Skip to content
New: more US companies explained, plain-English terms and earnings dates

Term explained · Cash flow and debt

What is capex? Spending on long-term assets, with real US companies

Capex is cash spent on buildings, equipment and other long-lived assets: how it is worked out, where it sits in a 10-K or 10-Q, real US examples.

By · Checked against filings: , 1 min read, Seen in 91 companies on Cityfort. Editorial policy. Corrections

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

What is capex?

Capex (capital expenditures) is cash a company spends on long-lived assets, such as buildings, machinery and equipment. The cash flow statement shows it as money going out for investing activities.[S1] Its cost reaches profit slowly, as depreciation spread over the years the asset is used.[S1]

How is capex worked out?

Cityfort takes the company's own line for purchases of property and equipment, for the full fiscal year. Free cash flow is cash from operations minus that capex.

Amazon's capex was $131.8B (FY2025). Its cash from operations was $139.5B (FY2025), which leaves free cash flow of $7.7B (FY2025).

Amazon's own free cash flow subtracts purchases net of proceeds from sales and incentives. So its figure differs from Cityfort's.[S4]

Where do you find capex in a 10-K or 10-Q?

It sits under "investing activities" in the statement of cash flows. In a 10-K, that is in Item 8.[S2] In a 10-Q, it is in Part I, Item 1.[S3]

The line's name varies. Amazon calls it "Purchases of property and equipment".[S4] Microsoft calls it "Additions to property and equipment".[S5]

The MD&A (management's discussion and analysis) must describe material capital expenditure commitments. It must also name the expected source of funds.[S6]

What does capex leave out?

  • Assets taken on through finance leases. Amazon lists these separately, as supplemental cash flow information.[S4]
  • Assets bought but not yet paid for. Amazon shows this amount separately too.[S4]
  • Buying other businesses. Acquisitions are a separate line under investing activities.[S4]

See it in real companies

Capital spending (capex) at companies on Cityfort

91 companies on Cityfort, listed A–Z (not ranked).

AbbVie
$1.2BFY2025 · consolidated · source S1
Accelevation
$9.2MFY2025 · consolidated · source S1
Adobe
$179MFY2025 · consolidated · source S1
Airbnb
$33MFY2025 · consolidated · source S1
Alphabet
$91.4BFY2025 · consolidated · source S1
Amaero
$20.1MFY2025 · consolidated · source S1
Amazon
$131.8BFY2025 · consolidated · source S1
AMD
$974MFY2025 · consolidated · source S1
Apple
$12.7BFY2025 · consolidated · source S1, S9
Arm
$545MFY2026 · consolidated · source S1
Aspen Neuroscience
$9.7MFY2025 · the company alone (it has no subsidiaries) · source S1
AT&T
$20.8BFY2025 · consolidated · source S1, S24
Bambusa
$0MFY2025 · consolidated · source S1
Berkshire Hathaway
$20.9BFY2025 · consolidated · source S1
Block
$155MFY2025 · consolidated · source S1
Bloom Energy
$56.8MFY2025 · consolidated · source S1
Boeing
$2.9BFY2025 · consolidated · source S1
Booking Holdings
$322MFY2025 · consolidated · source S1
Broadcom
$623MFY2025 · consolidated · source S1
Caterpillar
$4.3BFY2025 · consolidated · source S1
Cerebras
$383MFY2025 · consolidated · source S1
Chevron
$17.3BFY2025 · consolidated · source S1
Chipotle
$666MFY2025 · consolidated · source S1
Cisco
$1.4BFY2026 · consolidated · source S1

And 67 more companies on Cityfort; each stock page shows it in context.

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

See it in real companies

Free cash flow at companies on Cityfort

90 companies on Cityfort, listed A–Z (not ranked).

AbbVie
$17.8BFY2025 · consolidated · source S1
Accelevation
−$16.4MFY2025 · consolidated · source S1
Adobe
$9.9BFY2025 · consolidated · source S1
Airbnb
$4.6BFY2025 · consolidated · source S1
Alphabet
$73.3BFY2025 · consolidated · source S1
Amaero
−$38.5MFY2025 · consolidated · source S1
Amazon
$7.7BFY2025 · consolidated · source S1
AMD
$5.5BFY2025 · consolidated · source S1
Apple
$98.8BFY2025 · consolidated · source S1, S9
Arm
$979MFY2026 · consolidated · source S1
Aspen Neuroscience
−$62.5MFY2025 · the company alone (it has no subsidiaries) · source S1
AT&T
$19.4BFY2025 · consolidated · source S1, S24
Bambusa
−$39.8MFY2025 · consolidated · source S1
Berkshire Hathaway
$25.0BFY2025 · consolidated · source S1
Block
$2.4BFY2025 · consolidated · source S1
Bloom Energy
$57.2MFY2025 · consolidated · source S1
Boeing
−$1.9BFY2025 · consolidated · source S1
Booking Holdings
$9.1BFY2025 · consolidated · source S1
Broadcom
$26.9BFY2025 · consolidated · source S1
Caterpillar
$7.5BFY2025 · consolidated · source S1
Cerebras
−$393MFY2025 · consolidated · source S1
Chevron
$16.6BFY2025 · consolidated · source S1
Chipotle
$1.4BFY2025 · consolidated · source S1
Cisco
$12.8BFY2026 · consolidated · source S1

And 66 more companies on Cityfort; each stock page shows it in context.

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

Questions people ask

Is capex an expense on the income statement?
Not when the cash is spent. The cost of a long-lived asset is spread over the years it is used, as depreciation or amortization. The cash flow statement adds that charge back, because no cash left in that period.[S1]
Why can a company's own capex figure differ from the one on Cityfort?
Cityfort shows the purchases line as filed. Some companies subtract more in their own figures. Amazon's free cash flow subtracts purchases net of proceeds from sales and incentives.[S4]
Where does a company explain its capex plans?
In the MD&A (management's discussion and analysis). SEC rules ask it to describe material cash needs, including capital expenditure commitments. It must also name the expected source of funds.[S2][S6]
Why does a 10-Q show capex for more than one quarter?
SEC rules require the interim cash flow statement to run from the start of the fiscal year. It ends at the latest quarter, beside the same period a year earlier.[S7]

Sources

  1. S1Beginners' Guide to Financial Statements (published Jan 12, 2014; last reviewed Feb 6, 2017) · U.S. Securities and Exchange CommissionTier 1: company or exchange filing · Jan 12, 2014
  2. S2Investor Bulletin: How to Read a 10-K, September 2011 · U.S. Securities and Exchange Commission, Office of Investor Education and AdvocacyTier 1: company or exchange filing · Sep 1, 2011
  3. S3Form 10-Q, General Instructions and Part I, Item 1 (Financial Statements) (form version SEC 1296, 02-25) · U.S. Securities and Exchange CommissionTier 1: company or exchange filing · Feb 1, 2025
  4. S4Amazon.com, Inc.: Form 10-K for fiscal year 2025, consolidated statements of cash flows, supplemental cash flow information and free cash flow reconciliation · Amazon.com, Inc. (SEC EDGAR)Tier 1: company or exchange filing · Feb 6, 2026
  5. S5Microsoft Corporation: Form 10-K for fiscal year 2026 (year ended Jun 30, 2026), cash flows statements · Microsoft Corporation (SEC EDGAR)Tier 1: company or exchange filing · Jul 29, 2026
  6. S617 CFR 229.303(b)(1)(ii)(A) (Regulation S-K Item 303, MD&A: capital resources) (eCFR, up to date as of Nov 4, 2026) · Electronic Code of Federal Regulations (eCFR)Tier 1: company or exchange filing · Nov 4, 2026
  7. S717 CFR 210.10-01(c)(3) (Regulation S-X Rule 10-01): periods covered by interim statements of cash flows (eCFR, up to date as of Nov 4, 2026) · Electronic Code of Federal Regulations (eCFR)Tier 1: company or exchange filing · Nov 4, 2026

Next lesson

Each week: one company explained in 5 points, picked by earnings date.

Free, no tips, unsubscribe anytime.

We'll send a confirmation email. See our privacy policy.

All terms, guides, traps and cases on Learn

Disclaimer

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.

Read the positions policy
Read the full disclaimer

Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.