<p><strong>字母表</strong>（GOOG -0.99%）（GOOGL -1.10%），作为谷歌和 YouTube 背后的科技集团，于 2025 年 7 月 23 日公布了第二季度业绩。主要亮点包括收入和盈利的强劲双位数增长，业绩在这两个方面均超出分析师预期。GAAP 收入总计为 964 亿美元，超过了 940 亿美元的共识预期，而每股收益（EPS）为 2.31 美元，高于 2.18 美元的预估。净收入也同比增长了 19%。</p>
<p>本季度突显了核心产品线的强劲需求——尤其是谷歌云——以及新人工智能功能的成功推出。然而，管理层指出，支出增长，特别是在资本支出和法律费用方面，正在上升，未来几个季度应予以关注。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益</td>
<td>$2.31</td>
<td>$2.18</td>
<td>$1.89</td>
<td>22%</td>
</tr>
<tr>
<td>收入</td>
<td>$964 亿美元</td>
<td>$940 亿美元</td>
<td>$847 亿美元</td>
<td>14%</td>
</tr>
<tr>
<td>营业利润率</td>
<td>32.4%</td>
<td></td>
<td>32%</td>
<td>0.4%</td>
</tr>
<tr>
<td>净收入</td>
<td>$282 亿美元</td>
<td></td>
<td>$236 亿美元</td>
<td>19%</td>
</tr>
<tr>
<td>自由现金流</td>
<td>$53 亿美元</td>
<td></td>
<td>$135 亿美元</td>
<td>(60%)</td>
</tr>
</tbody>
</table>
<p>来源：字母表。注：本季度分析师共识预估由 FactSet 提供。</p>
<h2>公司概况与业务重点</h2>
<p>字母表是谷歌、YouTube 及一系列科技项目的母公司，涵盖在线搜索、视频、云计算和实验性项目。其核心收入来源于通过各种平台提供的数字广告，包括广泛使用的搜索服务和视频平台 YouTube。其他业务线包括谷歌云，为企业提供基础设施、软件和人工智能（AI）解决方案，以及 “其他投资”，涵盖其早期、高风险的投资项目，如自动驾驶汽车技术。</p>
<p>最近，字母表专注于在其主要服务中部署人工智能创新。人工智能的发展现在与每个业务部门紧密相关，主要产品发布和升级如 Gemini AI 模型均体现了这一点。谷歌云的扩展、持续的广告改进以及对 “月球计划” 项目的投资仍然是字母表长期战略的核心。成功依赖于维持数字广告的增长、展示人工智能的领导力、扩大云服务以及在投资和监管挑战上管理成本。</p>
<h2>季度详细信息：业绩亮点与关键发展</h2>
<p>字母表报告的 GAAP 收入为 964 亿美元，同比增长 14%，超出分析师预测的 24.38 亿美元（GAAP）。这一增长是广泛的，谷歌搜索及其他、YouTube 广告和谷歌云均实现了双位数增长。谷歌服务，包括搜索、广告和 YouTube，GAAP 收入攀升至 825.4 亿美元，增长 12%。广告贡献了 713.4 亿美元（GAAP），其中搜索及其他收入（GAAP）为 541.9 亿美元，YouTube 广告为 98 亿美元（增长 13.1%），而谷歌网络收入同比略微下降 1.2%。</p>
<p>人工智能推动了这一势头。管理层指出：“我们在人工智能的前沿引领潮流，并以惊人的速度推出产品。人工智能对业务的每个部分都产生了积极影响。” 搜索中的新人工智能功能，如 AI 概述和 AI 模式，促进了更高的参与度和货币化，约与传统搜索的比例相当。付费订阅、平台和设备收入同比增长 20%，得益于谷歌一号和 YouTube 高级版等产品。</p>
<p>谷歌云表现突出，收入增长 32%，达到 136.2 亿美元。谷歌云的营业收入从去年同期的 11.7 亿美元翻倍至 28.3 亿美元。管理层提到对基于云的人工智能基础设施和生成性人工智能解决方案的强劲需求。谷歌云的年收入跑率超过 500 亿美元，突显其规模和持续加速。产品开发包括下一代人工智能模型的首次亮相以及进一步将人工智能整合到云平台的套件中。</p>
<p>“其他投资” 部门，包括自动驾驶（Waymo）和医疗保健等早期项目，GAAP 收入为 3.73 亿美元，营业亏损为 12.5 亿美元。在此期间，该部门没有发生重大突破或转折点。这些结果与持续投资而非立即盈利的预期一致。</p>
<p>本季度监管和法律压力显著。一般及行政费用（GAAP）同比增长 65%，达到 52 亿美元。字母表报告称，这部分成本增长与和解费用有关，并指出法律和合规压力可能会持续。管理层特别提到 “与某些法律事务的和解原则相关的费用”。</p>
<p>在费用控制方面，字母表的营业利润率为 32.4%，尽管研发支出激增，同比上升 16.4%。员工人数增加至 187,103 人，比去年增加 4.2%。自由现金流，即可用于资助运营或回馈股东的资金，季度内大幅下降至 53 亿美元，去年同期为 176 亿美元。</p>
<p>截至 2025 年 6 月 30 日，资产负债表依然强劲，现金、现金等价物和可交易证券总计 951.48 亿美元。公司发行了 125 亿美元的高级无担保债券，长期债务增加至 236 亿美元。字母表继续其股票回购计划，并将季度股息提高了 5%，得益于其强劲的现金状况。</p>
<h2>展望未来：指引与关注事项</h2>
<p>管理层将 2025 年的资本支出指引上调至约 850 亿美元，原因是对人工智能基础设施和扩展云计算能力的需求。这比之前的预期增加了 100 亿美元。没有提供未来收入或利润增长率的明确指引。</p>
<p>其他引起投资者关注的领域包括持续的法律和监管风险，以及数字广告和云计算市场的竞争压力。领导层强调，云收入增长可能会因新客户需求和基础设施上线而季度波动。其他业务部门的盈利能力面临挑战，持续出现大额运营亏损且没有实质性收入提升。谷歌在 2025 年下半年平衡创新驱动的支出与成本控制的能力将至关重要。</p>
<p>GOOG 支付股息。季度股息提高了 5%。</p>
<p><em>收入和净收入按照美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

谷歌-C

谷歌-A

<p>字母表公司在 2025 年第二季度报告了 14% 的收入增长，总计 964 亿美元，超出分析师预期。每股收益（EPS）达到 2.31 美元，同比增长 22%。谷歌云表现突出，收入增长 32%，而整体净收入增长 19%。然而，费用上升，特别是法律费用，引起了关注。公司继续专注于其服务中的人工智能创新，拥有强劲的现金状况和持续的股票回购。管理层已将 2025 年的资本支出指引提高至 850 亿美元</p>

<p><strong>Alphabet</strong>(GOOG -0.99%)(GOOGL -1.10%), the technology conglomerate behind Google and YouTube, reported its second-quarter results on July 23, 2025. Key highlights included strong double-digit growth in revenue and earnings, with performance exceeding analyst estimates on both fronts. GAAP revenue totaled $96.4 billion, above the $94 billion consensus, while EPS came in at $2.31 compared to the $2.18 estimate. Net income also registered a 19% year-over-year increase.</p>
<div class="lb-trans"><p><strong>字母表</strong>（GOOG -0.99%）（GOOGL -1.10%），作为谷歌和 YouTube 背后的科技集团，于 2025 年 7 月 23 日公布了第二季度业绩。主要亮点包括收入和盈利的强劲双位数增长，业绩在这两个方面均超出分析师预期。GAAP 收入总计为 964 亿美元，超过了 940 亿美元的共识预期，而每股收益（EPS）为 2.31 美元，高于 2.18 美元的预估。净收入也同比增长了 19%。</p>
</div><p>This quarter highlighted robust demand across core product lines -- especially Google Cloud -- alongside the successful rollout of new artificial intelligence features. However, management flagged that expense growth, particularly in capital spending and legal costs, is rising and should be monitored in the coming quarters.</p>
<div class="lb-trans"><p>本季度突显了核心产品线的强劲需求——尤其是谷歌云——以及新人工智能功能的成功推出。然而，管理层指出，支出增长，特别是在资本支出和法律费用方面，正在上升，未来几个季度应予以关注。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS</td>
<td>$2.31</td>
<td>$2.18</td>
<td>$1.89</td>
<td>22%</td>
</tr>
<tr>
<td>Revenue</td>
<td>$96.4 billion</td>
<td>$94 billion</td>
<td>$84.7 billion</td>
<td>14%</td>
</tr>
<tr>
<td>Operating margin</td>
<td>32.4%</td>
<td></td>
<td>32%</td>
<td>0.4%</td>
</tr>
<tr>
<td>Net income</td>
<td>$28.2 billion</td>
<td></td>
<td>$23.6 billion</td>
<td>19%</td>
</tr>
<tr>
<td>Free cash flow</td>
<td>$5.3 billion</td>
<td></td>
<td>$13.5 billion</td>
<td>(60%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益</td>
<td>$2.31</td>
<td>$2.18</td>
<td>$1.89</td>
<td>22%</td>
</tr>
<tr>
<td>收入</td>
<td>$964 亿美元</td>
<td>$940 亿美元</td>
<td>$847 亿美元</td>
<td>14%</td>
</tr>
<tr>
<td>营业利润率</td>
<td>32.4%</td>
<td></td>
<td>32%</td>
<td>0.4%</td>
</tr>
<tr>
<td>净收入</td>
<td>$282 亿美元</td>
<td></td>
<td>$236 亿美元</td>
<td>19%</td>
</tr>
<tr>
<td>自由现金流</td>
<td>$53 亿美元</td>
<td></td>
<td>$135 亿美元</td>
<td>(60%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Alphabet. Note: Analysts' consensus estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：字母表。注：本季度分析师共识预估由 FactSet 提供。</p>
</div><h2>Company Overview and Business Focus</h2>
<div class="lb-trans"><h2>公司概况与业务重点</h2>
</div><p>Alphabet is the parent company of Google, YouTube, and a range of tech ventures, spanning online search, video, cloud computing, and experimental projects. Its core revenue stream comes from digital advertising delivered through its various platforms, including the widely used Search service and video platform YouTube. Other business lines include Google Cloud, which offers infrastructure, software, and artificial intelligence (AI) solutions to businesses, and “Other Bets,” which covers its early-stage, high-risk investment projects such as self-driving car technology.</p>
<div class="lb-trans"><p>字母表是谷歌、YouTube 及一系列科技项目的母公司，涵盖在线搜索、视频、云计算和实验性项目。其核心收入来源于通过各种平台提供的数字广告，包括广泛使用的搜索服务和视频平台 YouTube。其他业务线包括谷歌云，为企业提供基础设施、软件和人工智能（AI）解决方案，以及 “其他投资”，涵盖其早期、高风险的投资项目，如自动驾驶汽车技术。</p>
</div><p>Recently, Alphabet has focused on deploying artificial intelligence innovations across its primary services. AI development is now closely tied to every segment, as seen in major product launches and upgrades like the Gemini AI model. Google Cloud’s expansion, ongoing advertising improvements, and investments in “moonshot” initiatives remain central to Alphabet’s long-term strategy. Success depends on sustaining growth in digital advertising, demonstrating AI leadership, scaling cloud services, and managing costs amid rising investments and regulatory challenges.</p>
<div class="lb-trans"><p>最近，字母表专注于在其主要服务中部署人工智能创新。人工智能的发展现在与每个业务部门紧密相关，主要产品发布和升级如 Gemini AI 模型均体现了这一点。谷歌云的扩展、持续的广告改进以及对 “月球计划” 项目的投资仍然是字母表长期战略的核心。成功依赖于维持数字广告的增长、展示人工智能的领导力、扩大云服务以及在投资和监管挑战上管理成本。</p>
</div><h2>Quarter in Detail: Performance Highlights and Key Developments</h2>
<div class="lb-trans"><h2>季度详细信息：业绩亮点与关键发展</h2>
</div><p>Alphabet reported GAAP revenue of $96.4 billion, representing a 14% increase over the year-ago period, outpacing analyst forecasts by $2.438 billion (GAAP). This growth was broad-based, with Google Search &amp; Other, YouTube Ads, and Google Cloud each delivering double-digit growth. Google Services, which includes Search, Ads, and YouTube, saw GAAP revenue climb to $82.54 billion, a 12% increase. Advertising contributed $71.34 billion (GAAP), with Search &amp; Other revenue (GAAP) at $54.19 billion, YouTube Ads at $9.80 billion (up 13.1%), and a slight 1.2% year-over-year decline in Google Network revenue.</p>
<div class="lb-trans"><p>字母表报告的 GAAP 收入为 964 亿美元，同比增长 14%，超出分析师预测的 24.38 亿美元（GAAP）。这一增长是广泛的，谷歌搜索及其他、YouTube 广告和谷歌云均实现了双位数增长。谷歌服务，包括搜索、广告和 YouTube，GAAP 收入攀升至 825.4 亿美元，增长 12%。广告贡献了 713.4 亿美元（GAAP），其中搜索及其他收入（GAAP）为 541.9 亿美元，YouTube 广告为 98 亿美元（增长 13.1%），而谷歌网络收入同比略微下降 1.2%。</p>
</div><p>Artificial intelligence powered much of this momentum. Management noted, “We are leading at the frontier of AI and shipping at an incredible pace. AI is positively impacting every part of the business,”. New AI features in Search, such as AI Overviews and AI Mode, contributed to higher engagement and monetization at approximately the same rate as traditional Search. Paid subscriptions, platforms, and devices revenue grew 20% year-over-year, driven by offerings like Google One and YouTube Premium.</p>
<div class="lb-trans"><p>人工智能推动了这一势头。管理层指出：“我们在人工智能的前沿引领潮流，并以惊人的速度推出产品。人工智能对业务的每个部分都产生了积极影响。” 搜索中的新人工智能功能，如 AI 概述和 AI 模式，促进了更高的参与度和货币化，约与传统搜索的比例相当。付费订阅、平台和设备收入同比增长 20%，得益于谷歌一号和 YouTube 高级版等产品。</p>
</div><p>Google Cloud was a standout, with revenue growing 32% to $13.62 billion. Operating income more than doubled to $2.83 billion from $1.17 billion in the prior year for Google Cloud. Management cited strong demand for cloud-based AI infrastructure and generative AI solutions. Google Cloud’s annual revenue run-rate surpassed $50 billion, underscoring its scale and continued acceleration. Product developments included the debut of next-generation AI models and further integration of AI into the Cloud platform’s suite.</p>
<div class="lb-trans"><p>谷歌云表现突出，收入增长 32%，达到 136.2 亿美元。谷歌云的营业收入从去年同期的 11.7 亿美元翻倍至 28.3 亿美元。管理层提到对基于云的人工智能基础设施和生成性人工智能解决方案的强劲需求。谷歌云的年收入跑率超过 500 亿美元，突显其规模和持续加速。产品开发包括下一代人工智能模型的首次亮相以及进一步将人工智能整合到云平台的套件中。</p>
</div><p>The Other Bets segment, which includes early-stage projects such as autonomous driving (Waymo) and healthcare, had GAAP revenue of $373 million and an operating loss of $1.25 billion. No major breakthroughs or inflection points occurred in this segment during the period. These results remain consistent with expectations of continued investment rather than immediate profitability.</p>
<div class="lb-trans"><p>“其他投资” 部门，包括自动驾驶（Waymo）和医疗保健等早期项目，GAAP 收入为 3.73 亿美元，营业亏损为 12.5 亿美元。在此期间，该部门没有发生重大突破或转折点。这些结果与持续投资而非立即盈利的预期一致。</p>
</div><p>Regulatory and legal pressures were notable this period. General &amp; Administrative expenses (GAAP) rose 65% to $5.2 billion year-over-year. Alphabet reported that some of this cost growth was tied to settlement charges and flagged that legal and compliance pressures are likely to persist. Management specifically referenced the “charge related to a settlement in principle of certain legal matters.”</p>
<div class="lb-trans"><p>本季度监管和法律压力显著。一般及行政费用（GAAP）同比增长 65%，达到 52 亿美元。字母表报告称，这部分成本增长与和解费用有关，并指出法律和合规压力可能会持续。管理层特别提到 “与某些法律事务的和解原则相关的费用”。</p>
</div><p>On expense control, Alphabet’s operating margin was 32.4%, despite a surge in research and development, which rose 16.4% year-over-year. Headcount rose to 187,103, an increase of 4.2% from a year ago. Free cash flow, a measure of money available to fund operations or return to shareholders, dipped sharply to $5.3 billion for the quarter from $17.6 billion a year ago.</p>
<div class="lb-trans"><p>在费用控制方面，字母表的营业利润率为 32.4%，尽管研发支出激增，同比上升 16.4%。员工人数增加至 187,103 人，比去年增加 4.2%。自由现金流，即可用于资助运营或回馈股东的资金，季度内大幅下降至 53 亿美元，去年同期为 176 亿美元。</p>
</div><p>The balance sheet remains strong, with $95.148 billion in cash, cash equivalents, and marketable securities as of June 30, 2025. The company issued $12.5 billion in senior unsecured notes, increasing long-term debt to $23.6 billion as of June 30, 2025. Alphabet continued its program of share repurchases and raised the quarterly dividend by 5 %, supported by its robust cash position.</p>
<div class="lb-trans"><p>截至 2025 年 6 月 30 日，资产负债表依然强劲，现金、现金等价物和可交易证券总计 951.48 亿美元。公司发行了 125 亿美元的高级无担保债券，长期债务增加至 236 亿美元。字母表继续其股票回购计划，并将季度股息提高了 5%，得益于其强劲的现金状况。</p>
</div><h2>Looking Ahead: Guidance and What to Watch</h2>
<div class="lb-trans"><h2>展望未来：指引与关注事项</h2>
</div><p>Management increased its capital expenditure guidance for 2025 to approximately $85 billion, citing demand for AI infrastructure and expanded cloud computing capacity. This marks a $10 billion increase from previous expectations. No explicit guidance was provided for future revenue or profit growth rates.</p>
<div class="lb-trans"><p>管理层将 2025 年的资本支出指引上调至约 850 亿美元，原因是对人工智能基础设施和扩展云计算能力的需求。这比之前的预期增加了 100 亿美元。没有提供未来收入或利润增长率的明确指引。</p>
</div><p>Other areas flagged for investor attention include ongoing legal and regulatory risks, as well as competitive pressures in the digital advertising and cloud computing markets. Leadership highlighted that cloud revenue growth could fluctuate quarter to quarter as new customer demand and infrastructure come online. Challenges in profitability for the Other Bets division remain, with continued large operating losses and no material revenue lift. Alphabet’s ability to balance innovation-driven spending with cost discipline will be important going into the second half of 2025.</p>
<div class="lb-trans"><p>其他引起投资者关注的领域包括持续的法律和监管风险，以及数字广告和云计算市场的竞争压力。领导层强调，云收入增长可能会因新客户需求和基础设施上线而季度波动。其他业务部门的盈利能力面临挑战，持续出现大额运营亏损且没有实质性收入提升。谷歌在 2025 年下半年平衡创新驱动的支出与成本控制的能力将至关重要。</p>
</div><p>GOOG pays a dividend. The quarterly dividend was raised 5 % for the period.</p>
<div class="lb-trans"><p>GOOG 支付股息。季度股息提高了 5%。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入按照美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

Alphabet Posts 14% Revenue Gain in Q2

- Alphabet 第二季度收入为 964 亿美元，同比增长 14%，超出预期。  
- 每股收益为 2.31 美元，较去年增长 22%。  
- 管理层警告支出增长，特别是资本支出和法律费用。  

Alphabet 在第二季度实现了 14% 的收入增长