Latest quarterly financial reports of major AI companies: 'Shovel sellers' are counting money, while 'shovel buyers' are taking on debt.

Micron (FY26 Q4, reported on September 30) ・Revenue: $54.23 billion, up 379% year-on-year from $11.32 billion ・Net income: $37.7 billion, up from $3.2 billion year-on-year ・Full-year revenue: $133.19 billion; net income: $86.76 billion ・Data center SSD revenue reached nearly $10 billion for the quarter—more than 10x year-on-year growth ・Over 75% of CY27 output has already been pre-secured by customers These three companies share one key trait: they generated massive profits without borrowing. Broadcom’s capital expenditures account for less than 2% of its revenue; NVIDIA returned $26 billion to shareholders in a single quarter. Micron is the exception—it announced a $25 billion investment to build two new HBM campuses in the U.S., representing heavy-asset expansion; future leverage risk lies squarely with Micron. III. 'Shovel buyers': Revenue is also accelerating—but cash flow has turned negative. Microsoft (FY26 Q4, April–June)—the healthiest in this group ・Revenue: $90 billion, +18%; Microsoft Cloud: $59.3 billion, +27% ・Azure: +43%, exceeding market expectations ・AI-related annualized revenue run rate exceeds $37 billion, +123% ・Commercial remaining performance obligations (RPO): $678 billion, +84%—roughly double its annual revenue ・Capex: $41 billion, +70% Alphabet (2026 Q2, April–June) ・Revenue: $119.8 billion, +24%; Google Cloud: $24.8 billion, +82% ・Capex: $44.9 billion—doubling year-on-year ・Operating cash flow: $39.07 billion—insufficient to cover spending ・Free cash flow: −$5.9 billion (vs. +$10.1 billion last quarter). First-ever negative single-quarter free cash flow in its 22-year public history. Amazon (2026 Q2, April–June) ・Revenue: $200.6 billion, +20%; AWS: $42.2 billion, +37%—fastest growth in nearly 18 quarters ・AWS AI-related revenue and in-house chip revenue both exceed $25 billion annualized ・2026 full-year capex guidance raised from ~$200 billion to $220 billion (partially driven by rising memory prices) ・Trailing 12-month free cash flow: turned from +$18.2 billion year-ago to −$7.6 billion Meta (2026 Q2, April–June) ・Revenue: $60.8 billion, +28%; advertising: $59.4 billion, +27% ・Capex: $31.08 billion, +83%; full-year guidance raised to $130–145 billion ・Free cash flow: $784 million, down 91% year-on-year Oracle (FY27 Q1, ended August 31)—most extreme in this group ・Revenue: $19.35 billion, +30%; OCI (Oracle Cloud Infrastructure): $7.4 billion, +121% ・Legacy software: $5.55 billion, −3% (its shrinking core business) ・RPO: $664 billion—up $209 billion year-on-year; GPU utilization: 97.9% ・Capex: $28.5 billion, up from $8.5 billion year-ago ・Free cash flow: −$5.4 billion (vs. −$362 million year-ago)

Tuesday, August 11: Sector logic — Three key AI directions gaining momentum.

③ AI in Biopharma: AI is evolving from an early-stage R&D tool into an end-to-end system covering the entire drug development pipeline. Insilico Medicine’s AI platform shortens R&D cycles by 50–70% and cuts costs by 80–90%. The FDA is advancing real-time clinical trials to overhaul a 60-year-old clinical trial paradigm. XtalPi’s SureRoute synthesis prediction model achieves a hallucination rate of only 4.6%. WuXi AppTec raised its full-year 2026 revenue guidance sharply—to ¥58.5–60.5 billion (+35% to +39%), up from prior guidance, following 26H1 revenue growth of +39%. Last week, pharmaceuticals rose 6.1% and healthcare services surged 15.7%. *This article provides an in-depth research report recap of companies that surged strongly that day.* 1. AI Data Centers (AIDC): Further acceleration underway (1) Hot theme: Cloud & data center infrastructure Both domestic and global computing power markets are seeing dual catalysts. Domestically, Alibaba Cloud announced plans to more than triple global production capacity for modular data centers; it has already shortened delivery timelines for large-scale AIDCs to just 100 days. Overseas, NVIDIA is seeking to partner with top-tier U.S. financial institutions to raise up to $500 billion for AI infrastructure projects. Participating institutions will form a consortium to establish a dedicated fund—the proceeds earmarked exclusively for AI chip procurement, power generation, and data center construction. In market action, AIDC-related stocks—including Hanggang Steel and Hongbo Shares—hit daily trading limits. (2) In-depth research recap (Shenwan Hongyuan, Kaiyuan Securities, Guosen Securities): Capex ROI validation + accelerating cloud revenue ① Shenwan Hongyuan notes that U.S. cloud providers posted broad-based acceleration in Q2, with outstanding capex ROI. Google Cloud revenue: $24.8 billion (+81.8% YoY); AWS: $42.2 billion (+36.8% YoY); Azure growth: +43%, beating expectations—and management guided Q3 growth to accelerate further to +45%. Measuring ROI as the ratio of capex incurred two quarters earlier to sequential incremental revenue, Google, Microsoft, and Amazon achieved capex ROIs of 5.9, 8.5, and 8.1 respectively—indicating disciplined, return-driven investment—not reckless spending. Total capex across the four major CSPs is projected at $732.5 billion for 2026. ② Kaiyuan Securities data confirms sustained global cloud demand. According to Synergy Research, global enterprise cloud infrastructure spending reached $143 billion in Q2 2026—a 43% YoY increase. Market shares among leading vendors: Amazon (28%), Microsoft (20%), Google (15%). Capex guidance hikes have moderated, demand is broadening from frontier AI model developers to B2B customers, and open-source and closed-source models are converging rapidly—accelerating token commoditization. DeepSeek announced overall price increases; Tongyi Qwen plans to introduce a revenue-sharing model—signaling strengthened commercialization of domestic large language models. ③ Guosen Securities analysis highlights how AI is reshaping the cloud growth curve. Alibaba Cloud stands to benefit from surging AI inference demand and iterative model improvements—entering a phase of improving returns. Alibaba Cloud’s plan to more than triple global modular data center capacity—and shorten delivery timelines to 100 days—validates a shrinking time lag between capex acceleration and revenue realization.

FSI Announces Third Quarter 2026 Revenue

Oct 19, 2026

Flexible Solutions International reported a 36% year-over-year revenue increase to $14.35 million for Q3 2026. Growth was driven by full operations at its Panama factory and progress in food-grade production.

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FSI Announces Third Quarter 2026 Revenue

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