Google's free cash flow went negative for the first time. Does it matter with $242 billion in cash? | The Pirate Street Journal

The Pirate Street Journal · Sep 7, 2026 · 36m

HERE'S WHAT WE COVERED IN THIS EPISODE:

1. Alphabet's best quarter ever, and the stock fell.

Second quarter revenue was $119.8 billion, up 24%. Cloud grew 82% with a backlog of $514 billion, up from $460 billion in one quarter. Then free cash flow went negative for the first time ever, about negative $6 billion, because CapEx hit $44.9 billion, double last year. The same filing shows $242 billion in cash and securities and $186 billion in trailing operating cash flow. Cloud added $11 billion of new revenue this quarter. Search added $8.3 billion. A category king just won a second category…