---
title: "Mag4 week is Cloud and CapEx. Microsoft and Meta print Wednesday; Apple and Amazon Thursday."
description: "One scoreboard for the July 29–30 mega-cap prints: Microsoft Cloud and $627B RPO, Meta’s $125–145B CapEx guide, Amazon’s $200B 2026 build and AWS at +28%, and Apple as the Services/on-device contrast. Filed numbers from the last two quarters — and what grades the coming week."
canonical: https://evidinvest.com/blog/mag4-msft-meta-amzn-aapl-cloud-capex-earnings-preview-2026-07-20
date: "2026-07-20"
last_updated: "2026-07-20"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["MSFT", "META", "AMZN", "AAPL", "Microsoft", "Meta", "Amazon", "Apple", "AWS", "Azure", "CapEx", "data centers", "cloud", "earnings preview", "Q2 2026", "SEC filings", "Aether"]
---

# Mag4 week is Cloud and CapEx. Microsoft and Meta print Wednesday; Apple and Amazon Thursday.

- Published: 2026-07-20
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/mag4-msft-meta-amzn-aapl-cloud-capex-earnings-preview-2026-07-20
- Research, not investment advice.

> One scoreboard for the July 29–30 mega-cap prints: Microsoft Cloud and $627B RPO, Meta’s $125–145B CapEx guide, Amazon’s $200B 2026 build and AWS at +28%, and Apple as the Services/on-device contrast. Filed numbers from the last two quarters — and what grades the coming week.

[Microsoft](https://evidinvest.com/valuation/MSFT) and [Meta](https://evidinvest.com/valuation/META)
report on **Wednesday, July 29**. [Apple](https://evidinvest.com/valuation/AAPL) and
[Amazon](https://evidinvest.com/valuation/AMZN) follow on **Thursday, July 30**. Alphabet already
opened the mega-cap AI window on July 22 — this is the rest of the Mag4 block in one pass.

The frame for the week is not four EPS headlines. It is **cloud demand, CapEx, and data-center
capacity**: who is still accelerating, who already guided a wall of spend, and whether the filed
receipts (RPO, AWS growth, CapEx dollars, third-party cloud commitments) still support the build.

Research, not investment advice. Figures below are from SEC-filed Exhibit 99.1 releases and Form
10-Qs unless labeled otherwise (retrieved via Aether / EDGAR).

## Calendar

| Company | Report | Last full print in the books |
| --- | --- | --- |
| **Microsoft** (fiscal Q4 / FY2026) | **Wed Jul 29** | Q3 FY2026 ended Mar 31 (Apr 29 release) |
| **Meta** (calendar Q2) | **Wed Jul 29** | Q1 2026 (Apr 29 release) |
| **Apple** (fiscal Q3) | **Thu Jul 30** | Fiscal Q2 ended Mar 28 (Apr 30 release) |
| **Amazon** (calendar Q2) | **Thu Jul 30** | Q1 2026 (Apr 29 release) |

## The CapEx and cloud scoreboard (already filed)

| Company | Demand receipt (latest quarter) | CapEx / build signal already on file |
| --- | --- | ---: |
| **Microsoft** | Microsoft Cloud **$54.5B** (+29%); Azure +**40%**; commercial RPO **$627B** (+99%) | Additions to PPE **$30.9B** in Q3; **$80.1B** YTD through Mar 31 |
| **Amazon** | AWS **$37.6B** (+**28%** — fastest in 15 quarters); AWS OI **$14.2B** | CEO: expect ~**$200B** CapEx in **2026**; TTM FCF crushed by AI PPE |
| **Meta** | Revenue **$56.3B** (+33%); OI **$22.9B**, **41%** margin | FY2026 CapEx guide raised to **$125–145B**; Q1 CapEx **$19.84B**; **$237.67B** non-cancelable commitments (mostly third-party cloud) |
| **Apple** | Revenue **$111.2B** (+17%); Services **$31.0B** (record); R&D up hard | PPE spend is not the hyperscaler story — **$4.3B** PPE in fiscal Q2; thesis is Services + on-device AI on a **2.5B+** device base |

That table is the week. Three hyperscaler-style builders and one device/services cash engine that
leases and buys compute rather than posting AWS-scale CapEx.

## Microsoft — Cloud and RPO first; CapEx is the silent line

Microsoft’s fiscal year ends June 30, so Wednesday is a **full-year print**, not a mid-year
check-in.

### Last quarter (Q3 FY2026, ended Mar 31)

From the April 29 Exhibit 99.1:

| Line | Amount |
| --- | ---: |
| Revenue | **$82.9B** (+18%; +15% CC) |
| Operating income | **$38.4B** (+20%) |
| Diluted EPS | **$4.27** (+23% GAAP) |
| Microsoft Cloud | **$54.5B** (+**29%**; +25% CC) |
| Azure and other cloud services | +**40%** (+39% CC) |
| Intelligent Cloud | **$34.7B** (+30%) |
| Commercial RPO | **$627B** (+**99%**) |
| AI business (CEO run-rate quote) | **>$37B** annual run-rate, +123% YoY |
| Additions to property and equipment (cash flow) | **$30.9B** in the quarter (**$80.1B** nine months) |

The demand side is already extreme: Cloud at $54.5B with RPO nearly doubled year over year. The
CapEx side shows up cleanly in cash flow — PPE additions roughly doubled versus the year-ago
quarter ($16.7B). Guidance lives on the call, not in the press release (“Business Outlook”).

### Past year (FY2025, closed Jul 30, 2025)

| Line | Amount |
| --- | ---: |
| FY2025 revenue | **$281.7B** (+15%) |
| FY2025 operating income | **$128.5B** (+17%) |
| Q4 FY2025 Microsoft Cloud | **$46.7B** (+27%) |
| Azure for FY2025 (CEO quote) | Surpassed **$75B**, +**34%** |
| Q4 Azure and other cloud services | +**39%** |
| FY2025 additions to PPE | **$64.6B** |

Trajectory into Wednesday: Cloud grew from a $46.7B Q4 FY2025 run-rate into a $54.5B Q3 FY2026
print; Azure stayed in the high-30s / 40% growth band; PPE spend stepped from ~$65B for FY2025 into
an $80B nine-month pace. Fiscal Q4 either extends that or shows the first hard deceleration while
CapEx stays hot.

### What grades Microsoft on Jul 29

1. **Azure growth** — hold near Q3’s **~40%**, or step down?
2. **Microsoft Cloud** — still high-20s growth on a larger base?
3. **Commercial RPO** — still compounding after **$627B** / +99%?
4. **PPE / CapEx commentary** — does the FY CapEx path stay consistent with the $30B+/quarter
   build?
5. **AI run-rate** — second print after the **>$37B** claim.

Live multiples: [MSFT valuation](https://evidinvest.com/valuation/MSFT).

## Meta — Ads fund it; CapEx and third-party cloud are the debate

Meta is not a public-cloud landlord. It is an ads machine buying and leasing an enormous compute
fleet. The Q1 print already raised the CapEx ceiling mid-year.

### Last quarter (Q1 2026)

| Line | Amount |
| --- | ---: |
| Revenue | **$56.31B** (+33%; +29% CC) |
| Income from operations | **$22.87B** (+30%) |
| Operating margin | **41%** (flat YoY) |
| Family of Apps revenue | **$55.91B** (+33%) |
| CapEx (incl. finance-lease principal) | **$19.84B** |
| Free cash flow | **$12.39B** |
| Q2 2026 revenue guide | **$58–61B** |
| FY2026 CapEx guide | **$125–145B** (raised from **$115–135B**) |
| FY2026 total expenses guide | **$162–169B** (unchanged) |

CFO commentary tied the CapEx raise to **higher component pricing** and, to a lesser extent,
**additional data center costs** for future-year capacity. The 10-Q adds the contractual footprint:
**$237.67B** of non-cancelable commitments as of March 31, 2026 — “mostly related to third-party
cloud capacity arrangements” plus servers, network, data centers, and Reality Labs hardware, with
about **$42.25B** due in 2026 and **$47.65B** in 2027.

### Past year (FY2025)

| Line | Amount |
| --- | ---: |
| FY2025 revenue | **$200.97B** (+22%) |
| FY2025 income from operations | **$83.28B** (+20%), **41%** margin |
| Q4 2025 revenue | **$59.89B** (+24%) |
| FY2025 CapEx (incl. finance leases) | **$72.22B** |
| Opening 2026 CapEx guide (Jan 28) | **$115–135B** |

In one winter Meta went from ~$72B of CapEx to a mid-year guide that can clear **$145B**. That is
the entire Meta AI-infra argument in two filings.

### What grades Meta on Jul 29

1. **Revenue vs $58–61B** guide — and whether ad price × impressions still look like Q1’s +12% /
   +19% mix.
2. **CapEx** — still on a **$125–145B** year, or another raise / mix shift into cloud leases?
3. **Operating margin** — can **~41%** survive infrastructure and third-party cloud costs?
4. **Expense path** — still inside **$162–169B** while CapEx runs hot?
5. **OI vs 2025** — management still expects 2026 operating income **above** 2025.

Live multiples: [META valuation](https://evidinvest.com/valuation/META).

## Amazon — AWS re-accelerated; the $200B CapEx year is the backdrop

Amazon is the cleanest “cloud growth vs CapEx burn” twin to Microsoft inside this block.

### Last quarter (Q1 2026)

| Line | Amount |
| --- | ---: |
| Net sales | **$181.5B** (+17%; +15% ex-FX) |
| AWS sales | **$37.6B** (+**28%**) |
| AWS operating income | **$14.2B** (vs $11.5B) |
| Consolidated operating income | **$23.9B** (vs $18.4B) |
| TTM operating cash flow | **$148.5B** (+30%) |
| TTM free cash flow | **$1.2B** (vs $25.9B a year earlier) |
| Q1 purchases of PPE | **$44.2B** |
| Q2 2026 net sales guide | **$194–199B** (+16% to +19%) |
| Q2 2026 operating income guide | **$20–24B** |

Jassy’s Q1 quote: AWS at **28%** was the fastest growth in **15 quarters**, on a large base; the
chips business topped a **$20B** revenue run-rate. Capacity color in the same release: OpenAI
commitment for ~**2 GW** of Trainium (ramping 2027); Anthropic up to **5 GW** of Trainium
generations; **2.1M+** AI chips landed in 12 months. Net income was flattered by **$16.8B** of
pre-tax gains on the Anthropic investment — grade the quarter on AWS and operating income, not EPS.

### Past year (FY2025 / Q4 print)

| Line | Amount |
| --- | ---: |
| FY2025 net sales | **$716.9B** (+12%) |
| FY2025 AWS | **$128.7B** (+**20%**) |
| FY2025 operating income | **$80.0B** |
| Q4 AWS | **$35.6B** (+24% — then fastest in 13 quarters) |
| TTM FCF at year-end | **$11.2B** (vs $38.2B), on +**$50.7B** YoY PPE |
| 2026 CapEx (CEO quote, Feb 5) | Expect to invest about **$200B** |

Q1 already beat the company’s own Q1 sales guide range ($173.5–178.5B) and showed AWS accelerating
from +20% for FY2025 → +24% in Q4 → +28% in Q1. Thursday asks whether that re-acceleration holds
while CapEx stays on a ~$200B annual path.

### What grades Amazon on Jul 30

1. **AWS growth** — still **mid-to-high 20s** after +28%?
2. **AWS operating income** — still expanding in dollars while infrastructure spend rises?
3. **Sales vs $194–199B** and OI vs **$20–24B** (Prime Day assumed in Q2).
4. **CapEx / FCF** — is the $200B year still the base case on the call?
5. **Ignore Anthropic mark-to-market noise** in net income; use segment OI.

Live multiples: [AMZN valuation](https://evidinvest.com/valuation/AMZN).

## Apple — not a hyperscaler CapEx print; Services and the device base are the infra angle

Apple does not report an AWS line. For a Cloud / CapEx / data-center week it is the **contrast
case**: on-device AI, Services (including cloud services inside Services), and a CapEx line that is
an order of magnitude smaller than Meta or Amazon.

### Last two quarters

| Line | Fiscal Q1 (ended Dec 27, 2025) | Fiscal Q2 (ended Mar 28, 2026) |
| --- | ---: | ---: |
| Revenue | **$143.8B** (+16%) | **$111.2B** (+17%) |
| Diluted EPS | **$2.84** (+19%) | **$2.01** (+22%) |
| Services | **$30.0B** (record) | **$31.0B** (record) |
| Products | — | **$80.2B** |
| Operating income | **$50.9B** | **$35.9B** |
| Active devices (Q1 CEO quote) | **>2.5B** | — |
| PPE cash outflow (10-Q) | — | **$4.3B** in Q2 |
| Capital return color (Q2) | — | **$100B** additional repurchase authorization; dividend to **$0.27** |

Q2 10-Q says Services growth was driven by advertising, the App Store, and **cloud services**.
R&D for the quarter was **$11.4B** (vs $8.6B) — that is where Apple’s AI spend shows up more than
PPE. Apple typically guides on the call, not in the Exhibit 99.1 body.

### What grades Apple on Jul 30

1. **Services** — third straight record, or a pause?
2. **iPhone / Greater China** — Q2 already showed Greater China at **$20.5B**; does the install
   base story hold into the summer quarter?
3. **Gross margin** — Q2 total GM was **49.3%**; Services GM **76.7%**.
4. **Any AI / Private Cloud Compute capacity color** on the call — qualitative, but it is the
   bridge to the Mag4 CapEx week.
5. Do **not** grade Apple on hyperscaler CapEx dollars; the comparable is cash generation and
   Services mix.

Live multiples: [AAPL valuation](https://evidinvest.com/valuation/AAPL).

## One scorecard for Jul 29–30

**Wednesday (MSFT + META)**

1. Azure / Microsoft Cloud growth and RPO vs the Q3 bar (**+40% / +29% / $627B**).
2. Meta revenue vs **$58–61B** and CapEx still inside **$125–145B**.
3. Whether Meta’s margin can stay near **41%** while third-party cloud commitments stay enormous.

**Thursday (AMZN + AAPL)**

1. AWS growth after **+28%** — hold or fade — against the **~$200B** CapEx year.
2. Amazon OI vs **$20–24B** guide (clean of Anthropic gains).
3. Apple Services trajectory and any on-device / cloud-services commentary — the non-hyperscaler
   control sample.

If Microsoft and Amazon both show cloud still accelerating while CapEx guides hold, the AI-infra
complex keeps its demand receipt. If cloud decelerates while Meta/Amazon CapEx paths stay maxed,
the week becomes a duration-of-spend debate — the same tension Alphabet already put on the table.

Stress-test growth and margin assumptions in the
[DCF calculator](https://evidinvest.com/tools/dcf-calculator).

## Primary sources

**Microsoft** — [Q3 FY2026 Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/789019/000119312526191457/msft-ex99_1.htm)
(accession `0001193125-26-191457`, Apr 29, 2026);
[FY2025 / Q4 Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/789019/000095017025100226/msft-ex99_1.htm)
(accession `0000950170-25-100226`, Jul 30, 2025);
[Form 10-Q period ended Mar 31, 2026](https://www.sec.gov/Archives/edgar/data/789019/000119312526191507/msft-20260331.htm)
(accession `0001193125-26-191507`).

**Meta** — [Q1 2026 Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1326801/000162828026028364/meta-03312026xexhibit991.htm)
(accession `0001628280-26-028364`, Apr 29, 2026);
[Q4 & FY2025 Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1326801/000162828026003832/meta-12312025xexhibit991.htm)
(accession `0001628280-26-003832`, Jan 28, 2026);
[Form 10-Q period ended Mar 31, 2026](https://www.sec.gov/Archives/edgar/data/1326801/000162828026028526/meta-20260331.htm)
(accession `0001628280-26-028526`) — CapEx outlook and **$237.67B** commitments.

**Amazon** — [Q1 2026 Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000012/amzn-20260331xex991.htm)
(accession `0001018724-26-000012`, Apr 29, 2026);
[Q4 2025 / FY Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000002/amzn-20251231xex991.htm)
(accession `0001018724-26-000002`, Feb 5, 2026) — includes ~**$200B** 2026 CapEx quote;
[Form 10-Q period ended Mar 31, 2026](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000014/amzn-20260331.htm)
(accession `0001018724-26-000014`).

**Apple** — [Fiscal Q2 2026 Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/320193/000032019326000011/a8-kex991q2202603282026.htm)
(accession `0000320193-26-000011`, Apr 30, 2026);
[Fiscal Q1 2026 Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/320193/000032019326000005/a8-kex991q1202612272025.htm)
(accession `0000320193-26-000005`, Jan 29, 2026);
[Form 10-Q period ended Mar 28, 2026](https://www.sec.gov/Archives/edgar/data/320193/000032019326000013/aapl-20260328.htm)
(accession `0000320193-26-000013`).

Filing excerpts retrieved and cross-checked via Aether’s SEC index and EDGAR.

Research, not investment advice.

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