{
  "schema_version": "1.0.0",
  "dataset_id": "hyperscaler-cash-ledger-2026-10-14",
  "reviewed_on": "2026-10-14",
  "publication_status": "free_public_research",
  "currency": "USD",
  "unit": "millions",
  "scope": {
    "entities": "Five consolidated companies, not AI-only businesses.",
    "cash_ppe": "Positive cash outflow magnitude for property and equipment or Oracle capital expenditures; no noncash lease additions.",
    "signed_components": "Inflows positive; outflows negative.",
    "comparisons": "Basic CFO minus cash PP&E is a common subtotal, not a universal issuer free-cash-flow definition or freely spendable cash.",
    "period_alignment": "Microsoft, Alphabet, Amazon and Meta end June 30; Oracle ends August 31.",
    "null_policy": "Null means not separately established in the reviewed material, never an inferred zero.",
    "funding_attribution": "Cash is fungible; no allocation of specific financing proceeds to specific capex is inferred.",
    "verification_scope": "Quarterly investing and financing rows, total cash movements, and TTM arithmetic; not a full commitments or legal-contract review."
  },
  "sources": [
    {
      "id": "MSFT_RELEASE",
      "title": "Microsoft FY2026 Q4 earnings release",
      "url": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
      "published_on": "2026-07-29",
      "reviewed_on": "2026-10-14",
      "locator": "Cash flow statement, three and twelve months ended June 30; 2026 before 2025."
    },
    {
      "id": "MSFT_CALL",
      "title": "Microsoft FY2026 Q4 prepared remarks",
      "url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4",
      "published_on": "2026-07-29",
      "reviewed_on": "2026-10-14",
      "locator": "CFO remarks on quarterly capex and finance leases; useful-life and lease-classification update."
    },
    {
      "id": "GOOGL_RELEASE",
      "title": "Alphabet 2026 Q2 earnings release filed as Exhibit 99.1",
      "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm",
      "published_on": "2026-07-22",
      "reviewed_on": "2026-10-14",
      "locator": "Cash flow statement and free-cash-flow reconciliation; 2025 before 2026."
    },
    {
      "id": "AMZN_RELEASE",
      "title": "Amazon 2026 Q2 earnings release",
      "url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx?mode=light",
      "published_on": "2026-07-30",
      "reviewed_on": "2026-10-14",
      "locator": "Cash flow statement; columns three, six and twelve months, 2025 before 2026."
    },
    {
      "id": "META_RELEASE",
      "title": "Meta 2026 Q2 earnings release filed as Exhibit 99.1",
      "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026050596/meta-06302026xexhibit991.htm",
      "published_on": "2026-07-29",
      "reviewed_on": "2026-10-14",
      "locator": "Cash flow statement, cash reconciliation and free cash flow; 2026 before 2025."
    },
    {
      "id": "META_FY2025",
      "title": "Meta FY2025 earnings release filed as Exhibit 99.1",
      "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003832/meta-12312025xexhibit991.htm",
      "published_on": "2026-01-28",
      "reviewed_on": "2026-10-14",
      "locator": "FY2025 cash flows, venture distribution and free-cash-flow reconciliation."
    },
    {
      "id": "META_Q2_FILING",
      "title": "Meta 2026 Q2 Form 10-Q",
      "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026050705/meta-20260630.htm",
      "published_on": null,
      "reviewed_on": "2026-10-14",
      "locator": "Note 5, Louisiana Venture: investment, lease, funding and residual-value obligations as of June 30."
    },
    {
      "id": "ORCL_RELEASE",
      "title": "Oracle FY2027 Q1 earnings release filed as Exhibit 99.1",
      "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526387905/orcl-ex99_1.htm",
      "published_on": "2026-09-10",
      "reviewed_on": "2026-10-14",
      "locator": "Cash flow statement; FY2026/FY2027 free-cash-flow table and net-capex cash outlay reconciliation."
    },
    {
      "id": "MSFT_10K",
      "url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm",
      "reviewed_on": "2026-10-14",
      "locator": "Note 13; FY2026 financing cash flows from finance leases."
    }
  ],
  "companies": [
    {
      "id": "MSFT",
      "name": "Microsoft",
      "source_ids": [
        "MSFT_RELEASE"
      ],
      "quarter": {
        "fiscal_label": "FY2026 Q4",
        "start": "2026-04-01",
        "end": "2026-06-30",
        "cfo": 55441,
        "cash_ppe": 35802,
        "cfi": -54831,
        "cff": -11779,
        "fx": -1,
        "cash_change": -11170
      },
      "cash_balances": {
        "scope": "cash_and_cash_equivalents",
        "beginning": 32105,
        "ending": 20935,
        "beginning_status": "reported",
        "ending_status": "reported"
      },
      "investing_components": [
        {
          "id": "cash_property_and_equipment",
          "amount": -35802
        },
        {
          "id": "acquisitions_net_intangibles_and_other_assets",
          "amount": -452
        },
        {
          "id": "investment_purchases",
          "amount": -18829
        },
        {
          "id": "investment_maturities",
          "amount": 4181
        },
        {
          "id": "investment_sales",
          "amount": 6487
        },
        {
          "id": "other_investing",
          "amount": -10416
        }
      ],
      "financing_components": [
        {
          "id": "debt_repayments_maturities_90_days_or_less",
          "amount": 0
        },
        {
          "id": "debt_repayments",
          "amount": 0
        },
        {
          "id": "common_stock_issued",
          "amount": 520
        },
        {
          "id": "common_stock_repurchased",
          "amount": -4579
        },
        {
          "id": "common_stock_dividends",
          "amount": -6758
        },
        {
          "id": "other_financing_net",
          "amount": -962
        }
      ],
      "prior_year_quarter": {
        "start": "2025-04-01",
        "end": "2025-06-30",
        "cfo": 42647,
        "cash_ppe": 17079,
        "source_ids": [
          "MSFT_RELEASE"
        ]
      },
      "ttm": {
        "start": "2025-07-01",
        "end": "2026-06-30",
        "method": "reported_fiscal_year",
        "source_ids": [
          "MSFT_RELEASE",
          "MSFT_10K"
        ],
        "cfo": 182935,
        "cash_ppe": 115948,
        "finance_lease_principal": 3101,
        "ppe_sales_and_incentives": null,
        "issuer_fcf_exact": null
      },
      "free_cash_flow": {
        "quarter_issuer_reported_exact": null,
        "quarter_issuer_reported_rounded_bn": 19.6,
        "quarter_derived_matching_definition": 19639,
        "definition": "cfo_minus_cash_ppe",
        "source_ids": [
          "MSFT_RELEASE",
          "MSFT_CALL"
        ]
      },
      "selected_context": {
        "unearned_revenue_operating_adjustment": 22428,
        "ending_short_term_investments": 55908,
        "ending_cash_and_short_term_investments": 76843,
        "finance_lease_principal_separately_identified": null
      },
      "notes": [
        "The release has no separate debt-proceeds row. Its absence is not treated as proof that every form of gross borrowing was zero.",
        "Cash-flow repurchases and dividends must not be forced to equal the rounded management shareholder-return headline.",
        "The unearned-revenue operating adjustment is not a gross measure of AI customer prepayments."
      ]
    },
    {
      "id": "GOOGL",
      "name": "Alphabet",
      "source_ids": [
        "GOOGL_RELEASE"
      ],
      "quarter": {
        "fiscal_label": "2026 Q2",
        "start": "2026-04-01",
        "end": "2026-06-30",
        "cfo": 39069,
        "cash_ppe": 44924,
        "cfi": -82433,
        "cff": 61243,
        "fx": -31,
        "cash_change": 17848
      },
      "cash_balances": {
        "scope": "cash_and_cash_equivalents",
        "beginning": 38063,
        "ending": 55911,
        "beginning_status": "reported",
        "ending_status": "reported"
      },
      "investing_components": [
        {
          "id": "cash_property_and_equipment",
          "amount": -44924
        },
        {
          "id": "marketable_security_purchases",
          "amount": -45439
        },
        {
          "id": "marketable_security_sales_and_maturities",
          "amount": 28695
        },
        {
          "id": "nonmarketable_security_purchases",
          "amount": -21145
        },
        {
          "id": "nonmarketable_security_sales_and_maturities",
          "amount": 819
        },
        {
          "id": "acquisitions_net_and_intangibles",
          "amount": -76
        },
        {
          "id": "other_investing",
          "amount": -363
        }
      ],
      "financing_components": [
        {
          "id": "stock_award_net_payments",
          "amount": -6573
        },
        {
          "id": "stock_repurchases",
          "amount": 0
        },
        {
          "id": "dividends",
          "amount": -2689
        },
        {
          "id": "common_stock_net_proceeds",
          "amount": 30499
        },
        {
          "id": "mandatory_convertible_preferred_net_proceeds",
          "amount": 19063
        },
        {
          "id": "debt_issuance_net_proceeds",
          "amount": 24847
        },
        {
          "id": "debt_repayments",
          "amount": -3776
        },
        {
          "id": "consolidated_entity_interest_sales_net",
          "amount": 558
        },
        {
          "id": "other_financing",
          "amount": -686
        }
      ],
      "prior_year_quarter": {
        "start": "2025-04-01",
        "end": "2025-06-30",
        "cfo": 27747,
        "cash_ppe": 22446,
        "source_ids": [
          "GOOGL_RELEASE"
        ]
      },
      "ttm": {
        "start": "2025-07-01",
        "end": "2026-06-30",
        "method": "reported_ttm_crosschecked_four_quarters",
        "source_ids": [
          "GOOGL_RELEASE"
        ],
        "cfo": 185675,
        "cash_ppe": 132402,
        "finance_lease_principal": null,
        "ppe_sales_and_incentives": null,
        "issuer_fcf_exact": 53273,
        "inputs": [
          {
            "start": "2025-07-01",
            "end": "2025-09-30",
            "coefficient": 1,
            "cfo": 48414,
            "cash_ppe": 23953,
            "issuer_fcf": 24461
          },
          {
            "start": "2025-10-01",
            "end": "2025-12-31",
            "coefficient": 1,
            "cfo": 52402,
            "cash_ppe": 27851,
            "issuer_fcf": 24551
          },
          {
            "start": "2026-01-01",
            "end": "2026-03-31",
            "coefficient": 1,
            "cfo": 45790,
            "cash_ppe": 35674,
            "issuer_fcf": 10116
          },
          {
            "start": "2026-04-01",
            "end": "2026-06-30",
            "coefficient": 1,
            "cfo": 39069,
            "cash_ppe": 44924,
            "issuer_fcf": -5855
          }
        ]
      },
      "free_cash_flow": {
        "quarter_issuer_reported_exact": -5855,
        "quarter_derived_matching_definition": -5855,
        "definition": "cfo_minus_cash_ppe",
        "source_ids": [
          "GOOGL_RELEASE"
        ]
      },
      "selected_context": {
        "common_plus_mandatory_preferred_net_proceeds": 49562
      },
      "notes": [
        "The source columns put 2025 before 2026.",
        "Common and mandatory convertible preferred cash are kept separate from debt and from consolidated-entity interest sales.",
        "Financing receipts are not assigned to particular capital-expenditure dollars."
      ]
    },
    {
      "id": "AMZN",
      "name": "Amazon",
      "source_ids": [
        "AMZN_RELEASE"
      ],
      "quarter": {
        "fiscal_label": "2026 Q2",
        "start": "2026-04-01",
        "end": "2026-06-30",
        "cfo": 45387,
        "cash_ppe": 54208,
        "cfi": -79245,
        "cff": 10146,
        "fx": -53,
        "cash_change": -23765
      },
      "cash_balances": {
        "scope": "cash_cash_equivalents_and_restricted_cash",
        "beginning": 104692,
        "ending": 80927,
        "beginning_status": "derived_as_ending_cash_minus_reported_change",
        "ending_status": "reported"
      },
      "investing_components": [
        {
          "id": "cash_property_and_equipment",
          "amount": -54208
        },
        {
          "id": "ppe_sales_and_incentives",
          "amount": 1132
        },
        {
          "id": "acquisitions_nonmarketable_investments_and_other_net",
          "amount": -24359
        },
        {
          "id": "marketable_security_sales_and_maturities",
          "amount": 24196
        },
        {
          "id": "marketable_security_purchases",
          "amount": -26006
        }
      ],
      "financing_components": [
        {
          "id": "short_term_debt_and_other_proceeds",
          "amount": 9368
        },
        {
          "id": "short_term_debt_and_other_repayments",
          "amount": -9573
        },
        {
          "id": "long_term_debt_proceeds",
          "amount": 13557
        },
        {
          "id": "long_term_debt_repayments",
          "amount": -2752
        },
        {
          "id": "finance_lease_principal",
          "amount": -395
        },
        {
          "id": "financing_obligation_principal",
          "amount": -59
        }
      ],
      "prior_year_quarter": {
        "start": "2025-04-01",
        "end": "2025-06-30",
        "cfo": 32515,
        "cash_ppe": 32183,
        "source_ids": [
          "AMZN_RELEASE"
        ]
      },
      "ttm": {
        "start": "2025-07-01",
        "end": "2026-06-30",
        "method": "reported_ttm",
        "source_ids": [
          "AMZN_RELEASE"
        ],
        "cfo": 161403,
        "cash_ppe": 173028,
        "finance_lease_principal": 1599,
        "financing_obligation_principal": 308,
        "ppe_sales_and_incentives": 4021,
        "issuer_fcf_exact": -7604
      },
      "free_cash_flow": {
        "quarter_issuer_reported_exact": null,
        "quarter_derived_matching_definition": -7689,
        "definition": "cfo_minus_cash_ppe_plus_ppe_sales_and_incentives",
        "source_ids": [
          "AMZN_RELEASE"
        ]
      },
      "selected_context": {
        "quarter_ppe_sales_and_incentives": 1132,
        "quarter_finance_lease_principal": 395,
        "quarter_financing_obligation_principal": 59,
        "quarter_operating_lease_cash_payments": 3489,
        "quarter_assets_acquired_under_operating_leases": 7670
      },
      "notes": [
        "Short-term debt and other is the source category; it is not relabeled as pure debt.",
        "The basic comparison uses gross cash PP&E. Amazon's free-cash-flow definition instead nets PP&E sales and incentives.",
        "Beginning-quarter cash is derived from the reported end balance and change, not independently sourced.",
        "Company-wide spending includes non-AWS businesses."
      ]
    },
    {
      "id": "META",
      "name": "Meta",
      "source_ids": [
        "META_RELEASE"
      ],
      "quarter": {
        "fiscal_label": "2026 Q2",
        "start": "2026-04-01",
        "end": "2026-06-30",
        "cfo": 31862,
        "cash_ppe": 30116,
        "cfi": -49653,
        "cff": 15967,
        "fx": -7,
        "cash_change": -1831
      },
      "cash_balances": {
        "scope": "cash_cash_equivalents_restricted_cash_and_restricted_cash_equivalents",
        "beginning": 31102,
        "ending": 29271,
        "beginning_status": "reported",
        "ending_status": "reported"
      },
      "investing_components": [
        {
          "id": "cash_property_and_equipment",
          "amount": -30116
        },
        {
          "id": "marketable_security_purchases",
          "amount": -42615
        },
        {
          "id": "marketable_security_sales_and_maturities",
          "amount": 24860
        },
        {
          "id": "nonmarketable_equity_purchases",
          "amount": -1126
        },
        {
          "id": "held_for_sale_asset_payments",
          "amount": -556
        },
        {
          "id": "acquisitions_and_intangibles",
          "amount": -101
        },
        {
          "id": "other_investing",
          "amount": 1
        }
      ],
      "financing_components": [
        {
          "id": "equity_award_settlement_taxes",
          "amount": -4281
        },
        {
          "id": "class_a_repurchases",
          "amount": 0
        },
        {
          "id": "dividends_and_equivalents",
          "amount": -1353
        },
        {
          "id": "long_term_debt_net_proceeds",
          "amount": 24910
        },
        {
          "id": "finance_lease_principal",
          "amount": -962
        },
        {
          "id": "other_financing",
          "amount": -2347
        }
      ],
      "prior_year_quarter": {
        "start": "2025-04-01",
        "end": "2025-06-30",
        "cfo": 25561,
        "cash_ppe": 16538,
        "source_ids": [
          "META_RELEASE"
        ]
      },
      "ttm": {
        "start": "2025-07-01",
        "end": "2026-06-30",
        "method": "fiscal_year_plus_current_half_minus_prior_half",
        "source_ids": [
          "META_FY2025",
          "META_RELEASE"
        ],
        "cfo": 130301,
        "cash_ppe": 89325,
        "finance_lease_principal": 3104,
        "ppe_sales_and_incentives": null,
        "issuer_fcf_exact": null,
        "derived_matching_issuer_fcf": 37872,
        "inputs": [
          {
            "start": "2025-01-01",
            "end": "2025-12-31",
            "coefficient": 1,
            "cfo": 115800,
            "cash_ppe": 69691,
            "finance_lease_principal": 2524,
            "issuer_fcf": 43585
          },
          {
            "start": "2026-01-01",
            "end": "2026-06-30",
            "coefficient": 1,
            "cfo": 64088,
            "cash_ppe": 49113,
            "finance_lease_principal": 1805,
            "issuer_fcf": 13170
          },
          {
            "start": "2025-01-01",
            "end": "2025-06-30",
            "coefficient": -1,
            "cfo": 49587,
            "cash_ppe": 29479,
            "finance_lease_principal": 1225,
            "issuer_fcf": 18883
          }
        ]
      },
      "free_cash_flow": {
        "quarter_issuer_reported_exact": 784,
        "quarter_derived_matching_definition": 784,
        "definition": "cfo_minus_cash_ppe_minus_finance_lease_principal",
        "source_ids": [
          "META_RELEASE"
        ]
      },
      "selected_context": {
        "quarter_finance_lease_principal": 962,
        "ending_balance_sheet_cash_and_equivalents": 15462,
        "ending_current_restricted_cash": 702,
        "ending_noncurrent_restricted_cash": 13107,
        "quarter_held_for_sale_asset_cash": 556,
        "prior_fiscal_year_venture_distribution": 2554,
        "prior_distribution_period_end": "2025-12-31",
        "prior_distribution_source_id": "META_FY2025"
      },
      "notes": [
        "Issuer free cash flow deducts finance-lease principal in addition to cash PP&E.",
        "Held-for-sale asset payments are a separate investing line, not included in the issuer's free-cash-flow formula.",
        "The cash-flow ending balance includes restricted cash; it is not freely deployable liquidity.",
        "Zero Class A repurchases does not mean zero equity-award-related cash outflow."
      ]
    },
    {
      "id": "ORCL",
      "name": "Oracle",
      "source_ids": [
        "ORCL_RELEASE"
      ],
      "quarter": {
        "fiscal_label": "FY2027 Q1",
        "start": "2026-06-01",
        "end": "2026-08-31",
        "cfo": 23103,
        "cash_ppe": 28499,
        "cfi": -28580,
        "cff": 13111,
        "fx": 11,
        "cash_change": 7645
      },
      "cash_balances": {
        "scope": "cash_cash_equivalents_and_restricted_cash",
        "beginning": 31289,
        "ending": 38934,
        "beginning_status": "reported",
        "ending_status": "reported"
      },
      "investing_components": [
        {
          "id": "marketable_and_other_investment_purchases",
          "amount": -306
        },
        {
          "id": "marketable_and_other_investment_sales_and_maturities",
          "amount": 225
        },
        {
          "id": "cash_capital_expenditures",
          "amount": -28499
        }
      ],
      "financing_components": [
        {
          "id": "atm_common_stock_net_proceeds",
          "amount": 19909
        },
        {
          "id": "employee_stock_program_net_proceeds",
          "amount": 41
        },
        {
          "id": "dividends",
          "amount": -1565
        },
        {
          "id": "commercial_paper_net_repayments",
          "amount": 0
        },
        {
          "id": "equipment_and_capex_short_term_financing_net",
          "amount": -830
        },
        {
          "id": "notes_term_loans_and_other_borrowing_repayments",
          "amount": -4202
        },
        {
          "id": "other_financing_net",
          "amount": -242
        }
      ],
      "prior_year_quarter": {
        "start": "2025-06-01",
        "end": "2025-08-31",
        "cfo": 8140,
        "cash_ppe": 8502,
        "source_ids": [
          "ORCL_RELEASE"
        ]
      },
      "ttm": {
        "start": "2025-09-01",
        "end": "2026-08-31",
        "method": "fiscal_year_minus_prior_first_quarter_plus_current_first_quarter",
        "source_ids": [
          "ORCL_RELEASE"
        ],
        "cfo": 46940,
        "cash_ppe": 75660,
        "finance_lease_principal": null,
        "ppe_sales_and_incentives": null,
        "issuer_fcf_exact": null,
        "derived_matching_issuer_fcf": -28720,
        "inputs": [
          {
            "start": "2025-06-01",
            "end": "2026-05-31",
            "coefficient": 1,
            "cfo": 31977,
            "cash_ppe": 55663,
            "issuer_fcf": -23686
          },
          {
            "start": "2025-06-01",
            "end": "2025-08-31",
            "coefficient": -1,
            "cfo": 8140,
            "cash_ppe": 8502,
            "issuer_fcf": -362
          },
          {
            "start": "2026-06-01",
            "end": "2026-08-31",
            "coefficient": 1,
            "cfo": 23103,
            "cash_ppe": 28499,
            "issuer_fcf": -5396
          }
        ]
      },
      "free_cash_flow": {
        "quarter_issuer_reported_exact": -5396,
        "quarter_derived_matching_definition": -5396,
        "definition": "cfo_minus_cash_ppe",
        "source_ids": [
          "ORCL_RELEASE"
        ]
      },
      "selected_context": {
        "selected_customer_prepayment_operating_adjustment": 11363,
        "selected_prepayment_already_inside_cfo": true,
        "equipment_financing_signed_cash_flow": -830,
        "issuer_net_capex_cash_outlay": 17966,
        "ending_balance_sheet_cash_and_equivalents": 36369,
        "ending_restricted_cash_derived": 2565
      },
      "notes": [
        "Oracle's quarter ends August 31. It is not added to the four June-ending companies as one synchronized quarter.",
        "The selected customer-prepayment operating adjustment is already included in CFO.",
        "CFO minus the selected prepayment adjustment is an arithmetic subtotal, not normalized CFO or a no-contract counterfactual.",
        "Cash-flow ending cash includes restricted cash and differs from balance-sheet cash and equivalents."
      ]
    }
  ],
  "selected_non_cash_and_future_context": [
    {
      "company": "MSFT",
      "source_id": "MSFT_CALL",
      "context_type": "management_rounded_capex_and_accounting_context",
      "period_end": "2026-06-30",
      "capex_bn": 41,
      "finance_leases_bn": 5.6,
      "cash_ppe_bn": 35.8,
      "rounded_components_forced_to_reconcile": false,
      "note": "These are separately rounded management figures, not an exact additive bridge. From FY2027, the revised building useful-life estimate changes classification of some future leases from finance to operating; the associated calendar-2026 investment outlook is unchanged apart from this accounting impact."
    },
    {
      "company": "META",
      "source_id": "META_Q2_FILING",
      "context_type": "selected_unconsolidated_venture_obligations",
      "as_of": "2026-06-30",
      "venture_equity_percent": 20,
      "total_estimated_development_cost": 27000,
      "initial_lease_commitment": 12310,
      "lease_commencement_year": 2029,
      "initial_term_years": 4,
      "maximum_total_term_with_renewals_years": 20,
      "residual_value_threshold_approx": 28000,
      "maximum_exposure_to_loss": 46030,
      "exposure_is_additive_to_components": false,
      "contingent_rvg_is_current_cash": false,
      "note": "Each partner funds its pro rata share. The RVG declines and depends on nonrenewal or termination, other conditions and property-value shortfall. The maximum-exposure figure already combines investment carrying value, lease commitments, future funding commitments and the maximum RVG threshold."
    }
  ],
  "follow_on_work": "Use the companion obligations ledger to distinguish payment dates, overlap and conditional support. A prospective minimum financing requirement still needs an explicit operating cash and investment forecast."
}