What is lease-financed capex?

Equipment a company starts using under a finance lease is recorded as a right-of-use asset and a lease liability, not as a cash purchase. It never appears in cash capital spending. The filings disclose the amount acquired this way as a non-cash investing item, and this page adds it to cash capex.

Why do some companies show gaps?

Some filers disclose the right-of-use additions only in the annual 10-K, so their quarterly series has values only at fiscal year ends. Gaps are left as gaps; nothing is interpolated.

Is the lease liability the same as debt?

It is a fixed payment obligation like debt and most credit analysts treat it that way, but it is reported separately from borrowings. The balance-sheet page shows it beside gross debt.

SpendingFilings through October 30, 2026

Capex including finance leases

In the quarter ended September 30, 2026, Microsoft acquired $5.2 billion of equipment under finance leases on top of $39.4 billion of cash capital spending, so 12% of its $44.6 billion of total capital spending was lease-financed, and its finance-lease liability stood at $71.0 billion. All five hyperscalers report the line.

Sources, method and freshnessFilings through October 30, 2026

right-of-use assets obtained in exchange for finance-lease liabilities, and purchases of property and equipment, from each company’s 10-Q and 10-K filings.

Cite as The Capex Report, Capex including finance leases, filings through October 30, 2026.

Share of capital spending financed by leases, latest period

12%

Microsoft, lease-financed share

$5.2B of $44.6B total, quarter ended Sep 2026

Alphabet, lease-financed share: 4%; $2.1B of $53.4B total, quarter ended Sep 2026
Oracle, lease-financed share: 5%; $1.5B of $30.0B total, quarter ended Aug 2026

The latest quarter each company reported

Millions of dollars

Company	Period	Cash capital spending	Under finance leases	Total	Lease-financed share	Finance-lease liability	Quarters reported
Microsoft	Sep 2026	39,367	5,192	44,559	12%	70,973	43 of 73
Alphabet	Sep 2026	51,355	2,085	53,440	4%	3,705	11 of 48
Oracle	Aug 2026	28,499	1,539	30,038	5%	9,185	4 of 73
Amazon	Sep 2026	77,259	1,472	78,731	2%	14,495	42 of 74
Meta	FY2025, annual	69,691	613	70,304	1%	1,184	Annual only, 7 of 16 years

Companies that disclose the line only in their annual 10-K show the latest fiscal year, as filed.

Microsoft

Microsoft’s page

Microsoft, cash capital spending and equipment acquired under finance leases, by fiscal quarter

$ billion, quarterly

Sep 2026Cash capital spending $39.4BAcquired under finance leases $5.2B

Cash capital spendingAcquired under finance leases

Reported in 43 of 73 quarters on file.

Alphabet

Alphabet’s page

Alphabet, cash capital spending and equipment acquired under finance leases, by fiscal quarter

$ billion, quarterly

Sep 2026Cash capital spending $51.4BAcquired under finance leases $2.1B

Cash capital spendingAcquired under finance leases

Reported in 11 of 48 quarters on file; the line appears only where the company disclosed it.

Amazon

Amazon’s page

Amazon, cash capital spending and equipment acquired under finance leases, by fiscal quarter

$ billion, quarterly

Sep 2026Cash capital spending $77.3BAcquired under finance leases $1.5B

Cash capital spendingAcquired under finance leases

Reported in 42 of 74 quarters on file.

Questions this page answers

What is lease-financed capex?: Equipment a company starts using under a finance lease is recorded as a right-of-use asset and a lease liability, not as a cash purchase. It never appears in cash capital spending. The filings disclose the amount acquired this way as a non-cash investing item, and this page adds it to cash capex.
Why do some companies show gaps?: Some filers disclose the right-of-use additions only in the annual 10-K, so their quarterly series has values only at fiscal year ends. Gaps are left as gaps; nothing is interpolated.
Is the lease liability the same as debt?: It is a fixed payment obligation like debt and most credit analysts treat it that way, but it is reported separately from borrowings. The balance-sheet page shows it beside gross debt.