Report
Amazon Q3: AWS Growth Offset by Record $77B Capex and Negative Free Cash Flow
Amazon reported Q3 2026 revenue of ~$201.9B (+12%) with AWS at ~$46B (+39%). Capex surged to $77B (vs. ~$35B YoY), dropping trailing 12-month free cash flow to -$42.4B. Company reiterated ~$220B 2026 capex guidance. Stock fell ~7% post-earnings.
TLDR
Amazon reported Q3 AWS revenue of about $46 billion, up 39%, alongside $77 billion in capex and trailing 12-month free cash flow of negative $42.4 billion. The company reiterated roughly $220 billion in 2026 capex guidance, and its stock fell about 7% after earnings. A tech-market roundup separately asked how long investors would tolerate AI spending without the cash to show for it.
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