AMZN · 10-Q · 2026Q1 · Full report

Operating Cash Flow / Free Cash Flow Trends

AMAZON COM INC · 2026-04-30 · Importance 65 · Surprise 82

Amazon emphasizes long-term focus on free cash flow and reconciles it to GAAP: free cash flow (trailing twelve months ended March 31, 2026) declined to $1,232 million from $25,925 million in the prior twelve-month period, driven primarily by a large increase in capital expenditures. Net cash provided by operating activities for the trailing twelve months ended March 31, 2026 was $148,531 million versus $113,903 million prior, while purchases of property and equipment (net) increased substantially to reduce free cash flow. Management states free cash flow has limitations and should be considered alongside the full consolidated statements of cash flows.