Bloomberg Surveillance · Wednesday, July 22, 2026
Analysts predict Alphabet could face negative free cash flow next year if capital expenditures rise to $300 billion, despite a projected $10-15 billion in free cash flow this year. While the cloud business is performing exceptionally well, carrying the company, there's a concern that search, YouTube, and other segments are not showing the same level of growth, impacting overall financial health.
“Believe it or not, this company will have negative free cash flow next year.”
“So from that perspective, despite that twenty four percent top line growth, we're talking about a company that will have negative free cash flow at their scale.”
“So it's just I think the backlog number combined with where search would be two three years from now, that's where you start to get a little worried.”