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 | $2.80T |
| 2 | MSFT | Microsoft Corporation | Technology | $115.95B | $3.94T |
| 3 | GOOG | Alphabet Inc. | Communication Services | $91.45B | $3.49T |
| 4 | META | Meta Platforms, Inc. | Communication Services | $69.69B | $1.56T |
| 5 | ORCL | Oracle Corporation | Technology | $55.66B | $361.97B |
| 6 | TSM | Taiwan Semiconductor Manufacturing Company Limited | Technology | $40.56B | $1.95T |
| 7 | MU | Micron Technology, Inc. | Technology | $30.71B | $780.68B |
| 8 | XOM | ExxonMobil Holdings Corporation | Energy | $28.36B | $676.62B |
| 9 | WMT | Walmart Inc. | Consumer Defensive | $26.64B | $995.84B |
| 10 | BRK | Berkshire Hathaway Inc. | Financial Services | $20.93B | $1.22T |
| 11 | T | AT&T Inc. | Communication Services | $20.84B | $145.71B |
| 12 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | $19.52B | $119.41B |
| 13 | CVX | Chevron Corporation | Energy | $17.35B | $414.90B |
| 14 | BN | Brookfield Corporation | Financial Services | $14.75B | $92.37B |
| 15 | INTC | Intel Corporation | Technology | $14.65B | $299.13B |
| 16 | DUK | Duke Energy Corporation | Utilities | $14.02B | $99.63B |
| 17 | EQNR | Equinor ASA | Energy | $13.99B | $99.39B |
| 18 | VG | Venture Global, Inc. | Energy | $13.37B | $28.83B |
| 19 | BP | BP p.l.c. | Energy | $13.22B | $114.69B |
| 20 | NGG | National Grid plc | Utilities | $13.17B | $83.60B |
| 21 | SO | The Southern Company | Utilities | $12.74B | $107.51B |
| 22 | RIO | Rio Tinto Group | Basic Materials | $12.34B | $136.19B |
| 23 | PCG | PG&E Corporation | Utilities | $11.79B | $28.57B |
| 24 | CMCSA | Comcast Corporation | Communication Services | $11.75B | $86.61B |
| 25 | CHTR | Charter Communications, Inc. | Communication Services | $11.66B | $13.51B |
| 26 | KEP | Korea Electric Power Corporation | Utilities | $10.96B | $14.38B |
| 27 | XEL | Xcel Energy Inc. | Utilities | $10.91B | $51.14B |
| 28 | SRE | Sempra | Utilities | $10.61B | $51.13B |
| 29 | CRWV | CoreWeave, Inc. | Technology | $10.31B | $25.59B |
| 30 | E | Eni S.p.A. | Energy | $10.21B | $78.96B |
| 31 | TMUS | T-Mobile US, Inc. | Communication Services | $9.96B | $171.61B |
| 32 | BHP | BHP Group Limited | Basic Materials | $9.85B | $203.04B |
| 33 | NVO | Novo Nordisk A/S | Healthcare | $9.45B | $177.74B |
| 34 | STLA | Stellantis N.V. | Consumer Cyclical | $9.37B | $12.87B |
| 35 | GM | General Motors Company | Consumer Cyclical | $9.30B | $73.15B |
| 36 | AAPL | Apple Inc. | Technology | $9.04B | $4.98T |
| 37 | F | Ford Motor Company | Consumer Cyclical | $8.81B | $49.68B |
| 38 | EXC | Exelon Corporation | Utilities | $8.53B | $47.21B |
| 39 | TSLA | Tesla, Inc. | Consumer Cyclical | $8.53B | $1.42T |
| 40 | DIS | The Walt Disney Company | Communication Services | $8.02B | $201.59B |
| 41 | ETR | Entergy Corporation | Utilities | $7.68B | $52.82B |
| 42 | APD | Air Products and Chemicals, Inc. | Basic Materials | $7.02B | $67.88B |
| 43 | SAN | Banco Santander, S.A. | Financial Services | $6.87B | $169.27B |
| 44 | LYG | Lloyds Banking Group plc | Financial Services | $6.82B | $72.69B |
| 45 | BEP | Brookfield Renewable Partners L.P. | Utilities | $6.59B | $9.43B |
| 46 | ENB | Enbridge Inc. | Energy | $6.54B | $104.51B |
| 47 | C | Citigroup Inc. | Financial Services | $6.52B | $197.07B |
| 48 | EIX | Edison International | Utilities | $6.51B | $22.84B |
| 49 | COST | Costco Wholesale Corporation | Consumer Defensive | $6.43B | $466.86B |
| 50 | OXY | Occidental Petroleum Corporation | Energy | $6.43B | $56.36B |
| 51 | AMX | América Móvil, S.A.B. de C.V. | Communication Services | $6.37B | $76.79B |
| 52 | ET | Energy Transfer LP | Energy | $6.30B | $65.17B |
| 53 | NVDA | NVIDIA Corporation | Technology | $6.04B | $4.51T |
| 54 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | $6.02B | $18.15B |
| 55 | AES | The AES Corporation | Utilities | $5.93B | $10.61B |
| 56 | UAL | United Airlines Holdings, Inc. | Industrials | $5.87B | $36.63B |
| 57 | EPD | Enterprise Products Partners L.P. | Energy | $5.62B | $79.86B |
| 58 | VOD | Vodafone Group Public Limited Company | Communication Services | $5.61B | $36.10B |
| 59 | LIN | Linde plc | Basic Materials | $5.26B | $236.54B |
| 60 | ASX | ASE Technology Holding Co., Ltd. | Technology | $5.25B | $69.83B |
| 61 | RCL | Royal Caribbean Cruises Ltd. | Consumer Cyclical | $5.23B | $87.51B |
| 62 | YPF | YPF Sociedad Anónima | Energy | $5.08B | $15.16B |
| 63 | HCA | HCA Healthcare, Inc. | Healthcare | $4.94B | $103.40B |
| 64 | WMB | The Williams Companies, Inc. | Energy | $4.89B | $80.11B |
| 65 | CNP | CenterPoint Energy, Inc. | Utilities | $4.87B | $26.95B |
| 66 | NEXT | NextDecade Corporation | Energy | $4.85B | $1.56B |
| 67 | JNJ | Johnson & Johnson | Healthcare | $4.83B | $664.95B |
| 68 | FE | FirstEnergy Corp. | Utilities | $4.71B | $26.88B |
| 69 | TXN | Texas Instruments Incorporated | Technology | $4.55B | $253.58B |
| 70 | DAL | Delta Air Lines, Inc. | Industrials | $4.50B | $57.37B |
| 71 | FCX | Freeport-McMoRan Inc. | Basic Materials | $4.49B | $85.33B |
| 72 | PEP | PepsiCo, Inc. | Consumer Defensive | $4.42B | $192.61B |
| 73 | PG | The Procter & Gamble Company | Consumer Defensive | $4.41B | $383.36B |
| 74 | LUMN | Lumen Technologies, Inc. | Communication Services | $4.37B | $4.11B |
| 75 | MT | ArcelorMittal S.A. | Basic Materials | $4.34B | $45.85B |
| 76 | FTS | Fortis Inc. | Utilities | $4.33B | $31.00B |
| 77 | EQIX | Equinix, Inc. | Real Estate | $4.31B | $100.25B |
| 78 | ES | Eversource Energy | Utilities | $4.16B | $26.31B |
| 79 | SNY | Sanofi | Healthcare | $4.15B | $112.71B |
| 80 | AEE | Ameren Corporation | Utilities | $4.13B | $31.24B |
| 81 | MRK | Merck & Co., Inc. | Healthcare | $4.11B | $361.73B |
| 82 | NBIS | Nebius Group N.V. | Communication Services | $4.07B | $35.20B |
| 83 | PPL | PPL Corporation | Utilities | $4.03B | $26.94B |
| 84 | PKX | POSCO Holdings Inc. | Basic Materials | $3.92B | $14.79B |
| 85 | KR | The Kroger Co. | Consumer Defensive | $3.85B | $39.98B |
| 86 | HMC | Honda Motor Co., Ltd. | Consumer Cyclical | $3.85B | $46.43B |
| 87 | B | Barrick Mining Corporation | Basic Materials | $3.82B | $66.77B |
| 88 | FDX | FedEx Corporation | Industrials | $3.81B | $72.17B |
| 89 | UNP | Union Pacific Corporation | Industrials | $3.79B | $172.38B |
| 90 | AAL | American Airlines Group Inc. | Industrials | $3.78B | $8.72B |
| 91 | TGT | Target Corporation | Consumer Defensive | $3.73B | $71.97B |
| 92 | UPS | United Parcel Service, Inc. | Industrials | $3.69B | $92.21B |
| 93 | HD | The Home Depot, Inc. | Consumer Cyclical | $3.68B | $342.68B |
| 94 | BUD | Anheuser-Busch InBev SA/NV | Consumer Defensive | $3.66B | $165.33B |
| 95 | UNH | UnitedHealth Group Incorporated | Healthcare | $3.62B | $353.17B |
| 96 | CCL | Carnival Corporation Ltd. | Consumer Cyclical | $3.61B | $39.77B |
| 97 | DVN | Devon Energy Corporation | Energy | $3.59B | $46.43B |
| 98 | ATO | Atmos Energy Corporation | Utilities | $3.56B | $29.27B |
| 99 | MPC | Marathon Petroleum Corporation | Energy | $3.49B | $101.49B |
| 100 | AEP | American Electric Power Company, Inc. | Utilities | $3.45B | $68.90B |
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.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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.
Frequently asked questions
Is high capital expenditure a good sign or a warning sign?
It depends entirely on what the spending buys and how it earns back. Capex that builds capacity in a growing market, modernizes equipment to lower unit costs, or strengthens a competitive moat often produces durable returns over time. The same dollar spent maintaining aging assets in a shrinking market, or chasing growth in an overcapitalized industry, can destroy value even when executed competently. The returns earned on invested capital, not the size of the spend itself, reveal whether a firm's capex program is working.
How does capital expenditure interact with free cash flow?
Free cash flow is operating cash flow minus capex, so every dollar of capex reduces free cash flow by the same dollar in the year it is spent. A firm can therefore report strong operating cash generation while delivering little free cash flow because most of that cash is being reinvested. Whether that reinvestment is value creating depends on the returns it earns; high capex that produces growing cash flow in later years is different from high capex that merely sustains current output.
Why does capex not appear directly on the income statement?
Because the assets built typically serve operations for many years, accounting rules spread the cost through depreciation over the asset's estimated useful life rather than expensing the full amount in the year of purchase. Depreciation therefore shows up on the income statement in later years as a non-cash charge, while the actual cash outflow sits on the cash flow statement in the year of spend. This mismatch is why cash flow and income can diverge meaningfully during heavy investment cycles.