Alphabet recorded negative free cash flow of $5.9 billion in the second quarter of 2026 and $9.07 billion in the third quarter, its first consecutive negative quarters since its 2004 IPO. Inventory rose from $2.4 billion at the end of 2025 to $9.991 billion by June 30, 2026, partly because of TPU systems intended for sale. Management says most of the revenue related to those sales will not be recognized until 2027, while Google Cloud revenue surged 103% year over year to $30.71 billion in the third quarter. Alphabet raised its 2026 capital expenditure guidance to a range of $195 billion to $205 billion, from $180 billion to $190 billion previously.
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