Biggest CapEx Financial Services Stocks
Top financial services companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for Financial Services Companies
Capital expenditures look unusual in financial services because the sector's core inputs are not physical assets but balance sheet capital, deposits, and regulatory reserves. Banks, insurers, and asset managers do spend on branches, headquarters, and technology platforms, but the figure is small relative to their balance sheets. Capex intensity here reflects technology modernization and distribution footprint rather than industrial-style reinvestment.
Why It Matters Less in Financial Services
The dominant investment pressure in financial services is ongoing digital transformation, which captures capex on cloud migration, mobile platforms, cybersecurity, and fraud analytics. Even so, capex is a weak proxy for total technology investment because much of that spend is now operating expense in the form of software subscriptions and cloud fees. A low capex figure can mask substantial digital investment that flows through operating costs instead.
What to Read Alongside
Read capex alongside Net Income for the profit that branches and platforms ultimately support, Revenue for operating scale, and Return on Equity for how efficiently deployed capital produces earnings in this balance-sheet-driven sector.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | BRK | Berkshire Hathaway Inc. | Financial Services | $20.93B | $1.22T |
| 2 | BN | Brookfield Corporation | Financial Services | $14.75B | $92.37B |
| 3 | SAN | Banco Santander, S.A. | Financial Services | $6.87B | $169.27B |
| 4 | LYG | Lloyds Banking Group plc | Financial Services | $6.82B | $72.69B |
| 5 | C | Citigroup Inc. | Financial Services | $6.52B | $197.07B |
| 6 | IREN | IREN Limited | Financial Services | $3.00B | $9.18B |
| 7 | BCS | Barclays PLC | Financial Services | $2.50B | $74.23B |
| 8 | AXP | American Express Company | Financial Services | $2.42B | $215.27B |
| 9 | NMR | Nomura Holdings, Inc. | Financial Services | $2.22B | $27.53B |
| 10 | GS | The Goldman Sachs Group, Inc. | Financial Services | $2.06B | $249.73B |
| 11 | MFG | Mizuho Financial Group, Inc. | Financial Services | $1.93B | $113.48B |
| 12 | MUFG | Mitsubishi UFJ Financial Group, Inc. | Financial Services | $1.90B | $236.03B |
| 13 | V | Visa Inc. | Financial Services | $1.67B | $788.58B |
| 14 | COF | Capital One Financial Corporation | Financial Services | $1.58B | $121.43B |
| 15 | BNY | The Bank of New York Mellon Corporation | Financial Services | $1.55B | $99.43B |
| 16 | HSBC | HSBC Holdings plc | Financial Services | $1.45B | $297.72B |
| 17 | BMO | Bank of Montreal | Financial Services | $1.23B | $118.95B |
| 18 | GLXY | Galaxy Digital | Financial Services | $1.19B | $5.35B |
| 19 | SMFG | Sumitomo Mitsui Financial Group, Inc. | Financial Services | $1.08B | $146.21B |
| 20 | WULF | TeraWulf Inc. | Financial Services | $1.06B | $5.67B |
| 21 | STT | State Street Corporation | Financial Services | $1.05B | $45.05B |
| 22 | BBVA | Banco Bilbao Vizcaya Argentaria, S.A. | Financial Services | $970.57M | $137.77B |
| 23 | BBD | Banco Bradesco S.A. | Financial Services | $916.97M | $28.39B |
| 24 | NWG | NatWest Group plc | Financial Services | $894.23M | $61.54B |
| 25 | PYPL | PayPal Holdings, Inc. | Financial Services | $852.00M | $49.21B |
| 26 | FCNCA | First Citizens BancShares, Inc. | Financial Services | $710.00M | $25.26B |
| 27 | CIB | Grupo Cibest S.A. | Financial Services | $597.33M | $21.81B |
| 28 | FITB | Fifth Third Bancorp | Financial Services | $584.00M | $47.93B |
| 29 | L | Loews Corporation | Financial Services | $579.00M | $22.19B |
| 30 | LPLA | LPL Financial Holdings Inc. | Financial Services | $570.38M | $23.01B |
| 31 | HDB | HDFC Bank Limited | Financial Services | $562.55M | $129.32B |
| 32 | SCHW | The Charles Schwab Corporation | Financial Services | $548.00M | $158.22B |
| 33 | MA | Mastercard Incorporated | Financial Services | $489.00M | $568.62B |
| 34 | ING | ING Groep N.V. | Financial Services | $411.93M | $90.37B |
| 35 | MARA | MARA Holdings, Inc. | Financial Services | $407.07M | $2.45B |
| 36 | BSBR | Banco Santander (Brasil) S.A. | Financial Services | $405.58M | $17.33B |
| 37 | BLK | BlackRock, Inc. | Financial Services | $375.00M | $182.05B |
| 38 | ICE | Intercontinental Exchange, Inc. | Financial Services | $373.00M | $96.27B |
| 39 | PGR | The Progressive Corporation | Financial Services | $348.00M | $131.96B |
| 40 | MCO | Moody's Corporation | Financial Services | $326.00M | $87.19B |
| 41 | TRU | TransUnion | Financial Services | $326.00M | $15.48B |
| 42 | MRSH | Marsh & McLennan Companies, Inc. | Financial Services | $291.00M | $97.39B |
| 43 | TROW | T. Rowe Price Group, Inc. | Financial Services | $274.20M | $23.13B |
| 44 | HBAN | Huntington Bancshares Incorporated | Financial Services | $267.00M | $31.18B |
| 45 | AX | Axos Financial, Inc. | Financial Services | $266.45M | $5.26B |
| 46 | NDAQ | Nasdaq, Inc. | Financial Services | $266.00M | $59.88B |
| 47 | AON | Aon plc | Financial Services | $263.00M | $71.03B |
| 48 | SOFI | SoFi Technologies, Inc. | Financial Services | $242.44M | $21.04B |
| 49 | AFRM | Affirm Holdings, Inc. | Financial Services | $238.35M | $23.09B |
| 50 | AIZ | Assurant, Inc. | Financial Services | $235.50M | $15.14B |
| 51 | KB | KB Financial Group Inc. | Financial Services | $230.83M | $38.60B |
| 52 | WTW | Willis Towers Watson Public Limited Company | Financial Services | $229.00M | $30.33B |
| 53 | ALL | The Allstate Corporation | Financial Services | $228.00M | $63.05B |
| 54 | WF | Woori Financial Group Inc. | Financial Services | $225.64M | $16.87B |
| 55 | JEF | Jefferies Financial Group Inc. | Financial Services | $207.47M | $10.88B |
| 56 | MKL | Markel Group Inc. | Financial Services | $206.89M | $23.71B |
| 57 | RIOT | Riot Platforms, Inc. | Financial Services | $201.38M | $6.27B |
| 58 | FRHC | Freedom Holdings Corp. | Financial Services | $198.77M | $11.41B |
| 59 | BPOP | Popular, Inc. | Financial Services | $197.46M | $9.83B |
| 60 | SPGI | S&P Global Inc. | Financial Services | $195.00M | $135.62B |
| 61 | FAF | First American Financial Corporation | Financial Services | $188.30M | $6.84B |
| 62 | RJF | Raymond James Financial, Inc. | Financial Services | $188.00M | $31.32B |
| 63 | SHG | Shinhan Financial Group Co., Ltd. | Financial Services | $179.06M | $29.40B |
| 64 | HIG | The Hartford Insurance Group, Inc. | Financial Services | $169.00M | $35.83B |
| 65 | GGAL | Grupo Financiero Galicia S.A. | Financial Services | $168.50M | $4.73B |
| 66 | BOKF | BOK Financial Corporation | Financial Services | $164.39M | $7.87B |
| 67 | AMP | Ameriprise Financial, Inc. | Financial Services | $162.00M | $43.54B |
| 68 | AVAL | Grupo Aval Acciones y Valores S.A. | Financial Services | $160.32M | $5.12B |
| 69 | BEN | Franklin Templeton Inc. | Financial Services | $154.50M | $17.29B |
| 70 | MORN | Morningstar, Inc. | Financial Services | $147.10M | $9.06B |
| 71 | CFR | Cullen/Frost Bankers, Inc. | Financial Services | $146.65M | $9.65B |
| 72 | AJG | Arthur J. Gallagher & Co. | Financial Services | $145.00M | $72.21B |
| 73 | GL | Globe Life Inc. | Financial Services | $142.48M | $11.86B |
| 74 | HAPN | Happen, Inc. | Financial Services | $140.34M | $1.84B |
| 75 | UNM | Unum Group | Financial Services | $132.30M | $11.89B |
| 76 | ZION | Zions Bancorporation, National Association | Financial Services | $121.00M | $9.39B |
| 77 | BMA | Banco Macro S.A. | Financial Services | $117.82M | $3.69B |
| 78 | BX | Blackstone Inc. | Financial Services | $115.70M | $95.57B |
| 79 | ERIE | Erie Indemnity Company | Financial Services | $115.69M | $14.28B |
| 80 | FDS | FactSet Research Systems Inc. | Financial Services | $114.72M | $11.56B |
| 81 | KEY | KeyCorp | Financial Services | $107.00M | $22.02B |
| 82 | FNB | F.N.B. Corporation | Financial Services | $106.00M | $6.28B |
| 83 | SLF | Sun Life Financial Inc. | Financial Services | $105.75M | $39.73B |
| 84 | PUK | Prudential plc | Financial Services | $104.00M | $30.28B |
| 85 | CG | The Carlyle Group Inc. | Financial Services | $99.40M | $14.04B |
| 86 | BSAC | Banco Santander-Chile | Financial Services | $92.91M | $15.23B |
| 87 | RKT | Rocket Companies, Inc. | Financial Services | $91.00M | $42.74B |
| 88 | IFS | Intercorp Financial Services Inc. | Financial Services | $89.63M | $5.14B |
| 89 | CNA | CNA Financial Corporation | Financial Services | $86.00M | $12.81B |
| 90 | BAP | Credicorp Ltd. | Financial Services | $84.66M | $27.63B |
| 91 | IVZ | Invesco Ltd. | Financial Services | $84.30M | $11.90B |
| 92 | CME | CME Group Inc. | Financial Services | $83.50M | $109.49B |
| 93 | UWMC | UWM Holdings Corporation | Financial Services | $74.05M | $2.43B |
| 94 | EVR | Evercore Inc. | Financial Services | $74.00M | $10.81B |
| 95 | NTRS | Northern Trust Corporation | Financial Services | $74.00M | $31.29B |
| 96 | STC | Stewart Information Services Corporation | Financial Services | $73.41M | $1.43B |
| 97 | GDOT | Green Dot Corporation | Financial Services | $72.54M | $697.50M |
| 98 | SSB | SouthState Bank Corporation | Financial Services | $70.25M | $10.07B |
| 99 | BNT | Brookfield Wealth Solutions Ltd. | Financial Services | $69.00M | $12.29B |
| 100 | CBU | Community Financial System, Inc. | Financial Services | $68.53M | $3.39B |
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 is capex a less central metric for banks and insurers?
Unlike industrial firms whose production depends on plants and equipment, financial services firms produce their output through their balance sheets. A bank's main input is funding through deposits and debt that it lends out at higher rates; an insurer's main input is premium invested in securities. Physical infrastructure such as branches and offices is a small fraction of the total capital deployed. Regulatory capital requirements and loan-loss reserves are far more important than capex in understanding a financial firm's investment intensity.
Where does the technology spending of a modern bank actually show up?
Technology costs now split across several line items. Purchases of hardware, data centers, and software licenses sit in capex and depreciate over time. Subscriptions to cloud platforms, SaaS tools, and managed services appear in operating expenses and hit earnings immediately. Contractor and consultant costs for digital transformation projects also flow through operating expenses. A low capex figure can therefore coexist with very high technology investment, which is why cross-firm comparisons require examining the full cost stack rather than focusing on capex alone.
Does branch network investment still matter as a capex category?
It has become less central as customers shift to digital channels, and many firms are consolidating branch footprints rather than expanding them. Capex in retail banking has gradually tilted toward smaller, more advisory-focused branches paired with upgraded ATM networks and digital tools. Insurance and wealth management firms have made similar shifts. A rising capex line in this sector is now more likely to reflect technology modernization, regulatory compliance infrastructure, or strategic real estate consolidation than traditional branch expansion.