The 50 US-listed companies spending the most on capital expenditures in their latest fiscal year (FY2025). Capex intensity (capex / revenue) shows how capital-hungry each business model is — from asset-light software to hyperscale data-center buildouts.
| # | Company | Capex FY2025 | Capex / Rev | FCF after capex |
|---|---|---|---|---|
| 1 | AMZN | $131.8B | 18% | $7.7B |
| 2 | GOOGL | $91.4B | 23% | $73.3B |
| 3 | META | $69.7B | 35% | $46.1B |
| 4 | MSFT | $64.6B | 23% | $71.6B |
| 5 | ORCL | $55.7B | 83% | -$23.7B |
| 6 | XOM | $28.4B | 9% | $23.6B |
| 7 | WMT | $26.6B | 4% | $14.9B |
| 8 | T | $20.8B | 17% | $19.4B |
| 9 | CVX | $17.3B | 9% | $16.6B |
| 10 | VZ | $16.7B | 13% | $17.7B |
| 11 | MU | $15.9B | 42% | $1.7B |
| 12 | INTC | $14.6B | 28% | -$4.9B |
| 13 | DUK | $14.0B | 44% | -$1.7B |
| 14 | SO | $12.7B | 43% | -$2.9B |
| 15 | AAPL | $12.7B | 3% | $98.8B |
| 16 | PCG | $11.8B | 47% | -$3.1B |
| 17 | CMCSA | $11.8B | 9% | $21.9B |
| 18 | CHTR | $11.7B | 21% | $4.4B |
| 19 | XEL | $10.9B | 74% | -$6.8B |
| 20 | SRE | $10.6B | 77% | -$6.0B |
| 21 | D | $10.3B | 63% | -$5.0B |
| 22 | CRWV | $10.3B | 201% | -$7.3B |
| 23 | COP | $10.2B | 13% | $18.2B |
| 24 | TMUS | $10.0B | 11% | $18.0B |
| 25 | GM | $9.3B | 5% | $17.6B |
| 26 | ENB | $9.0B | 14% | $3.3B |
| 27 | F | $8.8B | 5% | $12.5B |
| 28 | EXC | $8.5B | 35% | -$2.3B |
| 29 | TSLA | $8.5B | 9% | $6.2B |
| 30 | DIS | $8.0B | 8% | $10.1B |
| 31 | LLY | $7.8B | 12% | $9.0B |
| 32 | ETR | $7.7B | 59% | -$2.5B |
| 33 | APD | $7.0B | 58% | -$3.8B |
| 34 | C | $6.5B | 8% | -$74.2B |
| 35 | EIX | $6.5B | 34% | -$715M |
| 36 | OXY | $6.4B | 30% | $4.1B |
| 37 | ET | $6.3B | 7% | $3.8B |
| 38 | NVDA | $6.0B | 3% | $96.7B |
| 39 | AES | $5.9B | 48% | -$1.6B |
| 40 | UAL | $5.9B | 10% | $2.6B |
| 41 | EPD | $5.6B | 11% | $3.0B |
| 42 | COST | $5.5B | 2% | $7.8B |
| 43 | LIN | $5.3B | 15% | $5.1B |
| 44 | RCL | $5.2B | 29% | $1.2B |
| 45 | HCA | $4.9B | 7% | $7.7B |
| 46 | WMB | $4.9B | 41% | $1.0B |
| 47 | CNP | $4.9B | 52% | -$2.4B |
| 48 | JNJ | $4.8B | 5% | $19.7B |
| 49 | FE | $4.7B | 31% | -$1.0B |
| 50 | TXN | $4.5B | 26% | $2.6B |
Capex / Revenue measures capital intensity — above ~10% is a capital-hungry business (data centers, fabs, energy); below ~3% is typical for asset-light software. Capex / OCF above 100% means the company invests more than it generates — it must borrow or dilute to fund growth.
FCF after capex is operating cash flow minus capital expenditures — the cash actually left for dividends, buybacks and debt paydown. The AI infrastructure buildout has pushed hyperscaler capex to record levels; watch whether FCF keeps up.
Data comes from SEC-filed annual financial statements. Quarterly breakdowns and cash-flow diagrams are on each company's analysis page.