Amazon's AI spending turns free cash flow negative at $42.4 billion, shares fall after hours
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Amazon disclosed that free cash flow for the trailing twelve months ended September 30, 2026 was negative $42.4 billion, compared with positive $14.8 billion in the same period of 2025; the company said this was mainly due to a $94.8 billion increase in purchases of property and equipment related to AI investments. Amazon expects cash capital expenditure of $220 billion for 2026, and AWS Chief Financial Officer John Felton said the order backlog as of the second quarter was close to $500 billion. In the earnings report, the advertising business's year-over-year growth rate fell to 12%, compared with 26% in the previous quarter.
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AI score 66
The earnings data shows the direct impact of AI infrastructure investment on cash flow, which can be understood alongside capital expenditure and order backlog to grasp the source of market concerns.
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亚马逊周四披露，截至2026年9月30日的过去12个月自由现金流为负424亿美元；而2025年同期为正148亿美元。
公司称该变化主要源于和AI投资相关的物业及设备采购增加948亿美元。
亚马逊预计2026年现金资本开支为2200亿美元。
亚马逊云科技首席财务官John Felton本月早些时候接受采访时表示，对当前资本开支策略“心里有底”，并称截至第二季度，公司在手订单储备接近5000亿美元。
此前高德纳分析师发布报告，估算到2030年底，超过3.5万亿美元的AI基建投资有可能面临减值风险，引发市场恐慌。
周四财报另一项令投资者不安的数据是广告业务同比增速12%，上个季度该增速为26%。
美银分析师JustinPost本周研报写道：“Muse的热度会让市场持续质疑亚马逊在智能代理领域的布局。” news_keyword_pub,usstock,GOOG&AMZN 正文下iframe 正文下iframe 总声明 总声明 文末二维码 start 文末二维码 start
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