When free cash flow falls, conversion says if it matters
A screen of 3,631 SEC filers found 45 companies whose profit rose and free cash flow fell. A third still converted above 100%. The full table, and what sorts it.
8 primary sourcesTicker · 5 articles
ORCL
Every article on this page was built from the company's own filings. The documents they were read from are listed below, so you can check any figure yourself.
Last checked Aug 20, 2026All companies
16 US companies now spend more on capex than they earn
A screen of 5,678 SEC filers. Excluding utilities, sixteen listed companies with over $1B in operating cash flow spent more building than they collected.
8 primary sources · 1 correctionUS capex overtook buybacks in 2025. Five companies did it.
Across 361 listed non-financial companies, capital spending passed share repurchases for the first time since 2021. Remove five names and the shift disappears.
6 primary sourcesOracle's free cash flow was −$23.7B in its own 10-K
Capital expenditure rose 26-fold in five years to $55.7bn, funded by $43bn of new senior notes. Remaining performance obligations went from $138bn to $638bn.
4 primary sourcesThe Fed has been cutting since 2024. Interest costs kept rising.
A consistent panel of 191 listed non-financial companies, built from SEC filings. Aggregate interest expense rose again in 2025 — the second full year of Fed cuts.
6 primary sourcesFigures we worked out for ORCL
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| When free cash flow falls, conversion says if it matters | ||
| Oracle free cash flow, fiscal 2026 | −$23,686m | 31977 - 55663 |
| Oracle cash conversion | −138.6% | (31977 - 55663) / 17087 |
| 16 US companies now spend more on capex than they earn | ||
| Oracle ratio | 1.74× | 55663 / 31977 |
| Oracle capex growth Y/Y | +162.4% | 55663 / 21215 - 1 |
| Oracle operating cash flow growth Y/Y | +53.6% | 31977 / 20821 - 1 |
| Oracle close-to-close on Jun 11 | −8.5% | 184.10 / 201.26 - 1 |
| US capex overtook buybacks in 2025. Five companies did it. | ||
| Oracle open gap on Jun 11 | −10.7% | 179.67 / 201.26 - 1 |
| Oracle's free cash flow was −$23.7B in its own 10-K | ||
| Capex increase over five years | 26.07× | 55663 / 2135 |
| Capex as share of revenue | +82.6% | 55663 / 67357 |
| Revenue growth in fiscal 2026 | +17.3% | 67357 / 57399 - 1 |
| Revenue growth over five years | +66.4% | 67357 / 40479 - 1 |
| Interest expense growth | +28.5% | 4599 / 3578 - 1 |
| Remaining performance obligations multiple | 4.62× | 638 / 138 |
| Senior notes issued across two years | $57.00bn | 43 + 14 |
14 figures from 4 articles. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- SEC XBRL frames API — NetIncomeLoss, CY20255,610 filers · the net income side of this screen
- SEC XBRL frames API — NetCashProvidedByUsedInOperatingActivities, CY20255,706 filers · operating cash flow
- SEC XBRL frames API — PaymentsToAcquirePropertyPlantAndEquipment, CY20253,529 filers · the standard capital expenditure tag
- SEC XBRL frames API — PaymentsToAcquireProductiveAssets, CY2025529 filers · the alternate capex tag · six companies on this list use it, including Amazon
- SEC company concept API — Vince Holding Corp, NetIncomeLossThe 10-K value ($6,378,000) and the DEF 14A value ($6,378,000,000) sit side by side in this response
- Oracle Corporation — SEC filing history (CIK 0001341439)Spot-checked: operating cash flow $31,977M, capex $55,663M, fiscal year ended 31 May 2026
- Amazon.com, Inc. — SEC filing history (CIK 0001018724)Spot-checked: operating cash flow $139,514M, capex $131,819M, calendar 2025
- Daily closing prices, ORCL and AMZN, February–August 2026 (market data, not a filing)The largest single-day moves quoted in the summary · prices may be delayed and are not from a filing
- Intel Corporation — Form 10-K, fiscal year ended December 27 2025Spot-checked: operating cash flow $9.70B, capex $14.65B
- CoreWeave, Inc. — Form 10-K, fiscal year ended December 31 2025Spot-checked: operating cash flow $3.06B, capex $10.31B
- Daily closing prices, CRWV, July–August 2026 (market data, not a filing)The 12 August close-to-close move quoted in the summary · prices may be delayed and are not from a filing
- SEC XBRL frames API — PaymentsForRepurchaseOfCommonStock, CY2025The buyback side of the panel; one of fifteen frame calls
- Alphabet Inc. — FY2025 Form 10-KSpot-checked: capex $91,447M in FY2025 against $24,640M in FY2021
- Oracle Corporation — Form 10-K, fiscal year ended May 31 2026Free cash flow table, interest expense discussion, remaining performance obligations
- Oracle Corporation — SEC EDGAR filing historyCIK 0001341439 · fiscal year ends 31 May
- Federal Reserve Bank of St. Louis (FRED) — Federal Funds Effective Rate, series DFFDaily effective rate; monthly averages used here
- SEC XBRL frames API — InterestExpense, CY2021One of ten frame calls behind the panel
- SEC XBRL frames API — InterestExpense, CY2025The tag most filers migrated away from during the period
- SEC XBRL frames API — InterestExpenseNonoperating, CY2025The replacement tag; without it the panel loses most of its recent years
- Deere & Company — SEC EDGAR filing historySpot-checked: interest expense $993M in CY2021, $3,170M in CY2025
20documents, deduplicated. Links go to the original filing, not to a summary.