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CSP Cash Flow and Headroom
FCF = OCF − CapEx ($B/Quarter)#
CapEx is eating free cash flow: Amazon and Google both turned negative in 2Q26, Meta is near zero, and only Microsoft remains clearly positive.Draft, pending review
How to read this chart
Calculated on each company's own CapEx definition.
Source: FinSight compilation and estimates · Updated 2026-09-03
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Net Cash or Net Debt ($B, Period-End)#
Net cash is shrinking across the group: Microsoft went from $55B to $38B, and Meta is down to $6.6B.Draft, pending review
How to read this chart
Cash plus short-term investments minus borrowings, excluding lease liabilities.
Source: FinSight compilation and estimates · Updated 2026-09-03
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CapEx ÷ Operating Cash Flow (Capital Intensity)#
CapEx as a share of operating cash flow is spiking: Google and Amazon both exceeded 100% in 2Q26, meaning operations no longer cover CapEx.Draft, pending review
How to read this chart
The share of operating cash consumed by CapEx. Above 100% means operating cash flow does not cover CapEx, and the gap is met by borrowing or drawing down cash.
Source: Public bond filings and media reports; FinSight compilation · Updated 2026-09-03
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Headroom to Self-Fund (TTM Annualized) = FCF − Buybacks − Dividends ($B)#
The improvement in Google's and Meta's self-funding headroom came from cutting buybacks; Amazon deteriorated to minus $12B and Microsoft sits at zero.Draft, pending review
How to read this chart
Trailing four quarters to smooth seasonality. The gap to free cash flow is the burden of shareholder returns. Microsoft returns about $42B a year to shareholders, which absorbs all of its free cash flow.
Source: FinSight compilation and estimates · Updated 2026-09-03
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