Who is spending big on expansion?
Capital spending is a company betting its own cash on future demand. A surge says management sees growth ahead, and it is revenue for the suppliers of chips, power and construction; it also weighs on free cash flow until the investment pays off.
Updated Oct 6, 2026
$1.46T a year
S&P 500 and Nasdaq-100 companies spent $1.46T on buildings, equipment and data centers over the past year, 26% more than a year before. The five biggest spenders, led by AMZN, account for 37% of it.
The biggest spenders
The twelve largest capital budgets. Select any company below to see its spending by quarter.
The 60 fastest-rising capital budgets
Companies spending at least $200 million a year, ranked by growth in capital spending. Share of cash flow shows how much of operating cash the spending uses. Select a column to sort.
| Company | Spending | Capex, 1Y | A year | % of revenue | % of cash flow | Sector | Capex, 3 years |
|---|---|---|---|---|---|---|---|
| O Realty Income | 100Ramping | +2744% | $2.0B | 33% | 48% | Real Estate | |
| FIX Comfort Systems USA | 100Ramping | +236% | $390.3M | 3% | 15% | Industrials | |
| RCL Royal Caribbean Group | 99Ramping | +235% | $7.2B | 39% | 106% | Consumer Discretionary | |
| FIS Fidelity National Information Services | 99Ramping | +195% | $384.0M | 3% | 12% | Financials | |
| RMD ResMed | 99Ramping | +188% | $267.5M | 5% | 8% | Health Care | |
| AVGO Broadcom | 99Ramping | +146% | $1.2B | 1% | 3% | Information Technology | |
| HBAN Huntington Bancshares | 98Ramping | +145% | $404.0M | 3% | 17% | Financials | |
| BA Boeing | 98Ramping | +143% | $5.7B | 6% | 275% | Industrials | |
| MU Micron Technology | 97Ramping | +132% | $36.8B | 28% | 41% | Information Technology | |
| VRT Vertiv | 97Ramping | +130% | $430.2M | 4% | 13% | Industrials | |
| MO Altria | 97Ramping | +126% | $335.0M | 2% | 4% | Consumer Staples | |
| STX Seagate Technology | 96Ramping | +111% | $558.0M | 5% | 15% | Information Technology | |
| KMB Kimberly-Clark | 96Ramping | +104% | $1.6B | 10% | 47% | Consumer Staples | |
| ADP Automatic Data Processing | 96Ramping | +101% | $339.9M | 2% | 6% | Industrials | |
| AMD Advanced Micro Devices | 95Ramping | +101% | $1.7B | 4% | 17% | Information Technology | |
| GOOGL Alphabet Inc. (Class A) | 95Ramping | +98% | $132.4B | 30% | 71% | Communication Services | |
| ZBH Zimmer Biomet | 95Ramping | +97% | $470.2M | 6% | 27% | Health Care | |
| LRCX Lam Research | 95Ramping | +96% | $1.3B | 6% | 23% | Information Technology | |
| GEV GE Vernova | 94Ramping | +96% | $1.7B | 4% | 12% | Industrials | |
| QCOM Qualcomm | 94Ramping | +91% | $2.0B | 5% | 16% | Information Technology | |
| AVB AvalonBay Communities | 94Ramping | +89% | $392.7M | 13% | 23% | Real Estate | |
| LNT Alliant Energy | 94Ramping | +86% | $4.4B | 99% | 378% | Utilities | |
| COF Capital One | 93Ramping | +86% | $2.6B | 3% | 8% | Financials | |
| GRMN Garmin | 93Ramping | +81% | $379.1M | 5% | 20% | Consumer Discretionary | |
| PODD Insulet Corporation | 93Ramping | +80% | $212.9M | 7% | 42% | Health Care | |
| MSFT Microsoft | 93Ramping | +80% | $115.9B | 35% | 63% | Information Technology | |
| INTU Intuit | 92Ramping | +78% | $221.0M | 1% | 3% | Information Technology | |
| IP International Paper | 92Ramping | +76% | $2.2B | 9% | 81% | Materials | |
| WMB Williams Companies | 92Ramping | +75% | $6.2B | 51% | 104% | Energy | |
| FITB Fifth Third Bancorp | 92Ramping | +74% | $833.0M | 6% | 38% | Financials | |
| CIEN Ciena | 91Ramping | +72% | $335.7M | 6% | 32% | Information Technology | |
| ARM Arm Holdings | 91Ramping | +71% | $620.0M | 12% | 30% | Information Technology | |
| META Meta Platforms | 91Ramping | +71% | $89.3B | 39% | 69% | Communication Services | |
| AXP American Express | 91Ramping | +71% | $3.4B | 4% | 19% | Financials | |
| CSGP CoStar Group | 90Ramping | +68% | $754.1M | 21% | 152% | Real Estate | |
| AMGN Amgen | 90Ramping | +64% | $2.3B | 6% | 18% | Health Care | |
| HWM Howmet Aerospace | 90Ramping | +61% | $651.0M | 7% | 29% | Industrials | |
| AMZN Amazon | 90Ramping | +61% | $173.0B | 22% | 107% | Consumer Discretionary | |
| DRI Darden Restaurants | 89Ramping | +58% | $1.1B | 8% | 61% | Consumer Discretionary | |
| COHR Coherent Corp. | 89Ramping | +56% | $689.7M | 10% | 867% | Information Technology | |
| WEC WEC Energy Group | 88Ramping | +56% | $4.9B | 49% | 139% | Utilities | |
| IBM IBM | 88Ramping | +56% | $2.3B | 3% | 15% | Information Technology | |
| LYV Live Nation Entertainment | 88Ramping | +55% | $1.2B | 5% | 47% | Communication Services | |
| GLW Corning Inc. | 88Ramping | +54% | $1.5B | 9% | 39% | Information Technology | |
| WY Weyerhaeuser | 88Ramping | +52% | $989.0M | 14% | 181% | Real Estate | |
| CPT Camden Property Trust | 87Ramping | +52% | $576.0M | 49% | 71% | Real Estate | |
| EXE Expand Energy | 87Ramping | +51% | $3.1B | 23% | 55% | Energy | |
| BXP BXP, Inc. | 87Ramping | +51% | $726.1M | 21% | 61% | Real Estate | |
| MPC Marathon Petroleum | 87Ramping | +50% | $4.2B | 3% | 25% | Energy | |
| EVRG Evergy | 87Ramping | +50% | $3.4B | 56% | 171% | Utilities | |
| BLK BlackRock | 86Ramping | +50% | $403.0M | 2% | 10% | Financials | |
| CF CF Industries | 86Ramping | +50% | $1.1B | 14% | 36% | Materials | |
| MRVL Marvell Technology | 86Ramping | +49% | $470.2M | 5% | 21% | Information Technology | |
| BALL Ball Corporation | 86Ramping | +49% | $599.0M | 4% | 42% | Materials | |
| INVH Invitation Homes | 86Ramping | +49% | $343.3M | 12% | 29% | Real Estate | |
| BAX Baxter International | 85Ramping | +48% | $641.0M | 6% | 49% | Health Care | |
| XEL Xcel Energy | 85Ramping | +48% | $12.5B | 85% | 261% | Utilities | |
| EQIX Equinix | 85Ramping | +47% | $5.1B | 52% | 129% | Real Estate | |
| NVDA Nvidia | 85Ramping | +47% | $7.4B | 2% | 5% | Information Technology | |
| VMC Vulcan Materials Company | 85Ramping | +47% | $777.2M | 10% | 43% | Materials |
How to read this page
How it’s measured. Capital expenditure over the last four reported quarters against the four before, for S&P 500 and Nasdaq-100 companies with at least $1 billion in revenue.
Sources. Company financial statements from Financial Modeling Prep.
Capital spending is cash spent on property, plant and equipment, including data centers. It does not include acquisitions or research, which are expensed.
Heavy spending pays off only if demand arrives; when spending runs above operating cash flow, the company is funding it with cash on hand or borrowing.
This page is information, not investment advice. About our data and methods ›