### @MSFT — Estimate — forward capex is management guidance; RPO from the quarterly filing
Additions to property and equipment were $30.9 billion cash this quarter (about $31.9 billion with finance leases), up roughly 85% year-over-year, $80.1 billion over nine months. The layer up from infrastructure is guided to roughly $190 billion for calendar 2026 and above $40 billion next quarter. Roughly two-thirds is short-lived assets correlating with revenue, one-third long-lived. The CFO named a bit of a disconnect that makes investors nervous: capex growing faster than revenue, backed by the short-lived share and a $633 billion RPO book, commercial RPO up 26% excluding OpenAI.
- tier: Estimate (~)
- source: MSFT / Capex ahead of revenue, and the CFO's answer
- receipt: https://ticker.thevixguy.com/p/p-day-20260727-msft-src-msft-capex-disconnect-rotation
- posted: 2026-07-27T07:31:22.165Z