AI INVESTMENT
Hyperscaler AI CAPEX
Read how far AI infrastructure investment is covered by operating cash flow and net income.
As of -- · --
As of 2026-06-30 (26Q2), the 5 hyperscalers' combined CAPEX/OCF ratio is 97.4%. Amazon, Alphabet, Oracle are over 100%.
Current state
As CAPEX/OCF approaches or exceeds 100%, operating cash flow alone no longer covers investment, so the company is drawing on cash reserves or debt. This ratio alone doesn't show whether its actual financial capacity is being depleted — that's what net debt/EBITDA on the right is for. A lower multiple, and less debt relative to cash on hand, means more room to keep investing.
Investment burden by company
CAPEX / OCFCAPEX/OCF: that quarter's capital expenditure divided by operating cash flow. Above 100% means the quarter's investment outspent the operating cash it generated. Bars show each company's CAPEX as a share of operating cash flow (OCF), alongside the value and FCF sign. Net debt is total debt minus cash and short-term investments, showing how much buffer a company has. The multiple in parentheses is net debt against the trailing four quarters' EBITDA; ▲/▼ shows whether net debt rose or fell versus the prior quarter. A negative net debt means the company holds more cash than debt (net cash). The "Financial capacity" chip's low/moderate/high debt burden is based on whether aggregate net debt is under 1x, 1-3x, or over 3x aggregate EBITDA (trailing four quarters).
Burden trend
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Recent quarterly CAPEX/OCF trend. A rising trend can signal an expanding investment cycle; a falling one can signal harvesting.
Sources: Yahoo Finance fundamentals time-series (quarterly income statement and cash flow; disclosure scope and accounting standards vary by company)