Top 100 Biggest CapEx Stocks
Top companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for US-listed Companies
Capital expenditures are the dollars a firm spends building, buying, or upgrading physical assets that will serve operations for years: plants, equipment, data centers, pipelines, stores. Unlike operating costs, capex does not hit the income statement in the period spent; it shows up gradually through depreciation. That accounting gap is why a heavy capex year can look different on the income statement than it does on the cash flow statement.
Why Capital Expenditures Matter
High capex can signal serious investment in future capacity, whether that is new plants, expanded distribution, or upgraded infrastructure. It can equally signal a capital-hungry business that traps cash permanently in physical assets, reducing what is available for dividends or buybacks. The figure is neither good nor bad in isolation; its meaning depends on whether returns on invested capital justify the spend and whether the assets built last as long as planned.
What to Read Alongside
Pair capex with Free Cash Flow to see what remains after investment, Net Income for the profit the asset base supports, and Long-term Debt because heavy capex is often partly debt-financed.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com, Inc. | Consumer Cyclical | $131.82B | $2750.29B |
| 2 | MSFT | Microsoft Corporation | Technology | $115.95B | $3697.92B |
| 3 | GOOG | Alphabet Inc. | Communication Services | $91.45B | $4248.80B |
| 4 | META | Meta Platforms, Inc. | Communication Services | $69.69B | $1876.48B |
| 5 | ORCL | Oracle Corporation | Technology | $55.66B | $451.14B |
| 6 | TSM | Taiwan Semiconductor Manufacturing Company Limited | Technology | $40.56B | $2344.29B |
| 7 | XOM | ExxonMobil Holdings Corporation | Energy | $28.36B | $652.60B |
| 8 | WMT | Walmart Inc. | Consumer Defensive | $26.64B | $873.66B |
| 9 | T | AT&T Inc. | Communication Services | $20.84B | $171.99B |
| 10 | CVX | Chevron Corporation | Energy | $17.35B | $415.02B |
| 11 | MU | Micron Technology, Inc. | Technology | $15.86B | $1238.00B |
| 12 | BN | Brookfield Corporation | Financial Services | $14.75B | $84.49B |
| 13 | INTC | Intel Corporation | Technology | $14.65B | $654.74B |
| 14 | DUK | Duke Energy Corporation | Utilities | $14.02B | $90.69B |
| 15 | EQNR | Equinor ASA | Energy | $13.99B | $99.11B |
| 16 | VG | Venture Global, Inc. | Energy | $13.37B | $32.28B |
| 17 | SO | The Southern Company | Utilities | $12.74B | $97.95B |
| 18 | AAPL | Apple Inc. | Technology | $12.71B | $4947.14B |
| 19 | PCG | PG&E Corporation | Utilities | $11.79B | $38.67B |
| 20 | CMCSA | Comcast Corporation | Communication Services | $11.75B | $79.56B |
| 21 | CHTR | Charter Communications, Inc. | Communication Services | $11.66B | $13.42B |
| 22 | XEL | Xcel Energy Inc. | Utilities | $10.91B | $45.01B |
| 23 | SRE | Sempra | Utilities | $10.61B | $52.95B |
| 24 | CRWV | CoreWeave, Inc. | Technology | $10.31B | $47.85B |
| 25 | TMUS | T-Mobile US, Inc. | Communication Services | $9.96B | $174.21B |
| 26 | BHP | BHP Group Limited | Basic Materials | $9.40B | $223.22B |
| 27 | GM | General Motors Company | Consumer Cyclical | $9.30B | $73.22B |
| 28 | F | Ford Motor Company | Consumer Cyclical | $8.81B | $52.24B |
| 29 | EXC | Exelon Corporation | Utilities | $8.53B | $43.06B |
| 30 | TSLA | Tesla, Inc. | Consumer Cyclical | $8.53B | $1496.48B |
| 31 | DIS | The Walt Disney Company | Communication Services | $8.02B | $181.91B |
| 32 | ETR | Entergy Corporation | Utilities | $7.68B | $48.33B |
| 33 | APD | Air Products and Chemicals, Inc. | Basic Materials | $7.02B | $64.10B |
| 34 | BEP | Brookfield Renewable Partners L.P. | Utilities | $6.59B | $8.94B |
| 35 | C | Citigroup Inc. | Financial Services | $6.52B | $222.60B |
| 36 | EIX | Edison International | Utilities | $6.51B | $21.18B |
| 37 | OXY | Occidental Petroleum Corporation | Energy | $6.43B | $56.29B |
| 38 | AMX | América Móvil, S.A.B. de C.V. | Communication Services | $6.37B | $66.67B |
| 39 | ET | Energy Transfer LP | Energy | $6.30B | $70.24B |
| 40 | NVDA | NVIDIA Corporation | Technology | $6.04B | $5526.52B |
| 41 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | $6.02B | $16.46B |
| 42 | AES | The AES Corporation | Utilities | $5.93B | $10.57B |
| 43 | UAL | United Airlines Holdings, Inc. | Industrials | $5.87B | $37.40B |
| 44 | EPD | Enterprise Products Partners L.P. | Energy | $5.62B | $82.08B |
| 45 | COST | Costco Wholesale Corporation | Consumer Defensive | $5.50B | $398.87B |
| 46 | LIN | Linde plc | Basic Materials | $5.26B | $214.31B |
| 47 | ASX | ASE Technology Holding Co., Ltd. | Technology | $5.25B | $117.69B |
| 48 | RCL | Royal Caribbean Cruises Ltd. | Consumer Cyclical | $5.23B | $62.82B |
| 49 | HCA | HCA Healthcare, Inc. | Healthcare | $4.94B | $94.85B |
| 50 | WMB | The Williams Companies, Inc. | Energy | $4.89B | $86.82B |
| 51 | CNP | CenterPoint Energy, Inc. | Utilities | $4.87B | $24.93B |
| 52 | NEXT | NextDecade Corporation | Energy | $4.85B | $1.80B |
| 53 | JNJ | Johnson & Johnson | Healthcare | $4.83B | $648.72B |
| 54 | FE | FirstEnergy Corp. | Utilities | $4.71B | $25.88B |
| 55 | TXN | Texas Instruments Incorporated | Technology | $4.55B | $247.86B |
| 56 | DAL | Delta Air Lines, Inc. | Industrials | $4.50B | $55.19B |
| 57 | FCX | Freeport-McMoRan Inc. | Basic Materials | $4.49B | $102.73B |
| 58 | PEP | PepsiCo, Inc. | Consumer Defensive | $4.42B | $179.06B |
| 59 | PG | The Procter & Gamble Company | Consumer Defensive | $4.41B | $344.27B |
| 60 | LUMN | Lumen Technologies, Inc. | Communication Services | $4.37B | $6.58B |
| 61 | EQIX | Equinix, Inc. | Real Estate | $4.31B | $104.52B |
| 62 | ES | Eversource Energy | Utilities | $4.16B | $25.00B |
| 63 | AEE | Ameren Corporation | Utilities | $4.13B | $28.14B |
| 64 | MRK | Merck & Co., Inc. | Healthcare | $4.11B | $372.32B |
| 65 | NBIS | Nebius Group N.V. | Communication Services | $4.07B | $64.19B |
| 66 | PPL | PPL Corporation | Utilities | $4.03B | $24.74B |
| 67 | KR | The Kroger Co. | Consumer Defensive | $3.85B | $34.58B |
| 68 | FDX | FedEx Corporation | Industrials | $3.81B | $70.04B |
| 69 | UNP | Union Pacific Corporation | Industrials | $3.79B | $163.02B |
| 70 | AAL | American Airlines Group Inc. | Industrials | $3.78B | $9.01B |
| 71 | TGT | Target Corporation | Consumer Defensive | $3.73B | $72.24B |
| 72 | UPS | United Parcel Service, Inc. | Industrials | $3.69B | $81.56B |
| 73 | HD | The Home Depot, Inc. | Consumer Cyclical | $3.68B | $304.64B |
| 74 | BUD | Anheuser-Busch InBev SA/NV | Consumer Defensive | $3.66B | $153.99B |
| 75 | UNH | UnitedHealth Group Incorporated | Healthcare | $3.62B | $334.76B |
| 76 | CCL | Carnival Corporation Ltd. | Consumer Cyclical | $3.61B | $30.52B |
| 77 | DVN | Devon Energy Corporation | Energy | $3.59B | $51.62B |
| 78 | ATO | Atmos Energy Corporation | Utilities | $3.56B | $26.59B |
| 79 | MPC | Marathon Petroleum Corporation | Energy | $3.49B | $109.43B |
| 80 | AEP | American Electric Power Company, Inc. | Utilities | $3.45B | $65.47B |
| 81 | NUE | Nucor Corporation | Basic Materials | $3.42B | $55.73B |
| 82 | MCD | McDonald's Corporation | Consumer Cyclical | $3.37B | $177.16B |
| 83 | TRGP | Targa Resources Corp. | Energy | $3.33B | $60.50B |
| 84 | PEG | Public Service Enterprise Group Incorporated | Utilities | $3.27B | $34.45B |
| 85 | NCLH | Norwegian Cruise Line Holdings Ltd. | Consumer Cyclical | $3.26B | $6.53B |
| 86 | WM | Waste Management, Inc. | Industrials | $3.23B | $83.01B |
| 87 | UHAL | U-Haul Holding Company | Industrials | $3.15B | $12.07B |
| 88 | OKE | ONEOK, Inc. | Energy | $3.15B | $56.79B |
| 89 | AWK | American Water Works Company, Inc. | Utilities | $3.13B | $26.59B |
| 90 | WTRG | Essential Utilities, Inc. | Utilities | $3.13B | $11.46B |
| 91 | LNG | Cheniere Energy, Inc. | Energy | $3.08B | $56.38B |
| 92 | NEM | Newmont Corporation | Basic Materials | $3.04B | $134.09B |
| 93 | KMI | Kinder Morgan, Inc. | Energy | $3.03B | $69.63B |
| 94 | IREN | IREN Limited | Financial Services | $3.00B | $18.61B |
| 95 | CEG | Constellation Energy Corporation | Utilities | $2.95B | $93.35B |
| 96 | BA | The Boeing Company | Industrials | $2.94B | $156.27B |
| 97 | VTR | Ventas, Inc. | Real Estate | $2.93B | $44.55B |
| 98 | CSX | CSX Corporation | Industrials | $2.90B | $86.31B |
| 99 | APLD | Applied Digital Corporation | Technology | $2.87B | $8.11B |
| 100 | CVS | CVS Health Corporation | Healthcare | $2.83B | $111.40B |
No companies match this search.
How this ranking is built
Companies are ranked by capital expenditures as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.