{"updated": "2026-05-12", "asofQuarter": "2026-Q1", "companies": ["MSFT", "GOOGL", "AMZN", "META", "AAPL", "NVDA", "TSLA"], "stance": {"MSFT": "builder", "GOOGL": "builder", "AMZN": "builder", "META": "builder", "AAPL": "returner", "NVDA": "asset_light", "TSLA": "industrial"}, "hyperscalers": ["MSFT", "GOOGL", "AMZN", "META"], "latestQuarter": [{"ticker": "AMZN", "stance": "builder", "latestQuarter": "2026-Q1", "latestQuarterDate": "2026-03-31", "latestCapex": 44.2, "yoyQuarter": "2025-Q1", "yoyCapex": 25.02, "yoyPct": 76.7}, {"ticker": "GOOGL", "stance": "builder", "latestQuarter": "2026-Q1", "latestQuarterDate": "2026-03-31", "latestCapex": 35.67, "yoyQuarter": "2025-Q1", "yoyCapex": 17.2, "yoyPct": 107.4}, {"ticker": "MSFT", "stance": "builder", "latestQuarter": "2026-Q1", "latestQuarterDate": "2026-03-31", "latestCapex": 30.88, "yoyQuarter": "2025-Q1", "yoyCapex": 16.75, "yoyPct": 84.4}, {"ticker": "META", "stance": "builder", "latestQuarter": "2026-Q1", "latestQuarterDate": "2026-03-31", "latestCapex": 19.0, "yoyQuarter": "2025-Q1", "yoyCapex": 12.94, "yoyPct": 46.8}, {"ticker": "TSLA", "stance": "industrial", "latestQuarter": "2026-Q1", "latestQuarterDate": "2026-03-31", "latestCapex": 2.49, "yoyQuarter": "2025-Q1", "yoyCapex": 1.49, "yoyPct": 67.1}, {"ticker": "AAPL", "stance": "returner", "latestQuarter": "2026-Q1", "latestQuarterDate": "2026-03-31", "latestCapex": 1.97, "yoyQuarter": "2025-Q1", "yoyCapex": 3.07, "yoyPct": -35.8}, {"ticker": "NVDA", "stance": "asset_light", "latestQuarter": "2026-Q1", "latestQuarterDate": "2026-01-31", "latestCapex": 1.28, "yoyQuarter": "2025-Q1", "yoyCapex": 1.08, "yoyPct": 19.2}], "trajectory": {"columns": ["2018-Q1", "2018-Q2", "2018-Q3", "2018-Q4", "2019-Q1", "2019-Q2", "2019-Q3", "2019-Q4", "2020-Q1", "2020-Q2", "2020-Q3", "2020-Q4", "2021-Q1", "2021-Q2", "2021-Q3", "2021-Q4", "2022-Q1", "2022-Q2", "2022-Q3", "2022-Q4", "2023-Q1", "2023-Q2", "2023-Q3", "2023-Q4", "2024-Q1", "2024-Q2", "2024-Q3", "2024-Q4", "2025-Q1", "2025-Q2", "2025-Q3", "2025-Q4", "2026-Q1"], "values": {"MSFT": [2.93, 3.98, 3.6, 3.71, 2.56, 4.05, 3.38, 3.54, 3.77, 4.74, 4.91, 4.17, 5.09, 6.45, 5.81, 5.87, 5.34, 6.87, 6.28, 6.27, 6.61, 8.94, 9.92, 9.73, 10.95, 13.87, 14.92, 15.8, 16.75, 17.08, 19.39, 29.88, 30.88], "GOOGL": [7.3, 5.48, 5.28, 7.08, 4.64, 6.13, 6.73, 6.05, 6.0, 5.39, 5.41, 5.48, 5.94, null, 6.82, 6.38, 9.79, null, 7.28, 7.59, 6.29, null, 8.05, 11.02, 12.01, null, 13.06, 14.28, 17.2, 22.45, 23.95, 27.85, 35.67], "AMZN": [3.1, 3.24, 3.35, 3.73, 3.29, 3.56, 4.7, 5.31, 6.79, 7.46, 11.06, 14.82, 12.08, 14.29, 15.75, 18.93, 14.95, 15.72, 16.38, 16.59, 14.21, 11.46, 12.48, 14.59, 14.93, 17.62, 22.62, 27.83, 25.02, 32.18, 35.09, 39.52, 44.2], "META": [2.81, null, 3.34, 4.3, 3.84, null, 3.53, 4.1, 3.56, null, 3.69, 4.61, 4.27, null, 4.31, 5.37, 5.44, null, 9.38, 9.04, 6.84, null, 6.54, 7.67, 6.4, null, 8.26, 14.43, 12.94, 16.54, 18.83, 21.38, 19.0]}, "aggregate": [16.14, 12.7, 15.57, 18.82, 14.33, 13.74, 18.34, 19.0, 20.12, 17.59, 25.07, 29.08, 27.38, 20.74, 32.69, 36.55, 35.52, 22.59, 39.32, 39.49, 33.95, 20.4, 36.99, 43.01, 44.29, 31.49, 58.86, 72.34, 71.91, 88.25, 97.26, 118.63, 129.75]}, "deployment": [{"ticker": "MSFT", "stance": "builder", "label": "baseline", "fiscalYear": 2022, "revenue": 198.27, "ocf": 89.03, "capex": -23.89, "buybacks": -32.7, "dividends": -18.14, "fcf": 65.15, "residual": 14.32}, {"ticker": "MSFT", "stance": "builder", "label": "latest", "fiscalYear": 2025, "revenue": 281.72, "ocf": 136.16, "capex": -64.55, "buybacks": -18.42, "dividends": -24.08, "fcf": 71.61, "residual": 29.11}, {"ticker": "GOOGL", "stance": "builder", "label": "baseline", "fiscalYear": 2022, "revenue": 282.84, "ocf": 91.5, "capex": -31.48, "buybacks": -59.3, "dividends": 0.0, "fcf": 60.01, "residual": 0.71}, {"ticker": "GOOGL", "stance": "builder", "label": "latest", "fiscalYear": 2025, "revenue": 402.84, "ocf": 164.71, "capex": -91.45, "buybacks": -45.71, "dividends": -10.05, "fcf": 73.27, "residual": 17.51}, {"ticker": "AMZN", "stance": "builder", "label": "baseline", "fiscalYear": 2022, "revenue": 513.98, "ocf": 46.75, "capex": -63.65, "buybacks": -6.0, "dividends": 0.0, "fcf": -16.89, "residual": -22.89}, {"ticker": "AMZN", "stance": "builder", "label": "latest", "fiscalYear": 2025, "revenue": 716.92, "ocf": 139.51, "capex": -131.82, "buybacks": 0.0, "dividends": 0.0, "fcf": 7.7, "residual": 7.7}, {"ticker": "META", "stance": "builder", "label": "baseline", "fiscalYear": 2022, "revenue": 116.61, "ocf": 50.48, "capex": -31.19, "buybacks": -27.96, "dividends": 0.0, "fcf": 19.29, "residual": -8.67}, {"ticker": "META", "stance": "builder", "label": "latest", "fiscalYear": 2025, "revenue": 200.97, "ocf": 115.8, "capex": -69.69, "buybacks": -26.25, "dividends": -5.32, "fcf": 46.11, "residual": 14.54}, {"ticker": "AAPL", "stance": "returner", "label": "baseline", "fiscalYear": 2022, "revenue": 394.33, "ocf": 122.15, "capex": -10.71, "buybacks": -89.4, "dividends": -14.84, "fcf": 111.44, "residual": 7.2}, {"ticker": "AAPL", "stance": "returner", "label": "latest", "fiscalYear": 2025, "revenue": 416.16, "ocf": 111.48, "capex": -12.71, "buybacks": -90.71, "dividends": -15.42, "fcf": 98.77, "residual": -7.37}, {"ticker": "NVDA", "stance": "asset_light", "label": "baseline", "fiscalYear": 2023, "revenue": 26.97, "ocf": 5.64, "capex": -1.83, "buybacks": -10.04, "dividends": -0.4, "fcf": 3.81, "residual": -6.63}, {"ticker": "NVDA", "stance": "asset_light", "label": "latest", "fiscalYear": 2026, "revenue": 215.94, "ocf": 102.72, "capex": -6.04, "buybacks": -40.09, "dividends": -0.97, "fcf": 96.68, "residual": 55.62}, {"ticker": "TSLA", "stance": "industrial", "label": "baseline", "fiscalYear": 2022, "revenue": 81.46, "ocf": 14.72, "capex": -7.17, "buybacks": 0.0, "dividends": 0.0, "fcf": 7.55, "residual": 7.55}, {"ticker": "TSLA", "stance": "industrial", "label": "latest", "fiscalYear": 2025, "revenue": 94.83, "ocf": 14.75, "capex": -8.53, "buybacks": 0.0, "dividends": 0.0, "fcf": 6.22, "residual": 6.22}], "conversion": {"columns": ["2022", "2023", "2024", "2025", "LTM"], "values": {"MSFT": [73.2, 67.9, 62.5, 52.6, 42.9], "GOOGL": [65.6, 68.3, 58.1, 44.5, 37.0], "AMZN": [-36.1, 37.9, 28.4, 5.5, -1.7], "META": [38.2, 62.0, 59.2, 39.8, 38.9], "AAPL": [91.2, 90.1, 92.0, 88.6, 92.1], "NVDA": [null, 67.5, 96.2, 95.0, 94.1], "TSLA": [51.3, 32.9, 24.0, 42.2, 42.4]}}, "guidance": [{"ticker": "AMZN", "period": "CY2026", "value": 200.0, "label": "guidance", "source": "AMZN Q1 2026 call 2026-04-29 (Feb 2026 outlook reaffirmed)"}, {"ticker": "GOOGL", "period": "CY2026", "value": 185.0, "label": "guidance", "source": "GOOGL Q1 2026 call 2026-04-29 (CFO Anat Ashkenazi; raised range $180-190B, midpoint shown)"}, {"ticker": "META", "period": "CY2026", "value": 135.0, "label": "guidance", "source": "META Q1 2026 call 2026-04-29 (CFO Susan Li; raised range $125-145B, midpoint shown)"}, {"ticker": "MSFT", "period": "CY2026", "value": 190.0, "label": "guidance", "source": "MSFT Q3 FY26 call 2026-04-29 (CFO Amy Hood; ~$190B incl. ~$25B from higher component pricing)"}], "source": {"filings": "10-K / 10-Q line items via SEC EDGAR XBRL (long quarterly history for the four builders) + Yahoo Finance (current-quarter cross-checks and the other three M7 names).", "method": "Capital Expenditure, Operating Cash Flow, Repurchase Of Capital Stock, Cash Dividends Paid taken directly from each company's quarterly / annual cash flow statement. Free Cash Flow is OCF + CapEx. Conversion ratio is FCF ÷ OCF. LTM column sums the latest four reported quarters. The deep quarterly trajectory pulls PaymentsToAcquirePropertyPlantAndEquipment (or AMZN's newer PaymentsToAcquireProductiveAssets) from EDGAR XBRL, deriving non-Q1 quarters by subtracting consecutive YTD periods anchored at each company's fiscal-year start.", "stanceDefinitions": "builder = hyperscaler cloud doing AI capex; returner = returns bulk of OCF to shareholders; asset_light = fabless or low-capex business; industrial = capex-heavy but for physical assets, not AI compute.", "guidance": "Forward capex guidance is each company's own public commentary from the most recent earnings call / press release. Hand-curated because no free public API serves it."}}