Alphabet’s fourth quarter was marked by strong revenue growth, with management citing the rapid adoption of AI-powered products and significant momentum in Google Cloud and Search. CEO Sundar Pichai highlighted the launch of Gemini 3 and integration of advanced AI models across products as key factors. The company’s focus on developing its own AI infrastructure and expanding its portfolio of enterprise AI solutions contributed meaningfully to performance. Management also attributed the quarter’s results to increased engagement on consumer services and ongoing success in subscription offerings.

Is now the time to buy GOOGL? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Alphabet’s Q4 Earnings Call

• Brian Nowak (Morgan Stanley) asked about progress on agentic commerce products and future milestones. CEO Sundar Pichai explained that 2025 focused on foundational protocol development, with 2026 expected to integrate these capabilities for end-users and advertisers.
• Eric Sheridan (Goldman Sachs) questioned the pathway to closing AI compute supply gaps and balancing efficiency. Pichai stated supply constraints would continue, while CFO Anat Ashkenazi described ongoing productivity initiatives using AI to optimize operations.
• Doug Anmuth (JPMorgan) inquired about Google’s ability to maintain Gemini’s leadership and the revenue potential for TPUs outside Google Cloud. Pichai emphasized relentless innovation and multimodal model improvements, with TPUs serving as a key differentiator within Google Cloud.
• Mark Mahaney (Evercore) asked about YouTube ad revenue softness and the impact of AI on software customers’ economics. Chief Business Officer Philip Schindler cited lapping of U.S. election spending and growth in subscriptions, while Pichai highlighted robust SaaS customer engagement with Gemini.
• Ken Gawrelski (Wells Fargo) asked about monetizing AI search activity and evolving partnership models. Schindler noted progress in monetizing new AI user experiences and partnerships such as the Apple collaboration, prioritizing value creation for both users and partners.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) the pace of AI product adoption and monetization in Search and Gemini, (2) the ability to scale Google Cloud enterprise deals and manage ongoing supply constraints, and (3) whether infrastructure investments can be balanced against margin pressures. Execution on new ad formats and international expansion of Waymo will also be critical signposts for Alphabet’s continued growth.

Alphabet currently trades at $318.85, down from $333.04 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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