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Capex and Depreciation at the Cloud Providers
Capital spending and depreciation and amortization of Amazon, Alphabet, Microsoft and Oracle, trailing twelve months, $ billions
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
- Cloud Providers Capex (Amazon, Alphabet, Microsoft, Oracle) · Trailing 12 Monthsas “Capex”latest 2026-06-30
- Cloud Providers Depreciation & Amortization (Amazon, Alphabet, Microsoft, Oracle) · Trailing 12 Monthsas “Depreciation and amortization”latest 2026-06-30
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.