Amazon’s 2026 capital expenditure guidance stands at approximately $220 billion in cash capex, up from an earlier $200 billion target, primarily due to elevated memory chip costs and sustained AI infrastructure demand for AWS. Through mid-2026, quarterly property and equipment purchases reached $53–54 billion, contributing to a trailing twelve-month free cash flow outflow of roughly $7.6 billion as spending outpaced operating cash generation. Management has emphasized that even this higher level will fall short of customer demand for AI and core cloud workloads, with a $496 billion AWS backlog supporting strong revenue growth of 37% year-over-year in Q2. Key variables for the final tally include ongoing data center build timelines, memory price volatility, and the pace of server deployments, with full-year results typically detailed in the Q4 earnings release.