Alphabet free cash flow turns negative as Q2 capex jumps to $44.9B
TiernanRayTech · x · 2026-07-23
On Alphabet’s Q2 2026 call, analysts pressed Pichai and Ashkenazi on why the company is pouring so much cash flow into AI, whether debt is getting too high, and when the investment will pay off.
The cited slides show free cash flow turned negative to -$5.855B in Q2 2026, while capital expenditures rose to $44.924B, up 100% year over year. The post argues that Google has momentum, but the Street still wants a clearer explanation for the scale of spending and the expected return.
Related event: Google Cloud Doubles in Q2 but AI Spending Turns Free Cash Flow Negative(56 posts)→
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