Alphabet vs Microsoft: capital spending

In their latest reported quarters Alphabet spent $51.4 billion and Microsoft $39.4 billion on capital equipment, 121% and 68% of their operating cash flow. Over four quarters, $159.8 billion against $135.9 billion.

Filings through October 29, 2026. Each company’s latest quarter: Alphabet Sep 2026, Microsoft Sep 2026.

Quarter by quarter

Quarterly capital spending on the shared calendar, through Sep 2026
013263952$ billionDec 2022Jun 2023Dec 2023Jun 2024Dec 2024Jun 2025Dec 2025Jun 2026Sep 2026
AlphabetMicrosoft

Side by side

Latest reported quarterAlphabetMicrosoft
QuarterSep 2026Sep 2026
Capital spending$51.4B$39.4B
Against a year earlier+114.4%+103.0%
Operating cash flow$42.3B$58.0B
Free cash flow−$9.1B$18.6B
Share of operating cash flow121%68%
Four-quarter capital spending$159.8B$135.9B
Change on prior four+105.2%+96.9%
Spend to depreciation——
Long-term debt change$26.9B$23.0M

Company-wide figures from each company’s filings; quarters differ where fiscal calendars differ. Alphabet and Microsoft each have a full page.