Cash use

77 of 140 companies spent more on capex and payouts than their operations brought in. The median company was left with −1.4% of revenue after capex and payouts, 3 points less than a year ago. 73 borrowed net over the four quarters, 28 repaid; the median dividend took 39% of net income, and 15 companies bought back shares.

Median of each company’s latest four quarters; the change is over four quarters, coloured only beyond that tier’s usual yearly range.

Coloured only where the move is unusual for that company, beyond its own usual yearly range; the rest stay ink.

Capex is plant, equipment and intangibles; payouts are cash dividends and buybacks net of treasury reissue. Operating cash, capex and payouts are the trailing four calendar quarters of each company’s filings; “kept” is what was left of operating cash after both. A company that has not filed 2026 Q2 yet carries a chip saying how far behind it is (“2q” in the Names list: two quarters); one more than a quarter behind also leaves the movers and the counts. Numbers are coloured only when a move exceeds the usual year-on-year range — the 90th percentile of that tier’s or that company’s own history. Hover or tap a bar to name it; the top and bottom in each tier and the unusual movers are labelled outright. “Names” lists them by name; on a phone each tier lists its labelled companies first, then “Show all”. Click a row, or tap a bar a second time, to open the company’s Cash tab.