Alphabet: capex was 89% of operating cash flow over the last four quarters to 2026 Q3, up from 51% a year earlier
Free cash flow after capex $19.7B · Capex up 105% and operating income up 27% on the four quarters before · Contracted backlog up 260% on a year earlier · Debt issued $111.8B over the same four quarters · Backlog is the company's own filed figure for signed, undelivered contracts
Companies/Indices · What the spending is buying · SEC 10-Q and 10-K filings (cash flow statements) · 29 Sep 2026
Companies named: GOOGL