Google Raises 2026 Capex to $205B, Now Spending More Than It Earns

Google raised its 2026 capital expenditure projection to as much as $205 billion in its July 2026 earnings report, up from a prior top-end estimate of $190 billion. The new floor of $195 billion exceeds the previous quarter's ceiling. As of July 2026, Google was spending more money than it was making. Analysts expected Alphabet and Amazon to burn cash in 2026.