Insights
What the filings and the numbers show, read with our own data.
- Capital spending at Microsoft, Amazon, Alphabet and Meta rose 87% in a year
In April–June 2026 the four spent $165.1 billion in cash on property and equipment, up from $88.2 billion a year earlier. Here is what they say it buys.
- At Amazon, Alphabet and Meta, capital spending now exceeds operating cash flow
In their latest quarter, Amazon, Alphabet and Meta spent more on property and equipment than their operations brought in. All three sold bonds this year.
- Airfares rose 22.4% in a year as airlines paid 60 to 68% more per gallon of fuel
US airfares rose 22.4% in the year to September 2026. Delta, United, American and Southwest paid 60 to 68% more per gallon of fuel than a year before.
- Card spending rose and card losses fell at the big banks in the third quarter
In July–September 2026, card spending at JPMorgan Chase, Bank of America and Wells Fargo grew 8 to 12%, and card charge-off rates fell at all three.