Google’s capex now runs ahead of the revenue it is expected to unlock

BenBajarin · x · 2026-07-24

• The post argues that Google’s capex tends to arrive before the revenue it eventually supports, and says the same pattern has historically repeated across GOOG, MSFT, and AMZN.
• The chart compares each year’s annual capex with the revenue added over the following two years, showing that the payoff often lags spending by a wide margin.
• It also notes Google’s latest guidance of $195B–$205B capex for 2026, while the 2024–2025 revenue lift is still being measured.

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