AMZN · 10-Q · 2026Q3 · Full report

Capital Expenditure and Cash Flow

AMAZON COM INC · 2026-10-30 · Importance 89 · Surprise 82 · No source text

Cash capital expenditures increased to $75.9 billion in Q3 2026 from $34.2 billion in Q3 2025 and to $172.2 billion for the first nine months of 2026 from $89.9 billion in the comparable 2025 period. The expenditures primarily funded technology infrastructure, mostly supporting AWS growth, and additional fulfillment-network capacity; Amazon expected 2026 cash capital expenditures of approximately $220 billion and said spending would meaningfully increase in 2027, primarily for technology infrastructure. Trailing-twelve-month operating cash flow increased to $168.3 billion from $130.7 billion, while free cash flow fell from $14.788 billion to negative $42.357 billion as property and equipment purchases, net of proceeds and incentives, increased to $210.657 billion from $115.903 billion. Investing cash outflow for the first nine months of 2026 was $257.1 billion, compared with $95.3 billion in 2025, with the change driven primarily by marketable-securities activity and cash capital expenditures.

Key facts

• Amazon operating cash flow was $35.5 billion in Q3 2025 and $42.4 billion in Q3 2026, and $85.1 billion and $113.8 billion for the nine months ended September 30, 2025 and 2026, respectively. source
• Amazon investing cash flow was $(26.1) billion in Q3 2025 and $(113.6) billion in Q3 2026, and $(95.3) billion and $(257.1) billion for the nine months ended September 30, 2025 and 2026, respectively. source
• Amazon cash capital expenditures were $34.2 billion in Q3 2025 and $75.9 billion in Q3 2026, and $89.9 billion and $172.2 billion for the nine months ended September 30, 2025 and 2026, respectively. source
• Amazon free cash flow for the trailing twelve months ended September 30 was $14.788 billion in 2025 and negative $42.357 billion in 2026. source
• The increase in operating cash flow for the trailing twelve months ended September 30, 2026, compared with the prior-year period, was due to increased net income excluding non-cash income and expenses, and changes in working capital. source

Impact estimates