Demand
Hyperscaler Total Company Capex by Quarter
Quarterly companywide cash purchases or additions to property and equipment at Microsoft, Alphabet, Amazon, and Meta. The metric shows the scale and pace of infrastructure investment supporting AI capacity, while also including substantial non-AI assets and excluding separately reported finance leases.
Hyperscaler Total Company Capex by Quarter
- Microsoft
- Alphabet
- Amazon
- Meta
In 2026-06-30, quarterly cash capex was $35.8 billion for Microsoft, $44.9 billion for Alphabet, $54.2 billion for Amazon and $30.1 billion for Meta.
Methodology
The chart uses total-company cash outflows for property and equipment from consolidated cash-flow statements or the same statements reproduced in SEC-filed earnings exhibits. Microsoft's line is labeled additions to property and equipment; Alphabet, Amazon and Meta use purchases of property and equipment. Values reported in USD millions are divided by 1,000 and shown as positive USD billions.
The series begins with the quarter ended March 31, 2023 and runs through June 30, 2026, the latest quarter reported by all four companies as of August 27, 2026. Dates are actual fiscal quarter-end dates. Microsoft's fiscal year ends June 30; the other three companies use calendar fiscal years.
Quarter-only values are taken directly when a filing or SEC-filed earnings exhibit presents a three-month amount. Alphabet Q2 2023 is derived exactly as $13.177 billion for six months less $6.289 billion for Q1, yielding $6.888 billion. Alphabet Q2 2024 is $25.198 billion less $12.012 billion, yielding $13.186 billion. Meta Q2 2026 is $49.113 billion for six months less $18.997 billion for Q1, yielding $30.116 billion. No rounded management guidance, estimates or interpolation are used.
Finance leases are excluded consistently. Amazon separately reports property and equipment acquired under finance leases and principal repayments of finance leases; Meta separately reports principal payments on finance leases; Microsoft discloses finance leases in its lease note. None of those amounts is added to the cash purchase line. Alphabet's plotted line is only its cash-flow-statement purchases of property and equipment.
Meta's cash-flow line was explicitly labeled purchases of property and equipment, net of proceeds through 2024 and was relabeled purchases of property and equipment in 2025 filings without changing the comparative amounts. The plotted series follows the filed cash-flow line and does not add back disposal proceeds. This is a limited presentational comparability caveat versus the other companies' gross purchase lines, so exact cross-company differences involving Meta should be interpreted cautiously.
This is capex for the entire consolidated company. It includes spending for data centers and technical infrastructure but also any other property and equipment within the filed line. The filings do not provide a complete, consistently defined quarterly AI-only subset, so no observation should be described as AI capex.
Frequently asked questions
Is this AI capex?
No. It is total-company cash spending on property and equipment. AI infrastructure is one driver, but the filed line also includes other servers, networks, buildings, fulfillment assets, offices, equipment and company-specific infrastructure.
Are finance leases included?
No. Separately reported finance-lease acquisitions and principal payments are excluded for every company. Adding them for only some companies would mix cash purchases with financed asset procurement.
Why can these figures differ from company commentary about capital expenditures?
Management-defined capex can include finance-lease principal payments, financed equipment, construction commitments, proceeds or incentives, or other adjustments. This chart stays with the consolidated cash-flow-statement property-and-equipment line.
How are quarter-only figures calculated?
A quarter is derived only when the filing supplies cumulative cash flow: Q2 equals six-month YTD less Q1, Q3 would equal nine-month YTD less six-month YTD, and Q4 would equal the annual total less nine-month YTD. Each subtraction uses amounts reported at the same USD-million precision.
Are the four series perfectly comparable?
They share a disciplined cash-flow basis and exclude finance leases, but not perfectly. Microsoft calls the line additions, Alphabet and Amazon call it purchases, and Meta used net-of-proceeds wording through 2024 before relabeling the same comparative series. The chart is strongest for trend and scale comparisons.
Where do the quarterly capex values come from?
Each value comes from a consolidated cash-flow statement in a Form 10-Q, Form 10-K, or SEC-filed earnings exhibit. The chart uses a directly reported three-month amount when available; otherwise it derives the quarter by subtracting same-precision cumulative values within the fiscal year.