HomeSupply and SpendingCapEx Structure and the Earnings Hit
Depreciation and Assets Not Yet in Service
Depreciation and Amortization ($B/Quarter)#
Depreciation is the income-statement echo of earlier CapEx, and it is accelerating at all four.Draft, pending review
Source: FinSight compilation and estimates · Updated 2026-09-03
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four hyperscalers Combined D&A: Dollars and a Mechanical YoY Projection#
Combined D&A growth is still rising, and the mechanical projection has it higher again by 2027.Draft, pending review
How to read this chart
Bars are combined D&A; the line is YoY growth. Light bars and dashed lines are a mechanical projection built from CapEx already spent plus analyst CapEx estimates, run through each company's fitted depreciation life; not company guidance.
Source: Company filings and analyst estimates (FinSight compilation and estimates) · Updated 2026-09-03
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Assets Not Yet in Service (CIP, $B, Period-End)#
Assets bought but not yet in service have piled to a record; they neither depreciate nor earn until the day they are placed in service.Draft, pending review
How to read this chart
Capital bought but not yet in service, which neither depreciates nor earns. A growing pile means CapEx is running ahead of the ability to energize and commission (power, shells, deliveries). Disclosure: Google and Meta quarterly; Amazon annual only; Oracle annual with a May year-end; Microsoft never.
Source: FinSight compilation and estimates · Updated 2026-09-03
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Months of CapEx Parked Not Yet in Service = ANIS ÷ Trailing Four-Quarter CapEx × 12, Smoothed#
Expressed as months of CapEx parked in the warehouse: a flat ratio means placing in service keeps up with spending, a rising one means it is falling behind.Draft, pending review
How to read this chart
Stock over flow, read as months of CapEx parked in the warehouse, like days of inventory. The smoothed version averages this period and the last in the numerator to avoid a period-end landing on a peak or trough. Oracle went from 8.5 months in fiscal 2025 to 8.1 in fiscal 2026.
Source: FinSight compilation and estimates · Updated 2026-09-03
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