Google has increased its capex estimates for 2025 to $91-93bn.

Revealed during the company's 2025 Q3 earnings call, CFO Anat Ashkenazi announced the increased expectations, following another quarter of high capex. This is up from the $85bn predicted in Q2, itself an increase on Q1's estimate of $75bn.

Ashkenazi further stated that in 2026, the company is expected to have a "significant increase" in capex beyond this, though said further comments would not be shared until the end-of-year earnings call.

The company spent $24bn in Q3, up from $22.4bn in the previous quarter and $17.2bn in Q1.

According to Ashkenazi, the "vast majority" of capex went on technical infrastructure, with around 60 percent on servers, and 40 percent on data centers and networking equipment.

Major data center investments announced during the quarter include a $15bn data center project in Andhra Pradesh, India, $5.8bn in infrastructure in Belgium, and a $9bn commitment each to South Carolina, Oklahoma, and Virginia in the US.

Despite the ever-growing spending, the company remains in a "tight demand-supply environment," which Ashkenazi expects to remain through Q4 and 2026.

Within the increasing capex, the company is also seeing its depreciation increase. Year-over-Year (YoY), depreciation is up $1.6bn to $5.6bn, a growth rate of 41 percent. This is expected to again increase slightly in Q4.

Speaking on the growing costs, Ashkenazi explained that the company prioritizes finding efficiencies where it can - including moderating the pace of headcount growth, optimizing real estate footprint, and optimizing the build-out and technical infrastructure of data centers. He added that the company is also using AI internally, with nearly half of the company's code generated by AI, to further drive efficiency. "We have efforts across the organization to ensure we run the business in the most disciplined and productive way while continuing to invest for future growth," she said.

Despite this, questions were asked about the growing capex.

Ashkenazi later added: "When we make a decision on investment in the long term, we go through a very rigorous process of assessing what the return could be and over what time frame we will see that return to give us the high level of confidence to then invest and make those investments for the long term."

While capex remains high, revenue is continuing to grow off the back of it.

The company as a whole brought in $102.3bn in revenue for the quarter, its first time breaking the $100bn threshold.

Within that, the Google Cloud segment brought in $15.2bn, up 34 percent YoY and up from the previous quarter's $13.6bn, and backlog grew 46 percent quarter over quarter - a sequential increase of $49bn - to $155bn.

CEO Sundar Pichai noted that cloud customers have increased nearly 34 percent YoY, adding that the company has "signed more deals over $1bn through Q3 this year than we did in the previous two years combined." Among those deals is a significant contract with Anthropic, signed earlier this month, and a $10bn+ deal with Meta.

Google has also signed significant deals with the UK's Ministry of Defence, and ServiceNow.

The company is also backing TeraWulf and FluidStack's joint venture.

Cloud operating income increased 85 percent to $3.6bn, and margin increased from 17.1 percent in Q3 2024, to 23.7 percent in Q3 2025.

Speaking on the company's growth, Pichai said: "We are seeing substantial demand for our AI infrastructure products, including TPU-based and GPU-based solutions. It is one of the key drivers of our growth over the past year.

"I think on a going-forward basis, we [will] continue to see very strong demand, and we are investing to meet that. I do think a big part of what differentiates Google Cloud effectively, we have taken a deep full-stack approach to AI, and that really plays out, right? We are the only hyperscaler that is really building offerings on our own models, and we are also highly differentiated on our own technology."

Pichai also highlighted during the earnings call Google's launch of the A4X Max instances, which feature the Nvidia GB300s for its cloud customers, as well as that the seventh generation TPU - Ironwood - would be generally available "soon".

Following the earnings call, Google shares are up around 8.6 percent.