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CompanyEvent 2025.10.01 — 2026.09.30

Amazon generated more operating cash but less free cash flow

Reconcile operating cash and capital spending to distinguish growth from investment recovery.

Updated Oct 31, 2026

What must differ for higher operating cash to produce higher free cash flow?
Verified facts

Operating and free cash flow moved differently

For the trailing year ended 2026-09-30, Amazon reported operating cash flow of USD 168.3 billion and free cash flow of USD −42.4 billion, versus USD 130.7 billion and USD 14.8 billion a year earlier.

Sources [1]
Interpretation

Reconcile changes over matching periods

Using rounded disclosed figures, operating cash increased by USD 37.6 billion while net capital spending increased by USD 94.8 billion, reducing free cash flow by USD 57.2 billion. This is an independent reconciliation of company-wide cash flow.

Sources [1]
Limitations

Investment recovery remains a separate question

This comparison establishes neither investment returns nor share-price direction. It is not an AWS-only measure. The displayed dates cover the trailing-year cash-flow period, not the earnings announcement.

Sources [1]

Sources

  1. Amazon — Third Quarter Results, October 29, 2026Accessed Oct 31, 2026

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