Amazon's Free Cash Flow Went Negative by $7.6 Billion Even as Operating Cash Flow Rose 33%. Here's the Gap AI Capex Is Actually Creating.

Amazon’s second-quarter 2026 earnings looked strong on the surface, but the cash flow picture tells a different story. The company reported diluted earnings of $5.75 per share, up from $1.68 a year earlier, helped by $69 billion in “other” income that the article links to Amazon’s investment in Anthropic. Over the past 12 months, Amazon generated about $161.4 billion in cash, up 33% year over year, yet spent $169 billion, leaving free cash flow down by roughly $7.6 billion. The gap is tied to AI-driven capital spending and has pressured leverage, with long-term debt rising to nearly $128.9 billion.