“We are confident about the opportunities ahead, and to accelerate our progress, we expect to invest approximately $75 billion in capital expenditures in 2025.”

Sundar PichaiCEO

CEO, Alphabet and Google

The direction was right but the number was well short: Alphabet raised guidance to $85 billion in July 2025 and finished the year at roughly $91.4 billion of capex, about 22% above the February forecast.