Follow the Money
Microsoft’s capex has three clocks.
Cash paid, equipment still payable and new finance leases describe different moments in the same buildout. Read each on its own clock before drawing a conclusion.
Microsoft reported $115.948bn of cash additions to property and equipment in FY2026. At June 30, $26.7bn of PPE purchases remained in accounts payable. It also reported $24.608bn of right-of-use assets obtained through finance-lease obligations during the year. [1]
READ THE MECHANISM
Microsoft’s capex has three clocks.
Scroll the diagram horizontally to compare every measure. Exact values and definitions are below.
FY ended June 30, 2026; payable balance at year-end
- Cash property + equipment additions
- $115.948bnFlow during the fiscal year
- Property + equipment still payable
- $26.7bnBalance at June 30
- Assets added by finance leases
- $24.608bnNoncash additions during the year
Different accounting measures. No combined total.
Read the exact values and definitions
| Measure | Value | Basis |
|---|---|---|
| Cash property + equipment additions | 115.948 | Flow during the fiscal year |
| Property + equipment still payable | 26.7 | Balance at June 30 |
| Assets added by finance leases | 24.608 | Noncash additions during the year |
Method. Copy the stated values from the cash-flow statement, Note6 and Note13. Divide million-dollar entries by1000. Display the three measures separately; no aggregate capex number is calculated.
- The payable figure is a point-in-time balance; the other two measures cover a year. Adding them would mix stocks and flows.
- These company-wide disclosures do not isolate AI spending or prove project returns. New lease assets are not the same measure as lease cash payments.
Picture a buildout progressing through equipment delivery, financing and payment. The cash-flow statement catches payment. Accounts payable catches a bill still outstanding at the reporting date. A finance lease brings a right to use an asset together with obligations. Those are different views of the process. [1]
Nexural’s read: compare like measures across periods before declaring that the buildout accelerated or slowed. A cash-spending headline alone cannot describe the whole financing structure. A single giant total would conceal the distinction this chart is meant to preserve. [1]
Inspect the sources and methods 1 source record
MSFT: primary financial disclosure
FY2026 cash-flow statement: additions to property and equipment; Note6: PPE purchases in accounts payable; Note13: right-of-use assets obtained for finance-lease obligations. Report tables in millions, converted to billions.
Source reference