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
AlphabetMicrosoft
Side by side
| Latest reported quarter | Alphabet | Microsoft |
|---|---|---|
| Quarter | Sep 2026 | Sep 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 flow | 121% | 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.