Google puts a token dial on reasoning: Gemini 2.5 Flash preview
Google pushed Gemini 2.5 Flash into public preview on April 17 through Google AI Studio, the Gemini API and Vertex AI, and called it its first fully hybrid reasoning model: thinking can be switched off entirely or capped by a thinking budget of 0 to 24,576 tokens, and the model is trained to spend only what a given prompt needs. Google puts it behind only Gemini 2.5 Pro on LMArena Hard Prompts, and shipped it in the Gemini app the same day.
Preview pricing is $0.15 per million input tokens and $0.60 per million output with thinking disabled, rising to $3.50 per million output once reasoning is active, which is the cheapest reasoning configuration any major lab had put on an API at that point. The budget is a request parameter plus a slider in AI Studio and Vertex AI, and it caps deliberation without forcing the model to use the cap.

WHY IT MATTERS
Reasoning has been an all-or-nothing line item: choosing a reasoning model meant paying reasoning prices on every call. A per-request budget turns deliberation into a schedulable resource, so a router can send easy traffic through the thinking-off path as a drop-in for 2.0 Flash and reserve the 5.8x output price for calls that need depth. That is an architectural lever for anyone running agent fleets at volume, and it pushes designs toward tiered calls rather than one expensive model for everything.
