According to SoSoValue, Alphabet’s capital expenditures in 2026 Q2 increased by 100.5% year over year to $44.92 billion, driving quarterly free cash flow down to negative $5.86 billion, the first time it has turned negative in history. Although Google Cloud revenue grew 81.8% year over year to $24.77 billion and significantly beat expectations, the company continued to raise its full-year capital expenditure guidance, and Alphabet’s stock fell by about 3% after-hours.