Will Rising AI Capex Weigh on Amazon's Free Cash Flow Prospects?

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Amazon's AMZN aggressive artificial intelligence (AI) infrastructure buildout has pushed its free cash flow into negative territory. The company continues to expect 2026 cash capital expenditures of approximately $220 billion, indicating that cash flow pressure will persist through year-end. For the trailing 12 months ended Sept. 30, 2026, Amazon reported a free cash outflow of $42.4 billion against an inflow of $14.8 billion a year ago. The swing was driven by a $94.8 billion year-over-year jump in purchases of property and equipment, net of proceeds and incentives, primarily reflecting AI investments. In the third quarter alone, capital spending of $77.3 billion far exceeded quarterly operating cash flow of $42.4 billion.