Learn · Explainer
Capital expenditures (capex)
Spending on property and equipment: where it shows up, how it ties to depreciation and free cash flow, and the figure for each company.
The short answer
Capital expenditures, or capex, are what a company spends on long-lived physical assets: buildings, equipment, data centers, stores and networks. They appear in the investing section of the cash flow statement and reach profit gradually, as depreciation. Across the 85 companies here capex is a median 3.9% of revenue; the largest in dollars was Amazon's $131.8B.
Where to find it
Capex is usually the first line of investing activities on the cash flow statement, labeled something like "purchases of property and equipment" or "capital expenditures." It's shown as a negative number there, since cash goes out. The balance sheet shows the result: property and equipment, net of accumulated depreciation.
Maintenance and growth
Part of capex replaces worn-out assets just to keep the business running; the rest adds capacity. Companies rarely split the two in their filings, but comparing capex with depreciation gives a rough sense: spending well above depreciation, year after year, usually means the asset base is growing. MD&A often explains what the money went to and what the company plans to spend next year.
Capex and free cash flow
Free cash flow = operating cash flow − capital expenditures
That's why capex matters even though it isn't an expense on the income statement. 5 of the 85 companies here spent more on capex than they generated in operating cash flow in their latest year. Free cash flow covers the calculation for each company.
The highest share of revenue in the table is Oracle's, at 82.6%.
Every company
Revenue from each income statement and purchases of property and equipment from each cash flow statement, latest fiscal year, sorted by share of revenue. Banks are left out.
Common questions
What are capital expenditures?
Spending on long-lived physical assets such as buildings, equipment and data centers. It's recorded as an asset and depreciated over the asset's life.
Where is capex on the financial statements?
In the investing activities section of the cash flow statement, usually as purchases of property and equipment.
Is capex an expense?
Not in the year it's spent. It's capitalized on the balance sheet and reaches the income statement over time as depreciation.
How does capex affect free cash flow?
Free cash flow is operating cash flow minus capex, so higher capital spending lowers free cash flow for the year.
What's the difference between maintenance and growth capex?
Maintenance capex replaces existing assets; growth capex adds capacity. Companies usually report only the total.
See it side by side
The same figures for two companies at once, each linked to its 10-K:
Disclosures
- Editor holdings
- The editor holds shares of Tesla (TSLA) and SpaceX in a long-term retirement account. The editor holds no position in any other company named on this page. As of Nov 11, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn and Tools · Methodology & Disclosures explains where every number comes from.