What is "outside funding needed"?

Capital spending plus finance-lease principal plus buybacks and dividends, less operating cash flow. Above zero, the quarter spent more than operations produced and the difference came from cash on hand, new debt, or leases; the debt lines above show how much was borrowed.

Where does the money for hyperscaler capex come from?

In the quarter ended Sep 2026 the five generated $198.6 billion from operations against $230.4 billion of capital spending and $17.0 billion returned to shareholders. The gap, if any, is covered by cash on hand, debt, or leases; this page shows each line as the filings report it.

Why are outflows shown as positive numbers?

The cash flow statement reports payments as positive amounts under their own headings. The page keeps that convention so every figure matches the filing; the chart places sources above the axis and uses below it.

What does a dash mean?

The company did not report that concept in that quarter, or the extract has not yet picked it up. Nothing is estimated to fill the gap.

Does this include finance leases?

Finance-lease principal payments appear as a use of cash when reported. The equipment acquired under new finance leases is not a cash outflow and is not in capital spending here; a separate page on lease-financed capex is planned.

FundingFilings through October 30, 2026; latest quarter complete for all five: Sep 2026

Who pays for the build

In the calendar quarter ended Sep 2026, Microsoft, Alphabet, Amazon, Meta and Oracle generated $198.6 billion from operations and spent $230.4 billion on capital equipment, while returning $17.0 billion to shareholders through buybacks and dividends. Net debt issued was $64.4 billion. Their cash balances fell by $19.7 billion.

Sources, method and freshnessFilings through October 30, 2026; latest quarter complete for all five: Sep 2026

each company’s cash flow statement in its 10-Q and 10-K filings, fiscal quarters placed in the calendar quarter in which they end. Outflows positive as reported.

Cite as The Capex Report, Who pays for the build, filings through October 30, 2026.

Five hyperscalers, calendar quarter ended Sep 2026

$52.3B

Outside funding needed

Capex, lease principal and shareholder returns less operating cash flow

A year earlier, Sep 2025: −$27.6B; Outside funding needed in the same quarter
Operating cash flow: $198.6B; Combined net cash from operating activities
Capital spending: $230.4B; 116% of operating cash flow
Returned to shareholders: $17.0B; Share repurchases plus dividends paid
Net debt issued: $64.4B; Long-term debt issued less repaid in the quarter
Change in cash: −$19.7B; Combined change in cash and equivalents over the quarter

Sources and uses, quarter by quarter

Five hyperscalers combined

Sources and uses of cash, five hyperscalers, by calendar quarter through Sep 2026

$ billion, quarterly. Sources above the axis, uses below.

Sep 2026Operating cash flow $198.6BLong-term debt issued $77.1BShort-term borrowing, net $1.4BCapital spending $230.4BFinance-lease principal $3.5BLong-term debt repaid $12.7BReturned to shareholders $17.0BChange in cash −$19.7B

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. A quarter appears only when all five have reported it. Hover a quarter to read it.

The statement

Millions of dollars, combined

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	136,332	120,168	134,627	167,135	180,899	157,878	186,379	198,600
Long-term debt issued	11,105	12,989	26,846	6,624	89,275	111,484	64,863	77,098
Short-term borrowing, net	(449)	(267)	2,986	1,159	(937)	(91)	(2,490)	1,380
Stock issued	384	759	681	689	1,567	550	31,151	32,878
Capital spending	76,309	77,764	97,326	105,773	130,665	148,385	181,543	230,422
Finance-lease principal	1,315	1,713	1,663	1,713	3,547	2,759	2,597	3,507
Long-term debt repaid	8,320	6,842	22,697	9,757	11,665	1,548	11,277	12,685
Share repurchases	20,687	32,753	28,101	20,576	13,314	4,627	4,579	4,379
Dividends	10,997	11,051	11,442	11,448	12,061	12,081	12,302	12,619
Free cash flow	60,023	42,404	37,301	61,362	50,234	9,493	4,836	(31,822)
Net long-term debt issued	2,785	6,147	4,149	(3,133)	77,610	109,936	53,586	64,413
Returned to shareholders	31,684	43,804	39,543	32,024	25,375	16,708	16,881	16,998
Outside funding needed	(27,024)	3,113	3,905	(27,625)	(21,312)	9,974	14,642	52,327
Change in cash	4,420	(10,177)	(32,117)	7,444	58,662	40,966	(26,084)	(19,716)
Interest expense	2,358	—	2,602	2,507	3,267	—	5,624	5,838
Stock-based compensation	19,326	17,530	21,741	20,909	21,733	21,224	25,964	25,680

Outflows positive, as the filings report them. Free cash flow is operating cash flow less capital spending. Outside funding needed is capital spending, finance-lease principal and shareholder returns less operating cash flow; above zero, the quarter drew on cash, debt or leases.

The five in the latest common quarter

Millions of dollars, Sep 2026

Company	Operating cash flow	Capital spending	Long-term debt issued	Long-term debt repaid	Finance-lease principal	Returned to shareholders	Outside funding needed	Change in cash
Microsoft	58,000	39,367	0	4,850	1,000	11,136	(6,497)	(654)
Alphabet	42,290	51,355	28,996	3,626	1,110	2,936	13,111	423
Amazon	42,422	77,259	48,102	7	433	0	35,270	(22,213)
Meta	32,785	33,942	0	0	964	1,361	3,482	(4,917)
Oracle	23,103	28,499	0	4,202	0	1,565	6,961	7,645

Each company’s own page carries its full financing statement and later quarters where filed.

Questions this page answers

What is "outside funding needed"?: Capital spending plus finance-lease principal plus buybacks and dividends, less operating cash flow. Above zero, the quarter spent more than operations produced and the difference came from cash on hand, new debt, or leases; the debt lines above show how much was borrowed.
Where does the money for hyperscaler capex come from?: In the quarter ended Sep 2026 the five generated $198.6 billion from operations against $230.4 billion of capital spending and $17.0 billion returned to shareholders. The gap, if any, is covered by cash on hand, debt, or leases; this page shows each line as the filings report it.
Why are outflows shown as positive numbers?: The cash flow statement reports payments as positive amounts under their own headings. The page keeps that convention so every figure matches the filing; the chart places sources above the axis and uses below it.
What does a dash mean?: The company did not report that concept in that quarter, or the extract has not yet picked it up. Nothing is estimated to fill the gap.
Does this include finance leases?: Finance-lease principal payments appear as a use of cash when reported. The equipment acquired under new finance leases is not a cash outflow and is not in capital spending here; a separate page on lease-financed capex is planned.