Most of the coverage of Google’s August 17, 2026 bidding change talks about single campaigns. But if you run portfolio bid strategies one shared Target CPA or Target ROAS across a group of campaigns the review is different, and in some ways riskier. A portfolio’s blended performance can look healthy while individual campaigns inside it are running far above or below the shared target.
This guide covers what changes for portfolio and shared-budget setups, where to make the fix (hint: not at the campaign level), and how Search Ads 360 users should handle it. If you manage single-campaign strategies too, pair this with our campaign-level audit guide.
- The change applies to portfolio bidding and shared-budget setups too not just standalone campaigns.
- Budget-limited portfolios on Target CPA/ROAS that have been beating their target will drift back toward it after Aug 17.
- Any target change must be made at the portfolio level not campaign by campaign. For Google Ads campaigns not on Search Ads 360 portfolio bidding, review targets at the client account level.
- Google won’t adjust targets or budgets for you. Your window: July 6 – August 17, 2026.
What’s changing for portfolio strategies
Today, when a portfolio strategy is constrained by a shared budget, Google’s system often finds extra efficiency the portfolio delivers better than the shared target you set. From August 17, budget-limited portfolios using Target CPA or Target ROAS will optimize more consistently toward that shared target, even when you adjust budgets.
The mechanism is identical to the single-campaign change. What makes portfolios distinct is the unit being held to the target: a whole group of campaigns sharing one number. Reset that number and every campaign in the portfolio moves with it.
With a portfolio strategy, you’re not tuning one dial you’re tuning one dial that’s wired to many campaigns at once.
A worked example
| Before Aug 17 | After Aug 17 (no action) | |
|---|---|---|
| Portfolio Target CPA | $10 | $10 |
| Blended actual CPA | ~$5 (over-delivering) | ~$10 (pulled to target) |
| Same shared budget buys | More conversions | Fewer, pricier conversions |
Same shared budget, fewer conversions unless you reset the portfolio target to reflect the efficiency you were actually getting. The catch is deciding which number to reset to, because the blended figure hides the spread.
The portfolio trap most advertisers miss
The danger with a portfolio strategy is that the blended average lies to you. A portfolio can show a healthy $5 CPA against a $10 target while, underneath, one campaign is running at $3 and another at $9. If you reset the shared target to the $5 blend, the $3 campaign loses volume and the $9 campaign barely moves the average held, but the mix shifted. Before you touch the portfolio target, break the portfolio down and look at each campaign’s actual CPA or ROAS against the shared number.
One more thing that isn’t obvious: campaigns that don’t belong together in a portfolio become a real problem here. If a portfolio mixes high-intent brand campaigns with prospecting campaigns, a single shared target can never be right for both after the change. This is the moment to ask whether the portfolio’s grouping still makes sense sometimes the correct fix isn’t a new target, it’s splitting the portfolio.
Who’s affected
Both conditions must be true: the setup is Limited by budget and uses a target-based strategy (Target CPA, Target ROAS, or Target CPC for Demand Gen) whether that’s a portfolio strategy or a shared budget.
In scope: Search, Shopping, Performance Max, Demand Gen, and Travel campaigns managed in Google Ads or Search Ads 360, plus Demand Gen managed in Display & Video 360.
Not affected: App, Video reach, and Video view campaigns. Hotel and Display already use this behavior. Portfolios with unconstrained budgets are unchanged.
The update rolls out across Google Ads, Search Ads 360, Display & Video 360, Google Ads Editor, and the API. (Full details in Google’s official Help Center article.)
Where to make the change (this part matters)
This is the detail that trips people up:
- Portfolio bid strategies: target changes must be applied at the portfolio level, in the Shared library – Bid strategies. You can’t fix a portfolio’s target campaign by campaign.
- Google Ads campaigns not using Search Ads 360 portfolio bidding: review and adjust targets at the client account level.
- Search Ads 360 users: the change applies to your SA360-managed strategies; make target edits in SA360 where you manage the portfolio.
The Bid Target Adjustment Tool surfaces historical performance and lets you apply updates, but the level at which you act is set by how your bidding is structured.
The pre–August 17 portfolio audit
- List your portfolios and shared budgets that use Target CPA or Target ROAS and have hit “Limited by budget.”
- Break each portfolio into its campaigns. Compare every campaign’s actual CPA/ROAS against the shared target over the last 30–90 days don’t trust the blended number alone.
- Check the spread. If campaigns inside a portfolio are performing very differently, decide whether one shared target still serves them all, or whether the portfolio should be split.
- Decide intent. Was the shared target a deliberate efficiency lever, or has it drifted out of date as the account improved?
- Apply changes at the right level. Portfolio level for portfolio strategies; client account level for non-SA360 portfolio bidding.
- Record baselines for each campaign before Aug 17 so you can see the shift clearly.
- Wait 1–2 conversion cycles after any change before judging results.
Your three options per portfolio
1. Lock in current performance
Over-delivering and want to keep it? Lower the shared target toward recent blended performance but sanity-check that it won’t starve your most efficient campaigns.
2. Keep the target
Happy to trade some efficiency for consistency? Leave it but make it a deliberate decision.
3. Scale up
An over-delivering, budget-limited portfolio is signalling untapped profitable volume. Raise the shared budget and capture it at your stated target, which is more predictable after the change.
Deliberately capped portfolio? If you cap a shared budget on purpose (cash flow, strict blended CAC, limited capacity), uncapping isn’t the fix. Lower the portfolio target so your efficiency survives without the budget cap doing that work.
Timeline
- July 6, 2026 Bid Target Adjustment Tool live; in-account notifications begin.
- July – August 2026 Your window to audit portfolios and adjust shared targets.
- August 17, 2026 New bidding behavior takes effect automatically.
- Late Aug – Sept 2026 Expect recalibration; watch the spread inside each portfolio.
FAQ
Does the August 2026 change apply to portfolio bid strategies?
Yes. It applies to portfolio bidding and shared-budget setups that are limited by budget and use Target CPA or Target ROAS, the same as standalone campaigns.
Where do I change a portfolio’s target?
At the portfolio level, in the Shared library – Bid strategies. For Google Ads campaigns not using Search Ads 360 portfolio bidding, review and adjust targets at the client account level.
Does this apply to Search Ads 360 and Display & Video 360?
Yes. The update rolls out across Google Ads, Search Ads 360, Display & Video 360, Google Ads Editor, and the Google Ads API.
Will Google change my shared targets or budgets automatically?
No. The performance shift is automatic, but any target or budget change is yours to make.
What happens to a portfolio if I do nothing?
An over-performing budget-limited portfolio will drift toward its shared target, so blended cost per lead rises or ROAS slips on the same budget and the mix of conversions across its campaigns may shift.
Portfolio strategies need more care than single campaigns here, not less because one target change moves a whole group at once, and the blended average can hide the campaigns most at risk. Break your portfolios down, compare each campaign to the shared target, and make your edits at the portfolio (or client account) level before August 17.
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