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Amazon: AWS and artificial intelligence investment

This dossier follows AWS cloud results and funding for Amazon’s AI infrastructure. It distinguishes revenue, operating profit and free cash flow, and separates actual figures from targets.

Last updated : 1 key moments
Logo identifying Amazon Web Services
Amazon Web Services logo, identifying the group’s cloud business. — MistyMistae / Wikimedia Commons — CC0 1.0. Logo AWS utilisé à titre d’identification.

Where things stand

As of 30 October 2026, AWS has reported third-quarter sales of $46 billion, up 39.3%. Amazon’s trailing twelve-month free cash flow is negative $42.4 billion; the company maintains a $220 billion investment target for 2026.

Confirmed

Amazon: AWS grows 39.3% as investment weighs on cash flow

Amazon reported third-quarter AWS sales of $46 billion on 29 October 2026, up 39.3% year on year. Group free cash flow was negative $42.4 billion for the twelve months ended September.

Logo identifying Amazon Web Services
Amazon Web Services logo, identifying the group’s cloud business. — MistyMistae / Wikimedia Commons — CC0 1.0. Logo AWS utilisé à titre d’identification.

That cash measure tracks funds remaining after capital investment; it is not a net loss. Amazon earned net income of $20.7 billion in the third quarter alone.

The company attributes most of the year-on-year increase in equipment purchases to AI investment. It maintains a capital-spending target of about $220 billion for full-year 2026. That is a group-wide budget, not an amount dedicated exclusively to AI.

Sources 3