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The Hyperscaler Earnings Are In. Here's What the Cash Flows Reveal.
Amazon, Alphabet, Meta, Microsoft and Oracle spent $691 billion on data centers and equipment over the past 12 months, 95% of the $724 billion of cash their businesses produced. Using the same free cash flow calculation for all five, four had negative free cash flow in their latest quarter, and their debt, including finance leases, has gone from $281 billion at the end of 2024 to $642 billion.
October 30, 2026 · 1 min read
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