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2026-09-25

US Corporate Cash Flows Outrun Capex, Pushing the Financing Surplus Near Record Highs

US Corporate Cash Flows Outrun Capex, Pushing the Financing Surplus Near Record Highs

Key points

US corporate capex, cash flows and financing surplus, two panels | Cash flows now exceed capex, lifting the financing surplus toward non-crisis record highs

Image source: @BlakeMillardCFA