Only Microsoft covers its cloud investments with cash flow in Q3 2026

In the third quarter of 2026, Alphabet reported a negative free cash flow of $9.1 billion, despite raising $49.6 billion in equity and $28.7 billion in bonds. Amazon borrowed $48.1 billion during the period, pushing its debt to $173.1 billion. Meta posted a negative cash flow of $2.1 billion, without new debt. Microsoft remains the only one with a positive cash flow of $18.6 billion, including $7.4 billion in finance leases within its $45.2 billion investments.

The results detail financing strategies: Alphabet reduced its share buybacks and increased its debt to $125.1 billion, while Amazon relies on borrowing to fund its planned $220 billion investments in 2026. Meta narrowed its 2026 forecast to between $135 and $145 billion. Microsoft, meanwhile, lowered its annual forecast to $170 billion due to delays in deliveries of third-party computing capacity, despite customer demand still exceeding supply.

This contrast highlights a divergence in cash flow and debt management, even as all four giants maintain high liquidity levels. Microsoft’s investment delays could weigh on its growth, while Alphabet and Amazon anticipate continued spending increases in 2027.