GOOG
GOOG 4Q25: Agentic Commerce and Gemini Enterprise Drive New Growth
FUNDA
Ad growth accelerates q/q; PMAX lifts budgets, conv. rate +12.9% YoY; Agentic commerce, Gemini Enterprise add tailwinds.
Before diving into our Q4 2025 GOOG preview, let’s review our past preview insights.
In Q1 2025, we first covered GOOG and highlighted a narrative shift in GOOG’s frontier model capabilities.
In our Q2 2025 GOOG preview, after extensive research with agencies and advertising technology experts, we found that AI Overview and AI Mode had not negatively impacted GOOG’s advertising business.
During the same period, we conducted deep research into GOOG’s TPU and OCS advantages in frontier model development.
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