Alphabet reported Q2 2026 revenue of $119.8B (+24% YoY) and capex of $44.9B (+100% YoY), pushing quarterly free cash flow negative (-$5.9B). H1 capex hit $80.6B versus $39.6B a year ago — a 103% surge. The $49.6B equity raise and $20.3B debt issuance signal continued appetite for AI infrastructure spend, even as TTM free cash flow narrows to $53.3B. No explicit FY2026 capex guidance revision in the press release; the earnings call (ongoing as of 1:30 PM PT) will determine if the $180-190B guidance is raised.