ChainThink reports that, as of July 22, according to market aggregated data, Wall Street sell-side analysts expect Alphabet's full-year 2026 capital expenditure to be approximately $186 billion, broadly in line with the company's previously raised guidance range of $180 billion to $190 billion.
This scale represents more than a fivefold increase from $32.3 billion in 2023, with major investments directed toward AI data centers and computing infrastructure to support the expansion of Google Cloud and the Gemini models.
Morgan Stanley analyst Brian Nowak previously estimated that Alphabet's capital expenditures in 2027 could rise further to approximately $250 billion.
Company CFO Anat Ashkenazi also stated that capital expenditures in 2027 will be "significantly higher" than in 2026. Market attention also focuses on the impact of ongoing capital expenditures on free cash flow.
Alphabet's free cash flow in Q1 declined by approximately 47% year-over-year; investors will focus on whether the Q2 earnings call will further raise guidance for 2026 and provide details on 2027 spending levels.