谷歌(ALPHABET)-A（GOOGL.O）25Q4 财报点评：云收入强劲增长，26年资本开支接近翻倍

Investment Rating - The investment rating for Alphabet Inc. (GOOGL.O) is "Outperform" [7] Core Insights - The company reported strong revenue growth in Q4 2025, with total revenue reaching $113.8 billion, a year-over-year increase of 18% [2] - Google Cloud revenue grew significantly, reaching $17.7 billion, up 48% year-over-year, with a backlog of $240 billion, reflecting a 158% increase [3][11] - The capital expenditure (CAPEX) for Q4 2025 was $27.9 billion, a 113% increase year-over-year, with expectations for 2026 CAPEX to reach $175-185 billion, representing a 91%-102% increase [4][12] Summary by Sections Financial Overview - In Q4 2025, the company achieved a GAAP gross margin of 60%, with operating profit of $31.3 billion, a 16% increase year-over-year, and a net profit of $34.5 billion, up 30% [2][13] - Service revenue was $95.9 billion, with search ad revenue at $63.1 billion, a 17% increase year-over-year, and YouTube ad revenue at $11.4 billion, up 9% [10][14] Cloud Performance - Google Cloud's operating profit margin (OPM) improved to 30.1%, with nearly 75% of customers utilizing vertically optimized AI solutions [3][11] - The number of new customers at year-end doubled compared to the first quarter, and the number of transactions exceeding $1 billion in 2025 surpassed the total of the previous three years [3][11] Capital Expenditure - The company plans to significantly increase its capital expenditures, with a forecast of $175-185 billion for 2026, nearly doubling from the previous year [4][12] - Approximately 60% of the Q4 2025 CAPEX was allocated to servers, while 40% was directed towards data centers and networking equipment [4][12] Revenue and Profit Forecast - Revenue forecasts for 2026 and 2027 have been raised to $471.8 billion and $543.3 billion, respectively, with net profit estimates adjusted to $145.4 billion and $165.4 billion [4][6]