Skip to content
Palanor is in early release, with our founding customers.Become a founding customer →
PalanorPalanor

Line

Capex and Depreciation at the Cloud Providers

Capital spending and depreciation and amortization of Amazon, Alphabet, Microsoft and Oracle, trailing twelve months, $ billions

Capex: $477B in Q2 2026the highest in data back to 2021+$380B since Q2 2021

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). Depreciation is each company’s cash-flow line, which differs by company: Amazon’s includes video content and lease assets, Oracle’s acquired intangibles, and Microsoft restated its line in fiscal 2026. Alphabet and Microsoft lengthened server lives in some years, which lowered depreciation for a time. Depreciation as a share of capex is the signal ai_infra.depreciation_to_capex.ttm.

Capital spending reaches profits slowly, as depreciation spread over the life of servers and buildings. The distance between the lines is spending that has yet to be charged against earnings: the wider it gets, the larger the depreciation still to come.

What this chart reads

Sources

Cloud Providers Capex (Amazon, Alphabet, Microsoft, Oracle) · Trailing 12 Months. Source: U.S. Securities and Exchange Commission, EDGAR: the companies' 10-Q and 10-K filings (XBRL). SEC filings are public information and may be copied or redistributed (sec.gov). Refreshed weekly.

Cloud Providers Depreciation & Amortization (Amazon, Alphabet, Microsoft, Oracle) · Trailing 12 Months. Source: U.S. Securities and Exchange Commission, EDGAR: the companies' 10-Q and 10-K filings (XBRL). SEC filings are public information and may be copied or redistributed (sec.gov). 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.

Related charts

AI & technologyForecast

AI Capex vs. Cloud Revenue

Capital spending and cloud revenue of Amazon, Alphabet, Microsoft and Oracle, trailing twelve months, $ billions

$477BData to Jun 2026
AI & technologyForecast

U.S. Businesses Using AI

Share of U.S. businesses using AI to produce goods or services, and share expecting to within six months, %

24.6%Data 19 days ago
AI & technologyForecastMoving

AI in Text Index: S&P 500 Earnings Calls

How often calls use the words language models overuse, against their level before ChatGPT (January 2021 to September 2022 = one), trailing 90 days

1.05Data today
AI & technologyForecast

What Companies Talk About on Earnings Calls

Average mentions per S&P 500 earnings call, rolling 90 days

11.41 viewsData today
AI & technology

Hyperscaler Capital Spending

Capital expenditures, trailing 12 months, $ billions

$173BData to Jun 2026
AI & technologyForecastMoving

AI in Text Index: 10-K Risk Factors

Words language models overuse in S&P 500 annual reports, Item 1A, latest 10-K per company, against the level in 10-Ks filed before ChatGPT (= one)

1.41Data today

Cookies

We only use essential cookies to keep you signed in and remember your theme. No analytics, no tracking, no ads. See the Privacy Policy for the full read.