For 2026, the combined free cash flow at the five hyperscalers is expected to drop 91% to about $16 billion, while net income is projected to rise 25% to $506 billion. Current forecasts have free cash flow rebounding sharply to $185 billion in 2028 and then soaring to $387 billion in 2029. The consensus view for now is that capex growth will taper off after next year while revenue keeps surging, allowing free cash flow to rebound in a V-shaped recovery.