GOOGL free cash flow assessment
Alphabet free cash flow
26 days ago
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I'll load Alphabet's cash flow data to show you the free cash flow figures.Alphabet (GOOGL) Free Cash Flow
Free Cash Flow = Operating Cash Flow − Capital Expenditures
| Period | OCF ($B) | CapEx ($B) | FCF ($B) |
|---|---|---|---|
| FY 2021 | 91.7 | (24.6) | 67.0 |
| FY 2022 | 91.5 | (31.4) | 60.0 |
| FY 2023 | 79.1 | (9.7) | 69.5 |
| FY 2024 | 91.7 | (19.0) | 72.8 |
| FY 2025 | 118.7 | (45.4) | 73.3 |
| TTM (Q1 26) | 174.4 | (109.9) | 64.4 |
Key takeaways:
- Annual FCF has plateaued at ~$73B over the last three years ($72.8B in 2024 → $73.3B in 2025), after dipping from the 2021 peak.
- CapEx is the swing factor — stepping up materially in 2025 ($45.4B) as Alphabet invests heavily in AI/cloud infrastructure, offsetting OCF growth.
- TTM FCF of $64.4B is running below the FY 2025 run-rate, reflecting the surge in 2026 CapEx (~$110B TTM, vs. $45.4B in full-year 2025) as the AI build-out accelerates.
- The TTM FCF decline versus FY25 reflects approximately $65B of incremental TTM CapEx vs. full-year 2025 CapEx, signaling a step-change in infrastructure spending intensity.
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