ValueAddVC · Big Tech Earnings
Updated April 29, 2026
The $705B AI build-out,
in one dashboard.
Microsoft, Alphabet, Amazon, and Meta just printed $430.6B of quarterly revenue and signaled trillion-dollar capex through 2026. Here's what every line item tells us about the next cycle of AI infrastructure.
$82.9B
+18%
$109.9B
+22%
$181.5B
+17%
$56.3B
+33%
Combined Quarterly Revenue
$0.0B
MSFT + GOOGL + AMZN + META, latest reported quarter
Avg Revenue Growth YoY
+0.0%
Mean of the four reported quarters
Reported Quarterly CapEx
Quarterly CapEx as reported. Amazon and Meta did not disclose a comparable single-quarter CapEx figure here; their full-year guidance is shown separately.$0.0B
2 of 4 disclosed (MSFT, GOOGL)
Combined 2026 CapEx Guidance
Guidance midpoints for full-year 2026 CapEx. Where a range is given, midpoint is used.$0B
Sum of full-year midpoints across the four
Companies
Latest reported quarter with trailing 5-quarter revenue trend.
Microsoft
Revenue
$82.9B
+18% YoY
Trailing 5Q revenue
Cloud and AI infrastructure investment
Alphabet / Google
Revenue
$109.9B
+22% YoY
Trailing 5Q revenue
AI infrastructure, Cloud, Gemini, data centers
Amazon
Revenue
$181.5B
+17% YoY
Trailing 5Q revenue
AI, AWS, Trainium, data centers; FCF impacted by PPE investment
Meta
Revenue
$56.3B
+33% YoY
Trailing 5Q revenue
AI infrastructure, data centers, Meta Superintelligence Labs
5-Quarter Trend
Revenue, cloud, and capex side by side over the last five quarters.
5-Quarter Trend
Trailing five quarters per company. Toggle the metric.
Revenue & CapEx
The two numbers driving every Big Tech narrative right now.
Quarterly Revenue Comparison
Latest reported quarter, USD billions. Growth % shown above each bar.
CapEx & AI Infrastructure SpendSome figures are reported quarterly actuals; others are full-year 2026 guidance. Toggle to compare. Where guidance is a range, midpoint is shown in the bar; full range is in the tooltip.
Full-year 2026 CapEx guidance midpoint, USD billions
Cloud, Intensity & Composition
Cloud growth, capex intensity, and how the Big Four split the pie.
Cloud Segment Revenue
AWS still the biggest, but Google Cloud is growing 2x faster than the others.
CapEx Intensity MapX-axis is annualized revenue (latest quarter × 4). Y-axis is full-year 2026 CapEx guidance midpoint. Bubble size scales with capex %. Higher up & right means bigger capital commitment relative to revenue scale.
Annualized revenue vs 2026 CapEx commitment. Larger bubble = higher capex intensity.
CapEx per Dollar of Cloud
2026 capex midpoint divided by annualized latest-quarter cloud revenue. Meta uses total revenue (no public cloud).
Composition Treemap
Box size = quarterly revenue. Hover to see capex weight and AI intensity per dollar.
Share of the Big Four
How quarterly revenue and 2026 CapEx commitment split across the four.
Quarterly Revenue Share
Total
$431B
2026 CapEx Guidance Share
Total
$705B
Combined Footprint: Revenue vs 2026 CapEx
Stacked composition of the four-company total. CapEx uses full-year 2026 guidance midpoints.
AI Signals
The headline AI metrics each company actually called out.
AI Signals
The numbers the Big Four chose to call out. The shape of the AI economy in eight data points.
AI Annual Run-Rate
$37B+
Azure AI services, Copilot, OpenAI partnership revenue
Microsoft Cloud Growth
+29%
$54.5B quarterly run, accelerating from prior quarters
Google Cloud Growth
+63%
$20.0B quarterly. AI demand outpacing capacity.
Cloud Backlog
>$155B
Multi-year committed contracts; up sharply on AI demand
AWS Operating Income
$14.2B
Capacity-constrained on AI; Trainium ramping
AWS YoY Growth
+28%
$37.6B quarterly. Backlog growing on AI compute demand.
Daily Active People
3.56B
Family of Apps. Reels + AI ranking driving engagement.
Revenue Growth
+33%
AI-driven ad ranking lift; superintelligence push
AI Infrastructure Intensity
Revenue, cloud, and CapEx side by side.
AI Infrastructure IntensityCapEx as % of quarterly revenue is calculated only where a quarterly CapEx figure was reported. Otherwise we show the full-year 2026 guidance for context.
One-glance comparison of revenue, cloud/AI segments, and capital intensity.
| Company | Quarter | Revenue | Growth | EPS | Cloud / AI | Cloud Growth | CapEx Q | 2026 Guide | CapEx / Rev | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
MSFTMicrosoft | FY26 Q3 | $82.9B | +18% | $4.27 | MSFT Cloud$54.5B | +29% | $31.9B | $190B | 38% | Cloud and AI infrastructure investment |
GOOGLAlphabet / Google | Q1 2026 | $109.9B | +22% | — | Google Cloud$20.0B | +63% | $35.7B | $175–185B | 32% | AI infrastructure, Cloud, Gemini, data centers |
AMZNAmazon | Q1 2026 | $181.5B | +17% | $2.78 | AWS$37.6B | +28% | — | $200B | — | AI, AWS, Trainium, data centers; FCF impacted by PPE investment |
METAMeta | Q1 2026 | $56.3B | +33% | $10.44 | DAP 3.56B | — | — | $125–145B | — | AI infrastructure, data centers, Meta Superintelligence Labs |
Insight Panel
Auto-generated takeaways from the latest reported quarter.
Meta leads on growth — and on guidance
+33% YoY revenue is the fastest of the four. Meta also raised full-year 2026 CapEx guidance to a $125–145B range, the highest jump relative to its revenue base.
Amazon owns the largest revenue base
$181.5B in the quarter with AWS at $37.6B and accelerating to +28%. AWS operating income hit $14.2B, signaling continued profit leverage from cloud + AI workloads.
Microsoft has the clearest AI signal
Microsoft Cloud reached $54.5B (+29%), and AI is now at a $37B annualized run-rate — the cleanest disclosed AI revenue figure across the cohort.
Google Cloud is the breakout segment
Google Cloud revenue +63% YoY to $20B as Search and Gemini drive demand. 2026 CapEx guidance lifted to a $175–185B range to keep up with infrastructure needs.