FCF = OCF − CapEx (Highlight = Selected Quarter, $B)

FCF = OCF − CapEx (Highlight = Selected Quarter, $B)#

Free cash flow in one frame: after the CapEx surge, Amazon and Google both turned negative in 2Q26, Meta is near zero, and only Microsoft is still clearly positive.Draft, pending review

Source: FinSight compilation and estimates · Updated 2026-09-03

↩ This chart lives on the paged4-narrative-csp-04