Quick Read
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GOOGL shares fell nearly 10% after hours after Alphabet raised $41 billion through stock and debt sales to fund a 114% capex jump.
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Google Cloud revenue more than doubled to $31 billion, with operating income tripling to $11 billion year-over-year.
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Alphabet’s free cash flow hit negative $9 billion in Q3, the second straight deficit quarter, as capex outpaced operating cash flow of $42 billion.
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Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) spent $51.355 billion on capital expenditures in the third quarter of 2026, up 114.4% from the prior year. The cash-flow statement released after the close on Oct. 28, 2026 shows how it paid for that.
Alphabet raised about $41.4 billion in gross proceeds, adding $12.371 billion from common stock sales with $28.996 billion of new debt. After $3.626 billion in debt repayments, Alphabet’s net new money came to about $37.7 billion.
Alphabet bought back $0 of its own stock in the quarter, versus $11.504 billion in the third quarter of 2025.
Alphabet shares closed Oct. 28 at $324.89 and traded at $292.50 after hours around 7:59 p.m. ET, down 9.97%. The quarterly 10-Q had not appeared on EDGAR as of early Oct. 29.
What Alphabet Actually Raised in the Quarter
All of the quarter’s stock sales went through Alphabet’s at-the-market (ATM) program. Under an ATM program, a company sells new shares into the market in small tranches at the current price.
Alphabet sold 12 million Class A shares for $4.3 billion and 24 million Class C shares for $8.1 billion, leaving Alphabet $27.6 billion of capacity as of Sept. 30.
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Alphabet announced the $40 billion ATM program on June 2, 2026, as part of an $84.75 billion equity raise. The third quarter was the first one in which those sales were scheduled to start.
The June release said Alphabet planned to use ATM proceeds “primarily to facilitate, for a period of time, an administrative change in how Alphabet meets tax obligations” linked to employee stock awards. In the quarter, Alphabet Inc.’s net payments for stock-based awards came to $5.368 billion.
