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 $76B, 5. ORCL $56B, 6. XOM $29B, 7. WMT $28B, 8. MU $25B, 9. T $22B, 10. BRK-B $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.

Lists

Biggest capex spenders (2026)

The biggest spender is AMZN at $173B TTM. The top 100 capital-expenditure budgets in absolute dollars — the other side of the free-cash-flow list: heavy investment phases depress FCF even at very profitable companies. See who funds them from revenue.

as of market close, Aug 6, 2026

Biggest capex

$173B

AMZN (TTM)

$132B

GOOGL

$116B

MSFT

Combined (top 100)

$1.22T

TTM capital expenditures

Top 100 by TTM capital expenditures#

Columns:

#Company
1AMZNAmazon.com Inc.	$272.26	-0.1%	+11.8%	-1.0%	+18.0%	+27.4%	+51.3%	$2.94T	$-11625M	$173B
2GOOGLAlphabet Inc. Class A	$357.75	-1.3%	-1.2%	-10.1%	+14.3%	+83.8%	+163.5%	$4.38T	$53B	$132B
3MSFTMicrosoft Corporation	$499.86	+2.5%	+30.4%	+20.8%	+3.4%	-5.3%	+74.5%	$3.71T	$67B	$116B
4METAMeta Platforms Inc.	$589.90	+0.2%	-2.2%	-3.7%	-10.6%	-22.7%	+64.6%	$1.50T	$48B	$76B
5ORCLOracle Corporation	$143.47	-0.6%	+2.1%	-26.1%	-26.4%	-43.9%	+63.7%	$413B	$-23686M	$56B
6XOMExxon Mobil Corporation	$154.84	+2.1%	+9.7%	+4.1%	+28.7%	+44.4%	+162.8%	$637B	$31B	$29B
7WMTWalmart Inc.	$112.07	-0.2%	-0.9%	-13.8%	+0.6%	+12.8%	+136.4%	$892B	$13B	$28B
8MUMicron Technology Inc.	$881.47	-1.3%	-7.1%	+32.2%	+208.8%	+708.2%	+1043.6%	$996B	$26B	$25B
9TAT&T Inc.	$23.71	+2.8%	+12.3%	-7.3%	-4.5%	-14.6%	+11.0%	$162B	—	$22B
10BRK-BBerkshire Hathaway Inc.	$524.61	+1.1%	+6.0%	+11.7%	+4.4%	+13.0%	+87.5%	$1.13T	$24B	$22B
11CVXChevron Corporation	$189.23	+1.5%	+7.5%	+2.2%	+24.2%	+23.6%	+84.5%	$374B	$27B	$18B
12VZVerizon Communications Inc.	$46.99	+1.1%	+10.7%	-0.9%	+15.4%	+10.1%	-16.1%	$195B	$22B	$17B
13CRWVCoreWeave Inc.	$85.33	-5.1%	-5.2%	-38.2%	+19.2%	-23.7%	—	$47B	$-10616M	$17B
14DUKDuke Energy Corporation (Holdi	$123.90	+0.5%	-2.3%	-1.3%	+5.7%	-0.1%	+17.2%	$97B	$-4274M	$16B
15SOSouthern Company (The)	$92.90	-0.2%	-3.6%	-0.7%	+6.5%	-1.6%	+44.1%	$107B	$-3269M	$14B
16VGVenture Global Inc.	$13.58	+9.3%	+9.7%	+13.2%	+99.1%	-8.1%	—	$34B	$-6865M	$13B
17TSLATesla Inc.	$319.53	-0.6%	-18.9%	-19.9%	-28.9%	+3.5%	+41.5%	$1.26T	$6B	$13B
18XELXcel Energy Inc.	$76.97	-0.3%	-3.3%	-4.4%	+4.2%	+4.4%	+11.9%	$48B	$-7692M	$12B
19PCGPacific Gas & Electric Co.	$17.00	-1.2%	-0.3%	+4.9%	+5.8%	+12.1%	+87.2%	$37B	$-4263M	$12B
20CHTRCharter Communications Inc.	$157.44	+2.8%	+17.9%	+0.6%	-24.6%	-40.8%	-77.9%	$19B	$4B	$12B
21INTCIntel Corporation	$99.81	-1.2%	-9.5%	-11.7%	+170.5%	+394.4%	+85.9%	$503B	$3B	$12B
22CMCSAComcast Corporation	$25.17	+1.7%	+8.5%	-4.8%	-10.1%	-17.4%	-53.8%	$89B	$20B	$12B
23SREDBA Sempra	$84.35	-0.4%	-11.5%	-9.9%	-4.5%	+2.4%	+27.4%	$55B	$-5243M	$11B
24TMUST-Mobile US Inc.	$179.97	+3.8%	-0.1%	-6.8%	-11.4%	-24.7%	+24.4%	$193B	$18B	$10B
25AAPLApple Inc.	$312.41	+0.5%	-0.3%	+8.7%	+14.9%	+54.0%	+114.5%	$4.56T	$137B	$10B
26FFord Motor Company	$13.79	-2.4%	+2.1%	+13.3%	+5.1%	+24.7%	-4.2%	$55B	$10B	$9B
27EXCExelon Corporation	$45.32	-1.0%	-4.1%	+0.7%	+4.0%	+1.4%	+34.3%	$47B	$-1916M	$9B
28GMGeneral Motors Company	$86.94	-2.5%	+14.0%	+10.5%	+6.9%	+65.3%	+51.8%	$76B	$14B	$9B
29DISThe Walt Disney Company	$104.68	+2.9%	+8.3%	-3.1%	-8.0%	-11.5%	-41.3%	$181B	$8B	$9B
30ETREntergy Corporation	$106.49	-0.3%	-6.9%	-5.7%	+15.2%	+17.8%	+104.0%	$49B	$-2834M	$8B
31ENBEnbridge Inc	$51.70	-0.5%	-6.1%	-4.6%	+8.1%	+10.6%	+30.5%	$113B	$1B	$8B
32ETEnergy Transfer LP Common Unit	$20.67	+1.6%	+4.1%	+4.0%	+25.3%	+16.6%	+107.3%	$71B	$4B	$7B
33EIXEdison International	$67.23	-1.6%	-10.1%	-2.3%	+12.0%	+21.6%	+17.5%	$26B	$-389M	$7B
34AESThe AES Corporation	$14.70	+0.0%	+0.4%	+2.5%	+2.5%	+15.5%	-39.4%	$10B	$-1720M	$7B
35NVDANVIDIA Corporation	$218.99	-0.1%	+7.3%	+5.4%	+17.4%	+22.8%	+1013.8%	$5.30T	$119B	$7B
36UALUnited Airlines Holdings Inc.	$129.12	-2.7%	+2.3%	+29.1%	+15.5%	+47.3%	+166.3%	$42B	$3B	$6B
37CCitigroup Inc.	$133.82	-2.8%	-2.6%	+4.9%	+14.7%	+46.2%	+94.5%	$224B	$-24511M	$6B
38COSTCostco Wholesale Corporation	$949.15	+0.8%	-0.4%	-4.7%	+10.1%	+0.6%	+123.2%	$421B	$9B	$6B
39OXYOccidental Petroleum Corporati	$56.04	+4.1%	+4.6%	+1.7%	+36.3%	+30.1%	+109.3%	$56B	$5B	$6B
40WMBWilliams Companies Inc. (The)	$71.76	-0.1%	-4.7%	-2.7%	+19.4%	+21.6%	+182.0%	$88B	$-108M	$6B
41EPDEnterprise Products Partners L	$38.05	+0.9%	+0.7%	+1.3%	+18.7%	+22.2%	+66.4%	$82B	$2B	$6B
42LINLinde plc	$490.11	-0.2%	-7.1%	-2.3%	+14.9%	+4.3%	+63.7%	$226B	$5B	$6B
43JNJJohnson & Johnson	$256.98	-0.2%	-2.4%	+14.4%	+24.2%	+50.5%	+49.3%	$619B	$22B	$5B
44RCLRoyal Caribbean Cruises Ltd.	$320.55	-2.1%	+14.1%	+11.7%	+14.9%	+3.0%	+300.6%	$86B	$1B	$5B
45HCAHCA Healthcare Inc.	$408.89	-0.2%	-0.4%	-4.8%	-12.4%	+12.4%	+64.9%	$91B	$8B	$5B
46CNPCenterPoint Energy Inc (Holdin	$40.67	+0.0%	-7.7%	-3.9%	+6.1%	+4.5%	+57.6%	$27B	$-2672M	$5B
47FEFirstEnergy Corp.	$47.37	-0.9%	-1.5%	+4.0%	+5.8%	+8.8%	+24.5%	$27B	$-1744M	$5B
48APDAir Products and Chemicals Inc	$299.92	+1.6%	+1.1%	-0.1%	+21.4%	+2.5%	+3.5%	$67B	—	$5B
49EQIXEquinix Inc. Common Stock REIT	$1,052.86	-0.3%	+3.6%	-3.2%	+37.4%	+35.2%	+33.9%	$104B	$-998M	$5B
50AEEAmeren Corporation	$108.27	-0.6%	-4.3%	-1.2%	+8.4%	+6.1%	+28.5%	$30B	$-1400M	$5B
51DALDelta Air Lines Inc.	$91.98	-1.2%	+5.4%	+25.4%	+32.5%	+74.0%	+123.1%	$60B	$4B	$4B
52PGProcter & Gamble Company	$146.97	+0.1%	-1.0%	-0.6%	+2.6%	-2.4%	+5.4%	$342B	$15B	$4B
53FCXFreeport-McMoRan Inc.	$68.18	-1.7%	+18.6%	+12.0%	+34.2%	+70.3%	+77.2%	$98B	$2B	$4B
54PPLPPL Corporation	$34.62	-0.9%	-3.8%	-6.1%	-1.1%	-3.2%	+21.1%	$26B	$-1622M	$4B
55FTSFortis Inc.	$55.92	-0.7%	-3.1%	-0.4%	+7.7%	+10.9%	+24.1%	$28B	$-1346M	$4B
56MPCMarathon Petroleum Corporation	$299.25	+0.5%	+6.6%	+21.8%	+84.0%	+77.2%	+435.0%	$84B	$13B	$4B
57PEPPepsiCo Inc.	$138.44	-0.2%	-2.9%	-11.2%	-3.5%	-0.7%	-11.7%	$189B	$9B	$4B
58ESEversource Energy (D/B/A)	$72.06	-0.6%	-2.4%	+5.2%	+7.0%	+9.4%	-16.6%	$27B	$298M	$4B
59KRKroger Company (The)	$57.32	+1.1%	-3.4%	-13.2%	-8.3%	-20.1%	+40.8%	$35B	$3B	$4B
60AALAmerican Airlines Group Inc.	$16.03	-3.3%	-3.0%	+23.9%	+4.6%	+37.7%	-24.3%	$11B	$285M	$4B
61NBISNebius Group N.V.	$189.88	-13.3%	-12.3%	-2.7%	+126.8%	+244.2%	—	$48B	$-3681M	$4B
62ATOAtmos Energy Corporation	$171.98	-0.1%	-2.9%	-6.9%	+2.6%	+9.8%	+71.7%	$29B	$-2020M	$4B
63TGTTarget Corporation	$147.08	-0.4%	+11.1%	+13.0%	+50.5%	+43.6%	-43.8%	$67B	$3B	$4B
64CEGConstellation Energy Corporati	$261.10	-1.5%	+6.8%	-19.1%	-26.1%	-24.0%	—	$93B	$309M	$4B
65DVNDevon Energy Corporation	$43.11	+2.4%	-0.5%	-7.5%	+17.7%	+33.4%	+61.9%	$41B	$5B	$4B
66BABoeing Company	$232.19	-3.3%	+3.2%	+1.0%	+6.9%	+3.3%	+0.2%	$184B	$-210M	$4B
67FDXFedEx Corporation	$315.87	+1.7%	+2.0%	+3.9%	+35.7%	+76.2%	+39.0%	$75B	$5B	$4B
68MRKMerck & Co. Inc.	$128.37	+0.0%	+1.9%	+13.0%	+22.0%	+58.9%	+66.9%	$317B	$14B	$4B
69UNPUnion Pacific Corporation	$295.38	-0.1%	+5.1%	+10.1%	+27.7%	+32.5%	+35.9%	$175B	$7B	$4B
70HDThe Home Depot Inc.	$349.52	-1.0%	+4.0%	+8.2%	+1.6%	-9.3%	+6.7%	$349B	$14B	$4B
71FANGDiamondback Energy Inc.	$189.63	+1.9%	+1.6%	-2.8%	+26.1%	+30.2%	+138.4%	$53B	$6B	$4B
72CCLCarnival Corporation Ltd.	$28.79	-3.0%	+12.3%	+4.6%	-5.7%	-1.7%	+26.8%	$39B	$3B	$4B
73TRGPTarga Resources Inc.	$268.23	+3.1%	-3.5%	+7.5%	+45.4%	+63.9%	+524.8%	$58B	$741M	$4B
74MCDMcDonald's Corporation	$276.26	+0.8%	-0.7%	-2.8%	-9.6%	-7.5%	+13.2%	$196B	$7B	$3B
75UNHUnitedHealth Group Incorporate	$403.97	-2.1%	-5.1%	+10.0%	+22.4%	+60.9%	-2.0%	$367B	$20B	$3B
76AXPAmerican Express Company	$342.60	-1.8%	+1.8%	+6.4%	-7.4%	+15.5%	+99.2%	$231B	$15B	$3B
77UPSUnited Parcel Service Inc.	$103.20	-4.2%	-6.1%	+3.3%	+4.0%	+18.9%	-46.2%	$88B	$5B	$3B
78AEPAmerican Electric Power Compan	$125.26	-1.0%	-7.8%	-5.5%	+8.6%	+10.6%	+40.5%	$68B	$4B	$3B
79KMIKinder Morgan Inc.	$31.28	+0.5%	-3.7%	-0.9%	+13.8%	+11.6%	+74.7%	$70B	$3B	$3B
80NINiSource Inc	$43.38	+1.1%	-7.4%	-8.7%	+3.9%	+1.1%	+72.1%	$21B	$-1086M	$3B
81EVRGEvergy Inc.	$83.02	-0.0%	-3.4%	+2.5%	+14.5%	+13.7%	+27.0%	$19B	$-1406M	$3B
82AWKAmerican Water Works Company I	$134.82	+0.5%	+2.2%	+7.3%	+3.3%	-4.7%	-21.0%	$27B	$-1030M	$3B
83PEGPublic Service Enterprise Grou	$75.04	-0.7%	-7.7%	-5.4%	-6.6%	-14.9%	+19.0%	$37B	$276M	$3B
84TXNTexas Instruments Incorporated	$278.40	+0.2%	-7.6%	-3.8%	+60.5%	+50.2%	+46.7%	$254B	$5B	$3B
85NCLHNorwegian Cruise Line Holdings	$19.37	-4.6%	+4.9%	+9.1%	-13.2%	-22.5%	-23.5%	$9B	$-1185M	$3B
86DLRDigital Realty Trust Inc.	$192.56	-1.2%	+9.2%	-3.6%	+24.5%	+11.8%	+28.0%	$69B	$-718M	$3B
87OKEONEOK Inc.	$87.93	+0.8%	-3.5%	+2.7%	+19.6%	+16.2%	+63.4%	$55B	$3B	$3B
88NUENucor Corporation	$272.00	-1.0%	+20.0%	+16.1%	+66.8%	+95.1%	+162.9%	$62B	$532M	$3B
89LNGCheniere Energy Inc.	$265.77	+4.3%	+1.9%	+1.7%	+36.7%	+10.9%	+206.0%	$56B	$2B	$3B
90DELLDell Technologies Inc.	$437.65	-5.4%	+1.3%	+83.3%	+247.7%	+235.4%	+792.1%	$284B	$9B	$3B
91CVSCVS Health Corporation	$96.22	-2.9%	-7.9%	+10.8%	+21.2%	+51.7%	+15.8%	$123B	$12B	$3B
92LUVSouthwest Airlines Company	$46.94	-3.8%	-3.5%	+13.1%	+13.6%	+56.9%	-8.9%	$23B	$-455M	$3B
93WMWaste Management Inc.	$229.01	+2.1%	-2.1%	+3.9%	+4.2%	-0.3%	+56.6%	$92B	$4B	$3B
94VTRVentas Inc.	$92.26	-0.3%	-0.2%	+6.5%	+19.2%	+34.2%	+54.7%	$47B	—	$3B
95NEMNewmont Corporation	$105.43	+1.1%	+13.1%	-8.4%	+5.6%	+56.8%	+68.1%	$111B	$10B	$3B
96EXEExpand Energy Corporation	$91.96	+1.3%	+2.1%	-5.1%	-16.7%	-9.0%	+66.2%	$22B	$3B	$3B
97CATCaterpillar Inc.	$856.96	-1.6%	-9.6%	-7.5%	+49.6%	+97.4%	+303.2%	$394B	$11B	$3B
98VSTVistra Corp.	$141.38	+0.6%	-8.7%	-10.7%	-12.4%	-32.5%	+629.5%	$48B	$2B	$3B
99RTXRTX Corporation	$223.25	+0.4%	+14.5%	+26.3%	+21.7%	+42.8%	+154.7%	$301B	$11B	$3B
100CRHCRH PLC	$97.66	-2.3%	-5.1%	-15.0%	-21.7%	-0.3%	+94.2%	$65B	$3B	$3B

Methodology#

Capital expenditures are trailing-twelve-month payments to acquire property, plant and equipment from the cash-flow statement, computed from SEC EDGAR filings and refreshed as companies file quarterly. Universe: US-listed stocks, share classes deduplicated. Returns are total returns (dividends reinvested), updated daily. Past performance does not predict future returns; 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 $76B, 5. ORCL $56B, 6. XOM $29B, 7. WMT $28B, 8. MU $25B, 9. T $22B, 10. BRK-B $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.