Alphabet Inc. (GOOGL) Q3 9/25 Earnings Review

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Up 52% YTD - Will GOOGL Run Higher?

By Yimin Xu

GOOGL’s latest quarter saw the continued acceleration of revenue since the beginning of the year. This has kept the stock’s upward momentum since the summer.

Quarterly Revenue Heatmap

While the mid-teens growth looks respectable for a company of GOOGL’s size, back in 2021, $GOOGL grew by over 30% every quarter consistently until the bear market of 2022. Today, GOOGL has poured a tonne of money into AI CapEx - now that 15% doesn’t look too hot, unless it can quickly move into the 20%s and 30%s in 2026.