五家大型科技公司股东回报占比降至15年最低：超级智能支出挤压股票回购
美国最大的几家科技公司今年赚到的现金创下纪录，返还给股东的比例却降到了至少15年来的最低。据路透社对 LSEG 数据与各公司财报的分析，Microsoft、Alphabet、Amazon、Meta 与 Oracle 今年前三个季度以分红和股票回购形式回报股东的金额，只占其经营活动产生现金的9.3%，远低于上年同期的27.4%。
钱去了哪里，数字很清楚：五家公司前三季度经营现金流同比增长29%、达到创纪录的5,429亿美元，但由超级智能（SI）建设驱动的资本开支翻了一倍、达到5,569亿美元，在2011年有数据以来首次超过经营现金流。五家公司合计自由现金流因此转为负140亿美元，而上年同期还是正1,435亿美元。
最先被砍的是回购。五家公司前三季度的股票回购合计大减83%、降至136亿美元，上年同期为818亿美元；分红则从339亿美元小幅升至370亿美元。Alphabet 与 Meta 今年以来一股都没有回购，而两家公司上年同期的回购额合计达665亿美元；Amazon 不派分红、且自2022年以来没有回购。五家公司合计506亿美元的股东回报，实际上是靠现金储备、举债或增发股票来支撑的。
单看公司，Amazon 第三季度资本开支达759亿美元，接近其经营现金流424亿美元的1.8倍，当季还新增长期债务481亿美元；Alphabet 的自由现金流同样为负，靠增发股票筹得约124亿美元、举债约290亿美元。分析人士指出，回购长期以来抬高了每股收益：Alphabet 靠回购在2020年底至2025年间把股本减少了9.5%，相当于每年为每股收益提供约2%的提振；回购退潮后，每股收益只能靠真实利润增长来支撑，而新数据中心的折旧费用才刚刚开始上升。Amazon 已表示今年资本开支预计约2,200亿美元，其他公司也已释放继续加码的信号。
关联：逾2万亿美元市值10月蒸发：纳斯达克100指数本月累跌逾5.8%，大型科技股超级智能支出引发回报质疑
Big Tech Returns Smallest Share of Cash to Shareholders in 15 Years as Super-Intelligence Spending Squeezes Buybacks
America's biggest technology companies generated record amounts of cash in the first nine months of 2026, yet returned the smallest share of it to shareholders in at least 15 years. Microsoft, Alphabet, Amazon, Meta and Oracle returned 9.3% of the cash their businesses generated as dividends and buybacks in the first three quarters of the year, down from 27.4% a year earlier, according to a Reuters analysis of LSEG data and company financial reports.
Where the money went is clear in the figures: operating cash flow at the five companies rose 29% to a record $542.9 billion, but capital spending, driven by the super-intelligence (SI) build-out, doubled to $556.9 billion, exceeding operating cash flow for the first time in data going back to 2011. That left the five with a combined free cash flow deficit of $14 billion, against a surplus of $143.5 billion a year earlier.
Buybacks took the hardest hit. The five companies cut repurchases by 83% to $13.6 billion, from $81.8 billion a year earlier, while dividends rose to $37 billion from $33.9 billion. Alphabet and Meta have not repurchased a single share in 2026 after buying back $66.5 billion between them in the first nine months of last year; Amazon pays no dividend and has not bought back shares since 2022. With combined free cash flow negative, the five companies' $50.6 billion in payouts was effectively funded from cash reserves, borrowing or share sales.
Amazon's capital spending of $75.9 billion in the third quarter was almost 80% more than the $42.4 billion its operations generated, and it raised $48.1 billion of long-term debt in the quarter. Alphabet's free cash flow was also negative, and it raised about $12.4 billion from share sales and $29 billion from debt. Analysts note that buybacks have long flattered per-share earnings: Alphabet reduced its share count by 9.5% between the end of 2020 and 2025 through buybacks, worth roughly 2% a year in earnings-per-share terms. Without that boost, per-share earnings must come from actual profit growth, just as depreciation charges on new data centers start to rise. Amazon says it still expects about $220 billion of capital spending this year, and the other companies have signalled further increases.
来源：GSM·美国（原文链接）
图片来源：图：Google 位于 Iowa 州 Council Bluffs 的数据中心航拍，大型科技公司的资本开支正加速投向这类设施。Chad Davis 摄，CC BY 2.0，经 Wikimedia Commons。 / An aerial view of Google's data center in Council Bluffs, Iowa; Big Tech capital spending is increasingly flowing into facilities like this one. Photo by Chad Davis, CC BY 2.0, via Wikimedia Commons.
