How much are the hyperscalers spending on capital expenditures?

Microsoft, Alphabet, Amazon, Meta and Oracle together spent $230.4 billion on purchases of property and equipment in the calendar quarter ended Sep 2026, 118% more than a year earlier, and $691.0 billion over the latest four calendar quarters.

Are the hyperscalers spending more than their operations generate?

In the quarter ended Sep 2026 the five together spent 116% of their $198.6 billion of operating cash flow. Four of the five spent more than they generated: Alphabet, Amazon, Meta and Oracle.

Is hyperscaler capex being funded with debt?

Alphabet and Amazon spent more than operating cash flow in the quarter ended Sep 2026 while long-term debt rose. The filings carry no long-term debt line to judge Oracle this quarter. The debt test is a balance-sheet proxy; the financing section of each cash flow statement is the exact record.

Is hyperscaler capital spending still accelerating?

Five of the five spent at least 25% more than a year earlier in the quarter ended Sep 2026: Microsoft, Alphabet, Amazon, Meta and Oracle. Combined spending over the latest four calendar quarters is 93% above the four before.

Why does the latest quarter here differ from the latest earnings reports?

A quarter appears once all five companies' structured filings for it are available. Oracle's fiscal quarters end in February, May, August and November and are placed with the calendar quarter in which they end.

Is this the total of AI capital spending?

No. It is the company-wide purchases of property and equipment of five companies, which include warehouses, offices and retail as well as data centers, and it excludes equipment acquired under finance leases and spending by every other company in the build-out. It is a floor for the five and nothing more.

SpendingFilings through October 30, 2026

Hyperscaler capital spending

Microsoft, Alphabet, Amazon, Meta and Oracle spent 116% of their operating cash flow on capital equipment in the quarter ended Sep 2026. That was $230.4 billion against the $198.6 billion their operations generated, with spending 118% higher than a year earlier. Four of the five spent more than they generated: Alphabet, Amazon, Meta and Oracle.

Sources, method and freshnessFilings through October 30, 2026

Purchases of property and equipment and net cash from operating activities from each company’s 10-Q and 10-K filings, latest-filed value per period. Fiscal quarters are placed in the calendar quarter in which they end, so Oracle’s August quarter sits with the others’ September quarters; a quarter appears only when all five have reported it.

Capital spending is company-wide and includes investment unrelated to AI. Long-term debt change is the movement in the balance-sheet line between quarter ends.

Cite as The Capex Report, Hyperscaler capital spending, filings through October 30, 2026.

Five hyperscalers, calendar quarter ended Sep 2026

116%

Capital spending as a share of operating cash flow

Above 100% the five together spent more than their operations generated

A quarter earlier, Jun 2026: 97%
A year earlier, Sep 2025: 63%
Capital spending, quarter: $230.4B; +117.8% on a year earlier
Free cash flow, quarter: −$31.8B
Four calendar quarters: $691.0B; +93.5% on the four before
Spent above cash flow: 4 of 5; 2 of 4 judged also borrowed

Quarter by quarter

$ billion, by calendar quarter. Download CSV

Cash capital spending of the five hyperscalers, by calendar quarter of period end, $ billion

Q3 2026: $230.4BAgainst the same quarter a year earlier: +117.8%

Company-wide cash capex. Fiscal periods are grouped by the calendar quarter in which they end; only quarters with all five reported are shown. Hover a quarter to read it.

The five in the latest common quarter

Millions of dollars, Sep 2026

Company	Fiscal quarter	Capital spending	Operating cash flow	Free cash flow	Share of cash flow	Against a year earlier	Long-term debt change
Microsoft	Sep 2026	39,367	58,000	18,633	68%	+103.0%	+23
Alphabet	Sep 2026	51,355	42,290	(9,065)	121%	+114.4%	+26,937
Amazon	Sep 2026	77,259	42,422	(34,837)	182%	+120.1%	+44,231
Meta	Sep 2026	33,942	32,785	(1,157)	104%	+80.3%	(2,742)
Oracle	Aug 2026	28,499	23,103	(5,396)	123%	+235.2%	—

Each company’s own page carries its later quarters where they have been filed.

The questions the five answer

Are the hyperscalers spending more than they make?
In the quarter ended Sep 2026, 4 of the 5 spent more than their operations generated.
Is AI capex being funded with debt?
In the quarter ended Sep 2026, 2 of the 4 that could be judged both outspent operations and added long-term debt.
Is hyperscaler capex still accelerating?
In the quarter ended Sep 2026, all 5 spent at least 25% more than a year earlier.

Questions this page answers

How much are the hyperscalers spending on capital expenditures?: Microsoft, Alphabet, Amazon, Meta and Oracle together spent $230.4 billion on purchases of property and equipment in the calendar quarter ended Sep 2026, 118% more than a year earlier, and $691.0 billion over the latest four calendar quarters.
Are the hyperscalers spending more than their operations generate?: In the quarter ended Sep 2026 the five together spent 116% of their $198.6 billion of operating cash flow. Four of the five spent more than they generated: Alphabet, Amazon, Meta and Oracle.
Is hyperscaler capex being funded with debt?: Alphabet and Amazon spent more than operating cash flow in the quarter ended Sep 2026 while long-term debt rose. The filings carry no long-term debt line to judge Oracle this quarter. The debt test is a balance-sheet proxy; the financing section of each cash flow statement is the exact record.
Is hyperscaler capital spending still accelerating?: Five of the five spent at least 25% more than a year earlier in the quarter ended Sep 2026: Microsoft, Alphabet, Amazon, Meta and Oracle. Combined spending over the latest four calendar quarters is 93% above the four before.
Why does the latest quarter here differ from the latest earnings reports?: A quarter appears once all five companies' structured filings for it are available. Oracle's fiscal quarters end in February, May, August and November and are placed with the calendar quarter in which they end.
Is this the total of AI capital spending?: No. It is the company-wide purchases of property and equipment of five companies, which include warehouses, offices and retail as well as data centers, and it excludes equipment acquired under finance leases and spending by every other company in the build-out. It is a floor for the five and nothing more.