Based on reporting by CNA

Wire reporting: (Reuters, via CNA)

Five large U.S. technology companies generated record operating cash in the first nine months of 2026 but returned the smallest share of it to shareholders in at least 15 years, according to a Reuters analysis of LSEG data and company filings, carried in full by CNA¹.

Microsoft, Alphabet, Amazon, Meta and Oracle returned 9.3 percent of operating cash as dividends and buybacks in that period, down from 27.4 percent a year earlier, the analysis said¹. Operating cash flow rose 29 percent to $542.9 billion, while capital spending doubled to $556.9 billion, exceeding cash from operations for the first time in data going back to 2011¹. Combined free cash flow was a $14 billion deficit, versus a $143.5 billion surplus a year earlier¹.

Share repurchases at the five firms fell 83 percent to $13.6 billion from $81.8 billion, Reuters said, while dividends rose to $37 billion from $33.9 billion¹. Alphabet and Meta had not bought back shares in 2026 after $66.5 billion of buybacks in the first nine months of 2025; Amazon pays no dividend and has not repurchased shares since 2022, the report said¹. Microsoft accounted for nearly all remaining buybacks and reduced them in the September quarter, according to the same analysis¹.

With free cash flow negative, the $50.6 billion in combined payouts was funded from cash reserves, borrowing or share sales, Reuters said¹. Amazon's third-quarter capital spending of $75.9 billion exceeded the $42.4 billion its operations generated, and it raised $48.1 billion of long-term debt; Alphabet's free cash flow was also negative, with about $12.4 billion from share sales and $29 billion from debt, the report said¹. Amazon still expected about $220 billion of capital spending this year, Reuters added¹.

Sources

1. (Reuters, via CNA)Big Tech returns smallest share of cash to shareholders in 15 years, given AI spending11:35 AM

Read the original at CNA ↗