HomeCSP Cash Flow and Headroom
CapEx ÷ Operating Cash Flow (Capital Intensity)
CapEx ÷ Operating Cash Flow (Capital Intensity)#
CapEx as a share of operating cash flow is spiking: Google and Amazon both exceeded 100% in 2Q26, meaning operations no longer cover CapEx.Draft, pending review
How to read this chart
The share of operating cash consumed by CapEx. Above 100% means operating cash flow does not cover CapEx, and the gap is met by borrowing or drawing down cash.
Source: Public bond filings and media reports; FinSight compilation · Updated 2026-09-03
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