Alphabet reports Q2 cloud growth and soaring capex versus cash
Alphabet and Amazon compared how quickly cloud spending turns into cash in Q2 FY2026. Alphabet’s Google Cloud generated $24.77B revenue with 82% growth, while Alphabet’s capex rose to $44.92B, up 100.1% year over year. Investors weighed whether Alphabet’s faster demand growth can convert into future free-cash-flow gains despite lagging segment profitability.