Alphabet
GOOGLQ3 2025(GOOGL Q2 FY2025)Stated4.8% AI
AI Revenue %
4.8%
AI Fair Value
$130.7B
AI Revenue (Q)
$4.6B
Total Revenue (Q)
$96.4B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Google Cloud revenue was $13,624M in Q2 2025, up 32% YoY from $10,347M. The 32% growth rate (accelerating from 28% in Q1) signals increasing AI adoption. Management has consistently highlighted AI as the primary driver of Google Cloud acceleration. Estimating ~34% of Google Cloud as Ring 1 Core AI (Vertex AI, Gemini API/Enterprise, TPU/GPU cloud for AI training/inference), reflecting the accelerating mix shift toward AI services: $13,624M x 0.34 = $4,632M, rounded to $4,630M. This excludes Google Workspace (even with Gemini features, Workspace is fundamentally a productivity suite — Ring 2), traditional GCP infrastructure, and all advertising. Math: $4,630M / $96,428M = 4.8%.
Analyzed by claude-opus-4-6
Quoted Figures
Google Cloud $13,624 [million, Three Months Ended June 30, 2025]
Q2 FY2025 10-Q Note 2 Disaggregated Revenues
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%
Q2 FY2025 10-Q MD&A Executive Overview
Google Cloud Platform, which generates consumption-based fees and subscriptions for infrastructure, platform, and other services. These services provide access to solutions such as AI offerings including our AI infrastructure, Vertex AI platform, and Gemini for Google Cloud: cybersecurity; and data and analytics
Q2 FY2025 10-Q MD&A Google Cloud description
Confidence Tier
StatedAI figures cited by management on earnings calls