Alphabet's spending closes in on its cash
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What the chart shows
This chart sets the cash Alphabet's business generates each year against what it pays for property and equipment, from 2013 to 2025.
In 2013 the business generated US$19.1bn and spending took US$7.4bn. By 2025 those had become US$164.7bn and US$91.4bn, and most of the climb in spending came in the last two years.
The space between the two shapes is free cash flow. In the September quarter it went negative, an outflow of US$9.1bn, and Alphabet expects to spend between US$195bn and US$205bn this year. Amazon, which reported after Thursday's close, had a free cash outflow of US$42.4bn in the past 12 months, against an inflow of US$14.8bn a year earlier.
The story behind it
Alphabet had its worst day since listing in 2004, and Amazon's cash flow sank further below zero Read the edition →Amazon on the calendar
Next results: date to come. It goes on the calendar as soon as Amazon announces it. Economic calendar →The numbers
Yearly cash from operations and capital spending, 2013 to 2025, in US$bn. The gap is free cash flow, which was negative US$9.1bn in the September quarter of 2026.
| Value | Unit | As at | |
|---|---|---|---|
| Alphabet net cash from operating activities, calendar 2013 | 19.14 | US$bn | 2013 |
| Alphabet net cash from operating activities, calendar 2014 | 23.024 | US$bn | 2014 |
| Alphabet net cash from operating activities, calendar 2015 | 26.572 | US$bn | 2015 |
| Alphabet net cash from operating activities, calendar 2016 | 36.036 | US$bn | 2016 |
| Alphabet net cash from operating activities, calendar 2017 | 37.091 | US$bn | 2017 |
| Alphabet net cash from operating activities, calendar 2018 | 47.971 | US$bn | 2018 |
| Alphabet net cash from operating activities, calendar 2019 | 54.52 | US$bn | 2019 |
| Alphabet net cash from operating activities, calendar 2020 | 65.124 | US$bn | 2020 |
| Alphabet net cash from operating activities, calendar 2021 | 91.652 | US$bn | 2021 |
| Alphabet net cash from operating activities, calendar 2022 | 91.495 | US$bn | 2022 |
| Alphabet net cash from operating activities, calendar 2023 | 101.746 | US$bn | 2023 |
| Alphabet net cash from operating activities, calendar 2024 | 125.299 | US$bn | 2024 |
| Alphabet net cash from operating activities, calendar 2025 | 164.713 | US$bn | 2025 |
| Alphabet payments for property and equipment, calendar 2013 | 7.358 | US$bn | 2013 |
| Alphabet payments for property and equipment, calendar 2014 | 11.014 | US$bn | 2014 |
| Alphabet payments for property and equipment, calendar 2015 | 9.95 | US$bn | 2015 |
| Alphabet payments for property and equipment, calendar 2016 | 10.212 | US$bn | 2016 |
| Alphabet payments for property and equipment, calendar 2017 | 13.184 | US$bn | 2017 |
| Alphabet payments for property and equipment, calendar 2018 | 25.139 | US$bn | 2018 |
| Alphabet payments for property and equipment, calendar 2019 | 23.548 | US$bn | 2019 |
| Alphabet payments for property and equipment, calendar 2020 | 22.281 | US$bn | 2020 |
| Alphabet payments for property and equipment, calendar 2021 | 24.64 | US$bn | 2021 |
| Alphabet payments for property and equipment, calendar 2022 | 31.485 | US$bn | 2022 |
| Alphabet payments for property and equipment, calendar 2023 | 32.251 | US$bn | 2023 |
| Alphabet payments for property and equipment, calendar 2024 | 52.535 | US$bn | 2024 |
| Alphabet payments for property and equipment, calendar 2025 | 91.447 | US$bn | 2025 |
| Alphabet free cash flow, September quarter 2026: an outflow (negative US$9.1bn) | 9.1 | US$bn | 30 Oct 2026 |
| Alphabet's expected capital spending in 2026, low end of its range | 195 | US$bn | 30 Oct 2026 |
| Alphabet's expected capital spending in 2026, high end of its range | 205 | US$bn | 30 Oct 2026 |
| Amazon free cash flow over the past 12 months to September 2026: an outflow | 42.4 | US$bn | 30 Oct 2026 |
| Amazon free cash flow over the 12 months a year earlier: an inflow | 14.8 | US$bn | 30 Oct 2026 |
31 rows: scroll the table for the rest.
How we make these charts: one chart a day from a story in the edition, drawn from the figures the story names and checked against the sources named on the chart before it is published. General information only, not financial advice.
