It was $12.4 billion in the previous quarter, and in Q4 2025, it reached $14.1 billion.

Practically all free cash flow evaporated in a single quarter.

The reason is CapEx.

Operations continue to generate cash, but investment in AI infrastructure consumes almost everything before anything is left over.

It is the hyperscaler thesis—shifting away from being cash-generating machines—moving from projected charts to actual reported figures.

The bill is coming due; I’m curious to see what tomorrow brings.