“We expect the single largest driver of expense growth in 2025 to be infrastructure costs, driven by higher operating expenses and depreciation.”

In context

“ving to our financial outlook. We expect first quarter 2025 total revenue to be in the range of $39.5 billion to $41.8 billion. This reflects 8% to 15% year-over-year growth, or 11% to 18% growth on a constant currency basis as our guidance assumes foreign currency is an approximately 3% headwind to year-over-year total revenue growth, based on current exchange rates. This also reflects the effect of lapping leap day in the first quarter of 2024. While we are not providing a full-year 2025 revenue outlook, we expect the investments we’re making in our core business this year will give us an opportunity to continue delivering strong revenue growth throughout 2025. Turning now to the expense outlook. We expect full-year 2025 total expenses to be in the range of $114 billion to $119 billion. We expect the single largest driver of expense growth in 2025 to be infrastructure costs, driven by higher operating expenses and depreciation. We expect employee compensation to be the second-largest factor as we add technical talent in the priority areas that I referenced earlier. Turning now to the CapEx outlook. We anticipate our full-year 2025 capital expenditures will be in the range of $60 billion to $65 billion. We expect CapEx growth in 2025 will be driven by increased investment to support both our generative AI efforts and our core business. The majority of our CapEx in 2025 will continue to be directed toward our core business. On to tax. Absent any changes to our tax landscape, we expect our full-year 2025 tax rate to be in the range of 12% to 15%. In addition, we continue to monitor an active regulatory landscape, including legal and regulatory headwinds in the EU and the U.S. that could significantly impact our bus”