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Alphabet cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.1B in Q3 2026 · $19.7B over twelve months

Operating cash flow$42.3B
Capital spending−$51.4B
Free cash flow−$9.1B
Cash / net income1.6×
Cash conversion cycle34 days

Analysis

In Q3 2026, Alphabet generated $42.3B of operating cash flow and spent $51.4B on capital projects, leaving free cash flow of −$9.1B. That is $33.5B less than in Q3 2025 ($24.5B).

Over the twelve months to Sep 30, 2026, operating cash flow was $179.6B; the largest uses were capital spending ($159.8B), other investing ($109.1B), buybacks ($5.9B); besides operations, cash came from net borrowing (+) / repaid (−) ($93.0B), other financing ($31.9B); the cash balance rose by $33.2B.

Operating cash flow was $42.3B against net income of $26.5B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$8.7B, stock-based pay +$8.6B, prepaid and other assets −$7.8B.

Its cash conversion cycle was 34 days (receivables 51 + inventory 21 − payables 38).

Free cash flow

Alphabet: free cash flow by quarterAlphabet: free cash flow by quarter$24.8BQ4 2024$19.0BQ1 2025$5.3BQ2 2025$24.5BQ3 2025$24.6BQ4 2025$10.1BQ1 2026−$5.9BQ2 2026−$9.1BQ3 2026
Operating cash flow less capital spending.
Alphabet: operating cash flow against capital spendingAlphabet: operating cash flow against capital spendingOperating cash flowCapital spending$39.1B$14.3BQ4 2024$36.1B$17.2BQ1 2025$27.7B$22.4BQ2 2025$48.4B$24.0BQ3 2025$52.4B$27.9BQ4 2025$45.8B$35.7BQ1 2026$39.1B$44.9BQ2 2026$42.3B$51.4BQ3 2026
Latest (Q3 2026): Operating cash flow $42.3B, Capital spending $51.4B.

Capital allocation, year by year

Alphabet: where the cash came from (up) and went (down), by fiscal yearAlphabet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $91.7BFY2021: Net borrowing −$1.2BFY2021: Capital spending −$24.6BFY2021: Buybacks −$50.3B$91.7BFY2021FY2022: Operating cash flow $91.5BFY2022: Net borrowing −$1.8BFY2022: Capital spending −$31.5BFY2022: Buybacks −$59.3B$91.5BFY2022FY2023: Operating cash flow $101.7BFY2023: Net borrowing −$1.5BFY2023: Capital spending −$32.3BFY2023: Buybacks −$61.5B$101.7BFY2023FY2024: Operating cash flow $125.3BFY2024: Net borrowing $483MFY2024: Capital spending −$52.5BFY2024: Buybacks −$62.2BFY2024: Dividends −$7.4B$125.8BFY2024FY2025: Operating cash flow $164.7BFY2025: Net borrowing $30.1BFY2025: Capital spending −$91.4BFY2025: Buybacks −$45.7BFY2025: Dividends −$10.0B$194.9BFY2025
Over these 5 years operating cash flow totalled $574.9B; the largest uses were buybacks ($279.0B) and capital spending ($232.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$265.1B
Debt$49.1B
Net cash$216.0B
Due within a year$2.0B

Alphabet funds itself: free cash flow was $19.7B over the last twelve months, and $265.1B of cash and investments stands against $49.1B of debt ($2.0B due within a year, 132.5× covered by cash).

Alphabet: debt maturities by year (FY2025)Alphabet: debt maturities by year (FY2025)$2.0BYear 1$1.0BYear 2$2.7BYear 3$1.8BYear 4$5.5BYear 5$36.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $265.1B of cash and investments now.

Where the cash came from and went

Alphabet: sources (+) and uses (−) of cash, Q3 2026Alphabet: sources (+) and uses (−) of cash, Q3 2026Capital spending−$51.4BOperating cash flow$42.3BNet borrowing (+) / repaid (−)$24.3BOther investing−$20.0BShares issued$12.4BOther financing−$4.3BDividends−$2.9BCash drawn (+) / kept (−)−$423MExchange rates$45.0M
Alphabet: sources (+) and uses (−) of cash, TTM to Q3 2026Alphabet: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$179.6BCapital spending−$159.8BOther investing−$109.1BNet borrowing (+) / repaid (−)$93.0BCash drawn (+) / kept (−)−$33.2BOther financing$31.9BBuybacks−$5.9BPartners$3.8BExchange rates−$145M

From profit to cash

Alphabet: net income to operating cash flow, Q3 2026Alphabet: net income to operating cash flow, Q3 2026Net income$26.5BDepreciation & amortization$8.7BStock-based pay$8.6BDeferred taxes$5.5BOther non-cash$1.7BReceivables−$3.9BInventory−$3.2BPayables−$165MAccrued liabilities−$1.2BDeferred revenue$2.6BPrepaid and other assets−$7.8BIncome taxes payable−$3.7BOperating cash flow$42.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$42.3B−$51.4B—−$2.9B$24.3B$12.4B−$423M−$9.1B
Q2 2026$39.1B−$44.9B——$20.8B—−$17.8B−$5.9B
Q1 2026$45.8B−$35.7B—−$2.5B$29.4B—−$7.4B$10.1B
Q4 2025$52.4B−$27.9B−$5.9B−$2.5B$18.6B—−$7.6B$24.6B
Q3 2025$48.4B−$24.0B−$11.5B−$2.5B−$1.2B—−$2.1B$24.5B
Q2 2025$27.7B−$22.4B−$13.2B−$2.5B$12.9B—$2.2B$5.3B
Q1 2025$36.1B−$17.2B−$15.1B−$2.4B−$181M—$202M$19.0B
Q4 2024$39.1B−$14.3B−$15.6B−$2.4B$1.1B—−$3.5B$24.8B

Alphabet: income statement and cash flow

Alphabet, Q3 2026: revenue $127.6B (+25% year over year), operating margin 31.8%. The chart follows the revenue to costs, profit and cash.

Alphabet: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.