Alphabet

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Advancing science & society
2024 also saw important progress that is advancing
science and discovery. Demis Hassabis and John
Jumper from Google DeepMind received the Nobel
Prize for Chemistry for their work on AlphaFold,
a protein-folding breakthrough now being used by
2 million researchers around the world. We’ve made
new state-of-the-art weather forecasting models
available to researchers and businesses. And
our new FireSat initiative will use high-resolution
satellite imagery and AI to detect fires as small
as 5x5 meters, which will be a game changer for
fighting wildfires globally.

Demis Hassabis and John Jumper from Google DeepMind received

the Nobel Prize for Chemistry for their work on AlphaFold, a proteinfolding breakthrough now being used by 2 million researchers
around the world.

Investing in the future
Making AI helpful for everyone requires deeper
investments in infrastructure, job training, and clean
energy which can create jobs and opportunities for
people. That’s why we plan to invest approximately
$75 billion in 2025 in capital expenditures, launch
a first-ever project to power data centers using
small modular nuclear reactors, and expand training
through our $120 million AI Opportunity Fund.
Strong business momentum
We’ve seen strong momentum across the breadth
of our business over the past year. Take a look at
Search and our ads business: We already see more
than 5 trillion searches on Google annually, and with
AI, we’re continuing to expand the types of questions
that people can ask. AI Overviews have increased the
volume of commercial queries. And today people
shop more than a billion times a day across Google.
But the momentum goes well beyond Search:
YouTube Music and Premium have exceeded
125 million subscriptions, and YouTube hit 1 billion
monthly podcast users and is now the most-watched
streaming service in the U.S. Android remains the
world’s most popular operating system, with more
than 3 billion active devices worldwide. Collectively
Google One and YouTube have amassed over 200
million subscribers. Our new Pixel phones have super
advanced cameras, improved performance, and are
built with our AI tools deeply integrated. And Google
Cloud had one of the highest growth rates among
leading cloud providers last year. Meanwhile, Waymo
is now serving more than 200K paid rides a week
while expanding into new cities, and Calico, Wing,
and Isomorphic Labs continue to create new
opportunities in biotech, logistics, and more.
Thank you to our investors, partners, and employees
who have made this progress possible. 2025 is off
to an incredible start, and we’re excited for what’s
to come.

- Sundar

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A note from Sundar, April 2025
To our investors, 2024 marked a year of powerful
momentum for Google and Alphabet, fueled by our
AI-first strategy. We’re shipping new products faster
than ever, driving AI breakthroughs, and delivering AI’s
benefits to more people globally through our unique
full-stack approach — from foundational infrastructure,
to models and research, to products and platforms
serving billions of people and businesses.
World-class infrastructure
Google’s unparalleled backbone network spans
more than 200 countries and territories connected
by more than 2 million miles of terrestrial and subsea
cables, creating a super resilient foundation for our
AI-powered future. This network, which moves at
“Google speed” — near-zero latency — for billions
of users worldwide is now available to enterprises
everywhere through the Cloud Wide Area Network
(or Cloud WAN). We also make our Tensor Processing
Units, the same chips we used to train our most
capable AI models, available to businesses through
Google Cloud. Just a few weeks ago at Cloud Next,
we announced our 7th generation TPU: Ironwood.
It’s the most powerful chip we’ve ever built and will
enable the next frontier of AI models.
Leading AI research and models
Our leading research teams continue to advance
the field with our generative AI research papers,
cited three times more than any other company
or educational institution in the world. In 2024,
our research drove advances in the underlying
models, from breakthroughs in multimodality to
long-context understanding. Last December, we
launched Gemini 2.0 models, which show advances
in complex reasoning, native image output, and
agentic capabilities. And just last month, we took
another big leap, with Gemini 2.5 Pro, which pushes
the frontier of thinking. Our most intelligent AI model
yet, Gemini 2.5 Pro launched as the best model in the
world on tasks requiring advanced reasoning. It’s also
our most in-demand model, with an 80-percent-plus
increase in active users in Google AI Studio and the
Gemini API the month of release. All told, over four
million developers use our Gemini models, including
Gemma 3, our family of open models, showing high
performance even on a single H100 GPU.

Annual Report 2024

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AI-powered products
Gemini is now used across all of our 15 products, with
half a billion users — including Google Maps which
became our seventh product to reach 2 billion users
last year. Gemini enhances our core products and
creates entirely new experiences, too. In Search,
AI Overviews now reach 1 billion people; notably, users
engaging with AI Overviews return to Search for more
of their information needs. We’re excited about our
newest experiment, AI Mode, which is taking on even
more complicated queries with AI. We’re also building
novel experiences like Deep Research for Gemini app
users and NotebookLM, to help people delve even
deeper on topics they care about.

We’re excited about our newest experiment, AI Mode,

which is taking on even more complicated queries with AI.

Of course Gemini is not our only industry-leading
model. Veo 2 — which creates video with realistic
motion and high-quality output, up to 4K — is now the
leading video generation model, empowering creators
to bring their most vivid ideas to life. Our AI tools are
also helping people and organizations create, learn,
and get things done in ways they couldn’t a couple
of years ago — from brainstorming new ideas with
Gemini Live to quickly generating interactive web
app prototypes in Gemini app’s Canvas. With Project
Astra, now in the Gemini app in your phone, we’re
testing new ways to help you interact with the world
around you. You can ask Gemini about anything you
see. Share your screen or camera in Gemini Live to
brainstorm, troubleshoot, and more.
→

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Table of Contents

Alphabet Inc.

Ongoing Commitment to Sustainability
We believe that every business has the opportunity and obligation to protect our planet. Sustainability is one of our core values at Google, and
we strive to build sustainability into everything we do. We have been a leader on sustainability and climate change since Google’s founding over 20
years ago. These are some of our key achievements over the past two decades:
•

In 2007, we became the first major company to be carbon neutral for our operations.

•

In 2017, we became the first major company to match 100% of our annual electricity use with renewable energy, which we have achieved for
four consecutive years.

•

In 2020, we issued $5.75 billion in sustainability bonds—the largest sustainability or green bond issuance by any company in history at the
time. The net proceeds from the issuance are used to fund environmentally and socially responsible projects in the following eight areas:
energy efficiency, clean energy, green buildings, clean transportation, circular economy and design, affordable housing, commitment to racial
equity, and support for small businesses and COVID-19 crisis response. As of December 31, 2020, we have allocated $3.47 billion of the net
proceeds, as outlined in our Sustainability Bond Impact Report published in 2021.

•

Also in 2020, we compensated for our legacy carbon footprint, making Google the first major company to be carbon neutral for its entire
operating history.

Our sustainability strategy is focused on three key pillars: accelerating the transition to carbon-free energy and a circular economy, empowering
everyone with technology, and benefiting the people and places where we operate.
To accelerate the transition to a carbon-free economy, in 2020, we launched our third decade of climate action, and we are now working toward
a new set of ambitious goals. By 2030, we aim to:
•

achieve net-zero emissions across all of our operations and value chain;

•

become the first major company to run on carbon-free energy 24 hours a day, seven days a week, 365 days a year;

•

enable 5 gigawatts of new carbon-free energy through investments in our key manufacturing regions; and

•

help more than 500 cities and local governments reduce an aggregate of 1 gigaton of carbon emissions annually.

To accelerate the transition to a circular economy, we are working to maximize the reuse of finite resources across our operations, products, and
supply chains and to enable others to do the same. We are also working to empower everyone with technology by committing to help 1 billion people
make more sustainable choices by the end of 2022 through our core products.
To benefit the people and places where we operate, we have set goals to replenish more water than we consume by 2030 and to support water
security in communities where we operate. We will focus on three areas: enhancing our stewardship of water resources across Google office
campuses and data centers; replenishing our water use and improving watershed health and ecosystems in water-stressed communities; and sharing
technology and tools that help everyone predict, prevent, and recover from water stress.
We remain steadfast in our commitment to sustainability, and we will continue to lead and encourage others to join us in improving the health of
our planet. We are proud of what we have achieved so far, and we are energized to help move the world closer to a more sustainable and carbonfree future for all.
More information on our approach to sustainability can be found in our annual sustainability reports, including Google’s Environmental Report
and Alphabet’s 2021 Sustainability Bond Impact Report, which outlines the allocation of our net proceeds from our sustainability bonds. The contents
of our sustainability reports are not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the
SEC. For additional information about risks and uncertainties applicable to our commitments to attain certain sustainability goals, see Risk Factors in
Item 1A of this Annual Report on Form 10-K.
Culture and Workforce
We are a company of curious, talented, and passionate people. We embrace collaboration and creativity, and encourage the iteration of ideas to
address complex challenges in technology and society.
Our people are critical for our continued success, so we work hard to create an environment where employees can have fulfilling careers, and
be happy, healthy, and productive. We offer industry-leading benefits and programs to take care of the diverse needs of our employees and their
families, including opportunities for career growth and

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Table of Contents

Alphabet Inc.

Changes in international and local social, political, economic, tax, and regulatory conditions or in laws and policies have in the past, and may in
the future, increase our cost of doing business and limit our ability to pursue certain business models, offer products or services in certain
jurisdictions, or cause us to change our business practices. We have in the past had to alter or stop offering certain products and services as a result
of laws or regulations that made them unfeasible, and new laws or regulations could result in our having to terminate, alter, or withdraw products and
services in the future. Additional costs of doing business, new limitations, or changes to our business model or practices could harm our business,
reputation, financial condition, and operating results.
We are subject to regulations, laws, and policies that govern a wide range of topics, including those related to matters beyond our core products
and services. For instance, new regulations, laws, policies, and international accords relating to environmental and social matters, including
sustainability, climate change, human capital, and diversity, are being developed and formalized in Europe, the U.S., and elsewhere, which may entail
specific, target-driven frameworks and/or disclosure requirements. We have implemented robust environmental and social programs, adopted
reporting frameworks and principles, and announced a number of goals and initiatives, including those related to environmental sustainability and
diversity. The implementation of these goals and initiatives may require considerable investments, and our goals, with all of their contingencies,
dependencies, and in certain cases, reliance on third-party verification and/or performance, are complex and ambitious, and we cannot guarantee
that we will achieve them.
Additionally, there can be no assurance that our current programs, reporting frameworks, and principles will be in compliance with any new
environmental and social laws and regulations that may be promulgated in the U.S. and elsewhere, and the costs of changing any of our current
practices to comply with any new legal and regulatory requirements in the U.S. and elsewhere may be substantial. Furthermore, industry and market
practices may further develop to become even more robust than what is required under any new laws and regulations, and we may have to expend
significant efforts and resources to keep up with market trends and stay competitive among our peers.
A variety of new and existing laws and/or interpretations could harm our business.
We are subject to numerous U.S. and foreign laws and regulations covering a wide variety of subject matters. New laws and regulations, or new
interpretations or applications of existing laws and regulations in a manner inconsistent with our practices, have made, and may continue to make,
our products and services less useful, limit our ability to pursue certain business models or offer certain products and services in certain jurisdictions,
require us to incur substantial costs, expose us to civil or criminal liability, or cause us to change our business practices. These laws and regulations
are evolving and involve matters central to our business, including, among others:
•

Laws and regulations around the world focused on large technology platforms, including the Digital Markets Act in the European Union and
proposed antitrust legislation on self-preferencing and mergers and acquisitions in the U.S., which may limit certain business practices, and in
some cases, create the risk of significant penalties.

•

Privacy laws, such as the GDPR, CCPA, CPRA, Virginia CDPA, and ColoPA (as defined and discussed further below).

•

Data protection laws passed by many states within the U.S. and by certain countries regarding notification to data subjects and/or regulators
when there is a security breach of personal data.

•

Consumer protection laws, including EU’s New Deal for Consumers, which could result in monetary penalties and create a range of new
compliance obligations.

•

New laws further restricting the collection, processing and/or sharing of advertising-related data. Copyright or similar laws around the world,
including the EU Directive on Copyright in the Digital Single Market (EUCD) and EU member state transpositions. These and similar laws that
have been adopted or proposed introduce new licensing regimes that could affect our ability to operate. The EUCD and similar laws could
also increase the liability of some content-sharing services with respect to content uploaded by their users. Some of these laws, as well as
follow-on administrative or judicial actions, have also created or may create a new property right in news publications that limits the ability of
some online services to link to, interact with, or present such content. They may also require individual or collective compensation
negotiations with news agencies and publishers for the use of such content, which may result in payment obligations that significantly exceed
the value that such content provides to Google and its users, potentially harming our services, commercial operations, and business results.

•

Data localization laws, which generally mandate that certain types of data collected in a particular country be stored and/or processed within
that country.

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