Q2 2026 · FY26 Q4Reported
Oracle
$15.9B
Cash capex
- QoQ
- n/a
- YoY
- n/a
- Cash capex
- $15.9B
- Finance leases
- n/a
Tools · Free Dataset · CC BY 4.0 · Updated 2026-08-05
The Hyperscaler Capex Tracker
Quarterly capital expenditure for the companies building the AI buildout, each one shown on the basis it actually guides to. Microsoft, Amazon and Meta guide to capex including finance leases, which is not the line in the cash flow statement, and the difference runs to billions a quarter. Every row carries its source, its basis, and how the quarter was derived. Free to use with attribution: methodology and citation.
Download JSONDownload CSVMethodologyLanguage diffDeal ledger
Q2 2026 group capex
$187B
5 of 6 companies reported
Sequential change, like for like
+33.8%
Microsoft, Alphabet, Meta Platforms: the 3 companies on file for all of the last 4 quarters
Panel, four quarters
$370B
+49.5% from Q3 2025 to Q2 2026
Guided for calendar 2026
$766B
midpoints of the live guides from 5 companies; Oracle guides on a fiscal year and is not in this total
The Ramp, Like for Like
Microsoft, Alphabet, Meta Platforms are the companies with every one of the last 4 quarters on file, so this chart holds the membership fixed and lets the spending move. Summing whoever happens to have reported each quarter instead would draw a line that mostly tracks coverage, which is the quiet mistake in most published capex charts. Quarter totals for the wider group are in the table below.
Q3 2025
$78.2B
Q4 2025
$87.5B+11.8%
Q1 2026
$87.4B-0.1%
Q2 2026
$117B+33.8%
Guided vs Actual
Every capex guide these companies have given for the periods on file, in the order they were given, scored once the period closes. 4 of 17 have settled. The pattern worth noticing is not whether a guide was met: it is how often the guide was raised before the period ended.
| Company | Period | Guided | Range | Actual | Outcome |
|---|---|---|---|---|---|
| Amazon | Calendar 2026 | 2026-07-30 | ~$220B | $54.2B1 of 4 quarters | In progress-75.4% vs midpoint |
| Microsoft | Calendar 2026 | 2026-07-29 | ~$175B | $72.9B2 of 4 quarters | In progress-58.3% vs midpoint |
| Microsoft | FY27 Q1 (Sep 2026 quarter) | 2026-07-29 | $50B+ | · | No actual yet |
| Meta Platforms | Calendar 2026 | 2026-07-29 | $130B to $145B | $50.9B2 of 4 quarters | In progress-63.0% vs midpoint |
| Alphabet | Calendar 2026 | 2026-07-22 | $195B to $205B | $80.6B2 of 4 quarters | In progress-59.7% vs midpoint |
| Oracle | FY2027 (year to 31 May 2027) | 2026-06-10 | ~$70B | · | No actual yet |
| CoreWeave | Calendar 2026 | 2026-05-07 | $31B to $35B | $6.8B1 of 4 quarters | In progress-79.4% vs midpoint |
| Microsoft | FY26 Q4 (Jun 2026 quarter) | 2026-04-29 | $40B+ | $41B | Met guide+2.5% vs midpoint |
| Microsoft | Calendar 2026 | 2026-04-29 | ~$190B | $72.9B2 of 4 quarters | In progress-61.6% vs midpoint |
| Alphabet | Calendar 2026 | 2026-04-29 | $180B to $190B | $80.6B2 of 4 quarters | In progress-56.4% vs midpoint |
| Meta Platforms | Calendar 2026 | 2026-04-29 | $125B to $145B | $50.9B2 of 4 quarters | In progress-62.3% vs midpoint |
| Amazon | Calendar 2026 | 2026-02-05 | ~$200B | $54.2B1 of 4 quarters | In progress-72.9% vs midpoint |
| Alphabet | Calendar 2026 | 2026-02-04 | $175B to $185B | $80.6B2 of 4 quarters | In progress-55.2% vs midpoint |
| Meta Platforms | Calendar 2026 | 2026-01-28 | $115B to $135B | $50.9B2 of 4 quarters | In progress-59.3% vs midpoint |
| Oracle | FY2026 (year to 31 May 2026) | 2025-12-10 | ~$50B | $55.7B | Above guide+11.4% vs midpoint |
| Alphabet | Calendar 2025 | 2025-10-29 | $91B to $93B | $91.4B | Met guide-0.7% vs midpoint |
| Meta Platforms | Calendar 2025 | 2025-10-29 | $70B to $72B | $72.2B | Above guide+1.7% vs midpoint |
Every Quarter on File
21 of 21 quarters
| YoY | Cash | Fin. leases | Gap | Source | ||||
|---|---|---|---|---|---|---|---|---|
| Oracle | Q2 2026FY26 Q4 | $15.9BCash capex | · | · | $15.9B | · | · | Reported source |
| Microsoft | Q2 2026FY26 Q4 | $41BCapex incl. finance leases | +28.5% | +140.1% | $35.8B | $5.6B | -$402M | Filing source |
| Meta Platforms | Q2 2026Q2 2026 | $31.1BCapex incl. finance leases | +56.7% | · | · | · | · | Reported source |
| Amazon | Q2 2026Q2 2026 | $54.2BCapex incl. finance leases | · | +68.8% | $53.1B | · | · | Reported source |
| Alphabet | Q2 2026Q2 2026 | $44.9BCash capex | +25.9% | · | $44.9B | · | · | Reported source |
| Microsoft | Q1 2026FY26 Q3 | $31.9BCapex incl. finance leases | -14.9% | +90.5% | $30.9B | $4.7B | -$3.7B | Filing source |
| Meta Platforms | Q1 2026Q1 2026 | $19.8BCapex incl. finance leases | -10.4% | · | · | · | · | Reported source |
| CoreWeave | Q1 2026Q1 2026 | $6.8BCash capex | · | · | $6.8B | · | · | Reported source |
| Alphabet | Q1 2026Q1 2026 | $35.7BCash capex | +28.1% | · | $35.7B | · | · | Reported source |
| Oracle | Q4 2025FY26 Q2 | $12BCash capex | · | · | $12B | · | · | Reported source |
| Microsoft | Q4 2025FY26 Q2 | $37.5BCapex incl. finance leases | +7.4% | +137.3% | $29.9B | $6.7B | $924M | Filing source |
| Meta Platforms | Q4 2025Q4 2025 | $22.1BCapex incl. finance leases | +14.3% | · | · | · | · | Reported source |
| Alphabet | Q4 2025Q4 2025 | $27.9BCash capex | +16.3% | · | $27.9B | · | · | Reported source |
| Microsoft | Q3 2025FY26 Q1 | $34.9BCapex incl. finance leases | +104.3% | +133.9% | $19.4B | · | · | Filing source |
| Meta Platforms | Q3 2025Q3 2025 | $19.4BCapex incl. finance leases | · | · | · | · | · | Reported source |
| Alphabet | Q3 2025Q3 2025 | $24BCash capex | · | · | $24B | · | · | Reported source |
| Microsoft | Q2 2025FY25 Q4 | $17.1BCash capex | +2.0% | · | $17.1B | · | · | Filing source |
| Amazon | Q2 2025Q2 2025 | $32.1BCapex incl. finance leases | · | · | · | · | · | Reported source |
| Microsoft | Q1 2025FY25 Q3 | $16.7BCash capex | +6.0% | · | $16.7B | · | · | Filing source |
| Microsoft | Q4 2024FY25 Q2 | $15.8BCash capex | +5.9% | · | $15.8B | · | · | Filing source |
| Microsoft | Q3 2024FY25 Q1 | $14.9BCash capex | · | · | $14.9B | · | · | Filing source |
Q2 2026 · FY26 Q4Filing
Microsoft
$41B
Capex incl. finance leases
- QoQ
- +28.5%
- YoY
- +140.1%
- Cash capex
- $35.8B
- Finance leases
- $5.6B
Q2 2026 · Q2 2026Reported
Meta Platforms
$31.1B
Capex incl. finance leases
- QoQ
- +56.7%
- YoY
- n/a
- Cash capex
- n/a
- Finance leases
- n/a
Q2 2026 · Q2 2026Reported
Amazon
$54.2B
Capex incl. finance leases
- QoQ
- n/a
- YoY
- +68.8%
- Cash capex
- $53.1B
- Finance leases
- n/a
Q2 2026 · Q2 2026Reported
Alphabet
$44.9B
Cash capex
- QoQ
- +25.9%
- YoY
- n/a
- Cash capex
- $44.9B
- Finance leases
- n/a
Q1 2026 · FY26 Q3Filing
Microsoft
$31.9B
Capex incl. finance leases
- QoQ
- -14.9%
- YoY
- +90.5%
- Cash capex
- $30.9B
- Finance leases
- $4.7B
Q1 2026 · Q1 2026Reported
Meta Platforms
$19.8B
Capex incl. finance leases
- QoQ
- -10.4%
- YoY
- n/a
- Cash capex
- n/a
- Finance leases
- n/a
Q1 2026 · Q1 2026Reported
CoreWeave
$6.8B
Cash capex
- QoQ
- n/a
- YoY
- n/a
- Cash capex
- $6.8B
- Finance leases
- n/a
Q1 2026 · Q1 2026Reported
Alphabet
$35.7B
Cash capex
- QoQ
- +28.1%
- YoY
- n/a
- Cash capex
- $35.7B
- Finance leases
- n/a
Q4 2025 · FY26 Q2Reported
Oracle
$12B
Cash capex
- QoQ
- n/a
- YoY
- n/a
- Cash capex
- $12B
- Finance leases
- n/a
Q4 2025 · FY26 Q2Filing
Microsoft
$37.5B
Capex incl. finance leases
- QoQ
- +7.4%
- YoY
- +137.3%
- Cash capex
- $29.9B
- Finance leases
- $6.7B
Q4 2025 · Q4 2025Reported
Meta Platforms
$22.1B
Capex incl. finance leases
- QoQ
- +14.3%
- YoY
- n/a
- Cash capex
- n/a
- Finance leases
- n/a
Q4 2025 · Q4 2025Reported
Alphabet
$27.9B
Cash capex
- QoQ
- +16.3%
- YoY
- n/a
- Cash capex
- $27.9B
- Finance leases
- n/a
Q3 2025 · FY26 Q1Filing
Microsoft
$34.9B
Capex incl. finance leases
- QoQ
- +104.3%
- YoY
- +133.9%
- Cash capex
- $19.4B
- Finance leases
- n/a
Q3 2025 · Q3 2025Reported
Meta Platforms
$19.4B
Capex incl. finance leases
- QoQ
- n/a
- YoY
- n/a
- Cash capex
- n/a
- Finance leases
- n/a
Q3 2025 · Q3 2025Reported
Alphabet
$24B
Cash capex
- QoQ
- n/a
- YoY
- n/a
- Cash capex
- $24B
- Finance leases
- n/a
Q2 2025 · FY25 Q4Filing
Microsoft
$17.1B
Cash capex
- QoQ
- +2.0%
- YoY
- n/a
- Cash capex
- $17.1B
- Finance leases
- n/a
Q2 2025 · Q2 2025Reported
Amazon
$32.1B
Capex incl. finance leases
- QoQ
- n/a
- YoY
- n/a
- Cash capex
- n/a
- Finance leases
- n/a
Q1 2025 · FY25 Q3Filing
Microsoft
$16.7B
Cash capex
- QoQ
- +6.0%
- YoY
- n/a
- Cash capex
- $16.7B
- Finance leases
- n/a
Q4 2024 · FY25 Q2Filing
Microsoft
$15.8B
Cash capex
- QoQ
- +5.9%
- YoY
- n/a
- Cash capex
- $15.8B
- Finance leases
- n/a
Q3 2024 · FY25 Q1Filing
Microsoft
$14.9B
Cash capex
- QoQ
- n/a
- YoY
- n/a
- Cash capex
- $14.9B
- Finance leases
- n/a
Capex is shown on the basis each company guides to, which is not the same basis for all of them. Cash and finance-lease columns are the components where the company discloses them; the gap column is the company-stated total less those components, and it is an accrual-against-cash difference rather than an error. XBRL rows come straight from SEC filings, Filing rows were read from a company document, Reported rows are carried by two or more outlets with the primary document unread.
By Company
Use This Data
Licensed CC BY 4.0: copy it, chart it, build on it, including commercially. The only ask is attribution with a link. Suggested citation:
Hyperscaler Capex Tracker, Regards of Wallstreet, retrieved 2026-08-06, https://www.regardsofwallstreet.com/data/capex
Contracted capacity, as opposed to spending, lives in the AI Compute Deal Ledger. Spot an error or a missing quarter? The methodology page explains what qualifies and how corrections are handled, and the contact form reaches us.
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