Do the midpoints of the 2027 capital expenditure guidance that Alphabet, Amazon and Meta give with their fourth-quarter 2026 results sum to at least 25% more than the three companies' 2026 capital expenditures?
Each company's 2026 capital expenditures and its 2027 guidance are read as that company defines capital expenditures in the release or on the call that gives the guidance (for Meta, including principal payments on finance leases).
- The cash still covers it Cloud sales grow fast enough, and contracts arrive early enough, that the spenders' own cash carries the build and services the debt.
- The bill has moved to debt Capital spending now exceeds the cash the spenders earn; bonds, leases and commitments kept off the balance sheet fill the gap.
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