal Commerce Protocol, built alongside many retail industry leaders.
• Finally, from Android to Pixel, we're getting our best AI capabilities into people's hands. At CES, a range of partners, including Samsung, showcased how they're bringing Gemini to more devices, from XR to the living room and beyond.
• And to confirm the rumors, we'll be introducing our Pixel 10a to our best-ever rated Pixel 10 series very soon.
  Search
  Search saw more usage in Q4 than ever before, as AI continues to drive an expansionary moment. We’ve executed with incredible speed. We shipped over 250 product launches within AI Mode and AI Overviews just last quarter.
  We’ve integrated Gemini 3 directly into AI Mode in Search. Now, Search can better understand your query, dive deeper on the web, and generate interactive UI experiences. And last week, we upgraded AI Overviews to Gemini 3, giving users a best-in-class AI response at the top of the search results page.
  We’ve also made the Search experience more cohesive, ensuring the transition from an AI Overview to a conversation in AI Mode is completely seamless. These new experiences are proving to be more helpful and are driving greater usage. A few highlights:
• First, once people start using these new experiences, they use them more. In the US, we saw daily AI Mode queries per user double since launch and AI Overviews continue to perform very well.
• Second, people are engaging in longer, more complex sessions. Queries in AI Mode are three-times longer than traditional searches. We are also seeing sessions become more conversational, with a significant portion of queries in AI Mode now leading to a follow-up question.
• Third, people are searching in new ways beyond text. Nearly one in six AI Mode queries are now non-text, using voice or images. And Circle to Search is now available on over 580 million Android devices.
  Google Cloud
  Our growth in revenue, operating margin and backlog highlights the strength of our entire portfolio:
• One, we are winning more new customers faster. We exited the year with double the new customer velocity compared to Q1.
• Two, we are also signing larger customer commitments. The number of deals in 2025 over a billion dollars surpassed the previous three years combined.
• And three, we continue to deepen our relationships with existing customers, who are outpacing their initial commitments by over 30%.
  Nearly 75% of Google Cloud customers have used our vertically optimized AI – from chips, to models, to AI platforms, and enterprise AI agents which offer superior performance, quality, security and cost-efficiency. These AI customers use 1.8 times as many products as those who do not, enabling us to diversify our product portfolio, deepen customer relationships and accelerate revenue growth.
  Our product line has multiple monetization levers, spanning infrastructure; platform; and high-margin, AI-powered products and services with fourteen product lines each exceeding one billion in annual revenue.
  We offer leading infrastructure for AI training and inference to our cloud customers, with the industry’s widest variety of compute options, from our own seventh-generation Ironwood TPU to the latest NVIDIA GPUs. Our ten-year track record in building our own accelerators, with expertise in chips, systems, networking and software translates to leading power and performance efficiency for large scale inference and training. Our Cloud AI accelerators serve the leading frontier AI labs; capital markets firms like Citadel Securities; enterprises like Mercedes Benz; and governments for high performance computing applications.
  We also offer our leading generative AI models, including Gemini, Imagen, Veo, Chirp and Lyria to Cloud customers. In December alone, nearly 350 customers each processed more than 100 billion tokens. In Q4, revenue from products built on our generative AI models grew nearly 400% year-over-year, significantly accelerating from the prior quarter. Today, more than 120 thousand enterprises use Gemini, including AI unicorns like Lovable and OpenEvidence, and global enterprises like Airbus and Honeywell. 95% of the top 20, and over 80% of the top 100 SaaS companies use Gemini including Salesforce and Shopify. Gemini is becoming the AI engine for the world's most successful software companies.
  Leading enterprises are also driving strong demand for our enterprise AI agents. We have sold more than 8 million paid seats of Gemini Enterprise, our enterprise AI platform, to more than 2,800 companies including BNY and Virgin Voyages, to streamline knowledge management and automate processes. Gemini Enterprise managed over 5 billion customer interactions in Q4 growing 65% year-over-year, for customers including Wendy’s, Kroger and Woolworths Group. Our integration of Gemini in Google Workspace is driving wins with global brands like Schwarz Group and public sector organizations like the US Department of Transportation.
  We are also seeing momentum with independent software vendors. Revenue from AI solutions built by our partners increased nearly 300% year-over-year, and commitments from our top 15 software partners grew more than 16X year-over-year.
  Before moving on, I’m pleased that we are collaborating with Apple as their preferred Cloud provider and to develop the next generation of Apple Foundation Models, based on Gemini technology.
  YouTube
  I want to highlight four points:
• First, streaming: In the living room, YouTube continues to be the number one streamer in the US for nearly three years, according to Nielsen. From the NFL to Coachella, YouTube is where people watch today's biggest popular culture moments unfold.
• Second, subscriptions: We continue to see strong subscription revenue growth across YouTube, particularly YouTube Music Premium. We’ll soon launch new YouTube TV Plans, bringing more choice and flexibility to subscribers with over 10 genre-specific packages. And the NFL has seen strong NFL Sunday Ticket subscriber growth with YouTube… with the highest paid subscriber number ever in the history of the product.
• Third, podcasts: To illustrate YouTube’s popularity, in October 2025, viewers watched over 700 million hours of podcasts on living room devices, up 75% from just a year prior.
• And fourth, AI is transforming the YouTube experience for both creators and viewers. On average, every day in December, over one million channels used our new AI creation tools to supercharge their creativity. During that same month, more than 20 million viewers used our new Ask tool, powered by Gemini, to learn more about the content they watched.
  Waymo
  This week, Waymo raised its largest investment round to date, and is well positioned to continue its momentum, with safety at the core. In December, we surpassed 20 million fully autonomous trips and are now providing more than 400 thousand rides every week.
  Waymo continues to expand its service territory. Its sixth market, Miami, launched two weeks ago, and Waymo will soon expand its service to multiple cities across the US, and in the UK and Japan. The team has made incredible progress on important capabilities, including opening up public service to airports and freeways.
  In closing, 2025 was a fantastic year for the company. A big thanks to our employees and partners worldwide. We’re really well positioned going into 2026.