Amazon's $215B capex exceeds $168B operating cash flow, FCF turns -$42B
thealexbanks · x · 2026-11-02
Citing Amazon's Q3 2026 earnings, Alex Banks notes Amazon now spends more on AI infrastructure than its entire business generates: trailing-12-month operating cash flow was $168B while property & equipment spend hit $215B, leaving free cash flow at -$42B — a swing from +$15B a year earlier.
AWS sales grew 39% last quarter, and Q3 capex grew 120% YoY, leaving a sizable gap on the buildout.
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