GOOGL changes
Pick any two versions below to diff them.
- Balance sheet
- Alphabet has more cash than debt, but it now uses outside capital to pay for its AI build-out. At June 30, 2026, it held $242.5 billion of cash and marketable securities. Against this, it had $101.1 billion face value of long-term debt, almost all fixed-rate senior unsecured notes at the parent. It also had $18.0 billion of operating lease liabilities and $2.6 billion of finance lease liabilities. In the first half of 2026, it issued $51.8 billion of notes in US dollars and five other currencies. In June 2026, it raised $49.6 billion net from new common stock and mandatory convertible preferred stock. A new $40.0 billion at-the-market share program was not yet used at June 30. The reason is spending: capital expenditure of $80.6 billion in the first half of 2026 almost equaled operating cash flow of $84.9 billion. Alphabet bought back no shares in that half. Interest expense was only $1.8 billion in the half, and the $25.0 billion commercial paper program was unused. Moody's (Aa2, stable) called the June 2026 equity raise credit positive, and S&P rates the notes AA+. Off the balance sheet, Alphabet backs third-party data centers and power. The maximum future payments are $7.6 billion in guarantees and $43.8 billion in credit derivatives. The balance sheet can carry the AI program. But the new shares and preferred stock dilute owners, so the return on that spending matters more than before. As of 2026-06-30.
- Checkpoints
- Oct 27, 2026 (estimate): Q3 2026 results: Cloud growth, Search ads and capex. Pending. Watch: Google Cloud growth near the Q2 pace of 82% and continued Search ad growth pass; a sharp Cloud slowdown or falling Search revenue fails. Q4 2026 (estimate): Appeal decision on the ad tech remedy ruling. Pending. Watch: No appeal, or an appeal that keeps the no-divestiture remedy, passes; an appeal that reopens a forced sale of AdX or DFP fails. Feb 2027 (estimate): Q4 2026 results and 2027 capital spending plan. Pending. Watch: Cloud and Search growth that hold into early 2027 with capex that cash flow can mostly fund passes; a slowdown with still higher capex and more share issuance fails.