The balance was $21.6 billion a year earlier. Alphabet also reported negative free cash flow, while its finance chief maintained forecasts for higher capital spending.
Alphabet’s long-term debt reached $125.1 billion in its third-quarter 2026 earnings figures, compared with $21.6 billion a year earlier. That is an increase of $103.5 billion, or approximately 479.2%, leaving the balance at approximately 5.79 times its year-earlier level.
The debt figures appeared in SiliconANGLE’s October 29, 2026 report on the results Alphabet announced on October 28, 2026. Revenue and profits fell short of analysts’ expectations, alongside negative free cash flow.
Quarterly revenue rose 25% to $127.58 billion, below analysts’ $128.22 billion forecast. Adjusted earnings per share were $2.67 against an expected $3.02, while operating income was $40.58 billion against a forecast $43.19 billion. Free cash flow was negative $9.07 billion, compared with an expected positive $2.7 billion.
Alphabet’s long-term debt is an outstanding balance. Its capital expenditure measures spending during the quarter on long-lived assets, such as buildings and equipment. Borrowing and repayments both affect financing cash flows, so the increase in the debt balance is not the same as gross new borrowing. Nor is it a measure of how much borrowing financed superintelligence (SI) infrastructure.
| Measure | Result | Comparison |
|---|---|---|
| Revenue |
| $127.58 billion, up 25% year over year |
| Analyst forecast: $128.22 billion |
| Adjusted earnings per share | $2.67 | Analyst forecast: $3.02 |
| Net income | $26.17 billion | Year-earlier quarter: $34.98 billion |
| Operating income | $40.58 billion | Analyst forecast: $43.19 billion |
| Free cash flow | -$9.07 billion | Analyst forecast: positive $2.7 billion |
| Capital expenditure | $51.36 billion | Analyst forecast: $55.09 billion |
Free cash flow, a measure of cash generated after capital spending, was negative even though capital expenditure came in below analysts’ expectations. Alphabet shares fell more than 12% after the results, erasing more than $500 billion in market value in the reaction through October 29, 2026.
| Business | Revenue | Year-on-year growth | Analyst forecast |
|---|---|---|---|
| Google Cloud | $30.7 billion | More than doubled | $28.7 billion |
| Search | $63.35 billion | 12% | $64.96 billion |
According to SiliconANGLE, most of Alphabet’s SI infrastructure spending benefits its cloud-computing division, Google Cloud, while revenue from Search funds much of the infrastructure buildout. Chief executive Sundar Pichai said SI investment helped drive the highest search-query growth rate in five years.
Forrester Research analyst Tracey Woo questioned how much cloud demand reflected broad business adoption rather than concentrated spending by a few SI firms. She said softer search performance highlighted the challenge of funding SI investment while maintaining established businesses. She forecast that continued infrastructure expansion would give business customers greater choice and competition, while increasing pressure on providers to demonstrate value.
Valoir analyst Rebecca Wettemann said Google Cloud demand exceeded available capacity and meeting it required continued spending. She questioned how quickly Alphabet could add capacity, and at what cost as free cash flow declined.
Analysis
Investing.com analyst Thomas Monteiro said financial losses drove most of the headline earnings miss, but the operating-profit shortfall mattered more. He said SI spending had begun affecting profits as well as cash flow. He forecast further pressure as asset costs were charged against earnings through depreciation and the cost of raising capital increased.
Alphabet chief financial officer Anat Ashkenazi maintained the company’s forecast of $195 billion to $205 billion in capital spending for 2026. She also reiterated plans for spending to exceed $300 billion in fiscal 2027.
The proposed terms remain on hold. The inquiry will determine whether Meta is dominant in a relevant UK market and, if so, whether the terms abuse that position.
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The agreement with 35 US states and Washington, DC requires GM to limit driving-data collection, protect personal information and strengthen privacy checks and dealership oversight.
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The year-on-year result accompanies a reported expansion in HBM4 memory production, without specifying how much that expansion contributed to growth.
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Correction ·
House style applied: Armenian punctuation, date and money forms.
