Why compare in the company’s own definition?

Companies guide to different measures. purchases of property and equipment, as reported in the cash flow statement; purchases of property and equipment less proceeds from property and equipment sales and incentives; purchases of property and equipment plus principal payments on finance leases; purchases of property and equipment plus property and equipment acquired under new finance leases. A plan stated net of proceeds compared with gross purchases would look further along than it is, so each plan is set against spending computed the way the company stated it.

Where does the guidance come from?

From the earnings release filed with the SEC as exhibit 99 to an 8-K where the company states it there, and from the earnings call where it does not, with the call cited. Every row is reviewed before it is published, and a revision is added as a new row: earlier guidance is never overwritten.

How is the remaining spending worked out?

The midpoint of the latest range, less what the company has spent in the fiscal year so far in the same definition, divided by the quarters left. The low and high ends of the range give the band either side.

Does missing the midpoint mean a plan failed?

No. A range is a range, companies revise as the year goes, and a single quarter can move with delivery timing. The page shows what the arithmetic requires; the letter argues what it means.

SpendingGuidance through October 29, 2026

Plan against print

Meta must spend $54.2 billion in the December 2026 quarter to land on the midpoint of its 2026 plan, +55.2% on the September quarter it just reported. Amazon needs $47.8 billion in the December 2026 quarter, −37.0% on September. Alphabet needs $48.0 billion in the December 2026 quarter, −6.4% on September. Each plan is the company’s own figure in its own definition, and spending is measured the same way.

Sources, method and freshnessGuidance through October 29, 2026

capex guidance from earnings releases (8-K exhibit 99) and earnings calls, each row reviewed by hand; spending from the 10-Q and 10-K filings in the guidance's own definition. the midpoint of a range is used for the implied figures; a fiscal year with fewer than four quarters reported is open; guidance is the company's own and never adjusted.

Cite as The Capex Report, Plan against print, guidance through October 29, 2026.

Meta, 2026 plan of $135.0B to $145.0B

+55.2%

The December 2026 quarter against the last, to land on the plan

$85.8 billion spent in 3 quarters; $54.2 billion to go

Amazon, 2026: −37.0%; $47.8 billion a quarter against $75.9 billion
Alphabet, 2026: −6.4%; $48.0 billion a quarter against $51.4 billion

The plans now

Each company’s current fiscal year

Company	Year	Latest plan	Stated	Spent so far	Still to spend	Per remaining quarter	Against the last quarter
Amazon	2026	about $220.0B	Oct 29, 2026	$172.2B in 3	$47.8B	$47.8B	−37.0%
Alphabet	2026	$175.0B to $185.0B	Feb 4, 2026	$132.0B in 3	$48.0B	$48.0B	−6.4%
Meta	2026	$135.0B to $145.0B	Oct 21, 2026	$85.8B in 3	$54.2B	$54.2B	+55.2%

Spending is in each plan’s own definition: Amazon, net of proceeds and incentives; Alphabet, purchases of property and equipment; Meta, including finance-lease principal. The remaining figures use the midpoint of the range.

How far along each plan is

Spent so far against the range

Meta 2026$85.8B of $135.0B to $145.0B, 3 of 4 quarters
Amazon 2026$172.2B of about $220.0B, 3 of 4 quarters
Alphabet 2026$132.0B of $175.0B to $185.0B, 3 of 4 quarters

The filled bar is spending in the fiscal year so far; the outlined band is the latest range. A bar three quarters of the way to the band after three quarters is on pace.

Every statement, as made

25 statements; none overwritten

Alphabet

Feb 4, 2026$175.0B to $185.0B for 2026First guidePurchases of property and equipment
“To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion.” Earnings release
Oct 29, 2025$91.0B to $93.0B for 2025RaisedPurchases of property and equipment
“With the growth across our business and demand from Cloud customers, we now expect 2025 capital expenditures to be in a range of $91 billion to $93 billion.” Earnings release
Feb 4, 2025about $75.0B for 2025First guidePurchases of property and equipment
“We are confident about the opportunities ahead, and to accelerate our progress, we expect to invest approximately $75 billion in capital expenditures in 2025.” Earnings release

Amazon

Oct 29, 2026about $220.0B for 2026RaisedNet of proceeds and incentives
“We continue to expect 2026 cash capital expenditures to be approximately $220 billion.” Earnings release
Feb 5, 2026about $200.0B for 2026First guideNet of proceeds and incentives
“With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital.” Earnings release

Coherent

May 6, 2024$365.0M to $385.0M for fiscal 2024 (to June 2024)NarrowedPurchases of property and equipment
“Capital Expenditure and Debt Reduction Outlook We are tightening our capital expenditure outlook for fiscal 2024 to $365 – 385 million, with our Silicon Carbide LLC funding approximately $150 million of this amount.” Earnings release
Feb 5, 2024$350.0M to $400.0M for fiscal 2024 (to June 2024)First guidePurchases of property and equipment
“Accordingly, we are maintaining our capital expenditure outlook for fiscal 2024 of $350 – 400 million, but now expect Silicon Carbide LLC to fund approximately $150 million of this amount.” Earnings release

Oracle

Mar 10, 2026$50.0B for fiscal 2026 (to May 2026)First guidePurchases of property and equipment
“Guidance for Fiscal Years 2026 and 2027 For fiscal year 2026, we expect revenue of $67 billion and capital expenditures of $50 billion.” Earnings release

Vertiv

Oct 22, 2025about $250.0M for 2025LoweredPurchases of property and equipment
“Vertiv’s 2025 capital expenditures are expected to be ~$250 million, with a further expansion in 2026 to support anticipated significant revenue growth.” Earnings release
Jul 30, 2025$250.0M to $300.0M for 2025ReaffirmedPurchases of property and equipment
“We continue to expect capital expenditures in the range of $250 - $300 million to support strong industry demand.” Earnings release
Apr 23, 2025about $275.0M for 2025ReaffirmedPurchases of property and equipment
“The 2025 forecast for capital expenditures is still expected to be approximately $275 million, or ~3.0% of sales, to support the strong growth trajectory.” Earnings release
Feb 12, 2025about $275.0M for 2025First guidePurchases of property and equipment
“Our capital expenditure forecast for 2025 is ~$275 million, ~3.0% of sales.” Earnings release
Oct 23, 2024$175.0M to $200.0M for 2024First guidePurchases of property and equipment
“The 2024 forecast for capital expenditures remains $175 million to $200 million.” Earnings release

Plans against outcomes

Fiscal years with all four quarters filed

Company	Year	First plan	Last plan	Spent	Against the first midpoint	Against the last midpoint
Oracle	fiscal 2026 (to May 2026)	$50.0B	$50.0B	$55.7B	+11.3%	+11.3%
Alphabet	2025	about $75.0B	$91.0B to $93.0B	$91.4B	+21.9%	−0.6%
Meta	2025	$60.0B to $65.0B	$70.0B to $72.0B	$72.2B	+15.5%	+1.7%
Vertiv	2025	about $275.0M	about $250.0M	$220.0M	−20.0%	−12.0%
Coherent	fiscal 2024 (to June 2024)	$350.0M to $400.0M	$365.0M to $385.0M	$346.8M	−7.5%	−7.5%
Meta	2024	$30.0B to $37.0B	$38.0B to $40.0B	$39.2B	+17.1%	+0.6%
Vertiv	2024	$175.0M to $200.0M	$175.0M to $200.0M	$167.0M	−10.9%	−10.9%

Spent is the fiscal year’s spending in the definition of the last plan. Where a company changed its definition during the year, the first plan was stated on the earlier basis and the comparison says so in the record above.

Questions this page answers

Why compare in the company’s own definition?: Companies guide to different measures. purchases of property and equipment, as reported in the cash flow statement; purchases of property and equipment less proceeds from property and equipment sales and incentives; purchases of property and equipment plus principal payments on finance leases; purchases of property and equipment plus property and equipment acquired under new finance leases. A plan stated net of proceeds compared with gross purchases would look further along than it is, so each plan is set against spending computed the way the company stated it.
Where does the guidance come from?: From the earnings release filed with the SEC as exhibit 99 to an 8-K where the company states it there, and from the earnings call where it does not, with the call cited. Every row is reviewed before it is published, and a revision is added as a new row: earlier guidance is never overwritten.
How is the remaining spending worked out?: The midpoint of the latest range, less what the company has spent in the fiscal year so far in the same definition, divided by the quarters left. The low and high ends of the range give the band either side.
Does missing the midpoint mean a plan failed?: No. A range is a range, companies revise as the year goes, and a single quarter can move with delivery timing. The page shows what the arithmetic requires; the letter argues what it means.