Microsoft guided capex 'over $50 billion'. Its 10-Q shows $39.4 billion of property additions. Alphabet spent $51.4 billion and filed no 2026 number.

Every figure below was read from Microsoft's and Alphabet's own filings on sec.gov and is cited with its accession: Microsoft's first-quarter FY2027 results on Form 8-K and its 10-Q, both filed on 28 October, and Alphabet's third-quarter results on Form 8-K the same day. Outlook figures are the companies' own and are labelled as company guidance. We show no analyst estimates, no consensus and no share prices, because none of them is filed, and nothing from the earnings calls, which are not filings either. Sums, differences and ratios are our arithmetic on filed values and are marked (Ours.) Research, not investment advice.

On Monday we put twelve filed lines on the table before Microsoft $MSFT and Alphabet $GOOGL reported (the preview). Both reported on Wednesday 28 October. We checked EDGAR at 04:30 UTC on 29 October. Microsoft filed three documents that day: its results release, furnished on Form 8-K (accession 0001193125-26-436122), its 10-Q for the quarter to 30 September (0001193125-26-436133), and a second 8-K, under Item 8.01, that recasts amounts from its FY2026 10-K to the new segments (0001193125-26-436149). Alphabet filed its results release on Form 8-K (0001652044-26-000080). Its 10-Q is not on EDGAR yet.

So Microsoft can be read in full this morning, and Alphabet only as far as the release goes. Where both the release and the 10-Q give a Microsoft figure, we use the 10-Q.

The line that matters most is the one Monday's post could not fill: what the spending cost. Microsoft had filed one capex figure, "over $50 billion" for the quarter. The 10-Q now shows what the cash-flow statement recorded.

1. Microsoft: $39.4 billion of additions to property and equipment

From the 10-Q cash-flow statement (0001193125-26-436133): additions to property and equipment were $39,367 million in the quarter to 30 September 2026, against $19,394 million a year earlier. (Ours: up 103.0%, and up 10.0% on the June quarter's $35,802 million.) Net cash from operations was $58,000 million. (Ours: additions took 67.9% of it, against 64.6% in the June quarter.)

The 10-Q gives the reason for the change in investing cash: "a $20.0 billion increase in additions to property and equipment". Purchases of property and equipment still sitting in accounts payable were $26.5 billion at 30 September, against $26.7 billion at 30 June.

2. "Over $50 billion": the guide and the cash line do not reconcile in any filing

The 2 September presentation (0001193125-26-380280, slide 20) said capital expenditures were "Expected to be over $50 billion including the impact of the useful life update". The cash line is $39.4 billion. Neither the release nor the 10-Q uses the phrase "capital expenditures" for a quarterly total, and neither explains the useful-life update.

One more filed line belongs next to it. The 10-Q's lease note shows right-of-use assets obtained in exchange for finance lease obligations of $5,192 million in the quarter, against $9,147 million a year earlier. (Ours: $39,367 million plus $5,192 million is $44,559 million, still under $50 billion.) We do not know that Microsoft's capex definition is either of these. The deck did not define it, and the 28 October filings do not either.

The release carries no outlook table. It says: "Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast." So, as of this morning, there is no filed capex figure for the December quarter or for FY2027.

3. The guide ranges against the filed results

Slide 20 of the September deck set company guidance for the quarter in the new segments. The 10-Q segment note gives the results:

Q1 FY2027	Guide (2 Sep, `0001193125-26-380280`)	Result (10-Q `0001193125-26-436133`)	Against the top of the range (Ours)
Total revenue	$89.85–90.95 billion	$92,279 million	+$1,329 million
Agents and Infra	$75.15–75.75 billion	$76,795 million	+$1,045 million
Devices and Consumer	$14.7–15.2 billion	$15,484 million	+$284 million
Operating margin	"relatively flat year-over-year"	$45,915 million on $92,279 million	49.8% (Ours), against 48.9% a year earlier

Revenue rose 19%. Agents and Infra rose 25% and Devices and Consumer fell 3%, both against the restated year-earlier figures of $61,672 million and $16,001 million, which are the figures the September deck restated. The 10-Q says the recast "had no impact on our consolidated balance sheets, consolidated income statements, or net cash from (used in) operations, investing, or financing".

4. Azure: 48%, with no currency effect

The guide on the new definition was "Growth of 44% to 45% in constant currency". The release's constant-currency table (0001193125-26-436122) gives Azure revenue growth of 48% as reported, a foreign-exchange impact of 0%, and 48% in constant currency. The 10-Q segment note also gives Azure in dollars: $33,165 million, against $22,384 million a year earlier. (Ours: up 48.2%.)

Microsoft Cloud revenue was $63.9 billion, against $49.1 billion. The 10-Q says Microsoft Cloud gross margin percentage "decreased to 66% driven by sales mix shift to Azure", and that Agents and Infra cost of revenue rose 35%, "driven by investments in datacenter infrastructure to support growing customer demand across Azure and Microsoft 365 cloud".

5. RPO: $683 billion, about 30% within twelve months

From the 10-Q revenue note: remaining performance obligations "was $683 billion as of September 30, 2026". Commercial RPO was "$677 billion as of September 30, 2026, with a weighted average duration of approximately 2.3 years", and Microsoft expects "to recognize approximately 30% of both our total company remaining performance obligation revenue and commercial remaining performance obligation revenue over the next 12 months".

At 30 June the 10-K gave $684 billion total and $678 billion commercial. (Ours: both $1 billion lower in the quarter.) The duration and the 30% share did not move. The release gives commercial RPO up 73%; the June quarter release had given 84%. (Ours: about $205 billion due in the next twelve months, unchanged.)

6. Leases not yet commenced: $364.6 billion, now running to FY2034

This is the line Monday's post said would come only with the 10-Q. It came:

"As of September 30, 2026, we had additional leases, primarily for datacenters, that had not yet commenced of $364.6 billion, with some arrangements subject to certain contractual conditions being met. These leases will commence between fiscal year 2027 and fiscal year 2034 with lease terms of 1 year to 20 years."

At 30 June the figure was $329.1 billion, commencing through fiscal year 2033. (Ours: up $35.5 billion in one quarter, and the last commencement year moved out by one.) Total finance lease liabilities on the balance sheet were $70,973 million, against $66,594 million. Right-of-use assets obtained for operating leases were $6,523 million in the quarter.

Set this next to the RPO. Committed future revenue fell $1 billion; committed future datacenter leases rose $35.5 billion. (Ours.) The release carries commercial RPO but not the lease figure.

7. OpenAI: $10.0 billion of revenue in one quarter, and the stake is now 24%

The 10-Q: "For the three months ended September 30, 2026, we recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $10.0 billion. Accounts receivable from OpenAI as of September 30, 2026 and June 30, 2026 was $7.2 billion and $6.0 billion, respectively." (Ours: $10.0 billion is 10.8% of quarterly revenue of $92,279 million; the FY2026 share was 7.3%.)

Two lines changed. The equity-method investment now "represents an approximate 24% interest on an as-converted basis"; the 10-K said approximately 25%. Of $13.0 billion of funding commitments, "$12.0 billion has been funded", against $11.9 billion at 30 June.

The guide expected other income and expense of "roughly $(100) million excluding any impact from our investments in OpenAI". The 10-Q records "$272 million of net gains" from OpenAI investments in the quarter, against $4.1 billion of net losses a year earlier. The release's non-GAAP line takes $207 million off net income for that gain, after tax.

8. Alphabet: $51.4 billion of capex, and free cash flow below zero again

Now Alphabet, from the release only (0001652044-26-000080). Purchases of property and equipment were $51,355 million in the quarter, against $44,924 million in the second quarter and $23,953 million a year earlier. (Ours: up 14.3% on the quarter and 114.4% on the year.) For nine months: $131,953 million.

Alphabet's own free-cash-flow table: net cash from operating activities of $42,290 million, less $51,355 million, gives "Free cash flow" of $(9,065) million. The second quarter was $(5,855) million. Trailing twelve months: $19,747 million. (Ours: capex was 121.4% of the quarter's operating cash.)

Depreciation of property and equipment was $8,369 million, against $5,611 million. (Ours: up 49.2%.) Inventory was $13,308 million at 30 September, against $2,439 million at 31 December. The release does not explain it.

The release has no capex figure for 2026 and no sentence about 2027. Monday's question was whether the 10-Q sentence, "In 2026, we expect to significantly increase", gains a number. That waits for the 10-Q.

9. Google Cloud: $30.7 billion of revenue, $11.1 billion of operating income

Segment table: Google Cloud revenue of $30,709 million, against $15,157 million; operating income of $11,121 million, against $3,594 million. The release says revenues "increased 103%". (Ours: margin 36.2%, against 35.6% in the second quarter.)

The release adds that Google Cloud "generates product revenues primarily from the sale of TPU systems", and that "TPU systems sales were also a meaningful contributor to revenue growth". It gives no TPU figure. Alphabet-level activities, mostly "shared AI research and development", cost $7,655 million, against $4,467 million.

10. Backlog and leases: not in the release

The release does not mention revenue backlog, remaining performance obligations or leases that have not yet commenced. We searched Exhibit 99.1. The $519.5 billion of backlog and the $85.2 billion of leases not yet commenced, both at 30 June (0001652044-26-000071), are still the latest filed figures. Both are 10-Q lines.

11. Alphabet's financing: $12.4 billion from the ATM, $28.7 billion of notes

The release: "we issued 12 million shares of Class A stock for net proceeds of $4.3 billion and 24 million shares of Class C stock for net proceeds of $8.1 billion. As of September 30, 2026, $27.6 billion remained available for future issuance under the ATM Program." (Ours: $40.0 billion less $12.4 billion is $27.6 billion, which ties to the programme size in the Q2 10-Q.) And: "we issued senior unsecured notes for net proceeds of $28.7 billion".

Long-term debt on the balance sheet was $125,102 million at 30 September, against $46,547 million at 31 December. Repurchases of stock were nil in the quarter, against $11,504 million a year earlier. The board declared a dividend of $15.63 per share on the mandatory convertible preferred; preferred dividends were $298 million in the quarter.

12. Two capex lines, side by side

September quarter ($m)	Microsoft (10-Q `0001193125-26-436133`)	Alphabet (8-K `0001652044-26-000080`)
Property and equipment, cash	39,367	51,355
Same quarter a year earlier	19,394	23,953
Operating cash flow	58,000	42,290
Cash line as % of operating cash (Ours)	67.9%	121.4%
Filed forward capex figure	none as of 29 Oct	none for 2026

(Ours: $90,722 million together in one quarter, against $43,347 million a year earlier.) Microsoft's quarter ends its fiscal Q1; Alphabet's is calendar Q3. Both end on 30 September.

What the next filings have to answer

Alphabet's 10-Q: revenue backlog against $519.5 billion, its 24-month share, and leases not yet commenced against $85.2 billion.
Alphabet's 10-Q: whether "significantly increase" gets a number for 2026.
Microsoft: a filed definition of the capex figure it guides, and how it reconciles to the $39.4 billion cash line.
Microsoft's next 10-Q: whether leases not yet commenced keep rising while RPO holds near $683 billion.

Run it yourself

Open /filings/MSFT, take the 10-Q of 28 October and go to the leases note: the $364.6 billion sentence is one paragraph. Then the cash-flow statement for the $39,367 million. /financials/GOOGL carries Alphabet's standardised statements, and /filings/GOOGL will list the 10-Q when it lands.

The first step is small: write down the four lines above, the numbers you will hold each company to. Our Thesis Monitor reads each new filing against what you wrote and tells you which of them moved. If you work inside an agent, the same filings are on the EvidInvest MCP server. It is free to start, credit packs from $10, and there is no subscription.

The revenue lines landed above the ranges. The cost lines are in the notes, not the releases.

Sources. Microsoft Corporation Form 10-Q for the quarter ended 30 September 2026: accession 0001193125-26-436133 (sec.gov). Form 8-K of 28 October 2026, Exhibit 99.1 (first-quarter FY2027 release): 0001193125-26-436122 (sec.gov). Form 8-K of 28 October 2026 (recast FY2026 financial statements): 0001193125-26-436149 (sec.gov). Form 8-K of 2 September 2026, Exhibit 99.1 ("FY27 Segments and Investor Metrics", image slides): 0001193125-26-380280. FY2026 Form 10-K: 0001193125-26-323660. Form 8-K of 29 July 2026, Exhibit 99.1: 0001193125-26-323632. Alphabet Inc. Form 8-K of 28 October 2026, Exhibit 99.1 (third-quarter 2026 results): 0001652044-26-000080 (sec.gov). Form 10-Q for the quarter ended 30 June 2026: 0001652044-26-000071. EDGAR was checked at 04:30 UTC on 29 October 2026; Alphabet's third-quarter 10-Q had not been filed. No analyst estimate, consensus figure, share price, price target or call remark appears on this page. Sums, differences and ratios are arithmetic on those filed values, labelled as ours where they appear. Research, not investment advice.