HAELANGDAL DATA TERMINAL
M7 Cash FlowQuarterly operating cash flow, capex and free cash flow for the Magnificent Seven plus Oracle in one ledger — cash generated against cash spent, CSP cloud growth and the capex-guidance verdict. Measured data only, nothing filled in by estimate
As of 2026-07-31
2026 Q2 total FCF $36B
8 names · upd 2026-07-31
Detail$36BCombined free cash flow for 2026 Q2, down from $62B in the same quarter a year earlier (2025 Q2). Operating cash flow itself rose, from $165B to $225B. What shrank is not what they earn but what is left over — over the same span capex jumped from $103B to $190B.Summed across only the 7 names that reported both quarters. NVIDIA had not reported the latest quarter and is excluded from both sides.
① EIGHT NAMES · LATEST QUARTER
Eight Names, Latest Quarter
Operating cash flow (OCF) is the cash the core business actually collected. Capex is how much of it went back into plant and equipment; free cash flow (FCF) is the difference. A negative FCF means the quarter spent more than it brought in.
Detail
Microsoft · MSFT
$19.6B FCF
OCF $55.4B · CAPEX $35.8B
FY26 Q4 · 2026-06-30
Detail
Alphabet · GOOGL
-$5.9B FCF
OCF $39.1B · CAPEX $44.9B
2026 Q2 · 2026-06-30
Detail
Amazon · AMZN
-$8.8B FCF
OCF $45.4B · CAPEX $54.2B
2026 Q2 · 2026-06-30
Detail
Meta · META
$1.7B FCF
OCF $31.9B · CAPEX $30.1B
2026 Q2 · 2026-06-30
Detail
Oracle · ORCL
-$1.9B FCF
OCF $14.6B · CAPEX $16.5B
FY26 Q4 · 2026-05-31
Detail
Apple · AAPL
$31.9B FCF
OCF $34.4B · CAPEX $2.5B
FY26 Q3 · 2026-06-27
Detail
NVIDIA · NVDA
$48.6B FCF
OCF $50.3B · CAPEX $1.8B
FY27 Q1 · 2026-04-26
Not yet reported — only the reporting date is set.
Detail
Tesla · TSLA
-$1.1B FCF
OCF $4.7B · CAPEX $5.8B
2026 Q2 · 2026-06-30
② OCF vs CAPEX vs FCF · BY COMPANY
Cash Generated vs Cash Spent, by Company
Cyan bars are operating cash flow, amber bars capex, the green line free cash flow. The moment amber overtakes cyan, the green line drops below zero. Names on a non-calendar fiscal year keep their own fiscal-quarter labels.
■ Operating cash flow■ Capital expenditure— Free cash flowunit = USD billion
Detail
Microsoft
MSFT
latest FCF
$19.6B
26 Q4
June fiscal year-end. Capex here is the cash figure from the cash-flow statement, which differs from the capex-plus-finance-leases total the company quotes in guidance. The two are not interchangeable.
Detail
Alphabet
GOOGL
latest FCF
-$5.9B
26 Q2
Calendar fiscal year. OCF, capex and FCF for Q3 and Q4 2024 were not obtained in this collection — operating income only.
Detail
Amazon
AMZN
latest FCF
-$8.8B
26 Q2
Calendar fiscal year.
Detail
Meta
META
latest FCF
$1.7B
26 Q2
Calendar fiscal year.
Detail
Oracle
ORCL
latest FCF
-$1.9B
26 Q4
May fiscal year-end. FY26 Q4 covers March to May 2026 (ending 2026-05-31). Fiscal-quarter labels are shown alongside the calendar end date.
Detail
Apple
AAPL
latest FCF
$31.9B
26 Q3
September fiscal year-end. Fiscal-quarter labels are shown alongside the calendar end date.
Detail
NVIDIA
NVDA
latest FCF
$48.6B
27 Q1
January fiscal year-end. As a fabless designer its capex is a fraction of the other names', running $1–2B a quarter. FY27 Q2 reports on 26 August.
Detail
Tesla
TSLA
latest FCF
-$1.1B
26 Q2
Calendar fiscal year. OCF, capex and FCF for Q3 and Q4 2024 were not obtained — operating income only. Operating income runs in the hundreds of millions, so cash-flow-to-profit ratios are not comparable with the other six.
③ COMBINED · CASH IN vs CASH OUT
Combined Cash In vs Cash Out
Fiscal calendars differ, so each fiscal quarter is bucketed into the nearest calendar quarter-end before summing. Missing values are never zero-filled. Quarters where a company has yet to report are drawn faded — they are not measured on the same basis as the quarters before them. Hover for the exact coverage.
Detail
■ OCF■ CAPEX— FCFunit = USD billion · coverage in tooltip
Names running negative free cash flow in their latest reported quarter: Alphabet · Amazon · Oracle · Tesla.
④ CSP CLOUD GROWTH
Cloud Growth Rates
The names raising capex and the names booking cloud revenue are the same names. Shown as year-over-year quarterly revenue growth. Microsoft discloses no standalone Azure revenue, only a constant-currency growth rate — recorded as such.
Detail
● Microsoft Azure● Google Cloud● Amazon Web Services● Oracle OCIyear over year
| Cloud | Latest growth | Latest revenue | Backlog / RPO | Note |
|---|---|---|---|---|
| Microsoft Azure | +43%26 Q4 | — | $678B+84% | Microsoft discloses no standalone Azure revenue, only a growth rate; the figures here are constant-currency. Microsoft Cloud in total came to $59.3B (+27%) in the latest quarter. |
| Google Cloud | +82%Q2 2026 | $24.8B | $514B | Alphabet reports Google Cloud (GCP plus Workspace) on calendar quarters and publishes no constant-currency adjustment for the segment. |
| Amazon Web Services | +37%Q2 2026 | $42.2B | $496B | Calendar quarters, reported in dollars with no constant-currency adjustment. |
| Oracle OCI | +93%26 Q4 | $5.8B | $638B+363% | May fiscal year-end. Growth here is Oracle Cloud Infrastructure alone; total cloud, which folds in applications, grew 47% in the same quarter — a very different number. |
⑤ CAPEX GUIDANCE · VERDICT
The Capex Guidance Verdict
A smaller headline number does not mean less spending. Cases where an accounting reclassification shrank the reported figure are separated from cases where the company genuinely raised what it intends to spend.
Detail
| Company | FY | Previous | Latest | Verdict | Note |
|---|---|---|---|---|---|
| MicrosoftMSFT | FY2027 | $190B | $175B | Accounting reclass — not a real cut | Finance leases reclassified as operating leases. FY27 Q1 alone is flagged at over $50B including leases. |
| AlphabetGOOGL | 2026 | $180~190B | $195~205B | Real increase | From $75B at the start of 2025 to $91.4B actual, then $180–190B for 2026 and now higher. Funded by an $85B equity unit plus a first-ever yen-denominated bond. |
| AmazonAMZN | 2026 | $200B | $220B | Real increase | Rising memory prices cited by name. |
| MetaMETA | 2026 | $125~145B | $130~145B | Floor raised (real) | No 2027 guidance was provided. |
| OracleORCL | FY2027 | $50B | $90~95B | Real increase | FY26 guidance moved from $35B on the September call to $50B in December, held at $50B in March, and finished at an actual $55.7B. For FY27 the CFO gave a net cash outlay of about $70B plus $20–25B of customer prepayments and timing adjustments, which grosses up to $90–95B. Roughly $40B of debt and equity financing was flagged alongside it. |
| AppleAAPL | 2026 | — | — | Not disclosed | Apple does not issue annual capex guidance. |
| NVIDIANVDA | FY2027 | — | — | Not applicable | Fabless. No capex guidance of its own. |
| TeslaTSLA | 2026 | $20B | $25B | Real increase | Roughly three times the $8.5B spent in 2025. |
5 names genuinely raised capex guidance this quarter. Only Microsoft's headline number fell, and that came from reclassifying finance leases as operating leases — the spending plan itself is unchanged.
⑥ ACCOUNTING NOTES · READINGS
What the Headline Hides
Headline net income and EPS this quarter carry large gains that did not come from operations. Equity revaluation gains land in accounting profit without any cash arriving — which is why the cash-flow statement is read separately.
Detail
- Three of the four hyperscalers raised capex guidance for real this quarter. Microsoft's number went down, and that was an accounting reclassification.
- Alphabet's free cash flow turned negative for the first time on record in Q2 2026. Operating cash flow came in below capex — it spent more than it collected.
- Amazon ran negative quarterly free cash flow in Q2 after doing the same in Q1. On a trailing-twelve-month basis free cash flow has flipped from positive a year ago to negative.
- Meta's Q2 2026 free cash flow fell more than 80 percent from the same quarter a year earlier. Operating margin dropped roughly twelve points, from 43 percent to just under 31.
- Tesla's capex more than doubled year on year and free cash flow went negative — its first cash-burning quarter since early 2024.
- NVIDIA sits on the other side of this. Quarterly capex of $1–2B is negligible against the other six, and FY27 Q1 free cash flow was $48.6B. It is the supplier absorbing the hyperscalers' capex surge as revenue.
- A shared distortion runs through the headline numbers: the equity and non-operating gains booked by Alphabet and Amazon are not operating results. Alphabet's normalised EPS missed consensus.
Per-company notes, latest quarter
Microsoft — GAAP EPS of 4.81 and non-GAAP of 4.74 both cleared a consensus in the 4.24–4.33 range.
Alphabet — The 9.11 GAAP EPS is mostly non-operating gains on equity stakes. Strip those out and normalised EPS of 2.85 actually missed the 2.89 consensus.
Amazon — The 5.75 GAAP EPS includes $53.4B of non-operating pre-tax income, most of it a gain on an equity stake. That is not core operating performance — the same distortion as Alphabet's.
Meta — EPS of 6.18 was a large miss. Consensus splits by source between 7.22 and 7.40, putting the shortfall somewhere between 14 and 16 percent.
Oracle — Cloud infrastructure revenue grew 93 percent year on year. Remaining performance obligations rose $85B in a single quarter to $638B. In the same quarter capex exceeded operating cash flow, so free cash flow was negative.
Apple — EPS of 2.02, up 29 percent year on year, beat a consensus of 1.88–1.89.
Tesla — Non-GAAP EPS of 0.33 missed a consensus of 0.51–0.53. The GAAP figure was not confirmed in this collection.
Built from company cash-flow statements, earnings releases and SEC filings. Capex is the cash figure from the cash-flow statement (purchases of property and equipment), which is defined differently from the lease-inclusive totals companies use in guidance. · as of 2026-07-31 · updated 2026-07-31. Read-only data display — no weights, targets, probabilities or trading advice.