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EMARKETER

Triopoly Advertising Earnings Q3 2025

On the heels of historic AI investments, Google, Meta, and Amazon power digital ad market gains

Report by Marisa Jones, Jeremy Goldman  |  Nov 19, 2025
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Table of Contents
Executive Summary
Ad growth persisted even as AI costs and regulatory scrutiny grew
Google passes $100 billion in revenues, but headwinds threaten ad dominance
Meta’s ad machine powers ahead as AI spend follows close behind
Amazon’s promising growth is paired with rising costs
Sources
Media Gallery
About This Report
Q3 was a record-breaking quarter for the three largest ad platforms, but heavy spending on AI is compressing margins and raising questions about how the technology will impact the future of digital advertising.
Topics
Digital Ad Spending
Search Ad Spending
Social Media Ad Spending
United States
Worldwide
Table of Contents
Executive Summary
Ad growth persisted even as AI costs and regulatory scrutiny grew
Google passes $100 billion in revenues, but headwinds threaten ad dominance
Meta’s ad machine powers ahead as AI spend follows close behind
Amazon’s promising growth is paired with rising costs
Sources
Media Gallery

Q3 2025 earnings underscored the central role of Google, Meta, and Amazon in the digital advertising ecosystem, with each posting double-digit ad revenue growth. But beyond strong topline results, regulatory pushback intensified.RisingAI costs and transparency concerns added to uncertainty around how each company will respond to mounting legal scrutiny and rapid AI innovation.

Key question: As AI spending and regulatory scrutiny reshape digital advertising, can the triopoly’s Q3 strength hold up against the structural risks ahead?

Google, Meta, and Amazon All Posted Double-Digit Ad Revenue Growth for the Second Quarter in a Row
E-Mail ChartDownload

Key Stat: Despite Google's first-ever $100 billion quarter, its ad growth is nearly half that of Amazon and Meta.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Ad growth persisted even as AI costs and regulatory scrutiny grew
  3. Google passes $100 billion in revenues, but headwinds threaten ad dominance
  1. Meta’s ad machine powers ahead as AI spend follows close behind
  2. Amazon’s promising growth is paired with rising costs
  3. Sources
  1. Media Gallery

Charts in This Report

Google, Meta, and Amazon All Posted Double-Digit Ad Revenue Growth for the Second Quarter in a RowSearch and YouTube Power Alphabet’s Ad Growth as Google Network Softens
Capex Outpaced Free Cash Flow for Amazon and Meta in Q3 2025, While Alphabet Held the LineAmazon's Ad Arm Outpaced Its Other Segments in Q3 2025 but Remained a Small Slice of the Revenue Pie

authors

Marisa Jones, Jeremy Goldman

Contributors

Daniel Konstantinovic
Penelope Lin
Director, Data Visualization
Vladimir Hanzlik
Executive Editor and SVP, Content
Emma Noyes
Graphic Designer, Data Visualization
Tyler Van Dyke
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