Observatory / AI infrastructure debt: can cash generation keep up?
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RESEARCH ARCHIVEPrimary data and report excerpts are labeled separately. Incomplete history stays incomplete.About the data
AI infrastructure/Debt guide

ARGUSX / FINANCING WATCH

AI infrastructure:
who funds it, and what repays it?

Capital spending shows the pace of expansion. Read debt, leases and cash flows together to understand its funding needs.

Three different questions

01

Outstanding obligations

Debt and lease liabilities are balances at a point in time. Finance leases, operating leases and uncommenced lease commitments are different measures.

02

Cash left after investment

Operating cash flow minus cash CapEx indicates whether internal cash covers current investment. This is a consistent proxy, not company-defined free cash flow or AI-project ROI.

03

When payments fall due

Current debt, cash buffers and refinancing terms determine near-term pressure. Rising debt alone does not establish imminent distress.

Scope: consolidated accounts of four large cloud and technology companies, not total AI-sector debt or comprehensive coverage of GPU clouds, project companies or SPVs. Each chart retains its own date, unit, source and gaps. Cloud-verified series load on opening; failures are labeled as archived snapshots.

Microsoft

Long-term debt already includes its current portion: do not add it again. Finance leases are shown separately.

Is long-term debt rising?

Microsoft · Long-term debt incl. current portion · Quarterly

Verified primary source
40.29Billion USD

Observation date: 2026-06-30

+0.03 Billion USD vs. prior period Last 3 average below prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Microsoft
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-3040.294Primary source value
2026-03-3140.262Primary source value
2025-12-3140.262Primary source value
2025-09-3043.208Primary source value
2025-06-3043.151Primary source value
2025-03-3142.881Primary source value
2024-12-3144.97Primary source value
2024-09-3045.117Primary source value
2024-06-3044.937Primary source value
2024-03-3144.907Primary source value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Microsoft

    Carrying amount of long-term debt including the current portion. Excludes finance leases; this is neither total liabilities nor AI-only debt.

How fast is lease financing growing?

Microsoft · Finance lease liabilities · Quarterly

Verified primary source
66.59Billion USD

Observation date: 2026-06-30

+3.66 Billion USD vs. prior period Last 3 average above prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Microsoft
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-3066.594Primary source value
2026-03-3162.932Primary source value
2025-12-3160.151Primary source value
2025-09-3054.434Primary source value
2025-06-3046.172Primary source value
2025-03-3139.214Primary source value
2024-12-3136.077Primary source value
2024-09-3031.351Primary source value
2024-06-3027.145Primary source value
2024-03-3122.905Primary source value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Microsoft

    Discounted finance lease liabilities. Excludes operating leases and uncommenced lease commitments; not new CapEx. Consolidated company scope, not AI-only.

Does operating cash cover cash capital purchases?

Microsoft cash after capex (OCF minus cash CapEx) · Quarterly

Calculated from primary data
19.639Billion USD

Observation date: 2026-06-30

+3.836 Billion USD vs. prior period Last 3 average below prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 6 observations · Local history available

Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

As of: 2026-06-30 · Calculated from primary dataPrimary source: SEC · Microsoft
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-3019.639Calculated value
2026-03-3115.803Calculated value
2025-12-315.882Calculated value
2025-09-3025.663Calculated value
2025-06-3025.568Calculated value
2025-03-3120.299Calculated value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-10 · SEC · Microsoft

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 19.639 USD billions · 2026-04-01 – 2026-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 55.441 USD billions · Later fiscal total less earlier total
    2025-07-01 – 2026-03-31: 127.494 USD billions · Filed 2026-04-29
    2025-07-01 – 2026-06-30: 182.935 USD billions · Filed 2026-07-29

    Cash CapEx: 35.802 USD billions · Later fiscal total less earlier total
    2025-07-01 – 2026-03-31: 80.146 USD billions · Filed 2026-04-29
    2025-07-01 – 2026-06-30: 115.948 USD billions · Filed 2026-07-29

  • 2026-03-31 · Verified on 2026-10-10 · SEC · Microsoft

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 15.803 USD billions · 2026-01-01 – 2026-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 46.679 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 46.679 USD billions · Filed 2026-04-29

    Cash CapEx: 30.876 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 30.876 USD billions · Filed 2026-04-29

  • 2025-12-31 · Verified on 2026-10-10 · SEC · Microsoft

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 5.882 USD billions · 2025-10-01 – 2025-12-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 35.758 USD billions · Reported quarter
    2025-10-01 – 2025-12-31: 35.758 USD billions · Filed 2026-01-28

    Cash CapEx: 29.876 USD billions · Reported quarter
    2025-10-01 – 2025-12-31: 29.876 USD billions · Filed 2026-01-28

  • 2025-09-30 · Verified on 2026-10-10 · SEC · Microsoft

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 25.663 USD billions · 2025-07-01 – 2025-09-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 45.057 USD billions · Reported quarter
    2025-07-01 – 2025-09-30: 45.057 USD billions · Filed 2025-10-29

    Cash CapEx: 19.394 USD billions · Reported quarter
    2025-07-01 – 2025-09-30: 19.394 USD billions · Filed 2025-10-29

  • 2025-06-30 · Verified on 2026-10-10 · SEC · Microsoft

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 25.568 USD billions · 2025-04-01 – 2025-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 42.647 USD billions · Later fiscal total less earlier total
    2024-07-01 – 2025-03-31: 93.515 USD billions · Filed 2026-04-29
    2024-07-01 – 2025-06-30: 136.162 USD billions · Filed 2026-07-29

    Cash CapEx: 17.079 USD billions · Later fiscal total less earlier total
    2024-07-01 – 2025-03-31: 47.472 USD billions · Filed 2026-04-29
    2024-07-01 – 2025-06-30: 64.551 USD billions · Filed 2026-07-29

  • 2025-03-31 · Verified on 2026-10-10 · SEC · Microsoft

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 20.299 USD billions · 2025-01-01 – 2025-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 37.044 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 37.044 USD billions · Filed 2026-04-29

    Cash CapEx: 16.745 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 16.745 USD billions · Filed 2026-04-29

Also check: Microsoft · Current portion of long-term debt ↗Microsoft · Cash and short-term investments ↗

Amazon

The debt curve is noncurrent debt only. Check current debt and operating leases separately.

How are financing obligations and cash buffers changing?

Amazon · Noncurrent long-term debt · Quarterly

Verified primary source
128.89Billion USD

Observation date: 2026-06-30

+9.82 Billion USD vs. prior period Last 3 average above prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Amazon
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-30128.894Primary source value
2026-03-31119.074Primary source value
2025-12-3165.648Primary source value
2025-09-3050.742Primary source value
2025-06-3050.718Primary source value
2025-03-3153.374Primary source value
2024-12-3152.623Primary source value
2024-09-3054.89Primary source value
2024-06-3054.889Primary source value
2024-03-3157.634Primary source value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Amazon

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

How are financing obligations and cash buffers changing?

Amazon · Finance lease liabilities · Quarterly

Verified primary source
13.45Billion USD

Observation date: 2026-06-30

+0.13 Billion USD vs. prior period Last 3 average above prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Amazon
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-3013.451Primary source value
2026-03-3113.325Primary source value
2025-12-3112.286Primary source value
2025-09-3011.765Primary source value
2025-06-3011.203Primary source value
2025-03-3110.383Primary source value
2024-12-3110.602Primary source value
2024-09-3010.819Primary source value
2024-06-3010.827Primary source value
2024-03-3111.24Primary source value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Amazon

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

Does operating cash cover cash capital purchases?

Amazon cash after capex (OCF minus cash CapEx) · Quarterly

Calculated from primary data
-8.821Billion USD

Observation date: 2026-06-30

+9.35 Billion USD vs. prior period Last 3 average below prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 6 observations · Local history available

Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

As of: 2026-06-30 · Calculated from primary dataPrimary source: SEC · Amazon
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-30-8.821Calculated value
2026-03-31-18.171Calculated value
2025-12-3114.937Calculated value
2025-09-300.43Calculated value
2025-06-300.332Calculated value
2025-03-31-8.004Calculated value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-10 · SEC · Amazon

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = -8.821 USD billions · 2026-04-01 – 2026-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 45.387 USD billions · Reported quarter
    2026-04-01 – 2026-06-30: 45.387 USD billions · Filed 2026-07-31

    Cash CapEx: 54.208 USD billions · Reported quarter
    2026-04-01 – 2026-06-30: 54.208 USD billions · Filed 2026-07-31

  • 2026-03-31 · Verified on 2026-10-10 · SEC · Amazon

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = -18.171 USD billions · 2026-01-01 – 2026-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 26.032 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 26.032 USD billions · Filed 2026-04-30

    Cash CapEx: 44.203 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 44.203 USD billions · Filed 2026-04-30

  • 2025-12-31 · Verified on 2026-10-10 · SEC · Amazon

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 14.937 USD billions · 2025-10-01 – 2025-12-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 54.459 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-09-30: 85.055 USD billions · Filed 2025-10-31
    2025-01-01 – 2025-12-31: 139.514 USD billions · Filed 2026-02-06

    Cash CapEx: 39.522 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-09-30: 92.297 USD billions · Filed 2025-10-31
    2025-01-01 – 2025-12-31: 131.819 USD billions · Filed 2026-02-06

  • 2025-09-30 · Verified on 2026-10-10 · SEC · Amazon

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 0.43 USD billions · 2025-07-01 – 2025-09-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 35.525 USD billions · Reported quarter
    2025-07-01 – 2025-09-30: 35.525 USD billions · Filed 2025-10-31

    Cash CapEx: 35.095 USD billions · Reported quarter
    2025-07-01 – 2025-09-30: 35.095 USD billions · Filed 2025-10-31

  • 2025-06-30 · Verified on 2026-10-10 · SEC · Amazon

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 0.332 USD billions · 2025-04-01 – 2025-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 32.515 USD billions · Reported quarter
    2025-04-01 – 2025-06-30: 32.515 USD billions · Filed 2026-07-31

    Cash CapEx: 32.183 USD billions · Reported quarter
    2025-04-01 – 2025-06-30: 32.183 USD billions · Filed 2026-07-31

  • 2025-03-31 · Verified on 2026-10-10 · SEC · Amazon

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = -8.004 USD billions · 2025-01-01 – 2025-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 17.015 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 17.015 USD billions · Filed 2026-04-30

    Cash CapEx: 25.019 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 25.019 USD billions · Filed 2026-04-30

Also check: Amazon · Current long-term debt ↗Amazon · Operating lease liabilities ↗Amazon · Cash and cash equivalents ↗

Alphabet

The debt curve is noncurrent debt only. Cash and short-term investments are a balance-sheet buffer, not operating cash flow.

How are financing obligations and cash buffers changing?

Alphabet · Noncurrent long-term debt · Quarterly

Verified primary source
98.17Billion USD

Observation date: 2026-06-30

+20.66 Billion USD vs. prior period Last 3 average above prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Alphabet
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-3098.165Primary source value
2026-03-3177.501Primary source value
2025-12-3146.547Primary source value
2025-09-3021.607Primary source value
2025-06-3023.607Primary source value
2025-03-3110.886Primary source value
2024-12-3110.883Primary source value
2024-09-30No dataMissing
2024-06-30No dataMissing
2024-03-31No dataMissing
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Alphabet

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

How are financing obligations and cash buffers changing?

Alphabet · Finance lease liabilities · Quarterly

Verified primary source
2.59Billion USD

Observation date: 2026-06-30

+0.38 Billion USD vs. prior period Last 3 average above prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Alphabet
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-302.59Primary source value
2026-03-312.214Primary source value
2025-12-312.5Primary source value
2025-09-302.388Primary source value
2025-06-302.102Primary source value
2025-03-312.061Primary source value
2024-12-311.677Primary source value
2024-09-302.785Primary source value
2024-06-302.28Primary source value
2024-03-311.672Primary source value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Alphabet

    Discounted finance lease liability; excludes operating leases and leases not yet commenced. Consolidated company scope, not AI-only.

Does operating cash cover cash capital purchases?

Alphabet cash after capex (OCF minus cash CapEx) · Quarterly

Calculated from primary data
-5.855Billion USD

Observation date: 2026-06-30

-15.971 Billion USD vs. prior period Last 3 average below prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 6 observations · Local history available

Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

As of: 2026-06-30 · Calculated from primary dataPrimary source: SEC · Alphabet
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-30-5.855Calculated value
2026-03-3110.116Calculated value
2025-12-3124.551Calculated value
2025-09-3024.461Calculated value
2025-06-305.301Calculated value
2025-03-3118.953Calculated value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-10 · SEC · Alphabet

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = -5.855 USD billions · 2026-04-01 – 2026-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 39.069 USD billions · Later fiscal total less earlier total
    2026-01-01 – 2026-03-31: 45.79 USD billions · Filed 2026-04-30
    2026-01-01 – 2026-06-30: 84.859 USD billions · Filed 2026-07-23

    Cash CapEx: 44.924 USD billions · Later fiscal total less earlier total
    2026-01-01 – 2026-03-31: 35.674 USD billions · Filed 2026-04-30
    2026-01-01 – 2026-06-30: 80.598 USD billions · Filed 2026-07-23

  • 2026-03-31 · Verified on 2026-10-10 · SEC · Alphabet

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 10.116 USD billions · 2026-01-01 – 2026-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 45.79 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 45.79 USD billions · Filed 2026-04-30

    Cash CapEx: 35.674 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 35.674 USD billions · Filed 2026-04-30

  • 2025-12-31 · Verified on 2026-10-10 · SEC · Alphabet

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 24.551 USD billions · 2025-10-01 – 2025-12-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 52.402 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-09-30: 112.311 USD billions · Filed 2025-10-30
    2025-01-01 – 2025-12-31: 164.713 USD billions · Filed 2026-02-05

    Cash CapEx: 27.851 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-09-30: 63.596 USD billions · Filed 2025-10-30
    2025-01-01 – 2025-12-31: 91.447 USD billions · Filed 2026-02-05

  • 2025-09-30 · Verified on 2026-10-10 · SEC · Alphabet

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 24.461 USD billions · 2025-07-01 – 2025-09-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 48.414 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-06-30: 63.897 USD billions · Filed 2026-07-23
    2025-01-01 – 2025-09-30: 112.311 USD billions · Filed 2025-10-30

    Cash CapEx: 23.953 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-06-30: 39.643 USD billions · Filed 2026-07-23
    2025-01-01 – 2025-09-30: 63.596 USD billions · Filed 2025-10-30

  • 2025-06-30 · Verified on 2026-10-10 · SEC · Alphabet

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 5.301 USD billions · 2025-04-01 – 2025-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 27.747 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-03-31: 36.15 USD billions · Filed 2026-04-30
    2025-01-01 – 2025-06-30: 63.897 USD billions · Filed 2026-07-23

    Cash CapEx: 22.446 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-03-31: 17.197 USD billions · Filed 2026-04-30
    2025-01-01 – 2025-06-30: 39.643 USD billions · Filed 2026-07-23

  • 2025-03-31 · Verified on 2026-10-10 · SEC · Alphabet

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 18.953 USD billions · 2025-01-01 – 2025-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 36.15 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 36.15 USD billions · Filed 2026-04-30

    Cash CapEx: 17.197 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 17.197 USD billions · Filed 2026-04-30

Also check: Alphabet · Current long-term debt ↗Alphabet · Operating lease liabilities ↗Alphabet · Cash and short-term investments ↗

Meta

This shows noncurrent operating leases, not finance leases. It is not directly comparable with the other companies’ lease curves.

How are financing obligations and cash buffers changing?

Meta · Noncurrent long-term debt · Quarterly

Verified primary source
83.66Billion USD

Observation date: 2026-06-30

+24.92 Billion USD vs. prior period Last 3 average above prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Meta
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-3083.664Primary source value
2026-03-3158.748Primary source value
2025-12-3158.744Primary source value
2025-09-3028.834Primary source value
2025-06-3028.832Primary source value
2025-03-3128.829Primary source value
2024-12-3128.826Primary source value
2024-09-3028.823Primary source value
2024-06-3018.389Primary source value
2024-03-3118.387Primary source value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent long-term debt carrying value; excludes current maturities and is not total debt. Consolidated company scope, not AI-only.

How are financing obligations and cash buffers changing?

Meta · Noncurrent operating lease liabilities · Quarterly

Verified primary source
26.23Billion USD

Observation date: 2026-06-30

+0.62 Billion USD vs. prior period Last 3 average above prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 10 observations · Local history available

Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

As of: 2026-06-30 · Verified primary sourcePrimary source: SEC · Meta
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-3026.229Primary source value
2026-03-3125.607Primary source value
2025-12-3122.94Primary source value
2025-09-3020.113Primary source value
2025-06-3018.751Primary source value
2025-03-3118.714Primary source value
2024-12-3118.292Primary source value
2024-09-3018.208Primary source value
2024-06-3017.685Primary source value
2024-03-3117.57Primary source value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2026-03-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2025-12-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2025-09-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2025-06-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2025-03-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2024-12-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2024-09-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2024-06-30 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

  • 2024-03-31 · Verified on 2026-10-09 · SEC · Meta

    Noncurrent discounted operating lease liability, a component of operating lease liabilities; excludes uncommenced leases. Consolidated company scope, not AI-only.

Does operating cash cover cash capital purchases?

Meta cash after capex (OCF minus cash CapEx) · Quarterly

Calculated from primary data
1.746Billion USD

Observation date: 2026-06-30

-11.483 Billion USD vs. prior period Last 3 average below prior 3
Verified; within the observation windowSnapshot assessment: 2026-10-12 · Observation: 2026-06-30Collection status ↗Corrections ↗

History: 6 observations · Local history available

Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

As of: 2026-06-30 · Calculated from primary dataPrimary source: SEC · Meta
View data table (last 24 observations)
PeriodValue (Billion USD)Type
2026-06-301.746Calculated value
2026-03-3113.229Calculated value
2025-12-3114.831Calculated value
2025-09-3011.17Calculated value
2025-06-309.023Calculated value
2025-03-3111.085Calculated value
View sources and verification dates

Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.

  • 2026-06-30 · Verified on 2026-10-10 · SEC · Meta

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 1.746 USD billions · 2026-04-01 – 2026-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 31.862 USD billions · Later fiscal total less earlier total
    2026-01-01 – 2026-03-31: 32.226 USD billions · Filed 2026-04-30
    2026-01-01 – 2026-06-30: 64.088 USD billions · Filed 2026-07-30

    Cash CapEx: 30.116 USD billions · Later fiscal total less earlier total
    2026-01-01 – 2026-03-31: 18.997 USD billions · Filed 2026-04-30
    2026-01-01 – 2026-06-30: 49.113 USD billions · Filed 2026-07-30

  • 2026-03-31 · Verified on 2026-10-10 · SEC · Meta

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 13.229 USD billions · 2026-01-01 – 2026-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 32.226 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 32.226 USD billions · Filed 2026-04-30

    Cash CapEx: 18.997 USD billions · Reported quarter
    2026-01-01 – 2026-03-31: 18.997 USD billions · Filed 2026-04-30

  • 2025-12-31 · Verified on 2026-10-10 · SEC · Meta

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 14.831 USD billions · 2025-10-01 – 2025-12-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 36.214 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-09-30: 79.586 USD billions · Filed 2025-10-30
    2025-01-01 – 2025-12-31: 115.8 USD billions · Filed 2026-01-29

    Cash CapEx: 21.383 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-09-30: 48.308 USD billions · Filed 2025-10-30
    2025-01-01 – 2025-12-31: 69.691 USD billions · Filed 2026-01-29

  • 2025-09-30 · Verified on 2026-10-10 · SEC · Meta

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 11.17 USD billions · 2025-07-01 – 2025-09-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 29.999 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-06-30: 49.587 USD billions · Filed 2026-07-30
    2025-01-01 – 2025-09-30: 79.586 USD billions · Filed 2025-10-30

    Cash CapEx: 18.829 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-06-30: 29.479 USD billions · Filed 2026-07-30
    2025-01-01 – 2025-09-30: 48.308 USD billions · Filed 2025-10-30

  • 2025-06-30 · Verified on 2026-10-10 · SEC · Meta

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 9.023 USD billions · 2025-04-01 – 2025-06-30

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 25.561 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-03-31: 24.026 USD billions · Filed 2026-04-30
    2025-01-01 – 2025-06-30: 49.587 USD billions · Filed 2026-07-30

    Cash CapEx: 16.538 USD billions · Later fiscal total less earlier total
    2025-01-01 – 2025-03-31: 12.941 USD billions · Filed 2026-04-30
    2025-01-01 – 2025-06-30: 29.479 USD billions · Filed 2026-07-30

  • 2025-03-31 · Verified on 2026-10-10 · SEC · Meta

    Quarterly operating cash flow minus same-quarter cash capital purchases, in USD billions; values can be negative. This is not management-defined FCF: asset-sale proceeds and subsidies are not added, and finance-lease principal is not deducted. Covers all consolidated businesses, not AI-project return or debt-service capacity.

    Calculation evidence (USD)

    OCF − cash CapEx = 11.085 USD billions · 2025-01-01 – 2025-03-31

    Consolidated company cash flows; fiscal cumulative values are differenced into calendar quarters. Cash after capex is a uniform proxy, not management-defined FCF or AI-project cash flow.

    OCF: 24.026 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 24.026 USD billions · Filed 2026-04-30

    Cash CapEx: 12.941 USD billions · Reported quarter
    2025-01-01 – 2025-03-31: 12.941 USD billions · Filed 2026-04-30

Also check: Meta · Current operating lease liabilities ↗Meta · Cash and cash equivalents ↗

Which combinations deserve attention?

A

More investment, less residual cash

This may increase reliance on cash reserves or external financing. Check seasonality and payment timing before treating it as a persistent trend.

B

More maturities, smaller cash buffers

Read maturity schedules, available credit facilities and financing costs. These charts do not contain a complete maturity ladder or establish a safety threshold.

C

Slower collections, continuing payments

If collections or utilization weaken while debt and lease payments continue, project-return pressure may reach cash flow. Contract, collection and utilization evidence is needed to verify that chain.

Common reading mistakes

Why not add all four debt curves?

Microsoft’s selected debt includes its current portion; the other three curves show noncurrent debt. Lease categories also differ. A simple sum would mix definitions and would not represent total AI infrastructure debt.

Does negative residual cash mean distress?

Not on its own. Expansion, seasonality and payment timing can affect a quarter. Read cash buffers, upcoming obligations and financing access alongside the series.

Do the charts update automatically?

The guide reuses existing cloud indicator updates without adding model calls. New observations depend on official disclosures and successful collection and verification; each chart shows its actual observation date.

Explore AI infrastructure ↗ Read current research ↗

Guide revised 2026-10-19 · ARGUSX Trend Observatory. The reading framework is distinct from data facts. Inspect chart evidence and indicator detail pages for source definitions.

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