Global Valuation, Accounting & Tax | North America What Are US Companies Doing with Cash?

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Global Valuation, Accounting & Tax | North America What Are US Companies Doing with Cash?

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July 16, 2026 12:55 AM GMT

Morgan Stanley & Co. LLCMGlobal Valuation, Accounting & Tax | North America Todd Castagno, CFA, CPA

GVAT Strategist

What Are US Companies Doing Todd.Castagno@morganstanley.comClinton Chang, CFA, CPA +1 212 761-6893

Clinton.Chang@morganstanley.com +1 212 761-1185

with Cash? Kate Konetzke, CFA, CPA

Kate.Konetzke@morganstanley.com +1 212 761-3457

Cash continues its ascent, while the cash/EV ratio and FCF yield Mariah Thompson

moved in the opposite direction, hitting their 20-year lows of GVATMariah.Thompson@morganstanley.comStrategist +1 212 761-1147

3.3% and 2.6%, respectively. Companies continue to pour money

earned and raised into growth capex and consensus believes Exhibit 1 : Industry Trends (y/y quarterly

that margins will continue expanding. changes)

Industry Group CFO Capex FCF Dividends Buybacks

The Russell 1000 cash balance grew to $2.3 trillion, as its cash/EV ratio AutosBanks & Comp

Capital Goods

continued its path lower to 3.3%. Most of the cash is held in the Information ProfRetailingSvcs

Technology, Consumer Discretionary, and Communication Services sectors. >$50 ConsCons DurablesServices

Staples

billion market cap companies such as ABNB, NKE, NEM, INTU, MDT, EW, VRTX, EnergyDiv Fin'ls

HPE, ROST, and DDOG have robust levels of cash. Exhibit 5 contains the full list of FoodHealth& CareBev

Household Prod

companies with ample cash balances. InsuranceMaterials

Media

In 1Q26, companies generated $1.7T of free cash flow, while the FCF yield fell to PharmaReal Estate& Biotech

Semiconductors

+2.6%. Operating cash flows increased to $3.0T (+20.6% y/y) as capex increased by SoftwareTech Hardware

+27.1% y/y to $1.3T.