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Capex as a Share of Cloud Revenue

Capital spending of Amazon, Alphabet, Microsoft and Oracle as a percentage of their cloud revenue, trailing twelve months

119.9% in Q2 2026the highest in data back to 2022+51.5 pp since Q2 2022
YTD1y2y5y10y20yAll
Forecast availableOffContinuationForesight™
Show · 1 ▾
U.S. recessionsShades the months the NBER dates as recession. U.S. charts only.5-year rangeThe highest and lowest readings of the last five years, as a band. One-series charts only.High and lowMarks the highest and lowest readings in the window shown.
Current·Data to Q2 2026

Plays the chart through its history. Pauses are where the data set a record or moved most.

SEC filings (10-Q and 10-K, XBRL). Amazon, Alphabet, Microsoft and Oracle; Oracle’s fiscal quarters count in the calendar quarter they end in. Capex is company-wide cash spent on property and equipment, excluding finance leases. Cloud revenue is each company’s reported cloud line: AWS, Google Cloud, Microsoft Intelligent Cloud, Oracle cloud (IaaS and SaaS). Microsoft redefined Intelligent Cloud in August 2024, so cloud revenue steps down between the June and September quarters of that year. Company-wide capex also pays for retail, search and other businesses, so the level overstates spending per dollar of cloud revenue. Palanor calculation.

How much the cloud providers spend on equipment for every dollar of cloud revenue. A rising line means the build-out is growing faster than the revenue it is meant to earn; a falling one means revenue is catching up.

What this chart reads

Sources

AI Capex as % of Cloud Revenue (Amazon, Alphabet, Microsoft, Oracle). Source: Palanor calculation from the companies' 10-Q and 10-K filings (U.S. Securities and Exchange Commission, EDGAR; public information). Refreshed weekly.

Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.

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