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Biggest capex spenders (2026)
The 100 companies below have a combined market cap of $38.3T; the best performer of 2026 is DELL (+327.7% YTD). The largest capital-expenditure budgets in absolute dollars — where the AI build-out actually shows up. Not investment advice.
End of day 2026-09-08 · 100 entries · digits update live during market hours
Combined market cap
$38.3T
100 entries
Median YTD return
+9.6%
2026
Best of 2026
+327.7%
DELL
Worst of 2026
-31.0%
NCLH
Top 100 by TTM capital expenditures
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All 100Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealthcareIndustrialsMaterialsReal EstateTechnologyUtilities
Columns (13 shown)
| # Company | CategoryCategory | 1Y1Y chart | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMZNAmazon.com | Consumer Discretionary | $256.96 | -0.60% | -6.4% | +4.8% | +11.3% | +10.6% | +50.2% | $173B | $-11625M | $776B | $2.77T | |
| GOOGLAlphabet | Communication Services | $338.43 | -0.01% | -4.4% | -6.8% | +8.3% | +44.5% | +136.3% | $132B | $53B | $446B | $4.14T | |
| MSFTMicrosoft | Technology | $494.02 | -1.14% | -1.0% | +20.2% | +2.8% | +0.6% | +69.6% | $116B | $67B | $332B | $3.67T | |
| METAMeta Platforms | Communication Services | $613.31 | -0.56% | +3.6% | +4.9% | -6.9% | -18.2% | +62.5% | $89B | $41B | $228B | $1.56T | |
| ORCLOracle | Technology | $162.52 | +2.36% | +10.5% | -23.0% | -15.8% | -29.4% | +94.4% | $56B | $-23686M | $67B | $468B | |
| XOMExxon Mobil | Energy | $160.70 | +0.77% | +5.7% | +6.6% | +36.2% | +51.4% | +247.1% | $29B | $31B | $369B | $661B | |
| WMTWalmart | Consumer Staples | $106.07 | -1.00% | -4.9% | -11.3% | -4.2% | +6.4% | +129.3% | $28B | $13B | $718B | $844B | |
| MUMicron Technology | Technology | $999.94 | -1.64% | +13.9% | +5.4% | +250.6% | +662.4% | +1301.6% | $25B | $26B | $90B | $1.13T | |
| BRK-BBerkshire Hathaway | Financials | $505.85 | -0.04% | -3.1% | +3.9% | +0.6% | +1.2% | +77.1% | $22B | $24B | $385B | $1.09T | |
| TAT&T | Communication Services | $25.61 | -0.27% | +7.7% | +15.3% | +6.8% | -9.4% | +66.2% | $22B | — | $127B | $175B | |
| CRWVCoreWeave | Technology | $99.82 | +11.71% | +10.1% | -2.5% | +39.4% | +12.0% | — | $21B | $-13655M | $8B | $55B | |
| CVXChevron | Energy | $209.97 | +0.66% | +13.5% | +11.9% | +41.6% | +42.0% | +160.8% | $18B | $27B | — | $415B | |
| VZVerizon Communications | Communication Services | $50.40 | +0.52% | +7.1% | +12.8% | +30.0% | +21.3% | +26.2% | $17B | $22B | $139B | $209B | |
| DUKDuke Energy | Utilities | $121.25 | +0.86% | -2.0% | +0.2% | +6.2% | +4.1% | +40.3% | $16B | $-4274M | $33B | $95B | |
| SOSouthern | Utilities | $89.00 | +1.01% | -3.2% | -1.7% | +4.6% | +0.2% | +62.5% | $14B | $-3269M | $30B | $102B | |
| VGVenture Global | Utilities | $14.74 | +2.18% | +11.1% | +14.9% | +116.6% | +15.5% | — | $14B | $-6990M | $17B | $37B | |
| TSLATesla | Consumer Discretionary | $368.04 | +3.94% | +12.0% | -10.0% | -18.2% | +4.9% | +51.1% | $13B | $6B | $104B | $1.45T | |
| XELXcel Energy | Utilities | $76.83 | +1.47% | -1.6% | -0.3% | +5.6% | +9.0% | +30.5% | $12B | $-7692M | $15B | $48B | |
| PCGPacific Gas & Electric | Utilities | $14.82 | +3.64% | -15.1% | -9.8% | -7.2% | -0.7% | +67.4% | $12B | $-4263M | $26B | $33B | |
| CHTRCharter Communications | Communication Services | $145.75 | -4.11% | -4.5% | +10.2% | -30.2% | -44.3% | -82.1% | $12B | $4B | $54B | $17B | |
| INTCIntel | Technology | $104.44 | +9.02% | +2.7% | -5.3% | +183.0% | +326.5% | +110.2% | $12B | $3B | $57B | $527B | |
| CMCSAComcast | Communication Services | $26.34 | -0.57% | +3.9% | +12.4% | -2.4% | -13.0% | -44.1% | $12B | $20B | $125B | $93B | |
| SREDBA Sempra | Utilities | $85.50 | +1.74% | +1.9% | -3.2% | -1.8% | +8.5% | +51.7% | $11B | $-5243M | $14B | $56B | |
| TMUST-Mobile US | Communication Services | $181.66 | +0.08% | +3.1% | +2.4% | -9.1% | -26.6% | +38.5% | $10B | $18B | $92B | $195B | |
| AAPLApple | Technology | $316.35 | -1.13% | +1.1% | +5.0% | +16.7% | +32.5% | +111.8% | $10B | $137B | $467B | $4.62T | |
| FFord Motor | Consumer Discretionary | $14.02 | -4.10% | +1.4% | -5.5% | +10.6% | +25.0% | +40.7% | $10B | $7B | $188B | $56B | |
| EXCExelon | Utilities | $43.96 | +0.72% | -2.7% | -1.0% | +3.6% | +4.9% | +49.5% | $9B | $-1916M | $25B | $45B | |
| ETREntergy | Utilities | $108.54 | +1.18% | +1.9% | +1.0% | +19.6% | +26.8% | +136.4% | $9B | $-2973M | $13B | $51B | |
| GMGeneral Motors | Consumer Discretionary | $85.81 | -2.22% | -1.8% | +2.6% | +6.2% | +48.5% | +82.1% | $9B | $14B | $186B | $75B | |
| DISWalt Disney | Communication Services | $105.09 | -0.21% | +0.2% | +7.1% | -6.9% | -9.6% | -39.8% | $9B | $8B | $99B | $181B | |
| ENBEnbridge | Energy | $50.50 | +0.81% | -0.2% | -7.5% | +9.8% | +8.9% | +72.9% | $8B | $1B | $60B | $110B | |
| NVDANVIDIA | Technology | $225.77 | -1.99% | +0.8% | +8.2% | +21.2% | +35.4% | +898.5% | $7B | $127B | $303B | $5.44T | |
| RCLRoyal Caribbean Cruises | Consumer Discretionary | $264.49 | -0.26% | -17.3% | -2.8% | -4.2% | -23.6% | +232.1% | $7B | $-416M | $19B | $71B | |
| ETEnergy Transfer | Utilities | $21.51 | +0.05% | +6.9% | +13.1% | +37.4% | +33.0% | +243.3% | $7B | $5B | $107B | $74B | |
| EIXEdison International | Utilities | $59.34 | +4.53% | -13.5% | -15.2% | +2.7% | +15.0% | +30.7% | $7B | $-389M | $19B | $23B | |
| AESAES | Utilities | $14.82 | +0.17% | +0.6% | +1.9% | +7.1% | +20.3% | -24.8% | $7B | $-1720M | $13B | $11B | |
| UALUnited Airlines Holdings | Industrials | $108.26 | -2.80% | -16.4% | +2.8% | -3.2% | +1.6% | +135.8% | $6B | $3B | $63B | $35B | |
| CCitigroup | Financials | $136.78 | -0.69% | +1.3% | +3.1% | +19.0% | +46.4% | +126.4% | $6B | $-24511M | $91B | $229B | |
| COSTCostco Wholesale | Consumer Staples | $910.13 | -0.61% | -4.0% | -6.5% | +6.0% | -5.0% | +110.6% | $6B | $9B | $294B | $404B | |
| OXYOccidental Petroleum | Energy | $60.66 | +1.03% | +8.5% | +6.0% | +48.9% | +34.9% | +157.2% | $6B | $5B | $21B | $61B | |
| WMBWilliams Companies | Energy | $75.84 | +2.28% | +7.7% | +6.7% | +28.0% | +36.8% | +288.3% | $6B | $-108M | $15B | $93B | |
| LINLinde | Materials | $468.23 | -1.96% | -4.1% | -6.4% | +10.9% | +1.1% | +55.8% | $6B | $5B | $35B | $216B | |
| EPDEnterprise Products Partners | Utilities | $38.86 | -0.21% | +2.9% | +5.1% | +26.8% | +30.6% | +148.8% | $5B | $3B | $58B | $84B | |
| JNJJohnson & Johnson | Healthcare | $269.15 | -2.21% | +4.3% | +16.5% | +32.1% | +54.2% | +78.2% | $5B | $22B | $98B | $649B | |
| HCAHCA Healthcare | Healthcare | $402.12 | -0.71% | -2.7% | +11.5% | -13.6% | -3.8% | +65.4% | $5B | $8B | $76B | $89B | |
| FEFirstEnergy | Utilities | $46.46 | -0.66% | -2.1% | +2.6% | +6.9% | +11.1% | +47.3% | $5B | $-1954M | $16B | $27B | |
| CNPCenterPoint Energy Inc (Holding Co) | Utilities | $40.13 | +1.16% | -0.8% | -3.5% | +6.5% | +8.6% | +79.4% | $5B | $-2672M | $9B | $26B | |
| APDAir Products and Chemicals | Materials | $297.73 | -1.17% | -1.9% | +8.2% | +22.9% | +5.4% | +25.0% | $5B | — | $13B | $66B | |
| EQIXEquinix | Real Estate | $1,041.21 | +0.50% | +0.3% | -1.6% | +38.0% | +37.5% | +36.9% | $5B | $-998M | $10B | $103B | |
| AEEAmeren | Utilities | $106.75 | +0.26% | -1.9% | +0.3% | +8.4% | +9.1% | +39.7% | $5B | $-1400M | $9B | $30B | |
| PPLPPL | Utilities | $35.09 | -0.06% | -1.0% | +0.1% | +1.8% | +0.7% | +43.8% | $5B | $-1992M | $10B | $26B | |
| DALDelta Air Lines | Industrials | $78.99 | -1.47% | -13.5% | +1.2% | +14.7% | +30.5% | +105.0% | $4B | $4B | $68B | $52B | |
| PGProcter & Gamble | Consumer Staples | $145.60 | -0.57% | -0.1% | +1.1% | +3.9% | -6.3% | +15.8% | $4B | $15B | $87B | $338B | |
| FCXFreeport-McMoRan | Materials | $76.63 | +5.36% | +10.1% | +20.2% | +52.0% | +67.1% | +118.2% | $4B | $2B | $25B | $110B | |
| FTSFortis | Utilities | $55.58 | +0.58% | -0.1% | +1.7% | +9.7% | +15.7% | +45.9% | $4B | $-1346M | $9B | $28B | |
| MPCMarathon Petroleum | Energy | $397.94 | +2.32% | +33.8% | +49.9% | +147.5% | +124.4% | +654.8% | $4B | $13B | $154B | $112B | |
| PEPPepsiCo | Consumer Staples | $138.44 | +0.59% | +0.6% | -0.5% | -0.6% | -1.6% | +5.1% | $4B | $9B | $97B | $189B | |
| ESEversource Energy (D/B/A) | Utilities | $71.49 | +0.62% | -1.2% | +5.0% | +8.6% | +17.7% | -4.2% | $4B | $298M | $14B | $27B | |
| KRKroger | Consumer Staples | $57.21 | -2.36% | +1.5% | -8.5% | -6.9% | -13.6% | +38.0% | $4B | $3B | $149B | $35B | |
| AALAmerican Airlines Group | Consumer Discretionary | $12.94 | -1.49% | -18.9% | -4.9% | -15.6% | -1.1% | -33.7% | $4B | $285M | $58B | $9B | |
| NBISNebius Group | Technology | $243.76 | +7.67% | +29.7% | +11.8% | +191.2% | +272.3% | — | $4B | $-3681M | $530M | $62B | |
| ATOAtmos Energy | Utilities | $168.12 | +0.33% | -0.6% | +0.7% | +2.0% | +3.3% | +95.2% | $4B | $-2020M | $5B | $28B | |
| TGTTarget | Consumer Staples | $162.73 | -1.04% | +9.5% | +32.3% | +71.1% | +81.7% | -23.7% | $4B | $3B | $106B | $74B | |
| MRKMerck | Healthcare | $148.48 | -1.23% | +15.5% | +25.1% | +43.1% | +81.1% | +126.9% | $4B | $16B | $67B | $366B | |
| CEGConstellation Energy | Utilities | $298.96 | +0.00% | +10.9% | +19.4% | -15.0% | -0.3% | — | $4B | $309M | $31B | $106B | |
| DVNDevon Energy | Energy | $48.41 | +0.72% | +12.6% | +8.1% | +33.8% | +42.9% | +96.5% | $4B | $5B | $20B | $46B | |
| BABoeing | Industrials | $210.75 | -0.71% | -10.1% | -2.4% | -2.9% | -8.2% | -3.2% | $4B | $-210M | $94B | $167B | |
| FDXFedEx | Industrials | $314.12 | -2.60% | -1.4% | -4.5% | +36.1% | +75.2% | +65.8% | $4B | $5B | $95B | $74B | |
| UNPUnion Pacific | Industrials | $288.47 | -0.40% | -1.1% | +7.9% | +26.6% | +33.7% | +47.4% | $4B | $7B | $25B | $171B | |
| HDHome Depot | Consumer Discretionary | $313.72 | -2.28% | -11.1% | +2.0% | -6.8% | -23.0% | +9.4% | $4B | $14B | $167B | $313B | |
| FANGDiamondback Energy | Energy | $199.63 | +0.21% | +6.7% | +1.3% | +35.1% | +47.4% | +223.4% | $4B | $6B | $17B | $56B | |
| CCLCarnival | Consumer Discretionary | $23.21 | -1.28% | -19.9% | -13.6% | -22.8% | -25.3% | -0.2% | $4B | $3B | $27B | $32B | |
| DELLDell Technologies | Technology | $533.49 | +1.78% | +17.6% | +33.3% | +327.7% | +332.8% | +1080.5% | $4B | $9B | $151B | $339B | |
| MCDMcDonald's | Consumer Discretionary | $255.82 | +0.05% | -6.1% | -7.3% | -14.7% | -16.5% | +22.2% | $4B | $8B | $28B | $181B | |
| TRGPTarga Resources | Energy | $294.28 | +1.46% | +14.6% | +11.9% | +61.9% | +85.2% | +640.2% | $4B | $741M | $17B | $63B | |
| AXPAmerican Express | Financials | $326.11 | -0.02% | -4.3% | +4.7% | -11.1% | +1.0% | +111.0% | $3B | $15B | $76B | $220B | |
| UPSUnited Parcel Service | Industrials | $100.48 | -1.77% | -2.3% | -5.2% | +6.1% | +25.9% | -34.4% | $3B | $5B | $90B | $85B | |
| AEPAmerican Electric Power | Utilities | $125.40 | +0.72% | +0.5% | -0.3% | +11.2% | +19.6% | +67.5% | $3B | $4B | $23B | $68B | |
| UNHUnitedHealth Group | Healthcare | $400.87 | +0.94% | -1.5% | -0.8% | +23.1% | +30.5% | +4.6% | $3B | $24B | $450B | $360B | |
| KMIKinder Morgan | Energy | $31.99 | +1.86% | +3.7% | +3.2% | +19.7% | +25.1% | +156.5% | $3B | $3B | $18B | $71B | |
| NINiSource | Utilities | $41.92 | +1.27% | -1.6% | -8.0% | +2.4% | +6.7% | +99.2% | $3B | $-1086M | $7B | $20B | |
| EVRGEvergy | Utilities | $82.25 | +0.87% | -0.5% | +1.5% | +16.3% | +18.9% | +47.8% | $3B | $-1406M | $6B | $19B | |
| AWKAmerican Water Works | Utilities | $140.38 | -0.23% | +4.4% | +15.4% | +9.8% | +0.4% | -14.4% | $3B | $-1030M | $5B | $28B | |
| LNGCheniere Energy | Utilities | $276.09 | -5.45% | +8.0% | +16.9% | +43.0% | +18.2% | +226.2% | $3B | $3B | — | $57B | |
| PEGPublic Service Enterprise Group | Utilities | $74.25 | +0.74% | -1.9% | -3.7% | -6.0% | -5.4% | +36.5% | $3B | $276M | $13B | $37B | |
| TXNTexas Instruments | Technology | $258.91 | +0.18% | -9.5% | -10.5% | +51.7% | +41.3% | +55.8% | $3B | $5B | $19B | $236B | |
| NCLHNorwegian Cruise Line Holdings | Consumer Discretionary | $15.39 | -1.16% | -20.1% | -17.0% | -31.0% | -40.0% | -39.3% | $3B | $-1185M | $10B | $7B | |
| DLRDigital Realty Trust | Real Estate | $189.52 | +0.60% | -2.2% | +4.7% | +24.2% | +19.5% | +38.4% | $3B | $-718M | $6B | $68B | |
| OKEONEOK | Energy | $97.51 | +2.18% | +12.8% | +11.9% | +37.7% | +41.5% | +140.9% | $3B | $3B | $39B | $61B | |
| CVSCVS Health | Healthcare | $96.07 | -0.69% | +0.4% | -0.4% | +23.9% | +34.3% | +34.0% | $3B | $12B | $415B | $123B | |
| IRENIREN | Financials | $46.93 | +5.04% | +13.8% | -20.7% | +24.3% | +79.5% | — | $3B | $-898M | $707M | $17B | |
| LUVSouthwest Airlines | Industrials | $38.68 | -2.37% | -17.4% | -4.8% | -5.2% | +25.4% | -14.3% | $3B | $-455M | $30B | $19B | |
| WMWaste Management | Industrials | $217.81 | -0.54% | -4.3% | +0.8% | -0.0% | +0.6% | +51.8% | $3B | $4B | $26B | $87B | |
| VTRVentas | Real Estate | $89.87 | -0.44% | -3.7% | +13.5% | +17.6% | +35.7% | +91.7% | $3B | — | $6B | $46B | |
| NEMNewmont | Materials | $127.10 | -0.77% | +12.7% | +28.7% | +28.1% | +68.4% | +156.0% | $3B | $10B | $26B | $134B | |
| EXEExpand Energy | Energy | $98.21 | +0.31% | +6.4% | +9.3% | -9.4% | +5.1% | +126.3% | $3B | $3B | $14B | $23B | |
| CATCaterpillar | Industrials | $822.64 | +1.07% | -2.3% | -10.0% | +44.5% | +96.2% | +324.0% | $3B | $11B | $75B | $378B | |
| VSTVistra | Utilities | $151.74 | +1.63% | +7.9% | +3.4% | -5.7% | -18.9% | +783.1% | $3B | $2B | $19B | $51B | |
| NUENucor | Materials | $256.51 | -1.75% | -5.9% | +1.5% | +58.2% | +76.5% | +128.3% | $3B | $2B | $36B | $58B | |
| RTXRTX | Industrials | $198.84 | -0.97% | -10.5% | +11.7% | +9.6% | +28.1% | +161.1% | $3B | $11B | $94B | $268B |
Methodology
Trailing-twelve-month capital expenditures in absolute dollars, from SEC cash-flow statements. Absolute rather than as a percentage of revenue on purpose — this is the list where the AI data-centre build-out is visible as a dollar figure.
Returns are total returns (dividends reinvested), computed over adjusted closes we derive ourselves from SEC-filed dividends and splits. Fundamentals come from company filings via our EDGAR pipeline. Past performance does not predict future returns; this is not investment advice.
FAQ#
- Which company spends the most on capex?
- Amazon.com Inc. (AMZN) has the largest capital-expenditure budget of any US-listed company — about $173B over the trailing twelve months.
- What are the top 10 companies by capital expenditures?
- The 10 biggest capex spenders (TTM): 1. AMZN $173B, 2. GOOGL $132B, 3. MSFT $116B, 4. META $89B, 5. ORCL $56B, 6. XOM $29B, 7. WMT $28B, 8. MU $25B, 9. BRK-B $22B, 10. T $22B.
- What counts as capital expenditures?
- Capital expenditures are cash spent on property, plant and equipment — datacenters, fabs, networks, stores. Big capex depresses free cash flow today in exchange for capacity tomorrow, which is why the same AI build-out that shrinks a company's FCF shows up here first.
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