CapEx ÷ Backlog (%/Quarter): Is Spending Chasing Orders?
CapEx ÷ Backlog (%/Quarter): Is Spending Chasing Orders?#
CapEx as a share of backlog keeps falling: orders are growing faster than spending, so CapEx estimates still face upward pressure.Draft, pending review
How to read this chart
Historically this ratio has been fairly stable, which you can read as backlog governing CapEx. A falling ratio means orders are growing faster than spending, so CapEx has room to be revised up. Definitions: Microsoft uses company-wide RPO, Amazon uses AWS backlog, Google uses Google backlog. Levels are not comparable across companies; watch each trend on its own.
Source: Company filings and analyst estimates (FinSight compilation and estimates) · Updated 2026-09-03
↩ This chart lives on the paged4-backlog-csp-02