Biggest CapEx Consumer Cyclical Stocks
Top consumer cyclical companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for Consumer Cyclical Companies
Capital expenditures in consumer cyclical fund store fleets, distribution centers, restaurant networks, automobile manufacturing, and increasingly the fulfillment infrastructure that supports e-commerce. Capex intensity varies sharply by subindustry: asset-light apparel brands may spend modestly on stores, while automakers and home improvement retailers maintain some of the largest investment programs in the economy, with returns that depend heavily on consumer confidence cycles.
Why Capital Expenditures Matter Less Than They Seem
Strong brands can convert capex into expanding same-store productivity and durable customer traffic when investment is timed well. Yet the sector is littered with examples of heavy retail buildouts that predated demand shifts toward digital, leaving firms with depreciating fleets and soft foot traffic. Capex tied to physical footprint in a digitizing category can become a stranded cost rather than a productive asset if consumer behavior moves faster than the investment cycle.
What to Read Alongside
Pair capex with Free Cash Flow to see what remains after reinvestment, Net Income for the profit the asset base produces, and Long-term Debt because large buildouts are often partly debt-financed.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com, Inc. | Consumer Cyclical | $131.82B | $2.80T |
| 2 | STLA | Stellantis N.V. | Consumer Cyclical | $9.37B | $12.87B |
| 3 | GM | General Motors Company | Consumer Cyclical | $9.30B | $73.15B |
| 4 | F | Ford Motor Company | Consumer Cyclical | $8.81B | $49.68B |
| 5 | TSLA | Tesla, Inc. | Consumer Cyclical | $8.53B | $1.42T |
| 6 | RCL | Royal Caribbean Cruises Ltd. | Consumer Cyclical | $5.23B | $87.51B |
| 7 | HMC | Honda Motor Co., Ltd. | Consumer Cyclical | $3.85B | $46.43B |
| 8 | HD | The Home Depot, Inc. | Consumer Cyclical | $3.68B | $342.68B |
| 9 | CCL | Carnival Corporation Ltd. | Consumer Cyclical | $3.61B | $39.77B |
| 10 | MCD | McDonald's Corporation | Consumer Cyclical | $3.37B | $195.68B |
| 11 | NCLH | Norwegian Cruise Line Holdings Ltd. | Consumer Cyclical | $3.26B | $8.23B |
| 12 | SBUX | Starbucks Corporation | Consumer Cyclical | $2.31B | $120.18B |
| 13 | LOW | Lowe's Companies, Inc. | Consumer Cyclical | $2.21B | $125.98B |
| 14 | SW | Smurfit Westrock Plc | Consumer Cyclical | $2.19B | $23.13B |
| 15 | TJX | The TJX Companies, Inc. | Consumer Cyclical | $1.96B | $148.83B |
| 16 | IP | International Paper Company | Consumer Cyclical | $1.86B | $18.29B |
| 17 | RIVN | Rivian Automotive, Inc. | Consumer Cyclical | $1.71B | $19.87B |
| 18 | AZO | AutoZone, Inc. | Consumer Cyclical | $1.43B | $51.77B |
| 19 | MELI | MercadoLibre, Inc. | Consumer Cyclical | $1.34B | $76.55B |
| 20 | MGA | Magna International Inc. | Consumer Cyclical | $1.31B | $15.98B |
| 21 | CPNG | Coupang, Inc. | Consumer Cyclical | $1.25B | $29.20B |
| 22 | ORLY | O'Reilly Automotive, Inc. | Consumer Cyclical | $1.17B | $72.33B |
| 23 | LVS | Las Vegas Sands Corp. | Consumer Cyclical | $1.17B | $26.38B |
| 24 | DKS | DICK'S Sporting Goods, Inc. | Consumer Cyclical | $1.14B | $13.87B |
| 25 | JD | JD.com, Inc. | Consumer Cyclical | $1.12B | $39.31B |
| 26 | MGM | MGM Resorts International | Consumer Cyclical | $1.07B | $8.18B |
| 27 | BURL | Burlington Stores, Inc. | Consumer Cyclical | $1.06B | $15.50B |
| 28 | AMCR | Amcor plc | Consumer Cyclical | $922.00M | $20.72B |
| 29 | VFS | VinFast Auto Ltd. | Consumer Cyclical | $914.74M | $7.60B |
| 30 | TSCO | Tractor Supply Company | Consumer Cyclical | $894.77M | $18.85B |
| 31 | LTH | Life Time Group Holdings, Inc. | Consumer Cyclical | $891.48M | $10.58B |
| 32 | LCID | Lucid Group, Inc. | Consumer Cyclical | $868.16M | $1.30B |
| 33 | NIO | NIO Inc. | Consumer Cyclical | $867.32M | $8.49B |
| 34 | PKG | Packaging Corporation of America | Consumer Cyclical | $828.90M | $22.25B |
| 35 | GT | The Goodyear Tire & Rubber Company | Consumer Cyclical | $826.00M | $1.26B |
| 36 | ROST | Ross Stores, Inc. | Consumer Cyclical | $819.27M | $73.82B |
| 37 | CZR | Caesars Entertainment, Inc. | Consumer Cyclical | $805.00M | $5.96B |
| 38 | EXPE | Expedia Group, Inc. | Consumer Cyclical | $770.00M | $30.74B |
| 39 | DRI | Darden Restaurants, Inc. | Consumer Cyclical | $734.00M | $25.61B |
| 40 | BBY | Best Buy Co., Inc. | Consumer Cyclical | $704.00M | $20.90B |
| 41 | NKE | NIKE, Inc. | Consumer Cyclical | $684.00M | $57.32B |
| 42 | LULU | lululemon athletica inc. | Consumer Cyclical | $680.80M | $12.83B |
| 43 | CMG | Chipotle Mexican Grill, Inc. | Consumer Cyclical | $666.34M | $43.55B |
| 44 | WYNN | Wynn Resorts, Limited | Consumer Cyclical | $660.43M | $8.56B |
| 45 | APTV | Aptiv PLC | Consumer Cyclical | $656.00M | $7.98B |
| 46 | CASY | Casey's General Stores, Inc. | Consumer Cyclical | $655.92M | $25.42B |
| 47 | PENN | PENN Entertainment, Inc. | Consumer Cyclical | $647.70M | $2.34B |
| 48 | YUMC | Yum China Holdings, Inc. | Consumer Cyclical | $626.00M | $16.79B |
| 49 | MAR | Marriott International, Inc. | Consumer Cyclical | $604.00M | $107.24B |
| 50 | LI | Li Auto Inc. | Consumer Cyclical | $601.38M | $12.25B |
| 51 | BYD | Boyd Gaming Corporation | Consumer Cyclical | $588.22M | $5.41B |
| 52 | RACE | Ferrari N.V. | Consumer Cyclical | $569.44M | $72.92B |
| 53 | LEA | Lear Corporation | Consumer Cyclical | $561.60M | $5.31B |
| 54 | KMX | CarMax, Inc. | Consumer Cyclical | $540.99M | $7.31B |
| 55 | EBAY | eBay Inc. | Consumer Cyclical | $525.00M | $53.54B |
| 56 | SE | Sea Limited | Consumer Cyclical | $513.81M | $46.38B |
| 57 | FUN | Six Flags Entertainment Corporation | Consumer Cyclical | $479.67M | $1.02B |
| 58 | BALL | Ball Corporation | Consumer Cyclical | $474.00M | $17.16B |
| 59 | GAP | The Gap, Inc. | Consumer Cyclical | $470.00M | $7.55B |
| 60 | GPC | Genuine Parts Company | Consumer Cyclical | $469.84M | $16.93B |
| 61 | BWA | BorgWarner Inc. | Consumer Cyclical | $469.00M | $9.80B |
| 62 | XPEV | XPeng Inc. | Consumer Cyclical | $451.28M | $9.81B |
| 63 | ALV | Autoliv, Inc. | Consumer Cyclical | $441.00M | $8.89B |
| 64 | MHK | Mohawk Industries, Inc. | Consumer Cyclical | $440.00M | $8.75B |
| 65 | MUSA | Murphy USA Inc. | Consumer Cyclical | $439.60M | $9.45B |
| 66 | ULTA | Ulta Beauty, Inc. | Consumer Cyclical | $434.83M | $27.57B |
| 67 | OI | O-I Glass, Inc. | Consumer Cyclical | $432.00M | $795.88M |
| 68 | CCK | Crown Holdings, Inc. | Consumer Cyclical | $413.00M | $13.11B |
| 69 | RUSHA | Rush Enterprises, Inc. | Consumer Cyclical | $399.83M | $5.16B |
| 70 | WHR | Whirlpool Corporation | Consumer Cyclical | $389.00M | $2.01B |
| 71 | SCI | Service Corporation International | Consumer Cyclical | $388.55M | $10.02B |
| 72 | TXRH | Texas Roadhouse, Inc. | Consumer Cyclical | $388.00M | $12.07B |
| 73 | M | Macy's, Inc. | Consumer Cyclical | $373.00M | $6.03B |
| 74 | KSS | Kohl's Corporation | Consumer Cyclical | $372.00M | $2.61B |
| 75 | YUM | Yum! Brands, Inc. | Consumer Cyclical | $371.00M | $43.35B |
| 76 | LAD | Lithia Motors, Inc. | Consumer Cyclical | $350.90M | $6.68B |
| 77 | SON | Sonoco Products Company | Consumer Cyclical | $344.02M | $4.99B |
| 78 | PAG | Penske Automotive Group, Inc. | Consumer Cyclical | $324.60M | $13.94B |
| 79 | BKNG | Booking Holdings Inc. | Consumer Cyclical | $322.00M | $119.49B |
| 80 | RRR | Red Rock Resorts, Inc. | Consumer Cyclical | $319.01M | $5.03B |
| 81 | FND | Floor & Decor Holdings, Inc. | Consumer Cyclical | $317.76M | $5.34B |
| 82 | BRSL | Brightstar Lottery PLC | Consumer Cyclical | $316.00M | $1.79B |
| 83 | AN | AutoNation, Inc. | Consumer Cyclical | $309.40M | $5.88B |
| 84 | SLGN | Silgan Holdings Inc. | Consumer Cyclical | $307.09M | $4.34B |
| 85 | VIPS | Vipshop Holdings Limited | Consumer Cyclical | $283.96M | $6.59B |
| 86 | ARCO | Arcos Dorados Holdings Inc. | Consumer Cyclical | $281.35M | $1.47B |
| 87 | GPI | Group 1 Automotive, Inc. | Consumer Cyclical | $270.00M | $3.12B |
| 88 | QSR | Restaurant Brands International Inc. | Consumer Cyclical | $265.00M | $27.06B |
| 89 | AEO | American Eagle Outfitters, Inc. | Consumer Cyclical | $260.80M | $3.34B |
| 90 | URBN | Urban Outfitters, Inc. | Consumer Cyclical | $260.17M | $7.26B |
| 91 | WSM | Williams-Sonoma, Inc. | Consumer Cyclical | $259.44M | $29.92B |
| 92 | VVV | Valvoline Inc. | Consumer Cyclical | $259.20M | $4.44B |
| 93 | DASH | DoorDash, Inc. | Consumer Cyclical | $257.00M | $78.33B |
| 94 | DCH | Dauch Corporation | Consumer Cyclical | $256.50M | $1.07B |
| 95 | AAP | Advance Auto Parts, Inc. | Consumer Cyclical | $252.00M | $2.75B |
| 96 | ADNT | Adient plc | Consumer Cyclical | $245.00M | $1.22B |
| 97 | BROS | Dutch Bros Inc. | Consumer Cyclical | $241.13M | $5.90B |
| 98 | ANF | Abercrombie & Fitch Co. | Consumer Cyclical | $240.77M | $6.34B |
| 99 | BBWI | Bath & Body Works, Inc. | Consumer Cyclical | $237.00M | $4.31B |
| 100 | EAT | Brinker International, Inc. | Consumer Cyclical | $231.90M | $8.58B |
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
Why does capex intensity vary so much across consumer cyclical firms?
The sector includes businesses with fundamentally different asset requirements. Automakers run capital-heavy manufacturing operations; home improvement retailers operate large store footprints and distribution networks; apparel and luxury brands can operate with much lighter asset bases by outsourcing production and limiting physical retail. Direct-to-consumer models have further changed the picture, with some firms deliberately minimizing store capex and redirecting investment to digital platforms and fulfillment. Capex as a share of revenue therefore spans a very wide range across the sector.
How has e-commerce changed capex patterns in consumer cyclical?
The shift to online shopping has pushed capex away from traditional store expansion and toward fulfillment centers, automation systems, last-mile delivery infrastructure, and supporting technology. Firms that moved early often carry a productive asset base aligned with current demand patterns. Those that expanded physical footprints late in the brick-and-mortar cycle may now be rationalizing stores while rebuilding digital infrastructure, meaning today's capex looks different in both composition and purpose from the capex programs of a decade ago.
Can heavy capex during a downturn be a strength?
It sometimes can. Firms with strong balance sheets that continue investing while weaker competitors pull back often emerge from downturns with better locations, newer equipment, and expanded market share. Counter-cyclical capex requires the liquidity to sustain it and disciplined project selection, but history shows that investments made at trough valuations can compound advantages for years. The inverse risk is that a firm mistimes capex into a structural rather than cyclical downturn, in which case the investment never earns adequate returns.