Alphabet increases capex to $195 billion to $205 billion range
Alphabet has raised its capital expenditures to the $195 billion to $205 billion range for 2026, up from $91 billion in 2025.
The company has increased its liquidity to over $242 billion to get ahead of this spending, and long-term debt more than doubled to over $98 billion over the previous six months.
Free cash flow, which excludes capex, is now $53 billion for the trailing 12 months, down from $67 billion one year ago.
Alphabet’s successes with Google Gemini have helped the company respond to the competitive threat from ChatGPT, despite increased spending.