AMZN · News · 20261102N
Capital Expenditure and Cash Flow
AMAZON COM INC · 2026-11-02 · Importance 89 · Surprise 82 · In source text
Amazon estimated 2026 capital expenditure at $220 billion, and CEO Andy Jassy said spending in 2027 would be “meaningfully more.” JPMorgan analyst Doug Anmuth projected capex of $395 billion in 2027, up 77% year over year, and $476 billion in 2028, up 20%. A separate report said Amazon had secured an $80 billion supplier loan facility to fund AI infrastructure, while characterizing free cash flow as persistently negative. The spending is directed in part toward AI compute infrastructure and Trainium chips, with management’s demand visibility cited as support for the investment pace.
Key facts
- JPMorgan analyst Doug Anmuth projected Amazon capex of $395 billion in 2027, up 77% year over year, and $476 billion in 2028, up 20% year over year. source
- Amazon estimated capex would reach $220 billion in 2026. source
- According to a Yahoo Finance video transcript, Amazon CEO Andy Jassy said the company expects meaningfully more capex in 2027 than in 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -15.0% | Amazon estimated capex would reach $220 billion in 2026. |
| cash | negative | contingent | -5.7% | JPMorgan analyst Doug Anmuth projected Amazon capex of $395 billion in 2027, up 77% year over year, and $476 billion in 2028, up 20% year… |
| cash | negative | contingent | -4.8% | JPMorgan analyst Doug Anmuth projected Amazon capex of $395 billion in 2027, up 77% year over year, and $476 billion in 2028, up 20% year… |