FOURWEEKMBA DATA · TRACKER · UPDATED 1 NOVEMBER 2026
Free to share with a link to this page. Every number comes from the companies’ SEC filings, linked below.
This tracker follows how much the largest technology companies spend on data centres, chips and other property and equipment (capex), and whether the cash their operations generate still covers it. It is rebuilt from their SEC filings each time a new quarterly report lands.
In Q3 2026, Amazon, Microsoft, Alphabet, Meta and Oracle together spent $230.4B on capex, 2.2 times the $105.8B of Q3 2025. Their combined operating cash flow was $198.6B, so capex ran $31.8B ahead of it (our arithmetic on their filings).
Since Q2 2022, capex was bigger than operating cash flow in 1 of 18 quarters, the first time in Q3 2026. The gap is filled with cash on hand, bonds, loans and leases, which is why the debt and purchase-obligation columns matter as much as the capex line.
Full dataset for all 25 companies: Business Engineer
Every company, every quarter since 2022: capex, operating cash flow, free cash flow, cash, long-term debt, purchase obligations, revenue, operating income, net income and R&D, each with its SEC filing link (2,590 company-quarter cells). Plus the FCF-after-capex ranking and the analysis of who is funding the build-out with debt.
Source: each company's 10-Q and 10-K filings with the SEC, read from the XBRL data the companies file (cash flow statement for capex and operating cash flow, balance sheet for cash and debt). Every cell links to its filing.
Capex = purchases of property and equipment as the company reports it (Amazon and Nvidia report purchases of productive assets, which include finance-lease principal for Amazon only when stated in that line).
Many companies report cash flows only year-to-date. Where no three-month figure was filed, the quarter is the difference of two filed year-to-date figures from the same fiscal year (the fourth quarter = full year minus nine months). This is arithmetic on filed numbers, not an estimate; these cells are flagged in the full dataset.
Free cash flow = operating cash flow minus capex (our arithmetic). Totals are shown only when all five companies have filed that quarter; otherwise the cell says missing and the last column names who is not in the data yet.
Fiscal quarters are placed in the calendar quarter that holds most of the period (Nvidia's May-July quarter counts as Q2, Oracle's June-August quarter as Q3).
Companies that file annual 20-F reports (TSMC, SAP, ASML, Alibaba, Baidu, Nebius) appear in the full dataset with full-year figures only, in their reporting currency. Nothing is converted, estimated or interpolated; a quarter with no filed figure stays missing.
Sources
SEC EDGAR filings (10-Q, 10-K, 20-F) of AMD, ASML, Alibaba, Alphabet, Amazon, Apple, Baidu, Broadcom, CoreWeave, IBM, IREN, Lam Research, Meta, Micron, Microsoft, Nebius, Nvidia, Oracle, Palantir, SAP, Salesforce, ServiceNow, SpaceX, TSMC, Tesla, via the SEC XBRL company facts API. Each row in the tables links to the filing it comes from. 11,654 filing rows read.
How this page stays current
When one of these companies files a new quarterly report, this page is rebuilt from the filing data: the charts, the totals and the date below change together.
Updated 1 November 2026. Latest complete quarter for all five hyperscalers: Q3 2026.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
