Amazon reports 39% AWS growth as free cash flow turns to an outflow
These are Amazon's own reported results. AWS revenue is not split into AI and non-AI work. The AWS growth projections for 2027 and 2028 quoted in the release are the chief executive's forecasts, not results. This edition did not read the earnings call or the quarterly capital spending figure.
What was claimed?
Amazon reported net sales of $201.9 billion for the quarter ended September 30, 2026, up 12% from a year earlier. AWS segment sales rose 39% to $46.0 billion and AWS operating income was $17.8 billion. Company operating income was $28.1 billion. Net income fell to $20.7 billion from $21.2 billion, which Amazon attributes mainly to $9.5 billion of pre-tax gains on its Anthropic investments in the year-earlier quarter. Over the trailing twelve months, operating cash flow was $168.3 billion and free cash flow was an outflow of $42.4 billion, which Amazon says was driven mainly by a $94.8 billion year-over-year increase in purchases of property and equipment, primarily for AI. Amazon still expects 2026 cash capital expenditures of about $220 billion.
What does the evidence support?
Company claim, independent confirmation unresolved
Amazon is the largest cloud provider and Anthropic's primary cloud and training partner. Its AWS growth accelerated this quarter while its spending on data centres now exceeds the cash its operations produce over a full year. Alphabet reported negative free cash flow for its September quarter a day earlier.
What are the limits?
These are Amazon's own reported results. AWS revenue is not split into AI and non-AI work. The AWS growth projections for 2027 and 2028 quoted in the release are the chief executive's forecasts, not results. This edition did not read the earnings call or the quarterly capital spending figure.
Claim or evidence date: 2026-10-29. Last verified: .
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