Alphabet Inc. opened a seven-tranche euro bond offering Monday, its second this year, as nine-month capital spending reached $132 billion and quarterly free cash flow fell further into deficit.
The offering follows a €9 billion bond sale in May, which Alphabet issued in six tranches, according to a securities filing. The company’s latest quarterly filing shows it issued $45 billion in U.S. dollar notes and $35.8 billion in foreign-currency notes during the first nine months of 2026, including the May euro sale.
Alphabet spent $132 billion on capital projects through Sept. 30, more than double the amount spent in the same period last year. Third-quarter spending on property and equipment totaled $51.355 billion.
Chief Financial Officer Anat Ashkenazi reaffirmed Alphabet’s 2026 capital expenditure forecast of $195 billion to $205 billion on Oct. 28, after raising it from $180 billion to $190 billion in July. At the time, she cited faster capacity delivery to meet demand.
Alphabet has said infrastructure spending would pressure free cash flow, which it defines as operating cash flow less capital expenditures. The measure was negative $9.065 billion in the third quarter, compared with negative $5.855 billion in the second quarter, extending the trend discussed in earlier coverage of Alphabet’s capital spending.
In its May filing, Alphabet said proceeds from that earlier note sale would be used for general corporate purposes.
Ashkenazi said Alphabet expects to provide more detail on its 2027 spending plans during its fourth-quarter earnings call.
