Amazon vs Microsoft: capital spending
In their latest reported quarters Amazon spent $77.3 billion and Microsoft $39.4 billion on capital equipment, 182% and 68% of their operating cash flow. Over four quarters, $215.2 billion against $135.9 billion.
Filings through October 30, 2026. Each company’s latest quarter: Amazon Sep 2026, Microsoft Sep 2026.
Quarter by quarter
AmazonMicrosoft
Side by side
| Latest reported quarter | Amazon | Microsoft |
|---|---|---|
| Quarter | Sep 2026 | Sep 2026 |
| Capital spending | $77.3B | $39.4B |
| Against a year earlier | +120.1% | +103.0% |
| Operating cash flow | $42.4B | $58.0B |
| Free cash flow | −$34.8B | $18.6B |
| Share of operating cash flow | 182% | 68% |
| Four-quarter capital spending | $215.2B | $135.9B |
| Change on prior four | +79.1% | +96.9% |
| Spend to depreciation | 3.7× | — |
| Long-term debt change | $44.2B | $23.0M |
Company-wide figures from each company’s filings; quarters differ where fiscal calendars differ. Amazon and Microsoft each have a full page.