GOOGL$283.82▼ 12.6%Alphabet bought back $107.9 billion of stock in two years. In 2026 it sold $61.9 billion
Alphabet's Class A shares had their worst day on record after its third-quarter profit fell. Its quarterly report put its supplier commitments at $924.4 billion, most of it counted at the contracts' maximum terms.
KeyVex News··6 min readFact-checked against 7 public recordsKeyVex News··6 min readFact-checked against 7 public recordsGOOGL$283.82▼ 12.6%Close, Oct. 29. Prices from Tiingo.The short versionTap to readTap to close
- Alphabet's business has long brought in more cash than it spends on buildings and equipment. It handed much of the rest back by buying its own stock: more than $100 billion in 2024 and 2025.
- This year its equipment spending passed the cash its business brought in, two quarters running. It bought back no stock in the first nine months of 2026.
- It has also promised suppliers $924.4 billion, most of it counted at the contracts' maximum terms. The $213.4 billion due within a year is more than its business brought in over the past 12 months.
- A company whose spending outruns the cash its business makes can cover the gap from savings, borrowing or selling shares. Through September, Alphabet borrowed $85.2 billion and sold $61.9 billion of stock.
- Its finance chief said capital spending will rise "significantly" in 2027, with details on the fourth-quarter call. She said some contracts could end up costing less than the figures show.
The drop: Alphabet's Class A shares, which trade as GOOGL, fell 12.6% on Oct. 29 to $283.82, the day after it reported third-quarter results. By KeyVex's price records, it was the stock's worst day since it listed in August 2004.Chart data Earnings per share fell to $2.12 from $2.87 a year earlier, even as revenue rose 25% to $127.6 billion.8-K That was below analysts' estimates, Investing.com reported.Investing.com An $8.7 billion loss on stocks it holds cut earnings per share by $0.55. The 10-Q says the losses came largely from its SpaceX stake.8-K10-Q
The promises: The quarterly report Alphabet filed on the evening of Oct. 28 lists what it has promised to pay suppliers. As of Sept. 30, those purchase commitments came to $924.4 billion. Of that, $802.1 billion is multi-year contracts, counted at their maximum prices and volumes. Most are long-term contracts for computing equipment and parts, energy and content licenses.10-Q On Dec. 31 the figure was $149.1 billion, counting open purchase orders and only the non-cancelable portions or minimum fees of other agreements.10-K
Why it matters: Of the September total, $213.4 billion is due within 12 months. That is more than the $179.6 billion of cash Alphabet's operations brought in over the past year.10-Q8-K After $107.9 billion of buybacks in 2024 and 2025, Alphabet bought back none in the first nine months of 2026 and sold $61.9 billion of new stock. Its filings don't give a reason for the pause in buybacks.10-K10-Q8-K It ended September with $265.1 billion of cash and marketable securities, including $75.2 billion of SpaceX shares it cannot yet sell.8-K10-Q
Alphabet's stock and its filings this yearDaily close, Dec. 1, 2025 to Oct. 29, 2026 ▼ 9.9%Show chartHide chart
- 1Feb. 5, 2026 Annual report: $149.1 billion of purchase commitments. Filed after the close on Feb. 4. $113.0 billion of it was short-term.
- 2April 30, 2026 First-quarter report: $332.4 billion. Filed after the close on April 29. $138.0 billion was short-term.
- 3June 2, 2026 Alphabet announces an $80 billion equity raise. Announced after the close on June 1, including $10 billion of stock sold to Berkshire Hathaway. It was later upsized to $84.75 billion.
- 4July 23, 2026 Second-quarter report: $811.0 billion. Filed after the close on July 22. $200.7 billion was short-term.
- 5Oct. 29, 2026 Third-quarter report: $924.4 billion, most of it at the contracts' maximum terms. Filed after the close on Oct. 28. Class A shares close down 12.6% at $283.82 the next day.
View the data (230 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-29 | $283.82 | −12.6% |
| 2026-10-28 | $324.89 | +1.3% |
| 2026-10-27 | $320.58 | +1.2% |
| 2026-10-26 | $316.80 | −1.1% |
| 2026-10-23 | $320.21 | −1.2% |
| 2026-10-22 | $324.22 | −3.1% |
| 2026-10-21 | $334.76 | −1.6% |
| 2026-10-20 | $340.27 | −1.1% |
| 2026-10-19 | $344.18 | +1.1% |
| 2026-10-16 | $340.59 | −2.5% |
| 2026-10-15 | $349.22 | +0.5% |
| 2026-10-14 | $347.64 | −1.7% |
| 2026-10-13 | $353.78 | +0.3% |
| 2026-10-12 | $352.72 | +0.3% |
| 2026-10-09 | $351.66 | +1.0% |
| 2026-10-08 | $348.29 | −0.6% |
| 2026-10-07 | $350.50 | +0.8% |
| 2026-10-06 | $347.68 | +0.3% |
| 2026-10-05 | $346.47 | +0.9% |
| 2026-10-02 | $343.50 | +1.6% |
| 2026-10-01 | $338.24 | −1.7% |
| 2026-09-30 | $344.08 | +0.9% |
| 2026-09-29 | $340.92 | −0.5% |
| 2026-09-28 | $342.75 | −0.3% |
| 2026-09-25 | $343.92 | +0.5% |
| 2026-09-24 | $342.36 | +1.3% |
| 2026-09-23 | $337.83 | −3.8% |
| 2026-09-22 | $351.16 | −1.1% |
| 2026-09-21 | $354.97 | +1.6% |
| 2026-09-18 | $349.54 | +0.6% |
| 2026-09-17 | $347.33 | +1.3% |
| 2026-09-16 | $342.87 | −0.6% |
| 2026-09-15 | $344.98 | −1.3% |
| 2026-09-14 | $349.39 | +3.2% |
| 2026-09-11 | $338.50 | +1.8% |
| 2026-09-10 | $332.60 | +0.6% |
| 2026-09-09 | $330.65 | −2.3% |
| 2026-09-08 | $338.36 | 0.0% |
| 2026-09-04 | $338.46 | −1.2% |
| 2026-09-03 | $342.48 | +1.6% |
| 2026-09-02 | $337.12 | +0.6% |
| 2026-09-01 | $335.02 | −1.3% |
| 2026-08-31 | $339.35 | −2.1% |
| 2026-08-28 | $346.59 | +1.7% |
| 2026-08-27 | $340.65 | −0.4% |
| 2026-08-26 | $342.00 | −1.4% |
| 2026-08-25 | $346.96 | −0.3% |
| 2026-08-24 | $348.06 | +0.9% |
| 2026-08-21 | $344.82 | +1.2% |
| 2026-08-20 | $340.67 | −1.2% |
| 2026-08-19 | $344.72 | +0.2% |
| 2026-08-18 | $344.20 | +0.1% |
| 2026-08-17 | $344.00 | −0.5% |
| 2026-08-14 | $345.90 | −0.1% |
| 2026-08-13 | $346.36 | +0.8% |
| 2026-08-12 | $343.54 | −0.1% |
| 2026-08-11 | $343.80 | −3.8% |
| 2026-08-10 | $357.52 | +0.9% |
| 2026-08-07 | $354.30 | −1.0% |
| 2026-08-06 | $357.75 | −1.3% |
| 2026-08-05 | $362.43 | −4.0% |
| 2026-08-04 | $377.65 | +1.1% |
| 2026-08-03 | $373.51 | +4.9% |
| 2026-07-31 | $356.13 | +6.7% |
| 2026-07-30 | $333.66 | −0.9% |
| 2026-07-29 | $336.71 | +0.9% |
| 2026-07-28 | $333.71 | +2.2% |
| 2026-07-27 | $326.56 | +2.1% |
| 2026-07-24 | $319.74 | +0.6% |
| 2026-07-23 | $317.69 | −7.1% |
| 2026-07-22 | $342.09 | −1.5% |
| 2026-07-21 | $347.15 | −1.4% |
| 2026-07-20 | $351.99 | +1.5% |
| 2026-07-17 | $346.77 | −2.2% |
| 2026-07-16 | $354.46 | −4.4% |
| 2026-07-15 | $370.92 | +3.2% |
| 2026-07-14 | $359.51 | +2.0% |
| 2026-07-13 | $352.51 | −1.3% |
| 2026-07-10 | $357.18 | −0.5% |
| 2026-07-09 | $358.89 | −0.8% |
| 2026-07-08 | $361.92 | −1.4% |
| 2026-07-07 | $367.03 | +0.2% |
| 2026-07-06 | $366.46 | +1.8% |
| 2026-07-02 | $359.91 | −0.4% |
| 2026-07-01 | $361.21 | +1.1% |
| 2026-06-30 | $357.37 | +1.1% |
| 2026-06-29 | $353.65 | +4.8% |
| 2026-06-26 | $337.39 | −1.8% |
| 2026-06-25 | $343.71 | −0.5% |
| 2026-06-24 | $345.29 | −0.2% |
| 2026-06-23 | $346.13 | −1.0% |
| 2026-06-22 | $349.68 | −5.0% |
| 2026-06-18 | $368.03 | +1.2% |
| 2026-06-17 | $363.79 | −2.5% |
| 2026-06-16 | $373.25 | +1.1% |
| 2026-06-15 | $369.35 | +2.7% |
| 2026-06-12 | $359.68 | +0.5% |
| 2026-06-11 | $357.77 | +0.4% |
| 2026-06-10 | $356.38 | −2.2% |
| 2026-06-09 | $364.26 | +0.3% |
| 2026-06-08 | $363.31 | −1.4% |
| 2026-06-05 | $368.53 | −1.0% |
| 2026-06-04 | $372.19 | +3.7% |
| 2026-06-03 | $358.99 | −0.8% |
| 2026-06-02 | $361.85 | −3.9% |
| 2026-06-01 | $376.37 | −1.0% |
| 2026-05-29 | $380.34 | −2.5% |
| 2026-05-28 | $390.13 | +0.3% |
| 2026-05-27 | $388.83 | 0.0% |
| 2026-05-26 | $388.88 | +1.5% |
| 2026-05-22 | $382.97 | −1.2% |
| 2026-05-21 | $387.66 | −0.3% |
| 2026-05-20 | $388.91 | +0.3% |
| 2026-05-19 | $387.66 | −2.3% |
| 2026-05-18 | $396.94 | 0.0% |
| 2026-05-15 | $396.78 | −1.1% |
| 2026-05-14 | $401.07 | −0.4% |
| 2026-05-13 | $402.62 | +3.9% |
| 2026-05-12 | $387.35 | −0.3% |
| 2026-05-11 | $388.64 | −3.0% |
| 2026-05-08 | $400.80 | +0.7% |
| 2026-05-07 | $397.99 | 0.0% |
| 2026-05-06 | $398.04 | +2.5% |
| 2026-05-05 | $388.43 | +1.4% |
| 2026-05-04 | $383.25 | −0.6% |
| 2026-05-01 | $385.69 | +0.2% |
| 2026-04-30 | $384.80 | +10.0% |
| 2026-04-29 | $349.94 | 0.0% |
| 2026-04-28 | $349.78 | −0.2% |
| 2026-04-27 | $350.34 | +1.7% |
| 2026-04-24 | $344.40 | +1.6% |
| 2026-04-23 | $338.89 | −0.1% |
| 2026-04-22 | $339.32 | +2.1% |
| 2026-04-21 | $332.29 | −1.5% |
| 2026-04-20 | $337.42 | −1.2% |
| 2026-04-17 | $341.68 | +1.7% |
| 2026-04-16 | $336.02 | −0.3% |
| 2026-04-15 | $337.12 | +1.3% |
| 2026-04-14 | $332.91 | +3.6% |
| 2026-04-13 | $321.31 | +1.3% |
| 2026-04-10 | $317.24 | −0.4% |
| 2026-04-09 | $318.49 | +0.4% |
| 2026-04-08 | $317.32 | +3.9% |
| 2026-04-07 | $305.46 | +1.8% |
| 2026-04-06 | $299.99 | +1.4% |
| 2026-04-02 | $295.77 | −0.5% |
| 2026-04-01 | $297.39 | +3.4% |
| 2026-03-31 | $287.56 | +5.1% |
| 2026-03-30 | $273.50 | −0.3% |
| 2026-03-27 | $274.34 | −2.3% |
| 2026-03-26 | $280.92 | −3.4% |
| 2026-03-25 | $290.93 | +0.2% |
| 2026-03-24 | $290.44 | −3.8% |
| 2026-03-23 | $302.06 | +0.4% |
| 2026-03-20 | $301.00 | −2.0% |
| 2026-03-19 | $307.13 | −0.2% |
| 2026-03-18 | $307.69 | −1.0% |
| 2026-03-17 | $310.92 | +1.8% |
| 2026-03-16 | $305.56 | +1.1% |
| 2026-03-13 | $302.28 | −0.4% |
| 2026-03-12 | $303.55 | −1.7% |
| 2026-03-11 | $308.70 | +0.5% |
| 2026-03-10 | $307.04 | +0.2% |
| 2026-03-09 | $306.36 | +2.6% |
| 2026-03-06 | $298.52 | −0.8% |
| 2026-03-05 | $300.88 | −0.7% |
| 2026-03-04 | $303.13 | −0.1% |
| 2026-03-03 | $303.58 | −1.0% |
| 2026-03-02 | $306.52 | −1.7% |
| 2026-02-27 | $311.76 | +1.4% |
| 2026-02-26 | $307.38 | −1.8% |
| 2026-02-25 | $312.90 | +0.6% |
| 2026-02-24 | $310.90 | −0.2% |
| 2026-02-23 | $311.49 | −1.1% |
| 2026-02-20 | $314.98 | +4.0% |
| 2026-02-19 | $302.85 | −0.2% |
| 2026-02-18 | $303.33 | +0.4% |
| 2026-02-17 | $302.02 | −1.2% |
| 2026-02-13 | $305.72 | −1.1% |
| 2026-02-12 | $309.00 | −0.6% |
| 2026-02-11 | $310.96 | −2.4% |
| 2026-02-10 | $318.58 | −1.8% |
| 2026-02-09 | $324.32 | +0.5% |
| 2026-02-06 | $322.86 | −2.5% |
| 2026-02-05 | $331.25 | −0.5% |
| 2026-02-04 | $333.04 | −2.0% |
| 2026-02-03 | $339.71 | −1.2% |
| 2026-02-02 | $343.69 | +1.7% |
| 2026-01-30 | $338.00 | −0.1% |
| 2026-01-29 | $338.25 | +0.7% |
| 2026-01-28 | $336.01 | +0.4% |
| 2026-01-27 | $334.55 | +0.4% |
| 2026-01-26 | $333.26 | +1.6% |
| 2026-01-23 | $327.93 | −0.8% |
| 2026-01-22 | $330.54 | +0.7% |
| 2026-01-21 | $328.38 | +2.0% |
| 2026-01-20 | $322.00 | −2.4% |
| 2026-01-16 | $330.00 | −0.8% |
| 2026-01-15 | $332.78 | −0.9% |
| 2026-01-14 | $335.84 | 0.0% |
| 2026-01-13 | $335.97 | +1.2% |
| 2026-01-12 | $331.86 | +1.0% |
| 2026-01-09 | $328.57 | +1.0% |
| 2026-01-08 | $325.44 | +1.1% |
| 2026-01-07 | $321.98 | +2.4% |
| 2026-01-06 | $314.34 | −0.7% |
| 2026-01-05 | $316.54 | +0.4% |
| 2026-01-02 | $315.15 | +0.7% |
| 2025-12-31 | $313.00 | −0.3% |
| 2025-12-30 | $313.85 | +0.1% |
| 2025-12-29 | $313.56 | 0.0% |
| 2025-12-26 | $313.51 | −0.2% |
| 2025-12-24 | $314.09 | −0.1% |
| 2025-12-23 | $314.35 | +1.5% |
| 2025-12-22 | $309.78 | +0.9% |
| 2025-12-19 | $307.16 | +1.6% |
| 2025-12-18 | $302.46 | +1.9% |
| 2025-12-17 | $296.72 | −3.2% |
| 2025-12-16 | $306.57 | −0.5% |
| 2025-12-15 | $308.22 | −0.3% |
| 2025-12-12 | $309.29 | −1.0% |
| 2025-12-11 | $312.43 | −2.4% |
| 2025-12-10 | $320.21 | +1.0% |
| 2025-12-09 | $317.08 | +1.1% |
| 2025-12-08 | $313.72 | −2.4% |
| 2025-12-05 | $321.27 | +1.1% |
| 2025-12-04 | $317.62 | −0.6% |
| 2025-12-03 | $319.63 | +1.2% |
| 2025-12-02 | $315.81 | +0.3% |
| 2025-12-01 | $314.89 |
The previous worst day in KeyVex's records was March 16, 2020, down 11.6%. Source: Tiingo end-of-day closes, as traded, via KeyVex.
The promises, as each filing reported them
Alphabet's commitments rose to $332.4 billion by March 31 and $811.0 billion by June 30, as each filing reported them.10-Q10-Q The September report describes them differently: it counts the multi-year contracts at their maximum prices and volumes, where the June report gave fixed or guaranteed amounts.10-Q10-Q
Most of the long-term commitments are supply agreements to secure future production of computing equipment and parts, running through 2032, the report says. Energy contracts for its data centers run as long as 26 years.10-Q
View the data
| As of | Purchase commitments and other obligations | Note |
|---|---|---|
| Dec. 31, 2025 | $149B | Annual report. Non-cancelable portions and minimums; $113.0B short-term |
| March 31, 2026 | $332B | First-quarter report; $138.0B short-term |
| June 30, 2026 | $811B | Second-quarter report; $200.7B short-term |
| Sept. 30, 2026 | $924B | Third-quarter report; its $802.1B of multi-year contracts at maximum prices and volumes; $213.4B due within 12 months |
The Sept. 30 figure counts its $802.1 billion of multi-year contracts at maximum prices and volumes; the earlier figures used fixed, guaranteed or minimum amounts. Sources: Alphabet's 2025 Form 10-K and 2026 Forms 10-Q.
However, a number of these agreements have variable pricing and volume flexibility, which could result in lower spend.
Where the cash went
Alphabet spent $51.4 billion on property and equipment in the third quarter, more than the $42.3 billion its operations brought in. That left free cash flow, cash from operations minus capital spending, at minus $9.1 billion. It was also negative in the second quarter, at minus $5.9 billion.8-K
Operating cash was held down by inventory it built for sales of its TPU systems, the AI computing hardware Google Cloud sells, and by a $5.2 billion payment of a 2018 European Commission fine, Ashkenazi said on the call. Investments in technical infrastructure and that inventory "will put pressure on free cash flows," she said. She also said the company expects to earn returns "meaningfully above our cost of capital."Transcript
Alphabet's free cash flow turned negative in the second and third quartersShow chartHide chart
View the data
| Quarter | Free cash flow | Note |
|---|---|---|
| Q4 2025 | $24.6B | Operating cash $52.4B, capital spending $27.9B |
| Q1 2026 | $10.1B | Operating cash $45.8B, capital spending $35.7B |
| Q2 2026 | -$5.9B | Operating cash $39.1B, capital spending $44.9B |
| Q3 2026 | -$9.1B | Operating cash $42.3B, capital spending $51.4B |
Free cash flow is Alphabet's own measure, not one set by accounting rules. Source: Alphabet's Q3 2026 earnings release.
Who is paying for it
In June, Alphabet announced an $80 billion sale of stock, later raised to $84.75 billion. Its release tied the raise to expanding AI infrastructure and computing capacity. Half of the original $80 billion was a program of sales on the market.8-K8-K It sold $20.5 billion of shares to the public, $10.0 billion to Berkshire Hathaway and $19.0 billion of preferred stock that converts into common shares. Its market sales raised $12.4 billion by Sept. 30.10-Q
Those market sales are mainly to meet employees' tax bills on vesting stock awards, the 10-Q says. The June release expected about $30 billion of them to go to 2026 tax bills.10-Q8-K
Alphabet also borrowed $85.2 billion in the first nine months. Its long-term debt rose to $125.1 billion from $46.5 billion at the end of 2025.8-K
Alphabet went from buying back its stock to selling new sharesShow chartHide chart
View the data
| Amount | Note | |
|---|---|---|
| Bought back (2024) | $62.2B | $62,222 million, cash flow statement |
| Bought back (2025) | $45.7B | $45,709 million, cash flow statement |
| Bought back (Jan. to Sept. 2026) | $0.0B | No repurchases in the nine months |
| New stock sold (Jan. to Sept. 2026) | $61.9B | $42,870 million of common stock and $19,063 million of preferred, net of costs |
New stock sold is $42.9 billion of common stock and $19.1 billion of preferred stock, as shown in the cash flow statement. Sources: Alphabet's 2025 Form 10-K and Q3 2026 earnings release.
It has $69.5 billion left under a buyback program its board approved in April 2025. Its filings don't say when, or whether, it will use it.10-Q
What customers have promised Alphabet
The other side of the ledger is Alphabet's revenue backlog: contracts customers have signed that it has not yet booked as revenue. It reached $567.7 billion on Sept. 30, $560.8 billion of it at Google Cloud, up from $519.5 billion on June 30.10-Q10-Q Alphabet expects to book just over 55% of it in the next 24 months. Cloud revenue more than doubled from a year earlier, to $30.7 billion.10-Q8-K
On the call, Bank of America analyst Justin Post pressed on the chip systems. "If you can't give us the margins, why you think this is a good way to use all this capacity?" he asked. Thomas Kurian, who runs Google Cloud, answered that "all of the inventory for TPU systems are associated with committed contracts." He said Google builds it "only" after contracts are signed.Transcript
Alphabet expects capital spending of $195 billion to $205 billion this year, Ashkenazi said. She said it will "increase significantly in 2027," with details on the fourth-quarter call.Transcript
What to watch
Alphabet pays its $0.22 quarterly dividend, to holders of record on Dec. 7.
Alphabet's fourth-quarter results, where the CFO said it will give details on 2027 capital spending. No date has been set.
Alphabet expects to book just over 55% of its $567.7 billion backlog as revenue.
When Alphabet expects to make the significant majority of its long-term commitment payments.
The paper trail
Alphabet's SEC filings behind this story, Feb. 4 through Oct. 28, 2026, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Feb. 4, 9:56 p.m. | 10-K | Alphabet | Purchase commitments and other obligations of $149.1 billion at Dec. 31, 2025. Buybacks of $45.7 billion in 2025. |
| April 29, 9:02 p.m. | 10-Q | Alphabet | Commitments of $332.4 billion at March 31. |
| June 4, 5:07 p.m. | 8-K | Alphabet | The June 1 release: an $80 billion equity raise, including $10 billion from Berkshire Hathaway. |
| July 22, 9:15 p.m. | 10-Q | Alphabet | Commitments of $811.0 billion at June 30. Backlog of $519.5 billion. |
| Oct. 28, 4:01 p.m. | 8-K | Alphabet | Third-quarter results: free cash flow of minus $9.1 billion, no buybacks. |
| Oct. 28, 8:29 p.m. | 10-Q | Alphabet | Commitments of $924.4 billion, the $802.1 billion of multi-year contracts at maximum terms; $213.4 billion due within 12 months. Backlog of $567.7 billion. |
Sources
10 sources, 7 of them public records
Public records
- Alphabet Inc., Form 10-Q for the quarter ended Sept. 30, 2026SEC EDGAR · Oct. 28, 2026
- Alphabet Inc., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 28, 2026
- Alphabet Inc., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · July 22, 2026
- Alphabet Inc., Form 10-Q for the quarter ended March 31, 2026SEC EDGAR · April 29, 2026
- Alphabet Inc., Form 10-K for the year ended Dec. 31, 2025SEC EDGAR · Feb. 4, 2026
- Alphabet Inc., Form 8-K, Exhibit 99.1: "Alphabet Announces Proposed $80 Billion Equity Capital Raise to Expand AI Infrastructure and Compute"SEC EDGAR · June 1, 2026 (filed June 4)
- Alphabet Inc., Form 8-K, Exhibit 99.2: pricing of the equity offeringsSEC EDGAR · June 2, 2026 (filed June 4)
Reporting
- Earnings call transcript: Alphabet Q3 2026Investing.com · Oct. 28, 2026
Data
- End-of-day prices for GOOGL, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 29, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for GOOGLKeyVex · through Oct. 29, 2026
How we got these numbers
- Prices are end-of-day closes of Alphabet's Class A shares (GOOGL) as traded, not adjusted for dividends; daily moves are close to close. The 20-for-1 split of July 2022 is adjusted in the chart. "Worst day since 2004" compares every daily close-to-close move in KeyVex's GOOGL price history, which starts Aug. 19, 2004, using closes adjusted for the July 2022 split and the April 2014 distribution of Class C shares. The Filings switch shows a selection of KeyVex filing markers for Alphabet, not every filing and not only those tied to this story.
- Purchase commitments are as each filing reported them. The 2025 annual report counted open purchase orders plus the non-cancelable portions or minimum cancellation fees of other agreements. The March and June reports gave the multi-year contracts at fixed or guaranteed amounts. The September report gives its $802.1 billion of multi-year contracts at their maximum prices and volumes; the rest of its $924.4 billion is mainly open purchase orders, orders placed but not yet filled. Separately, Alphabet reported $130.5 billion of data center and energy leases that had not started as of Sept. 30.
- Buybacks and stock sold are cash amounts from the cash flow statements. "New stock sold" adds the $42,870 million of common stock and $19,063 million of convertible preferred stock reported as proceeds, net of costs, for January to September 2026. The $107.9 billion of buybacks in 2024 and 2025 adds $62,222 million and $45,709 million. Free cash flow is Alphabet's own measure: cash from operations minus purchases of property and equipment.
- Remarks on the Oct. 28 call are quoted from a transcript published by Investing.com.