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Google parent. GCP is the third-largest cloud provider. Investor in Anthropic. Extended server depreciation life from 4 to 6 years in 2023, adding ~$3B/yr to earnings.

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2025 CAPEX

$91.4B

YoY 2025 vs 2024

+73.8%

Latest Quarter

$26.3B

Q4'25

FY2026 Guidance

$75.0B–$80.0B

CAPEX History — Quarterly

Quarterly Data & Sources

Quarter	CAPEX	Revenue	% Rev	Source
Q4'25	$26.3B	$108.0B	24.4%	10-K FY2025 (est.)
Q3'25	$25.5B	$100.0B	25.5%	10-Q Q3 2025 (est.)
Q2'25	$22.4B	$96.4B	23.2%	10-Q Q2 2025
Q1'25	$17.2B	$90.2B	19.1%	10-Q Q1 2025
Q4'24	$14.3B	$96.5B	14.8%	10-K FY2024
Q3'24	$13.1B	$88.3B	14.8%	10-Q Q3 2024
Q2'24	$13.2B	$84.7B	15.6%	10-Q Q2 2024
Q1'24	$12.0B	$80.5B	14.9%	10-Q Q1 2024
Q4'23	$11.0B	$86.3B	12.7%	10-K FY2023
Q3'23	$11.2B	$76.7B	14.6%	10-Q Q3 2023
Q2'23	$13.2B	$74.6B	17.7%	10-Q Q2 2023
Q1'23	$12.0B	$69.8B	17.2%	10-Q Q1 2023
Q4'22	$8.3B	$76.0B	10.9%	10-K FY2022 (Q4 2022)

Q4'22 — Last pre-ChatGPT quarter

Q4'23 — Full 2023: ~$47.4B

Q4'24 — Full 2024: ~$52.6B

Q3'25 — Estimated

Q4'25 — Estimated. FY2025 total actuals ~$91.4B vs $75B guidance

Guidance Tracker

FY2025

Completed

“We expect our 2025 capital expenditures to be approximately $75 billion, reflecting our confidence in the significant long-term growth opportunity in AI.”
— Anat Ashkenazi, CFO · Q4 2024 Earnings Call, Feb 2025

Guided: $75.0B

Actual to date: $91.4B

122%

FY2026

On Track

“We expect 2026 capital expenditures to be in line with or above 2025 levels as we continue to invest in our AI infrastructure and data center capacity globally.”
— Anat Ashkenazi, CFO · Q4 2025 Earnings Call, Feb 2026 (est.)

Guided: $75.0B–$80.0B

FY2027

Pending

“Sundar Pichai reiterated multi-year commitment to AI infrastructure. 2027 investment expected to continue scaling with demand.”
— Sundar Pichai, CEO · FY2025 Analyst Day outlook (est.)

Guided: $85.0B–$95.0B