Google reported $45B of capex in 2Q26, totaling $80.6B for 2026. They have guided $180-190B, implying they plan to spend $100-110 in the second half of 2026.
How do they plan to pull this off when Free Cash Flow was negative this quarter? Note, this is the first time they have EVER had negative FCF since their IPO. They already tapped capital markets several times this quarter ($30B common equity, $19B convertible preferred, $25B net debt).
I realize that they have $240B in cash on their balance sheet, but they won’t be able to fund another year of spending at this level unless they tap capital markets further, which seems highly unlikely