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.
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.