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Amazon.com cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$34.8B in Q3 2026 · −$46.9B over twelve months

Operating cash flow$42.4B
Capital spending−$77.3B
Free cash flow−$34.8B
Cash / net income2.1×
Cash conversion cycle-67 days

Analysis

In Q3 2026, Amazon.com generated $42.4B of operating cash flow and spent $77.3B on capital projects, leaving free cash flow of −$34.8B. That is $35.3B less than in Q3 2025 ($430M).

Over the twelve months to Sep 30, 2026, operating cash flow was $168.3B; the largest uses were capital spending ($215.2B), other investing ($89.2B), other financing ($186M); besides operations, cash came from net borrowing (+) / repaid (−) ($124.3B); the cash balance fell by $11.8B.

Operating cash flow was $42.4B against net income of $20.7B — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$20.9B, stock-based pay +$5.4B, deferred taxes +$5.0B.

Its cash conversion cycle was -67 days (receivables 42 + inventory 39 − payables 149): suppliers fund its working capital.

Free cash flow

Amazon.com: free cash flow by quarterAmazon.com: free cash flow by quarter$17.8BQ4 2024−$8.0BQ1 2025$332MQ2 2025$430MQ3 2025$14.9BQ4 2025−$18.2BQ1 2026−$8.8BQ2 2026−$34.8BQ3 2026
Operating cash flow less capital spending.
Amazon.com: operating cash flow against capital spendingAmazon.com: operating cash flow against capital spendingOperating cash flowCapital spending$45.6B$27.8BQ4 2024$17.0B$25.0BQ1 2025$32.5B$32.2BQ2 2025$35.5B$35.1BQ3 2025$54.5B$39.5BQ4 2025$26.0B$44.2BQ1 2026$45.4B$54.2BQ2 2026$42.4B$77.3BQ3 2026
Latest (Q3 2026): Operating cash flow $42.4B, Capital spending $77.3B.

Capital allocation, year by year

Amazon.com: where the cash came from (up) and went (down), by fiscal yearAmazon.com: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksFY2021: Operating cash flow $46.3BFY2021: Net borrowing $6.5BFY2021: Capital spending −$61.1B$52.8BFY2021FY2022: Operating cash flow $46.8BFY2022: Net borrowing $16.0BFY2022: Capital spending −$63.6BFY2022: Buybacks −$6.0B$62.7BFY2022FY2023: Operating cash flow $84.9BFY2023: Net borrowing −$15.6BFY2023: Capital spending −$52.7B$84.9BFY2023FY2024: Operating cash flow $115.9BFY2024: Net borrowing −$11.1BFY2024: Capital spending −$83.0B$115.9BFY2024FY2025: Operating cash flow $139.5BFY2025: Net borrowing $10.0BFY2025: Capital spending −$131.8B$149.5BFY2025
Over these 5 years operating cash flow totalled $433.4B; the largest uses were capital spending ($392.2B) and net borrowing ($26.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$114.2B
Debt$181.3B
Net debt$67.0B
Due within a year$2.8B

Amazon.com's operations bring cash in ($168.3B over twelve months), and it spends more than that on capital projects: a gap of $46.9B funded from its $114.2B of cash and investments and from borrowing ($181.3B of debt, $2.8B due within a year). That is a choice to invest, not a cash runway running down.

Amazon.com: debt maturities by year (FY2025)Amazon.com: debt maturities by year (FY2025)$2.8BYear 1$8.8BYear 2$4.8BYear 3$3.0BYear 4$4.5BYear 5$45.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $114.2B of cash and investments now.

Where the cash came from and went

Amazon.com: sources (+) and uses (−) of cash, Q3 2026Amazon.com: sources (+) and uses (−) of cash, Q3 2026Capital spending−$77.3BNet borrowing (+) / repaid (−)$49.0BOperating cash flow$42.4BAcquisitions−$24.0BCash drawn (+) / kept (−)$22.2BOther investing−$12.4BOther financing−$107MExchange rates$72.0M
Amazon.com: sources (+) and uses (−) of cash, TTM to Q3 2026Amazon.com: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$215.2BOperating cash flow$168.3BNet borrowing (+) / repaid (−)$124.3BOther investing−$89.2BCash drawn (+) / kept (−)$11.8BOther financing−$186MExchange rates$155M

From profit to cash

Amazon.com: net income to operating cash flow, Q3 2026Amazon.com: net income to operating cash flow, Q3 2026Net income$20.7BDepreciation & amortization$20.9BStock-based pay$5.4BDeferred taxes$5.0BOther non-cash$694MReceivables−$2.1BInventory−$4.5BPayables$1.5BAccrued liabilities−$3.8BDeferred revenue$3.3BOperating cash flow$42.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264239149-67
Q2 20263735129-57
Q1 20263639127-53
Q4 2025283395-34
Q3 20253043106-33
Q2 20253043106-32
Q1 20253241107-35
Q4 2024263383-24

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$42.4B−$77.3B−$24.0B$49.0B$22.2B−$34.8B
Q2 2026$45.4B−$54.2B−$24.4B$10.2B$23.8B−$8.8B
Q1 2026$26.0B−$44.2B−$15.4B$52.9B−$14.6B−$18.2B
Q4 2025$54.5B−$39.5B—$12.3B−$19.6B$14.9B
Q3 2025$35.5B−$35.1B−$786M$38.0M−$9.0B$430M
Q2 2025$32.5B−$32.2B−$1.7B−$2.5B$8.4B$332M
Q1 2025$17.0B−$25.0B$48.0M$69.0M$12.4B−$8.0B
Q4 2024$45.6B−$27.8B—−$2.9B−$3.6B$17.8B

Amazon.com: income statement and cash flow

Amazon.com, Q3 2026: revenue $201.9B (+12% year over year), operating margin 13.9%. The chart follows the revenue to costs, profit and cash.

Amazon.com: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.