We have studied the field cycling behavior of microscopic TiN/Hf0.5Zr0.5O2/TiN ferroelectric capacitors using synchrotron-based soft x-ray photoemission electron microscopy. The oxygen vacancy (VOVO) concentration near the top TiN/Hf0.5Zr0.5O2 interface is estimated from the reduction of Hf4+ to Hf3+ as measured in the Hf 4f core level spectra. The VOVO concentration increases with field cycling and redistributes under the effect of the internal field due to the polarization. Upward pointing polarization slightly depletes the concentration near the top interface, whereas downward polarization causes VOVO drift toward the top interface. The VOVO redistribution after wake-up is consistent with shifts in the I–V switching peak. The Schottky barrier height for electrons decreases systematically with cycling in polarization states, reflecting the overall increase in VOVO.