HyperscalersAMZNFilings through October 30, 2026
Amazon capital spending
In the quarter ended September 30, 2026, Amazon spent $77.3 billion on capital equipment, 182% of its $42.4 billion of operating cash flow and up 120% from a year earlier. Free cash flow was −$34.8 billion, and long-term debt rose by $44.2 billion.
Next report: February 3, 2027, after the close. Provider schedule, not yet confirmed by the company. The full calendar.
Sources, method and freshnessFilings through October 30, 2026
Amazon’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.
Cite as The Capex Report, Amazon capital spending, filings through October 30, 2026.
Spending against cash flow
$ billion, quarterlyBars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.
Amazon’s quarterly capital spending has been above the same quarter a year earlier for 11 consecutive quarters, and Sep 2026 was the highest quarter in the 73-quarter record held here. Over the latest four quarters it generated $168.3 billion from operations and spent $215.2 billion, leaving −$46.9 billion of free cash flow against $10.6 billion over the four before.
What the letter said would have to happen
From Amazon's $220 Billion Plan Requires a December Slowdown, October 29, 2026. Each marker is graded here from the filings when its quarter prints; the argument behind them is in the letter.
- PendingNet purchases of property and equipment at or below $50 billion in the December 2026 quarter, with AWS still growing above 35%.Fourth-quarter report, early February 2027
- PendingA 2027 capital plan below about $265 billion on the fourth-quarter call.Fourth-quarter call, early February 2027
- PendingAn AWS operating margin at or above 35% through 2027.Each quarterly report through 2027
Amazon’s markers are graded against the structured filings on this page, never against the company’s own characterisation of the quarter.
Financing the build
The five hyperscalers combinedThe dot is the quarter’s change in cash. Hover a quarter to read it.
| Millions of dollars | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 | Sep 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 45,636 | 17,015 | 32,515 | 35,525 | 54,459 | 26,032 | 45,387 | 42,422 |
| Long-term debt issued | 0 | 746 | 0 | 0 | 14,927 | 53,441 | 13,557 | 48,102 |
| Short-term borrowing, net | (53) | (267) | 701 | 1,397 | (937) | (91) | (205) | 1,380 |
| Stock issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital spending | 27,834 | 25,019 | 32,183 | 35,095 | 39,522 | 44,203 | 54,208 | 77,259 |
| Finance-lease principal | 333 | 410 | 411 | 351 | 385 | 468 | 395 | 433 |
| Long-term debt repaid | 2,500 | 0 | 2,751 | 1,008 | 1,262 | 0 | 2,752 | 7 |
| Share repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 17,802 | (8,004) | 332 | 430 | 14,937 | (18,171) | (8,821) | (34,837) |
| Net long-term debt issued | (2,500) | 746 | (2,751) | (1,008) | 13,665 | 53,441 | 10,805 | 48,095 |
| Returned to shareholders | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Outside funding needed | (17,469) | 8,414 | 79 | (79) | (14,552) | 18,639 | 9,216 | 35,270 |
| Change in cash | 3,635 | (12,419) | (8,440) | 9,011 | 19,642 | 14,586 | (23,765) | (22,213) |
| Interest expense | 570 | 541 | 516 | 538 | 679 | 800 | 1,314 | 1,691 |
| Stock-based compensation | 4,995 | 3,689 | 6,534 | 4,847 | 4,397 | 4,032 | 6,038 | 5,406 |
Millions of dollars, outflows positive as reported in the cash flow statement.
Capex including finance leases
Across the hyperscalers| Millions of dollars | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 | Sep 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash capital spending | 27,834 | 25,019 | 32,183 | 35,095 | 39,522 | 44,203 | 54,208 | 77,259 |
| Equipment acquired under finance leases | 445 | 54 | 937 | 977 | 943 | 1,565 | 563 | 1,472 |
| Capital spending including finance leases | 28,279 | 25,073 | 33,120 | 36,072 | 40,465 | 45,768 | 54,771 | 78,731 |
| Finance-lease principal paid | 333 | 410 | 411 | 351 | 385 | 468 | 395 | 433 |
| Finance-lease liability | 10,602 | 10,383 | 11,203 | 11,765 | 12,286 | 13,325 | 13,451 | 14,495 |
| Operating-lease liability | 79,596 | 81,731 | 84,991 | 86,233 | 89,252 | 91,617 | 96,320 | 100,288 |
Equipment acquired under finance leases is a non-cash addition disclosed in the filings; it is not in cash capital spending. Reported in 42 of 74 quarters on file.
The balance sheet
The five hyperscalers combined| Millions of dollars | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 | Sep 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 78,779 | 66,207 | 57,741 | 66,922 | 86,810 | 101,816 | 78,213 | 55,783 |
| Short-term investments | 22,423 | 28,358 | 35,439 | 27,275 | 36,219 | 41,273 | 44,775 | 58,443 |
| Cash and investments | 101,202 | 94,565 | 93,180 | 94,197 | 123,029 | 143,089 | 122,988 | 114,226 |
| Long-term debt | 52,623 | 53,374 | 50,718 | 50,742 | 65,648 | 119,074 | 128,894 | 173,125 |
| Current debt | 5,017 | 5,014 | 5,005 | 3,997 | 2,748 | 2,832 | 3,330 | 6,827 |
| Gross debt | 57,640 | 58,388 | 55,723 | 54,739 | 68,396 | 121,906 | 132,224 | 179,952 |
| Finance-lease liability | 10,602 | 10,383 | 11,203 | 11,765 | 12,286 | 13,325 | 13,451 | 14,495 |
| Net debt | (43,562) | (36,177) | (37,457) | (39,458) | (54,633) | (21,183) | 9,236 | 65,726 |
| Property and equipment, net, as reported | 252,665 | 272,781 | 297,616 | 324,435 | 357,025 | 397,458 | 446,046 | 508,862 |
| Accumulated depreciation | 141,390 | — | — | — | 177,073 | — | — | — |
| Inventory | 34,214 | 35,864 | 40,825 | 41,494 | 38,325 | 36,534 | 38,184 | 42,632 |
| Inventory days | 32 days | 43 days | 46 days | 43 days | 32 days | 38 days | 36 days | 41 days |
| Total assets | 624,894 | 643,256 | 682,170 | 727,921 | 818,042 | 916,630 | 1,095,689 | 1,243,390 |
| Shareholders’ equity | 285,970 | 305,867 | 333,775 | 369,631 | 411,065 | 441,914 | 551,620 | 613,601 |
| Interest expense | 570 | 541 | 516 | 538 | 679 | 800 | 1,314 | 1,691 |
| Interest paid | — | — | — | — | — | — | — | — |
| Effective interest cost | 3.3% | 3.1% | 3.1% | 3.2% | 3.4% | 2.4% | 3.6% | 3.5% |
| Stock-based compensation | 4,995 | 3,689 | 6,534 | 4,847 | 4,397 | 4,032 | 6,038 | 5,406 |
| Shares outstanding, millions | 10,593 | 10,613 | 10,660 | 10,687 | 10,731 | 10,754 | 10,783 | 10,811 |
Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.
Where the revenue is
Across the companiesAmazon Web Services segment: $46.0B of revenue in Sep 2026, $17.8B of operating income (38.7% margin). Members read: StatementBusinessSegmentsAxis=AmazonWebServicesSegmentMember.
Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.
What the asset base is made of
Across the hyperscalers| Millions of dollars | Dec 2022 Q4 FY2022 | Dec 2023 Q4 FY2023 | Dec 2024 Q4 FY2024 | Dec 2025 Q4 FY2025 |
|---|---|---|---|---|
| Servers and network equipment | — | — | 113,156 | 172,492 |
| Machinery and equipment | 162,060 | 190,155 | 111,224 | 134,740 |
| Land and buildings | 91,650 | 105,293 | 123,039 | 155,121 |
| Construction in progress | 30,020 | 28,840 | 46,636 | 71,745 |
| Classes combined | 283,730 | 324,288 | 394,055 | 534,098 |
| Property and equipment, gross, as reported | 283,730 | 324,288 | 394,055 | 534,098 |
| Accumulated depreciation | 97,015 | 120,111 | 141,390 | 177,073 |
| Share of the balance the classes explain | 100.0% | 100.0% | 100.0% | 100.0% |
Gross cost before depreciation, by the classes the company reports.Servers and network equipment are 32.3% of the classes combined at Dec 2025. Classes read: Construction In Progress, Equipment, Land and Building, Machinery and Equipment, Other Capitalized Property Plant and Equipment, Servers and Networking Equipment.
Debt issued
The ledger across all companies| Priced | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Registered notes | 4 tranches, 2029 to 2045, GBP converted | 5.20 to 6.65% | 5,758 | High: term sheet | FWP |
| Jul 7, 2026 | Registered notes | 8 tranches, 2029 to 2066 | 4.60 to 6.25% | 25,000 | High: term sheet | FWP |
| Jun 10, 2026 | Term loan | — | — | 17,500 | Low: one amount read from the filing text | 8-K |
| Jun 8, 2026 | Registered notes | 5 tranches, 2029 to 2056, CAD converted | 3.40 to 5.00% | 10,037 | High: term sheet | FWP |
| Mar 11, 2026 | Registered notes | 8 tranches, 2028 to 2064, EUR converted | 2.80 to 4.85% | 16,771 | High: term sheet | FWP |
| Mar 10, 2026 | Registered notes | 11 tranches, 2028 to 2076 | 3.85 to 6.05% | 37,000 | High: term sheet | FWP |
| Nov 17, 2025 | Registered notes | 6 tranches, 2028 to 2065 | 3.90 to 5.55% | 15,000 | High: term sheet | FWP |
In 2026 Amazon has priced $112.1B of notes and term loans in 6 filings. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.
Demand behind the capex
All companies, side by side| Millions of dollars | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 | Sep 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 187,792 | 155,667 | 167,702 | 180,169 | 213,386 | 181,519 | 200,606 | 201,944 |
| Remaining performance obligations | — | — | — | — | — | — | — | — |
| Backlog over trailing revenue | — | — | — | — | — | — | — | — |
| Deferred revenue, current | 18,103 | 20,599 | 21,662 | 21,113 | 20,576 | 20,887 | 20,428 | 21,708 |
| Deferred revenue | 24,600 | — | — | — | 25,000 | — | — | — |
At Jun 2020 Amazon carried $41.0B of remaining performance obligations, 0.1× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.
Depreciation against capex
The five hyperscalers combined| Millions of dollars | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 | Sep 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Capital spending | 27,834 | 25,019 | 32,183 | 35,095 | 39,522 | 44,203 | 54,208 | 77,259 |
| Depreciation of property and equipment | 8,841 | 9,056 | 9,766 | 10,925 | 12,113 | 12,834 | 13,869 | 15,142 |
| Capex to depreciation | 3.1× | 2.8× | 3.3× | 3.2× | 3.3× | 3.4× | 3.9× | 5.1× |
| Depreciation and amortization, as reported | 15,631 | 14,262 | 15,227 | 16,796 | 19,471 | 18,945 | 19,988 | 20,949 |
| Property and equipment, net, as reported | 252,665 | 272,781 | 297,616 | 324,435 | 357,025 | 397,458 | 446,046 | 508,862 |
| Property and equipment, gross | 394,055 | — | — | — | 534,098 | — | — | — |
In Sep 2026 Amazon spent 5.1× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 11 of 79 quarters on file.
The statement
Download the source data| Millions of dollars | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 | Sep 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 187,792 | 155,667 | 167,702 | 180,169 | 213,386 | 181,519 | 200,606 | 201,944 |
| Operating cash flow | 45,636 | 17,015 | 32,515 | 35,525 | 54,459 | 26,032 | 45,387 | 42,422 |
| Capital spending | 27,834 | 25,019 | 32,183 | 35,095 | 39,522 | 44,203 | 54,208 | 77,259 |
| Free cash flow | 17,802 | (8,004) | 332 | 430 | 14,937 | (18,171) | (8,821) | (34,837) |
| Depreciation and amortization | 15,631 | 14,262 | 15,227 | 16,796 | 19,471 | 18,945 | 19,988 | 20,949 |
| Long-term debt | 52,623 | 53,374 | 50,718 | 50,742 | 65,648 | 119,074 | 128,894 | 173,125 |
| First filed / release date | Feb 7, 2025 | May 2, 2025 | Aug 1, 2025 | Oct 31, 2025 | Feb 6, 2026 | Apr 30, 2026 | Jul 31, 2026 | Oct 30, 2026 |
Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.
Questions this page answers
- How much did Amazon spend on capital expenditures last quarter?
- Amazon spent $77.3 billion on purchases of property and equipment in the quarter ended September 30, 2026, up 120% from the same quarter a year earlier. Over its latest four reported quarters it spent $215.2 billion.
- Did Amazon's capital spending exceed its operating cash flow?
- Yes. In the quarter ended September 30, 2026 Amazon spent 182% of its $42.4 billion of operating cash flow on capital equipment, leaving free cash flow of −$34.8 billion.
- What is Amazon's free cash flow?
- −$34.8 billion in the quarter ended September 30, 2026, and −$46.9 billion over the latest four reported quarters, against $10.6 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. Three of the last four quarters were negative.
- Is Amazon's capital spending still rising?
- Yes. Amazon's quarterly capital spending has been above the same quarter a year earlier for 11 consecutive quarters, and Sep 2026 was the highest quarter in its 73-quarter record on this site. The latest four quarters' spending is 79% above the four before.
- Did Amazon borrow to fund its spending?
- Amazon's long-term debt rose by $44.2 billion over the quarter ended September 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
- How does Amazon's capital spending compare with its depreciation?
- In the quarter ended September 30, 2026 Amazon spent 3.7 times its depreciation and amortization of $20.9 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
- Is this Amazon's AI spending?
- No. These are Amazon's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.
Terms used on this page
Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.