Amazon recorded a negative free cash flow of $42.4 billion over the twelve months ending September 30, 2026, compared with a positive $14.8 billion flow one year earlier. The deterioration reflects surging investment in artificial intelligence infrastructure intended to expand Amazon Web Services. In the third quarter, total revenue rose 12% to $201.9 billion, while Amazon Web Services revenue increased 39.3% to $46 billion, its fastest growth in nearly five years. Amazon spent $77.3 billion on property and equipment during the quarter and maintained its estimated capital expenditure guidance of $220 billion for 2026. Shares fell 4.3% at the close and another 7% after hours as investors focused on the cost of the expansion and the increase in long-term debt to approximately $173 billion.
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