Alphabet's Q1 revenue surged 22% year-over-year to $109.9 billion, beating analyst estimates, as Google Cloud revenue jumped 63% and Waymo completed over 500,000 rides per week.

Alphabet reported Q1 2025 revenue of $109.9 billion, up 22% year-over-year—the fastest growth rate in 16 quarters. Google Search revenue rose 19%, YouTube ad revenue increased by almost 11%, and Google Cloud revenue jumped 63% year-over-year. Waymo, Alphabet's autonomous driving segment, is now completing more than 500,000 rides per week.

Google Cloud ended Q1 with $462 billion in customer backlogs, almost doubling from three months before. The company is investing heavily in AI infrastructure: capital expenditures totaled $91 billion in 2025, with management targeting $180 billion to $190 billion in 2026, and a further "significant increase" projected for 2027.

Alphabet trades at a P/E ratio of 29.6, which is 62% higher than a year ago. Analyst estimates project diluted earnings per share will increase at a compound annual rate of almost 17% between 2025 and 2028.