Big Tech returns smallest share of cash to shareholders in 15 years as AI capex tops operating cash flow

A Reuters analysis of LSEG data finds Microsoft, Alphabet, Amazon, Meta and Oracle returned 9.3% of cash generated in the first nine months of 2026, cut buybacks 83% to $13.6 billion, and spent $556.9 billion on capex against a record $542.9 billion of operating cash flow; Alphabet and Meta have bought back no shares this year.