Why Capex Cycles Are Missing From Earnings Season

On this episode of The Quarterly Review, Lucas and Luna dig into a signal that most earnings commentary overlooks: the capital expenditure cycle. They anchor the conversation in the latest GDP print, where real GDP growth slowed to 1.5 percent annualised in Q2 2026, and explore why companies are choosing buybacks and dividends over new factories and software. Lucas walks through the difference between maintenance capex and growth capex, how the market prices in future returns, and why an aging asset base could be a hidden risk for the S&P 500. Luna asks whether the buyback boom is crowding out investment, and they examine a few sectors that are quietly bucking the trend. The episode closes with a forward-looking question about what it would take to reverse the capex drought. If you've ever wondered why 'earnings beat' headlines don't tell the whole story, this episode gives you a new lens. #CapexCycle #EarningsSeason #CapitalExpenditure #Buybacks #Dividends #GDPGrowth #S&P500 #BusinessInvestment #CorporateSpending #QuarterlyReview #Finance #Business #Economics #FexingoBusiness #BusinessPodcast #Investing #Macro #EarningsAnalysis Keep every episode free: buymeacoffee.com/fexingo