AMZN · 10-Q · 2026Q1 · Full report

Technology & Infrastructure Capex Increase

AMAZON COM INC · 2026-04-30 · Importance 89 · Surprise 82

Cash capital expenditures rose to $43.2 billion in Q1 2026 from $24.3 billion in Q1 2025, an increase largely driven by investments in technology infrastructure (the majority to support AWS growth) and additional capacity for the fulfillment network. Management states these technology and fulfillment investments are expected to increase in 2026 and are a primary driver of higher investing cash outflows (investing activities $(64.2) billion in Q1 2026). This capex step-up materially reduced free cash flow for the trailing twelve months ended March 31, 2026 versus the prior period.