Week of July 27, 2026: Microsoft, Meta, Amazon, Apple to Report Earnings; Microsoft Plans $190 Billion Capex

During the week of July 27, 2026, Microsoft, Meta, Amazon, and Apple will successively report their quarterly earnings. Microsoft's full-year capital expenditure plan for 2026 reaches 1900 hundred million US dollars ($190 billion). In the last quarter, capital expenditure was $31.9 billion, and free cash flow fell to $15.8 billion. Azure cloud revenue growth remained at 39% to 40%.

Amazon's capital expenditure plan is nearly $200 billion, and its free cash flow over the past twelve months was only $1.2 billion. AWS cloud revenue growth rebounded to 28% in the first quarter, with a backlog of over $360 billion.

Meta's 2026 capital expenditure guidance has been raised to $125 billion to $145 billion. Meta does not have its own cloud business, so returns on AI investment must be realized through its internal businesses. Its operating margin has declined from its peak.

Apple's capital expenditure is relatively small, and it still generates substantial free cash flow each quarter. This will be Tim Cook's last earnings call as CEO, after which John Ternus will take over.

Approximately $211 billion in capital expenditure for the year will be charged to the income statement as depreciation, while the remaining over $500 billion will be recorded on the balance sheet. Google Cloud revenue grew 82%, Azure close to 40%, and AWS re-accelerated to 28%. Google Cloud's backlog reached $514 billion, Microsoft's surpassed $600 billion, and Amazon's exceeded $360 billion.