AMZN · 10-Q · 2026Q2 · Full report

AI Infrastructure Investment

AMAZON COM INC · 2026-07-31 · Importance 89 · Surprise 82 · From source text

Cash capital expenditures increased 69% to $53.1 billion in Q2 2026 from $31.4 billion and increased 73% to $96.3 billion for the six months ended June 30, 2026 from $55.6 billion. The spending primarily funded technology infrastructure, with the majority supporting AWS growth, and additional capacity for Amazon’s fulfillment network. Amazon expects technology-infrastructure and fulfillment-capacity spending to increase during 2026 as it adds infrastructure and employees for artificial-intelligence and machine-learning initiatives. Trailing-twelve-month purchases of property and equipment reached $169.0 billion through June 30, 2026, contributing to negative free cash flow of $7.6 billion versus positive free cash flow of $18.2 billion in the prior-year period.

Key facts

• Purchases of property and equipment, net of proceeds from sales and incentives for the trailing twelve months ended June 30, 2025 and 2026 were $(102,953) million and $(169,007) million, respectively. source
• Cash capital expenditures were $55.6 billion for the six months ended June 30, 2025 and $96.3 billion for the six months ended June 30, 2026. source
• Cash capital expenditures were $31.4 billion in Q2 2025 and $53.1 billion in Q2 2026. source
• We expect to continue making additional investments in our artificial intelligence initiatives and expect some or all of macroeconomic factors and AI investments to continue to impact results into Q3 2026. source

Impact estimates