U.S. Macro Indicator
Continuously updated series (no discrete release)
Latest reading: 77.9 % (2026-03-31).
Alphabet's capital expenditures as a share of operating cash flow — a proxy for AI/data-center investment intensity relative to cash generation. A rising ratio without matching growth in AI revenue or cloud margins raises questions about near-term returns on that capex.
| Period | Value | |
|---|---|---|
| 2026-03-31 | 77.9 % | |
| 2025-03-31 | 47.6 % | |
| 2024-03-31 | 41.6 % | |
| 2023-03-31 | 26.8 % | |
| 2022-03-31 | 39.0 % | |
| 2021-03-31 | 30.8 % | |
| 2020-03-31 | 52.4 % | |
| 2019-03-31 | 38.6 % |