HomeSupply and SpendingCapEx Structure and the Earnings Hit
Quarterly CapEx and All-In Investment
Reported CapEx and all-in investment
Quarterly CapEx (As Each Company Reports It, $B)#
All four report record quarterly CapEx, each on its own basis: Microsoft and Meta include finance leases, Google reports cash only.Draft, pending review
How to read this chart
Microsoft includes finance leases; Amazon is property and equipment plus finance leases; Meta includes finance lease principal; Google is cash only.
Source: FinSight compilation and estimates · Updated 2026-09-03
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All-In Investment (CapEx + New Operating Leases, $B)#
Adding back new operating leases, all-in investment runs well above reported CapEx.Draft, pending review
How to read this chart
New operating leases, which sit off the balance sheet, are added back; the line breaks where a quarter was not disclosed.
Source: FinSight compilation and estimates · Updated 2026-09-03
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Commitments not yet on the books
Leases Signed but Not Yet Started, Stock ($B)#
Leases signed but not yet started have surged, the most forward-looking capacity signal there is.Draft, pending review
How to read this chart
Signed but not yet delivered; dots mark periods with disclosure.
Source: FinSight compilation and estimates · Updated 2026-09-03
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Purchase and Contract Commitments, Stock ($B)#
Purchase and contract commitments keep piling up: GPUs, take-or-pay power contracts and cloud capacity.Draft, pending review
How to read this chart
Includes GPUs, take-or-pay power contracts and cloud capacity; Google switched to a new combined definition from 1Q26.
Source: FinSight compilation and estimates · Updated 2026-09-03
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Operating Lease Liabilities ($B, Period-End)#
Operating lease liabilities are rising at all four; rent already committed for the future is debt in another form.Draft, pending review
Source: FinSight compilation and estimates · Updated 2026-09-03
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How Much Is Leased: New Operating Leases ÷ All-In Investment#
The lease share fell in recent years because cash GPU purchases swelled the denominator; as $800B of not-yet-started leases kick in, the line should turn up.Draft, pending review
How to read this chart
A rising ratio means compute investment is moving off the CapEx line. The recent decline is because cash purchases of GPUs and servers swelled the denominator, while new operating leases are mostly real estate and grow slowly.
Source: FinSight compilation and estimates · Updated 2026-09-03
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