Guidance

“Moving to investments, given the strong demand for our Cloud products and services, we now expect to invest approximately $85 billion in CapEx in 2025, up from a previous estimate of $75 billion.”

“We expect that capital expenditures in 2026 will be in the range of $180 billion to $190 billion, and that 2027 capital expenditures will significantly increase compared to 2026.”

“As I said, we're still planning to invest approximately $75 billion in CapEx this year.”

“With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital.”

“We currently expect to incur approximately $2.0 billion to $2.5 billion of capital expenditures, net of partner contributions for our development programs, during the year ending December 31, 2024.”

“During the year ending December 31, 2025, we expect to incur approximately $3.0 billion to $3.5 billion of capital expenditures, which includes our share of joint venture contributions and is net of partner contributions for our development programs.”

“During the year ending December 31, 2026, we expect to incur approximately $3.25 billion to $3.75 billion of capital expenditures, which includes our share of joint venture contributions and is net of partner contributions for our development programs.”

“Additionally, further operational efficiencies and better utilization of construction-in-progress assets allow Intel to reduce its gross capital expenditures1 target to $18 billion for 2025, down from the company's previous target of $20 billion, while still expecting net capital expenditures2 of approximately $8 billion to $11 billion.”

“We anticipate making capital expenditures of approximately $38 billion to $40 billion in 2024 and continue to expect significant capital expenditures growth in 2025.”

“We anticipate making capital expenditures of approximately $70 billion to $72 billion in 2025 to support our core business and AI efforts, and expect significant capital expenditures growth in 2026.”

“We anticipate making capital expenditures of approximately $130 billion to $145 billion in 2026 to support our AI efforts and core business.”

“For calendar year 2026, we expect to invest roughly $190 billion in capital expenditures which includes approximately $25 billion from the impact of higher component pricing.”

“Let me back up and first say, when you think about the full year comments I’ve made on capex, as well as the Q1 guidance of over $30 billion, you first have to ground yourself in the fact that we have $368 billion of contracted backlog we need to deliver, not just across Azure, but across the breadth of the Microsoft Cloud.”

“We expect CapEx spend will be over $50 billion including the lease reclassification impact from the useful life update.”

“During fiscal year 2025, we expect to use our existing cash, cash equivalents, and marketable securities, and the cash generated by our operations to fund our capital investments of approximately $3.5 billion to $4.0 billion related to property and equipment.”

“For fiscal year 2026, we expect revenue of $67 billion and capital expenditures of $50 billion.”

“We anticipate our capital expenditures for the fiscal year 2025 will be in range of $140.0 million to $150.0 million, relating primarily to costs associated with our global manufacturing capabilities, including tooling for new products, new information technology investments including a major upgrade of our ERP system and automating certain key internal controls, and facilities upgrades and expansion.”

“We anticipate our total capital expenditures for the fiscal year 2026 will be in range of $155.0 million to $175.0 million, primarily relating to costs associated with our global manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion.”

“We anticipate our total capital expenditures for the fiscal year 2027 will be in the range of $380.0 million to $400.0 million, primarily relating to costs associated with our global manufacturing capabilities, including tooling for new products, new IT investments, and facilities upgrades and expansion.”

“As discussed in and subject to the considerations referenced in Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations—Management Opportunities, Challenges and Uncertainties and 2024 Outlook—Cash Flow and Capital Expenditure Trends in this Quarterly Report on Form 10-Q, we currently expect our capital expenditures to support our projects globally to exceed $11.00 billion in 2024 and be between $8.00 to $10.00 billion in each of the following two fiscal years.”

“As discussed in and subject to the considerations referenced in Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations—Management Opportunities, Challenges and Uncertainties and 2025 Outlook—Cash Flow and Capital Expenditure Trends in this Quarterly Report on Form 10-Q, we currently expect our capital expenditures to be approximately $9.00 billion in 2025.”

“As discussed in and subject to the considerations referenced in Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations—Management Opportunities, Challenges and Uncertainties and 2026 Outlook—Cash Flow and Capital Expenditure Trends in this Quarterly Report on Form 10-Q, we currently expect our capital expenditures to be in excess of $25 billion in 2026 driven by our AI initiatives, including investments in compute infrastructure and data centers, the expansion and ramp of our manufacturing and R&D production lines and facilities, and growth in our fleet of company-operated AI-enabled assets and our retail, service and charging footprint.”

“Our capital expenditures for 2024 are expected to be between US$28 billion and US$32 billion, which, depending on market conditions, may be adjusted later.”

“Our capital expenditures for 2025 are expected to be between US$38 billion and US$42 billion, which, depending on market conditions, may be adjusted later.”

“capital expenditures for 2026 are expected to be between US$52 billion and US$56 billion, which, depending on market”