The Capex Report

DemandFilings through October 30, 2026

Demand behind the capex

Microsoft carried $683.0 billion of remaining performance obligations at Sep 2026 (2.0× its trailing revenue), Oracle carried $664.0 billion of remaining performance obligations at Aug 2026 (9.3× its trailing revenue) and Alphabet carried $567.7 billion of remaining performance obligations at Sep 2026 (1.2× its trailing revenue). Each company defines the figure its own way, so they are listed side by side and never added. Meta, Coherent, Astera Labs, Vertiv do not report one; Amazon, Intel, Arista have not disclosed it since Jun 2020 and Dec 2019 and Dec 2022.

Sources, method and freshnessFilings through October 30, 2026

remaining performance obligations and deferred revenue from each company’s revenue note and balance sheet in its 10-Q and 10-K filings. Each company’s obligation figure follows its own definition (Microsoft’s commercial bookings, Oracle’s cloud and licence contracts, suppliers’ product backlog), so the figures are shown side by side and never summed; deferred revenue is a dash where the filer tags only the current portion.

Cite as The Capex Report, Demand behind the capex, filings through October 30, 2026.

Contracted revenue by company

Millions of dollars, each company’s latest quarter with the disclosure
CompanyLayerQuarterRemaining performance obligationsDeferred revenueQuarterly revenueBacklog over trailing revenueQuarters reported
MicrosoftHyperscalersSep 2026683,00069,56392,2792.0×37 of 77
OracleHyperscalersAug 2026664,00030,78919,3459.3×33 of 73
AlphabetHyperscalersSep 2026567,70012,600127,5771.2×28 of 49
GE VernovaPowerSep 2026196,72145,74712,6424.5×11 of 15
BroadcomCompute, memory and networkingAug 2026179,20013,12429,5912.0×22 of 39
MicronCompute, memory and networkingSep 2026134,00013,00054,2291.0×7 of 70
DellSystems and power equipmentJul 2026132,00029,71846,9710.9×34 of 46
CoreWeaveNeocloudsJun 2026103,7009,7002,57513.7×6 of 10
ConstellationPowerJun 202611,855—5,8430.5×18 of 24
VistraPowerJun 20267,128—4,4010.4×11 of 32
NvidiaCompute, memory and networkingJul 20263,2006,41296,2210.0×31 of 73
Super MicroSystems and power equipmentJun 20262,612—11,1200.1×32 of 64
CienaCompute, memory and networkingAug 20262,5003111,6710.4×31 of 69
AMDCompute, memory and networkingJun 2026222—11,5360.0×34 of 66
AmazonHyperscalersJun 2020 last disclosed41,000—88,9120.1×10 of 74
IntelCompute, memory and networkingDec 2019 last disclosed1,8002,04120,2090.0×2 of 74
AristaCompute, memory and networkingDec 2022 last disclosed1,3001,0411,2760.3×19 of 53

No total is printed: the definitions differ by filer. Backlog over trailing revenue is the pipeline’s ratio of the disclosed obligations to the latest four quarters of revenue, null when a quarter is missing. Not reported by Meta, Coherent, Astera Labs, Vertiv.

Microsoft

Microsoft’s page
Microsoft, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter
$ billion, quarterly
Sep 2026Remaining performance obligations $683.0BQuarterly revenue $92.3B
0200400600800Dec 2022Sep 2023Jun 2024Mar 2025Dec 2025Sep 2026
Remaining performance obligationsQuarterly revenue

Obligations are a stock at quarter end; revenue is the quarter’s flow. Reported in 37 of 77 quarters on file.

Oracle

Oracle’s page
Oracle, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter
$ billion, quarterly
Aug 2026Remaining performance obligations $664.0BQuarterly revenue $19.3B
0200400600800Nov 2022Aug 2023May 2024Feb 2025Nov 2025Aug 2026
Remaining performance obligationsQuarterly revenue

Obligations are a stock at quarter end; revenue is the quarter’s flow. Reported in 33 of 73 quarters on file.

Alphabet

Alphabet’s page
Alphabet, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter
$ billion, quarterly
Sep 2026Remaining performance obligations $567.7BQuarterly revenue $127.6B
0200400600Dec 2022Sep 2023Jun 2024Mar 2025Dec 2025Sep 2026
Remaining performance obligationsQuarterly revenue

Obligations are a stock at quarter end; revenue is the quarter’s flow. Reported in 28 of 49 quarters on file.

Questions this page answers

What are remaining performance obligations?
Revenue a company has contracted but not yet recognised: signed cloud commitments, licence and support contracts, product backlog. Each filer discloses the figure under its own definition and scope, which is why the page never sums them.
Why does Oracle’s backlog look so large against its revenue?
Oracle’s figure includes multi-year cloud contracts recognised over their term, so a few very large agreements lift it far above a year of revenue. Microsoft’s and Alphabet’s figures are also multi-year but spread across many more customers. The ratio is a measure of contracted years of revenue, not of quality.
What is deferred revenue and how is it different?
Cash already collected for goods or services not yet delivered, carried as a liability on the balance sheet. It is a subset of what has been contracted; remaining performance obligations also include amounts not yet billed.
Does backlog justify the capex?
It is the best filed evidence of demand, but it does not say when the revenue arrives, at what margin, or whether the contracts can be cancelled. The pages measure; the letter argues.