Q4 2025 Earnings Preview: The $100B Quarter Benchmark

Thursday 29 January 2026 | Finance

Alphabet will report its Q4 2025 and full-year results on February 4, 2026. After a massive 2025 that saw the stock surge over 60%, the focus is no longer on “AI potential” but on AI execution.

The market is looking for two specific data points:

  1. Cloud Operating Margins: Following the first profitable year for Google Cloud, investors expect a structural expansion toward 30%. Any dip here will suggest that the cost of TPU clusters is eating into the bottom line.
  2. The $100B Revenue Threshold: Alphabet is expected to approach or cross the $100 billion revenue mark for a single quarter.

The Bottom Line: With the forward P/E now hovering near 30x, there is no room for a “miss.” Alphabet must prove that the AI-driven search growth seen in Q3 wasn’t a one-off spike, but a new baseline.

Tags: AI | Cloud | Earnings

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