U.S. Macro Indicator
Continuously updated series (no discrete release)
Latest reading: 63.4 % (2026-06-30).
Microsoft's capital expenditures as a share of operating cash flow — a proxy for AI/data-center investment intensity relative to cash generation. A rising ratio without matching growth in AI revenue or cloud margins raises questions about near-term returns on that capex.
| Period | Value | |
|---|---|---|
| 2026-06-30 | 63.4 % | |
| 2026-03-31 | 66.1 % | |
| 2025-12-31 | 83.6 % | |
| 2025-09-30 | 43.0 % | |
| 2025-06-30 | 47.4 % | |
| 2025-03-31 | 45.2 % | |
| 2024-12-31 | 70.9 % | |
| 2024-09-30 | 43.7 % | |
| 2024-06-30 | 37.5 % | |
| 2024-03-31 | 34.3 % | |
| 2023-12-31 | 51.6 % | |
| 2023-06-30 | 32.1 % |