US capex overtook buybacks in 2025. Five names did it

Capital spending reached $764.7bn against $727.9bn of buybacks across 361 listed companies, the first time since 2021. Remove five names and it reverses.

Published Updated Data as of Aug 12, 2026Sources 5By Yu Han

GOOGLMSFTMETAORCL

In short

Across a fixed panel of 361 listed non-financial companies, 2025 capex was $764.7B against $727.9B of buybacks — the first such year since 2021.

Means
The shift is five companies. Alphabet, Oracle, Meta, Microsoft and Walmart are 62.7% of the $361.4B increase. The other 356 moved from 1.41 to 1.38 in five years.
Market
This article examines company disclosures and their financial implications. It does not publish market prices or measure the trading reaction.
Watch
Recompute without the top five. If the ex-five ratio moves off 1.38 in 2026 the shift has broadened. If not, a $764.7B aggregate still describes five companies.

For most of the past decade the complaint about US companies has been that they would rather buy their own shares than build anything. In 2025, measured across 361 listed non-financial companies, that stopped being true.

Capital expenditure was $764.7 billion. Share repurchases were $727.9 billion. It is the first year in this period that building outweighed buying back.

Then you remove five companies, and it is true again.

The panel

Construction

Filers reporting both buybacks and capex, every year 2021–2025 1,316 less: combined 2025 spend under $500M −905 less: unlisted subsidiary filers −6 less: banks and other financials (SIC 6000–6799) −44 ─────── Panel 361

Fifteen calls to the SEC XBRL frames API — three tags across five annual periods. Capex requires two tags because filers are split between them.

Financials are excluded because they run large repurchase programmes against almost no property and equipment. Leaving them in inflates the ratio without saying anything about the trade-off being measured. The panel is fixed — only companies present in all five years — so this measures change at the same companies rather than change in the population.

What the aggregate says

YearBuybacksCapexBuybacks ÷ capex
2021$600,524M$403,365M1.49
2022$732,032M$493,039M1.49
2023$615,936M$529,389M1.16
2024$697,731M$599,279M1.16
2025$727,872M$764,723M0.95

Over five years capital expenditure rose 89.6% while buybacks rose 21.2%. Read as a statement about corporate America, that is a decisive shift in how cash is being used.

0x0.5x1x1.5x2021: $600.5B buybacks vs $403.4B capex20211.49x2022: $732.0B vs $493.0B20221.49x2023: $615.9B vs $529.4B20231.16x2024: $697.7B vs $599.3B20241.16x2025: $727.9B vs $764.7B — capex exceeds buybacks20250.95x
Share repurchases as a multiple of capital expenditure, 361 listed non-financial companies reporting both in every year. Above 1.0 means more was spent buying shares than building. The 2025 bar is the first below it.Source: SEC XBRL frames, as-filed

Who moved it

Capital expenditure across the panel rose $361.4 billion between 2021 and 2025. Here is where that increase came from.

TickerCompany2021 capex2025 capexIncrease
GOOGLAlphabet$24,640M$91,447M+$66,807M
ORCLOracle$4,511M$55,663M+$51,152M
METAMeta Platforms$18,690M$69,691M+$51,001M
MSFTMicrosoft$20,622M$64,551M+$43,929M
WMTWalmart$13,106M$26,642M+$13,536M

Those five account for 62.7% of the entire increase across 361 companies. The four technology names alone account for 58.9%. Alphabet by itself is 18.5% of it.

Remove them and the trend is gone

The same panel, minus those five:

YearBuybacksCapexBuybacks ÷ capex
2021$452,293M$321,796M1.41
2025$629,312M$456,729M1.38

For the remaining 356 companies, the ratio moved from 1.41 to 1.38 in five years. Capex rose 41.9%, which is real growth — but the balance between building and repurchasing is where it was.

“Corporate America is investing again” and “five companies are building data centres” produce the same aggregate. They are not the same statement, and only one of them survives disaggregation.

Why this matters for reading any market-wide number

The mechanism here is not specific to capex. When a handful of companies become large enough relative to an index, aggregate statistics start describing those companies rather than the population. The aggregate is not wrong — $764.7 billion was genuinely spent — it is just answering a different question than the one most readers think they are asking.

The test is cheap: recompute without the top few and see whether the finding survives. Here it does not, and that is the finding.

It also reframes a related observation. Capex exceeding operating cash flow has become common enough that 46 companies with over $1 billion of operating cash flow failed that test in 2025. Several names appear on both lists. The build is real; it is just not broad.

What would make this wrong

  • A fixed panel has survivorship in it. Companies that delisted, were acquired or went bankrupt during the period are excluded, and so is anything that listed after 2021. Nothing here captures private capital spending, which is where a large share of datacentre construction now sits.
  • The $500M floor is arbitrary. It removes 905 smaller filers to keep the aggregate from being driven by companies where a single project distorts the ratio. A different floor gives a different panel.
  • Buybacks are gross, not net. These figures do not subtract shares issued for compensation, so they overstate the reduction in share count. A net measure would be lower for every company here.
  • Capex is as-filed and unadjusted — no netting of asset sales, partner contributions or government incentives, and no adjustment for finance leases, which sit outside capex entirely.
  • Fiscal years are not aligned. Oracle’s “2025” is the year ended 31 May 2026; Walmart’s ends in January. The SEC assigns each annual period to the nearest calendar frame, and off-cycle filers were not excluded.
  • Two rows were spot-checked, not 361. Alphabet and Oracle were verified against their own filings; the rest come from the frames data as filed.
  • This describes what happened. It is not a forecast and implies nothing about whether either use of cash was the right one.

Check it yourself

The three frame endpoints are linked below and return raw JSON. Keep companies that reported both buybacks and capex in all five years, take the larger of the two capex tags per company-year, drop SIC codes 6000–6799, apply a size floor, and sum. Then do it again without the five largest capex increases and compare.

If a figure here does not match a filing, tell us and it will be corrected on the article and on the corrections log, with the date. The reason two capex tags are needed rather than one is explained in our note on how reported capex understates spending.

Calculations and inputs

Match the inputs to the source tables cited in the article, then apply the expressions below. Ratios are shown as decimals; multiply by 100 for a percentage. Results are rounded.

Buyback-to-capex ratio 2021
600524 / 403365 ≈ 1.489
Buyback-to-capex ratio 2025
727872 / 764723 ≈ 0.952
Capex growth 2021 to 2025
764723 / 403365 - 1 ≈ 0.8959
Buyback growth 2021 to 2025
727872 / 600524 - 1 ≈ 0.2121
Total capex increase
764723 - 403365 ≈ 361358
Top five share of the capex increase
226425 / 361358 ≈ 0.6266
Top four share of the capex increase
212889 / 361358 ≈ 0.5891
Alphabet share of the capex increase · GOOGL
(91447 - 24640) / 361358 ≈ 0.1849 · ratio (×100 = %)
Ex-top-five ratio 2021
452293 / 321796 ≈ 1.4055
Ex-top-five ratio 2025
629312 / 456729 ≈ 1.3779
Ex-top-five capex growth
456729 / 321796 - 1 ≈ 0.4193
Panel arithmetic
361 - 5 - 356 ≈ 0

Questions this answers

Do US companies spend more on buybacks or on capital investment?
Across a consistent panel of 361 listed non-financial companies, buybacks exceeded capital expenditure every year from 2021 to 2024, by as much as 1.49 to 1. In 2025 that reversed: $727.9 billion of repurchases against $764.7 billion of capex, a ratio of 0.95.
Is corporate America investing more than it used to?
In aggregate yes, but the increase is extremely concentrated. Capital expenditure across the panel rose 89.6% between 2021 and 2025, and five companies — Alphabet, Oracle, Meta, Microsoft and Walmart — account for 62.7% of the entire increase.
What happens to the trend if you exclude the largest spenders?
It largely disappears. Excluding those five companies, the remaining 356 moved from a buyback-to-capex ratio of 1.41 in 2021 to 1.38 in 2025. For most of the panel the balance between building and repurchasing is roughly where it was five years ago.
How much did Alphabet's capital expenditure increase?
From $24,640 million in 2021 to $91,447 million in 2025, an increase of $66,807 million. That single company accounts for 18.5% of the capex increase across all 361 companies in the panel.
Why are financial companies excluded from this comparison?
Banks and other financials run large buyback programmes against very little property and equipment, so including them inflates the ratio without saying anything about the build-versus-repurchase choice this article is measuring. 44 financial companies were removed on SIC code.

Corrections

  1. Market prices and calculations based on them were removed after a review of publication rights. Filing-based financial analysis remains.

Verify this yourself

5 sources

The links below identify the filings, structured data, and other sources used in this article. Market data is labeled separately. Calculated figures use the inputs and expressions explained in the article; a source link alone does not independently verify every calculation.

  1. SEC XBRL frames API — PaymentsForRepurchaseOfCommonStock, CY2025The buyback side of the panel; one of fifteen frame callsOPEN ↗
  2. SEC XBRL frames API — PaymentsToAcquirePropertyPlantAndEquipment, CY2025The standard capital expenditure tagOPEN ↗
  3. SEC XBRL frames API — PaymentsToAcquireProductiveAssets, CY2025The alternate capex tag; omitting it drops part of the panelOPEN ↗
  4. Alphabet Inc. — FY2025 Form 10-KSpot-checked: capex $91,447M in FY2025 against $24,640M in FY2021OPEN ↗
  5. Oracle Corporation — SEC EDGAR filing historySpot-checked: capex $55,663M for the year ended 31 May 2026OPEN ↗

Data as of Aug 12, 2026 · figures may be restated by the issuer after this date

Found a number that doesn't match the filing?Confirmed corrections are published on the corrections log, with the date and what changed.

This article is for informational purposes only and is not investment advice. Sources and data dates are listed below; reported figures may be restated later. Verify independently before making any investment decision.