Amazon (AMZN) Q1 2026 Earnings: Why a 95% Free Cash Flow Drop is Actually Bullish
Why the cash collapse is not the story, the backlog is — and what investors are really being asked to underwrite. TL;DR Trailing twelve-month free cash flow fell 95% to $1.2 billion while Amazon spent $43.2 billion on capex in a single quarter. AWS revenue grew 28% to $37.6 billion — its fastest pace in […]
Inside Andy Jassy’s 2025 Amazon Shareholder Letter: AI, Capex, and the Future
TL;DR Amazon closed 2025 with revenue of $717 billion, up 12% from $638 billion the year before, with operating income climbing 17% to $80 billion. Free cash flow collapsed from $38 billion to $11 billion, driven by a $50.7 billion year-over-year jump in property and equipment spending tied to AI infrastructure. Jassy committed to roughly […]
Amazon’s $128 Billion AI Bet: Five Realities From the 2025 Fiscal Year
Summary Amazon spent $128.3 billion on capital expenditures in 2025 , up from $77.7 billion the year before—nearly all of it directed at AI and cloud infrastructure ( Amazon 10-K Filing). A $15.2 billion swing in “Other Income” was driven by unrealized paper gains on Amazon’s $8 billion Anthropic investment—not by retail or cloud cash […]
Microsoft’s AI Transformation: From $13 Billion to Category Dominance in 12 Months
Microsoft Cloud crossed $51.5 billion in a quarter, Azure grew 39%, and remaining performance obligation hit $625 billion. Inside the AI shift.
