What Happens To Alphabet Stock If Free Cash Flow Stays Negative?

Image from Pixabay Alphabet (GOOGL) has returned about 46% over the past year. In the June quarter it spent more on AI capacity than its operations produced in cash, and free cash flow was negative $5.9 billion. Over the trailing twelve months free cash flow was still positive, at $53.3 billion, and management said in July that the pressure will continue. So what happens to the stock if one negative quarter becomes a negative year? How Close Is Alphabet To A Full Year Of Negative Free Cash Flow? Management has raised its 2026 capital spending range twice since April, most recently to $195 billion to $205 billion, and expects it to increase significantly again in 2027. The money goes into servers, data centers and networking equipment.