Microsoft, Google, Amazon, Meta and Oracle Expect a Negative Cash Flow of $125 Billion Next Year

Microsoft, Google, Amazon, Meta and Oracle are spending so much on developing AI and delivering it to customers that they’re expected to bleed cash in the coming year, according to a Washington Post analysis of data compiled by S&P Global Market Intelligence.

Free cash flow, which measures the cash left over after paying expenses and AI infrastructure costs, is now expected to shrink to almost nothing for the five companies combined in 2026, and decline again to negative $125 billion the following year… AI spending by Amazon and Google pushed the companies to an ignominious milestone: They lost more cash in the past three months than any other large U.S. companies, according to S&P Global data. Investment analysts expect Elon Musk’s SpaceX to show even worse cash bleeding this week.