# The Capex Report

> The AI build-out read from the cash flow statements: capital spending, operating cash flow, free cash flow and long-term debt of twenty-one companies, quarter by quarter from their SEC 10-Q and 10-K filings. Every figure is computed from the filings; nothing is estimated. Company-wide capex, never an AI-only estimate. Written and maintained by Yuriy Matso.

Filings through October 30, 2026. Latest calendar quarter complete for all five hyperscalers: Sep 2026, in which they spent $230.4 billion, 116% of their operating cash flow.

## Pages that measure

- [Hyperscaler capital spending](https://thecapex.report/hyperscaler-capex): the five on one calendar, with the answer card and the dataset.
- [Home](https://thecapex.report/): what the site covers and what changed in the data this week.
- [The ledger](https://thecapex.report/ledger): every company's latest quarter, by layer, with totals.
- [Plan against print](https://thecapex.report/guidance): each company's capex guidance as stated, every revision kept, against spending in the same definition and what the rest of the year must average.
- [Who pays for the build](https://thecapex.report/financing): sources and uses of cash at the five hyperscalers, quarter by quarter.
- [Where the AI revenue is](https://thecapex.report/segments): cloud and data-center segment revenue and operating income from the segment notes, never summed across companies.
- [The debt stack](https://thecapex.report/debt): every bond, note and term loan priced since 2024, from term sheets and 8-Ks, with the cash flow statement as cross-check.
- [Demand behind the capex](https://thecapex.report/demand): remaining performance obligations and deferred revenue per company against trailing revenue, never summed.
- [Capex including finance leases](https://thecapex.report/leases): equipment acquired under finance leases beside cash capex, per hyperscaler.
- [The balance sheet of the build](https://thecapex.report/balance-sheet): cash, debt, net debt, lease liabilities and property and equipment, five hyperscalers combined.
- [Depreciation against the build](https://thecapex.report/depreciation): capex as a multiple of depreciation of property and equipment, five hyperscalers by quarter and fiscal year.
- [Earnings calendar](https://thecapex.report/calendar): next report date for each of the twenty-one companies.
- [The build in the national accounts](https://thecapex.report/economy): Census data-center construction and BEA investment in information processing equipment and in computers, public statistics with their credit lines.
- [Hardware imports](https://thecapex.report/imports): Census monthly imports of computers and servers (HS 8471), total and by country of origin.
- [Electricity demand](https://thecapex.report/electricity): EIA monthly retail electricity sales, commercial and total.
- [Companies](https://thecapex.report/companies): sortable table and CSV export.
- [Microsoft capital spending](https://thecapex.report/companies/MSFT): $39.4 billion in the quarter ended September 30, 2026, 68% of operating cash flow.
- [Alphabet capital spending](https://thecapex.report/companies/GOOGL): $51.4 billion in the quarter ended September 30, 2026, 121% of operating cash flow.
- [Amazon capital spending](https://thecapex.report/companies/AMZN): $77.3 billion in the quarter ended September 30, 2026, 182% of operating cash flow.
- [Meta capital spending](https://thecapex.report/companies/META): $33.9 billion in the quarter ended September 30, 2026, 104% of operating cash flow.
- [Oracle capital spending](https://thecapex.report/companies/ORCL): $28.5 billion in the quarter ended August 31, 2026, 123% of operating cash flow.
- [Nvidia capital spending](https://thecapex.report/companies/NVDA): $2.7 billion in the quarter ended July 26, 2026, 11% of operating cash flow.
- [Broadcom capital spending](https://thecapex.report/companies/AVGO): $0.5 billion in the quarter ended August 2, 2026, 4% of operating cash flow.
- [AMD capital spending](https://thecapex.report/companies/AMD): $0.8 billion in the quarter ended June 27, 2026, 34% of operating cash flow.
- [Micron capital spending](https://thecapex.report/companies/MU): $11.1 billion in the quarter ended September 3, 2026, 25% of operating cash flow.
- [Arista capital spending](https://thecapex.report/companies/ANET): $0.0 billion in the quarter ended June 30, 2026, 3% of operating cash flow.
- [Ciena capital spending](https://thecapex.report/companies/CIEN): $0.1 billion in the quarter ended August 1, 2026, 41% of operating cash flow.
- [Coherent capital spending](https://thecapex.report/companies/COHR): $0.6 billion in the quarter ended June 30, 2026, 800% of operating cash flow.
- [Astera Labs capital spending](https://thecapex.report/companies/ALAB): $0.0 billion in the quarter ended June 30, 2026, 23% of operating cash flow.
- [Intel capital spending](https://thecapex.report/companies/INTC): $4.0 billion in the quarter ended September 26, 2026, 79% of operating cash flow.
- [Super Micro capital spending](https://thecapex.report/companies/SMCI): $0.0 billion in the quarter ended June 30, 2026, 4% of operating cash flow.
- [Dell capital spending](https://thecapex.report/companies/DELL): $1.2 billion in the quarter ended July 31, 2026, 56% of operating cash flow.
- [Vertiv capital spending](https://thecapex.report/companies/VRT): $0.1 billion in the quarter ended September 30, 2026, 18% of operating cash flow.
- [CoreWeave capital spending](https://thecapex.report/companies/CRWV): $6.4 billion in the quarter ended June 30, 2026, 946% of operating cash flow.
- [Vistra capital spending](https://thecapex.report/companies/VST): $0.7 billion in the quarter ended June 30, 2026, 67% of operating cash flow.
- [Constellation capital spending](https://thecapex.report/companies/CEG): $1.2 billion in the quarter ended June 30, 2026, 110% of operating cash flow.
- [GE Vernova capital spending](https://thecapex.report/companies/GEV): $0.6 billion in the quarter ended September 30, 2026, 11% of operating cash flow.

## Questions, answered by a printed rule and a count

- [Are the hyperscalers spending more than they make?](https://thecapex.report/questions/are-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?](https://thecapex.report/questions/is-ai-capex-funded-by-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?](https://thecapex.report/questions/is-hyperscaler-capex-still-accelerating): in the quarter ended Sep 2026, all 5 spent at least 25% more than a year earlier.

## Concepts, one-sentence definitions

- [Capital expenditures (capex)](https://thecapex.report/concepts/capital-expenditures): Capital expenditures are the cash a company pays in a period for property, plant and equipment it expects to use for more than a year, reported as an investing outflow on the cash flow statement.
- [Operating cash flow](https://thecapex.report/concepts/operating-cash-flow): Operating cash flow is the net cash a company’s business generated in a period before any investment or financing, reported as net cash provided by operating activities on the cash flow statement.
- [Free cash flow](https://thecapex.report/concepts/free-cash-flow): Free cash flow is operating cash flow less capital expenditures: the cash a business generated in a period after paying for the assets it bought.
- [Finance leases and capex](https://thecapex.report/concepts/finance-leases): A finance lease lets a company use an asset it does not buy outright; the asset and a matching liability go on the balance sheet, but no purchase appears in capital expenditures.
- [Accrued capex](https://thecapex.report/concepts/accrued-capex): Accrued capital expenditures are property and equipment a company has received but not yet paid for at the end of a period, so they appear on the balance sheet before they appear in capex.
- [Capex versus depreciation](https://thecapex.report/concepts/capex-versus-depreciation): Depreciation is the charge that spreads an asset’s cost over its useful life; when capital expenditures run well above depreciation, the asset base is growing faster than it is being written off.
- [Long-term debt](https://thecapex.report/concepts/long-term-debt): Long-term debt is borrowing that falls due more than a year after the balance sheet date, reported as a liability; its change over a quarter is a rough proxy for net borrowing.

## Layers

- [Hyperscalers](https://thecapex.report/sectors/spenders): The companies that own the data centers and sign the capex plans.
- [Compute, memory and networking](https://thecapex.report/sectors/compute): Chips, memory, optics and switches sold into the build-out.
- [Systems and power equipment](https://thecapex.report/sectors/systems): Servers, racks, cooling and the equipment that carries the power.
- [Neoclouds](https://thecapex.report/sectors/neoclouds): Rented GPU capacity, financed mostly with debt.
- [Power](https://thecapex.report/sectors/power): Generation and grid equipment the sites depend on.

- [Methodology](https://thecapex.report/methodology): sources, definitions, reporting periods, coverage and limits.
- [About](https://thecapex.report/about): what the site is, who it is for, the free ledger, the letter and the reports for institutions, and how to cite.
- The letter, which interprets what the pages measure, is published at https://thecapexreport.substack.com.