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Transportation Services: capital spending and supply chain

SIC 4700 · 9 companies with filed cash-flow statements

Capital spending, 12 months$1.9B
Operating cash flow$15.0B
Capex / cash flow13%
Capex / revenue2.4%
Top 3 share72%

Analysis

9 companies in Transportation Services (SIC 4700) spent $1.9B on capital projects over their latest twelve months, 13% of the $15.0B their operations generated; the three largest spenders — EXPE, BKNG, GXO — account for 72%.

Capital spending is 2.4% of the industry's $81.1B of annual revenue.

By the industry's asset mix most of it goes to software (52%); about $426M is imported.

The largest supplier of that spending is software publishers ($502M).

Its largest supplying industries, by the input-output tables: internet publishing and broadcasting and web search portals ($3.3B), advertising, public relations, and related services ($3.1B), data processing, hosting, and related services ($3.0B).

Charts

Transportation Services: capital spending by company, latest twelve monthsTransportation Services: capital spending by company, latest twelve monthsEXPE$810MBKNG$324MGXO$259MSPCE$174MGBTG$148MVRRM$114MRXO$58.0MLIND$29.8MSRTA$9.9M
Filed cash-flow statements (SEC XBRL).
Transportation Services: what the capital spending buys (US part)Transportation Services: what the capital spending buys (US part)Structures$138MEquipment$551MSoftware$930MOther$157M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Transportation Services: the industries that build and sell what it buysTransportation Services: the industries that build and sell what it buysSoftware publishers$502MLight truck and utility vehicle m…$211MComputer systems design services$205MCustom computer programming servi…$185MOffice and commercial structures$98.2MOther commercial and service indu…$61.6MSurgical and medical instrument m…$32.3MOffice furniture and custom archi…$29.9MData processing, hosting, and rel…$28.6MConstruction machinery manufactur…$24.3M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Transportation Services: its first-tier supplying industriesTransportation Services: its first-tier supplying industriesInternet publishing and broadcast…$3.3BAdvertising, public relations, an…$3.1BData processing, hosting, and rel…$3.0BOther real estate$2.3BEmployment services$1.9BManagement of companies and enter…$1.6BManagement consulting services$1.5BComputer systems design services$1.4BRadio and television broadcasting$1.3BCable and other subscription prog…$925M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Transportation Services: where the industry's cash came from (+) and went (−)Transportation Services: where the industry's cash came from (+) and went (−)Operating cash flow$17.0BBuybacks−$14.8BNet borrowing$6.9BOther investing (out)−$6.0BCapital spending−$2.6BCash drawn from the balance s…$1.6BDividends−$1.5BOther financing (in)$1.0BNet debt repaid−$1.0BExchange-rate losses on cash−$363MOther investing (in)$309MOperating cash outflow−$236MAcquisitions−$188MOther financing (out)−$166M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
EXPE Expedia Group$810M$4.6B18%TTM to Q3 2026
BKNG Booking Holdings$324M$9.6B3%TTM to Q3 2026
GXO GXO Logistics$259M$433M60%TTM to Q3 2026
SPCE Virgin Galactic Holdings$174M−$212M—TTM to Q2 2026
GBTG Global Business Travel Group$148M$250M59%TTM to Q2 2026
VRRM Verra Mobility$114M$252M45%TTM to Q3 2026
RXO RXO$58.0M−$15.0M—TTM to Q3 2026
LIND Lindblad Expeditions Holdings$29.8M$126M24%TTM to Q3 2026
SRTA Strata Critical Medical$9.9M$10.7M92%TTM to Q3 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
VRRMCHCO17%Stated in 10-K (sentence)filing
AMZNEXPE—Stated in 10-K (named, share not stated)filing

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.