Company: GOOGL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001652044-25-000062
Chunk: 10

Company: Alphabet Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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,576 13 %(1)%14 %Hedging gains (losses)174 148 Total revenues(1)$165,281 $186,662 $187,576 13 %0 %(1)%14 %

(1)Total constant currency revenues of $187.6 billion for the six months ended June 30, 2025 increased $22.5 billion compared to $165.1 billion in revenues, excluding hedging effect, for the six months ended June 30, 2024.

EMEA revenue growth was not materially affected by changes in foreign currency exchange rates, as the effect of the U.S. dollar weakening relative to the British pound was largely offset by the U.S. dollar strengthening relative to the Turkish lira.

APAC revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the Australian dollar, South Korean won, and Indian rupee.

Other Americas revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to the U.S. dollar strengthening relative to the Brazilian real and Mexican peso.

Costs and Expenses

43

Cost of Revenues

The following table presents cost of revenues, including TAC (in millions, except percentages):Three Months EndedSix Months Ended June 30,June 30, 2024202520242025TAC$13,387 $14,705 $26,333 $28,453 Other cost of revenues22,120 24,334 42,886 46,947 Total cost of revenues$35,507 $39,039 $69,219 $75,400 Total cost of revenues as a percentage of revenues42 %41 %42 %40 %

Cost of revenues increased $3.5 billion from the three months ended June 30, 2024 to the three months ended June 30, 2025 due to an increase in other cost of revenues and TAC of $2.2 billion and $1.3 billion, respectively. Cost of revenues increased $6.2 billion from the six months ended June 30, 2024 to the six months ended June 30, 2025 due to an increase in other cost of revenues and TAC of $4.1 billion and $2.1 billion, respectively.

The increase in TAC from the three and six months ended June 30, 202