Alphabet Inc. (GOOGL) reported third-quarter revenue of $127.6 billion, up 25% from a year earlier, extending double-digit growth for a 13th consecutive quarter.

The internet company said Google Cloud delivered record growth, with revenue up 103% to $30.7 billion, faster than the 82% increase to $24.8 billion in the second quarter. The company attributed the acceleration to Google Cloud Platform across enterprise AI infrastructure and enterprise AI solutions, as well as core GCP services, and said TPU systems sales were also a meaningful contributor.

Google Cloud operating income rose to $11.1 billion.

Google Services revenue increased 11% to $96.3 billion, slower than the 15% gain in the prior quarter. Google Search & other rose 12% to $63.4 billion. YouTube ads were $11.2 billion, Google subscriptions, platforms, and devices $14.3 billion, and Google advertising $82.0 billion. Google Network revenue was $7.5 billion. The company said the year-over-year Search query growth rate was the highest it had been in the last five years, and that AI investments were driving overall Search query growth, including commercial queries.

Consolidated operating income increased 30% to $40.6 billion. Operating margin was 31.8%.

Net income available to common stockholders was $26.2 billion, or $2.12 a share. Other income swung to an $8.2 billion net expense from a $98.0 billion net gain in the second quarter. The company said the net effect of an $8.7 billion loss on equity securities decreased net income by $6.7 billion and diluted EPS by $0.55.

Chief Executive Sundar Pichai said Alphabet was on a half-trillion-dollar revenue run rate. He said Gemini 4 Argon and Carbon were leading at the frontier, that first-party model APIs were processing nearly 32 billion tokens per minute—more than four times a year earlier—and that the Gemini app had reached one billion users. YouTube Music and Premium subscribers surpassed 150 million globally, including trials.

Capital expenditures were $51.4 billion. Free cash flow was negative $9.1 billion.

The company issued senior unsecured notes for net proceeds of $28.7 billion for general corporate purposes and raised $12.4 billion through at-the-market share issuance, with $27.6 billion remaining available under that program. Cash, cash equivalents, and marketable securities were $265.1 billion as of September 30.

Other Bets revenue was $372 million, with a $2.0 billion operating loss. Alphabet-level activities, which primarily reflect shared AI research and development, recorded a $7.7 billion loss.

The board declared a quarterly cash dividend of $0.22 a share on Class A, B, and C stock.