Data as of October 29, 2026. Company filings through the quarter ended September 30, 2026 (Oracle: August 31, 2026).
Meta reported on October 21, Microsoft and Alphabet on October 28 and Amazon on October 29, all after the market close. Oracle's quarters run a month behind the others; its latest report, on September 10, covered June to August.
Key takeaways
- Capital spending over the latest four quarters was $691 billion, against $239 billion in calendar 2024. Operating cash grew $245 billion (+51%) over the same period; capex grew $452 billion (+189%).
- Free cash flow for the five together fell from $239 billion in 2024 to $33 billion over the latest four quarters. Without Microsoft it was negative, at −$27 billion.
- Using the same free cash flow calculation for all five companies (operating cash minus capex), four had negative free cash flow in their latest quarter: Amazon (−$34.8 billion), Alphabet (−$9.1 billion), Oracle (−$5.4 billion) and Meta (−$1.2 billion). Microsoft had +$18.6 billion.
- Alphabet's two negative quarters are the first in its filings, which go back to 2007. Meta's is its first since 2012. Oracle has had six in a row.
- Bonds and notes plus finance leases rose from $281 billion to $642 billion, up 128%. The five sold about $229 billion of bonds in 2026, against an average of $28 billion a year from 2015 to 2022.
Who reported, and when
All five reported after the market close. The share-price columns use closing prices; Amazon's figure is its after-hours move on the evening it reported.
| Company | Quarter | Reported | Next-day reaction | Since report |
|---|---|---|---|---|
| Oracle | June–August 2026 | September 10 | −1.7% | −8.7% |
| Meta | July–September 2026 | October 21 | −7.0% | −10.5% |
| Microsoft | July–September 2026 | October 28 | −0.2% | −0.2% |
| Alphabet | July–September 2026 | October 28 | −12.6% | −12.6% |
| Amazon | July–September 2026 | October 29 | −7% (after hours) | −7% (after hours) |
Share-price change from the close on the report day to the next close, and to the close on October 29, 2026; Amazon after hours on October 29. Price change only, split-adjusted, no dividends. Past performance is no guarantee of future results.
Operating cash rose, but capex rose faster
The five companies' operating cash reached $724 billion over the latest 12 months. Their spending on property and equipment grew faster, so the cash left over has shrunk.
| Five companies combined | Four quarters to Dec 2024 | Latest four reported quarters | Change |
|---|---|---|---|
| Operating cash | $478bn | $724bn | +$245bn (+51%) |
| Capital spending | $239bn | $691bn | +$452bn (+189%) |
| Free cash flow | $239bn | $33bn | −$207bn |
| Free cash flow excluding Microsoft | $169bn | −$27bn | −$197bn |
| Debt and finance leases, period end | $281bn | $642bn | +$361bn (+128%) |
Since the end of 2024, capex has grown by $452 billion and operating cash by $245 billion, and free cash flow has fallen by $207 billion. Capex is now 2.9 times its 2024 level, and takes 95% of operating cash, against 50% in 2024.
On the same calculation for all five, four had negative free cash flow in their latest quarter
Free cash flow here is cash from operations minus cash paid for property and equipment, the same formula for all five.
Amazon's −$34.8 billion was its third negative quarter in a row and the largest negative quarter of any of the five since 2019. Alphabet's −$9.1 billion followed −$5.9 billion in the June quarter. Oracle's −$5.4 billion was its sixth negative quarter in a row. Meta's −$1.2 billion was its first negative quarter since 2012. Microsoft's free cash flow has been positive in every quarter since 2009.
Company by company
The table compares the four quarters to December 2024 with the latest four quarters.
| $ billion | Operating cash | Capex | Free cash flow | Capex/op. cash | Debt + fin. leases | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | Latest | Change | 2024 | Latest | Change | 2024 | Latest | 2024 | Latest | 2024 | Latest | Change | |
| Amazon | 116 | 168 | +45% | 83 | 215 | +159% | 33 | −47 | 72% | 128% | 69 | 187 | +172% |
| Alphabet | 125 | 180 | +43% | 53 | 160 | +204% | 73 | 20 | 42% | 89% | 14 | 130 | +857% |
| Meta | 91 | 133 | +46% | 37 | 104 | +180% | 54 | 29 | 41% | 78% | 30 | 85 | +187% |
| Microsoft | 126 | 196 | +56% | 56 | 136 | +145% | 70 | 60 | 44% | 69% | 81 | 106 | +31% |
| Oracle | 20 | 47 | +131% | 11 | 76 | +604% | 10 | −29 | 53% | 161% | 89 | 135 | +52% |
| All five | 478 | 724 | +51% | 239 | 691 | +189% | 239 | 33 | 50% | 95% | 281 | 642 | +128% |
Amazon. Capex over the past 12 months was $215 billion, 128% of its operating cash. On Amazon's own definition, which nets out equipment sales and incentives, free cash flow for the 12 months was −$42.4 billion. Long-term debt was $173.1 billion at the end of September, against $65.6 billion at the end of December.
Alphabet. Capex tripled, from $52.5 billion to $159.8 billion. In the first nine months of 2026 Alphabet raised $147 billion: $85.2 billion from bonds, $42.9 billion from new shares and $19.1 billion from convertible preferred stock. It bought back no shares, against $39.8 billion in the same months of 2025. Its bonds include a sterling note that matures in 2126.
Meta. Free cash flow on Meta's own definition, which also subtracts finance-lease payments, was −$2.12 billion in the quarter. Meta has bought back no shares in 2026, against $26.25 billion in the first nine months of 2025. On October 26 and 27 it sold about $22.5 billion of common stock and $12.5 billion of 6.50% preferred stock. Its 2026 capex guidance is $135–145 billion.
Microsoft. Capex doubled to $39.4 billion in the quarter, and operating cash rose to $58.0 billion, so free cash flow stayed positive. Microsoft has not sold a bond since January 2017 and repaid $4.85 billion in the quarter, so its bond debt fell 21%. Its finance-lease liabilities nearly doubled, from $36.1 billion to $71.0 billion.
Oracle. Capex over the four quarters rose from $10.7 billion to $75.7 billion, 161% of operating cash. Operating cash of $23.1 billion in the latest quarter included $11.4 billion of customer prepayments. Oracle sold $19.9 billion of stock through an at-the-market program in the quarter.
Debt has more than doubled, with substantial lease commitments still off the balance sheet
Debt here is bonds and notes on the balance sheet plus finance-lease liabilities.
The total was $269 billion at the end of 2022 and $281 billion at the end of 2024. It was $642 billion at the end of September 2026. Bonds and notes alone went from $232 billion to $544 billion. The five sold about $229 billion of bonds in 2026 through October 29, after $108 billion in 2025 and an average of $28 billion a year from 2015 to 2022.
Leases that are signed but have not started are not in these figures. Moody's counted $662 billion of such data-center leases across the five at the end of 2025, out of $969 billion of total future lease payments. At the end of September 2026, Microsoft reported $364.6 billion of leases signed but not started, Meta $355.73 billion and Alphabet $130.5 billion. Alphabet also reported $924.4 billion of purchase commitments, mostly multi-year contracts for technical infrastructure and energy.
The five hyperscalers are still generating enormous amounts of operating cash. What has changed is how much of that cash is being absorbed by infrastructure spending. With capital expenditure now consuming nearly all of their combined operating cash flow, the next question is whether these investments will translate into sufficient future cash generation. That is the financial trade-off worth watching.
We looked at the profits, cash flow and capital spending of the largest US companies in US Market Concentration: The Largest Companies Are Gaining Weight, and at concentration outside the US in Global equity markets were always concentrated.
Chart notes and method
Derived from the method statements in the scripts.
- Source and series. All figures are from the companies' 10-Q and 10-K filings with the SEC, read from the SEC's XBRL company facts, plus the Q3 2026 earnings releases (8-K exhibit 99.1) for Amazon and Alphabet where the 10-Q was not yet in XBRL. Quarterly cash flows are year-to-date figures minus the prior year-to-date figure of the same fiscal year.
- Capex and free cash flow. Capex is cash paid for property and equipment (Amazon: purchases of property and equipment, gross). Free cash flow is cash from operations minus capex, with no adjustment for finance leases or sale proceeds. Where a company's own definition differs (Meta subtracts finance-lease principal; Amazon nets proceeds from sales and incentives), the text gives the company's figure and says so.
- Quarters. Microsoft's quarter to September 30 is its fiscal first quarter. Oracle's quarters end in February, May, August and November; in the combined charts they are shown at the next calendar quarter-end. Rolling 12-month totals sum the latest four quarters for each company and are shown only where all five have reported.
- Debt. Bonds and notes on the balance sheet (current and non-current) plus finance-lease liabilities. Operating leases, leases signed but not yet started, and joint-venture debt are excluded. Amazon's September 2026 debt is from its earnings release and excludes the current portion; its finance leases are as of June 2026. Meta discloses finance-lease liabilities annually; the December 2025 figure is carried.
- Bond sales. Every bond deal by the five from 2009, read tranche by tranche from SEC pricing term sheets and prospectus supplements, with non-dollar tranches converted at the European Central Bank reference rate on the deal date. Three 2026 deals sold outside the US (two in Swiss francs, one in Australian dollars) are not registered with the SEC and are added from press reports and the Alphabet 10-Q. Commercial paper and term loans are excluded.
- Share prices. Daily closing prices from Finnhub, split-adjusted, price change only. "Next day" is the first close after the report; "since the report" is the close on October 29, 2026. Amazon reported on October 29 after the close, so its figure is the after-hours move that evening as reported by Bloomberg (via Yahoo Finance), rounded to the nearest whole percent.
- "First" and "in a row" statements are computed from the quarterly series, which runs from 2009 (Alphabet from 2007 using Google Inc.'s filings).
Important disclosures
This article is provided for informational and educational purposes only and should not be viewed as personalized investment advice. References to specific companies are provided solely to illustrate general market concepts and are not a recommendation or solicitation to purchase, sell, or hold any security.
All investments involve risk, including the loss of principal. Past performance is no guarantee of future results, and there is no assurance that historical trends or relationships will continue. The figures above describe what the companies reported for the stated periods and are not a forecast. Figures are drawn from third-party filings and may be revised by the companies.
Sources
- Oracle Corporation, Form 8-K and exhibit 99.1 (September 10, 2026), and Form 10-Q for the quarter ended August 31, 2026 (September 11, 2026), SEC EDGAR.
- Meta Platforms, Inc., Form 8-K exhibit 99.1, third quarter 2026 results (October 21, 2026), SEC EDGAR.
- Microsoft Corporation, Form 8-K exhibit 99.1, fiscal first quarter 2027 results (October 28, 2026), SEC EDGAR.
- Alphabet Inc., Form 8-K exhibit 99.1, third quarter 2026 results (October 28, 2026), SEC EDGAR.
- Amazon.com, Inc., Form 8-K exhibit 99.1, third quarter 2026 results (October 29, 2026), SEC EDGAR.
- Meta Platforms, Inc., Form 10-Q for the quarter ended September 30, 2026 (October 22, 2026), SEC EDGAR.
- Meta Platforms, Inc., free writing prospectuses dated October 26 and October 27, 2026, SEC EDGAR.
- Alphabet Inc., Form 10-Q for the quarter ended September 30, 2026 (October 29, 2026), SEC EDGAR.
- Microsoft Corporation, Form 10-Q for the quarter ended September 30, 2026 (October 28, 2026), SEC EDGAR.
- SEC, XBRL company facts API, Microsoft Corporation (CIK 789019), Alphabet Inc. (1652044), Google Inc. (1288776), Amazon.com, Inc. (1018724), Meta Platforms, Inc. (1326801), Oracle Corporation (1341439).
- SEC EDGAR filing indexes, bond pricing term sheets (Form FWP) and prospectus supplements (Forms 424B2 and 424B5) for the five companies, 2009–2026.
- Oracle Corporation, Form 10-Q for the quarter ended August 31, 2026 (September 11, 2026), SEC EDGAR.
- Fortune, Moody's flags $662 billion risk at the heart of the data center build-out by just 5 companies (February 25, 2026).
- SwissInfo (Bloomberg), "Amazon Sells Swiss Franc Bond Offering in Record Six Parts" (May 12, 2026).
- Allens, "Allens advises on Alphabet's record-breaking Australian bond issuance" (August 2026).
- Finnhub, daily stock candles (closing prices) for ORCL, META, MSFT, GOOGL and AMZN, pulled October 30, 2026.
- Bloomberg via Yahoo Finance, Amazon cloud business accelerates but shares drop on profit miss (October 29, 2026). Amazon's share-price figure in the table is based on after-hours prices on October 29, 2026, as reported here ("fell more than seven percent in after-hours trading"), not on a regular-session close.
