Betting 200 Trillion on AI Infrastructure: Google's Parent Company Expands Performance, Dividends, and Waymo

Alphabet Inc. (GOOGL) reported Q4 2025 revenue of $113.8 billion (approximately KRW 150 trillion), an 18% increase year-over-year. Full-year revenue reached $402.8 billion, up 15%, surpassing the $400 billion (around KRW 520 trillion) milestone for the first time. Growth was driven by Google Services, a 48% expansion in Google Cloud, Gemini 3–powered AI offerings, and strong YouTube performance.

Operating income for the quarter was $35.9 billion and net income $34.5 billion, with earnings per share rising 31%. Profitability remained robust despite recording roughly $2.1 billion of Waymo-related stock-based compensation in R&D expenses.

Alphabet guided 2026 capital expenditures of $175–185 billion (KRW 230–240 trillion) to support AI data centers and chip investments, issued $24.8 billion in corporate bonds in November 2025, completed a $16 billion (KRW 20 trillion) funding round for Waymo, and declared a quarterly dividend of $0.21 per share across all classes.

Under its 2021 performance-based equity awards, President Ruth Porat’s performance shares vested at the maximum level, boosting her stake. Disclosures also continued on executive compensation and shareholding structure, including partial share sales by the Chief Accounting Officer.

Recently, Alphabet announced plans to significantly expand its local workforce in India to grow its AI and cloud businesses. Its subsidiary Waymo is reportedly in discussions to deploy tens of thousands of Hyundai Ioniq 5 electric vehicles as robo-taxis.

Global investment bank UBS estimates that Alphabet’s large-scale generative AI capex could drive up to $23 billion in cloud revenue and additional ad revenue in 2026–2027. Following the earnings release, major brokerages have uniformly raised their price targets.

Alphabet is Google’s holding company, encompassing Search, YouTube, the Android operating system, and Google Cloud. As a leading U.S. Big Tech firm, it focuses on advertising, cloud services, and AI platforms as its core growth pillars. It competes with Microsoft, Amazon, Meta, Tesla, and others in generative AI infrastructure and autonomous robo-taxis, and remains a key influencer in the U.S. IT and Internet regulatory landscape.