AMZN$243.79▼ 4.2%Amazon borrowed $115.1 billion in nine months, about as much as its business brought in
Amazon said Oct. 29 its operating margin hit a record. Over the 12 months to Sept. 30, it spent $42.4 billion more on equipment than its business brought in. Its filings show how it is filling the gap.
KeyVex News··6 min readFact-checked against 5 public recordsKeyVex News··6 min readFact-checked against 5 public recordsAMZN$243.79▼ 4.2%Close, Oct. 29. Prices from Tiingo.The short versionTap to readTap to close
- A company usually pays for what it builds and buys from the cash its business brings in. In the first nine months of 2026, Amazon's business brought in $113.8 billion.
- It spent $172.2 billion, net, on buildings and equipment, and $60.0 billion more on stakes in OpenAI and Anthropic.
- A company in that spot covers the gap from savings, new stock or borrowing. Amazon borrowed: $115.1 billion of long-term debt, in dollars, euros, Swiss francs, Canadian dollars and pounds.
- Its quarterly report discloses a loan facility of up to about $80 billion. Unlike its bonds, it is secured: Amazon will give lenders a claim on certain assets it buys.
- Amazon can start borrowing under it in early 2027, the year it says its spending on buildings and equipment will "meaningfully increase."
The quarter: Amazon said on Oct. 29 that its third-quarter operating margin, 13.9%, was its highest ever: 13.9 cents of operating profit on each dollar of sales. Its cloud unit, AWS, grew 39%, its fastest in nearly five years, the company said.8-K Earnings and revenue fell short of Wall Street's expectations, and the shares fell more than 6% in extended trading, CNBC reported.CNBC
The cash: Over the 12 months to Sept. 30, Amazon spent $42.4 billion more on property and equipment, net, than its operations brought in. Amazon calls that measure free cash flow; a year earlier it was an inflow of $14.8 billion. Spending on equipment rose $94.8 billion, "primarily" for artificial intelligence, the company said.8-K The outflow is about 1.8 times its 2022 low, $23.5 billion over the 12 months to June 2022.8-K
Why it matters: Amazon's spending now runs well ahead of the cash its business brings in, and borrowing is filling most of the gap. It borrowed $115.1 billion of long-term debt in the first nine months of the year, about as much as the $113.8 billion of cash its operations brought in. Its long-term debt rose to $173.1 billion from $65.6 billion at the end of 2025.8-K Its quarterly report, filed that evening, discloses a loan facility of up to about $80 billion that, unlike its notes, is secured by certain assets it buys.10-Q
Amazon's stock and the year's borrowingDaily close, Jan. 2 to Oct. 29, 2026 ▲ 7.6%Show chartHide chart
- 1March 12, 2026 Amazon files the final terms of $37 billion of dollar notes. The longest run to 2076. Euro notes follow the next day.
- 2April 29, 2026 First-quarter results. Free cash flow over 12 months has shrunk to $1.2 billion.
- 3June 10, 2026 Canadian-dollar notes, and a $17.5 billion term loan. Amazon signed the term loan on June 8 and drew it in September.
- 4July 8, 2026 Another $25 billion of dollar notes. Due 2029 to 2066.
- 5July 30, 2026 Second-quarter results. Free cash flow over 12 months turns negative: minus $7.6 billion.
- 6Sept. 11, 2026 Sterling notes. £4.25 billion, due 2029 to 2045.
- 7Oct. 29, 2026 Third-quarter results, after the close. Free cash flow over 12 months: minus $42.4 billion. The 10-Q follows that evening.
View the data (208 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-29 | $243.79 | −4.2% |
| 2026-10-28 | $254.60 | +0.6% |
| 2026-10-27 | $253.10 | +1.6% |
| 2026-10-26 | $249.09 | +0.4% |
| 2026-10-23 | $248.00 | −1.0% |
| 2026-10-22 | $250.38 | −4.6% |
| 2026-10-21 | $262.37 | −0.1% |
| 2026-10-20 | $262.63 | +0.1% |
| 2026-10-19 | $262.45 | +5.0% |
| 2026-10-16 | $250.00 | −1.9% |
| 2026-10-15 | $254.76 | +0.3% |
| 2026-10-14 | $254.08 | −1.7% |
| 2026-10-13 | $258.58 | −0.4% |
| 2026-10-12 | $259.53 | −1.1% |
| 2026-10-09 | $262.43 | +3.3% |
| 2026-10-08 | $254.06 | −2.3% |
| 2026-10-07 | $259.92 | +1.4% |
| 2026-10-06 | $256.29 | +1.9% |
| 2026-10-05 | $251.40 | 0.0% |
| 2026-10-02 | $251.52 | +1.3% |
| 2026-10-01 | $248.23 | −0.4% |
| 2026-09-30 | $249.15 | +1.0% |
| 2026-09-29 | $246.67 | +0.2% |
| 2026-09-28 | $246.15 | −1.4% |
| 2026-09-25 | $249.67 | +0.1% |
| 2026-09-24 | $249.38 | 0.0% |
| 2026-09-23 | $249.27 | −2.2% |
| 2026-09-22 | $254.98 | −1.3% |
| 2026-09-21 | $258.45 | +1.9% |
| 2026-09-18 | $253.71 | +1.0% |
| 2026-09-17 | $251.19 | +2.1% |
| 2026-09-16 | $245.96 | −1.0% |
| 2026-09-15 | $248.42 | −2.0% |
| 2026-09-14 | $253.54 | −1.3% |
| 2026-09-11 | $256.78 | +1.9% |
| 2026-09-10 | $251.89 | −0.2% |
| 2026-09-09 | $252.40 | −1.8% |
| 2026-09-08 | $256.97 | −0.6% |
| 2026-09-04 | $258.51 | −0.2% |
| 2026-09-03 | $258.90 | +1.5% |
| 2026-09-02 | $254.98 | 0.0% |
| 2026-09-01 | $254.92 | −1.9% |
| 2026-08-31 | $259.77 | −2.5% |
| 2026-08-28 | $266.43 | +4.0% |
| 2026-08-27 | $256.26 | −1.5% |
| 2026-08-26 | $260.28 | −0.3% |
| 2026-08-25 | $261.06 | −0.4% |
| 2026-08-24 | $262.07 | +1.3% |
| 2026-08-21 | $258.63 | −0.6% |
| 2026-08-20 | $260.11 | −2.2% |
| 2026-08-19 | $265.84 | +2.5% |
| 2026-08-18 | $259.45 | −0.7% |
| 2026-08-17 | $261.31 | −0.5% |
| 2026-08-14 | $262.65 | −0.9% |
| 2026-08-13 | $265.13 | −0.8% |
| 2026-08-12 | $267.28 | −1.8% |
| 2026-08-11 | $272.27 | −2.1% |
| 2026-08-10 | $278.09 | +1.3% |
| 2026-08-07 | $274.48 | +0.8% |
| 2026-08-06 | $272.26 | −0.1% |
| 2026-08-05 | $272.65 | −1.7% |
| 2026-08-04 | $277.42 | −2.3% |
| 2026-08-03 | $284.02 | +4.6% |
| 2026-07-31 | $271.58 | +15.3% |
| 2026-07-30 | $235.50 | +3.9% |
| 2026-07-29 | $226.65 | −1.8% |
| 2026-07-28 | $230.86 | −0.2% |
| 2026-07-27 | $231.39 | −0.3% |
| 2026-07-24 | $232.11 | −0.7% |
| 2026-07-23 | $233.66 | −4.6% |
| 2026-07-22 | $244.85 | −1.1% |
| 2026-07-21 | $247.55 | −1.0% |
| 2026-07-20 | $249.99 | +1.1% |
| 2026-07-17 | $247.23 | −1.1% |
| 2026-07-16 | $249.89 | −2.0% |
| 2026-07-15 | $254.96 | +3.0% |
| 2026-07-14 | $247.49 | +0.1% |
| 2026-07-13 | $247.31 | +0.8% |
| 2026-07-10 | $245.34 | −0.7% |
| 2026-07-09 | $247.04 | +1.4% |
| 2026-07-08 | $243.62 | −1.0% |
| 2026-07-07 | $245.98 | +0.7% |
| 2026-07-06 | $244.16 | +0.6% |
| 2026-07-02 | $242.67 | +0.4% |
| 2026-07-01 | $241.70 | +1.4% |
| 2026-06-30 | $238.34 | −0.7% |
| 2026-06-29 | $240.14 | +3.2% |
| 2026-06-26 | $232.69 | +2.5% |
| 2026-06-25 | $227.01 | −3.1% |
| 2026-06-24 | $234.27 | +0.1% |
| 2026-06-23 | $234.11 | +0.6% |
| 2026-06-22 | $232.79 | −4.7% |
| 2026-06-18 | $244.39 | +2.9% |
| 2026-06-17 | $237.50 | −3.5% |
| 2026-06-16 | $246.00 | 0.0% |
| 2026-06-15 | $246.02 | +3.1% |
| 2026-06-12 | $238.55 | −1.2% |
| 2026-06-11 | $241.51 | +1.5% |
| 2026-06-10 | $238.00 | −2.5% |
| 2026-06-09 | $244.19 | −0.4% |
| 2026-06-08 | $245.22 | −0.3% |
| 2026-06-05 | $246.03 | −3.1% |
| 2026-06-04 | $253.79 | +1.5% |
| 2026-06-03 | $250.02 | −2.5% |
| 2026-06-02 | $256.52 | −1.8% |
| 2026-06-01 | $261.26 | −3.5% |
| 2026-05-29 | $270.64 | −1.2% |
| 2026-05-28 | $274.00 | +0.8% |
| 2026-05-27 | $271.85 | +2.5% |
| 2026-05-26 | $265.29 | −0.4% |
| 2026-05-22 | $266.32 | −0.8% |
| 2026-05-21 | $268.46 | +1.3% |
| 2026-05-20 | $265.01 | +2.2% |
| 2026-05-19 | $259.34 | −2.1% |
| 2026-05-18 | $264.86 | +0.3% |
| 2026-05-15 | $264.14 | −1.2% |
| 2026-05-14 | $267.22 | −1.1% |
| 2026-05-13 | $270.13 | +1.6% |
| 2026-05-12 | $265.82 | −1.2% |
| 2026-05-11 | $268.99 | −1.4% |
| 2026-05-08 | $272.68 | +0.6% |
| 2026-05-07 | $271.17 | −1.4% |
| 2026-05-06 | $274.99 | +0.5% |
| 2026-05-05 | $273.55 | +0.6% |
| 2026-05-04 | $272.05 | +1.4% |
| 2026-05-01 | $268.26 | +1.2% |
| 2026-04-30 | $265.06 | +0.8% |
| 2026-04-29 | $263.04 | +1.3% |
| 2026-04-28 | $259.70 | −0.5% |
| 2026-04-27 | $261.12 | −1.1% |
| 2026-04-24 | $263.99 | +3.5% |
| 2026-04-23 | $255.08 | −0.1% |
| 2026-04-22 | $255.36 | +2.2% |
| 2026-04-21 | $249.91 | +0.7% |
| 2026-04-20 | $248.28 | −0.9% |
| 2026-04-17 | $250.56 | +0.3% |
| 2026-04-16 | $249.70 | +0.5% |
| 2026-04-15 | $248.50 | −0.2% |
| 2026-04-14 | $249.02 | +3.8% |
| 2026-04-13 | $239.89 | +0.6% |
| 2026-04-10 | $238.38 | +2.0% |
| 2026-04-09 | $233.65 | +5.6% |
| 2026-04-08 | $221.25 | +3.5% |
| 2026-04-07 | $213.77 | +0.5% |
| 2026-04-06 | $212.79 | +1.4% |
| 2026-04-02 | $209.77 | −0.4% |
| 2026-04-01 | $210.57 | +1.1% |
| 2026-03-31 | $208.27 | +3.6% |
| 2026-03-30 | $200.95 | +0.8% |
| 2026-03-27 | $199.34 | −4.0% |
| 2026-03-26 | $207.54 | −2.0% |
| 2026-03-25 | $211.71 | +2.2% |
| 2026-03-24 | $207.24 | −1.4% |
| 2026-03-23 | $210.14 | +2.3% |
| 2026-03-20 | $205.37 | −1.6% |
| 2026-03-19 | $208.76 | −0.5% |
| 2026-03-18 | $209.87 | −2.5% |
| 2026-03-17 | $215.20 | +1.6% |
| 2026-03-16 | $211.74 | +2.0% |
| 2026-03-13 | $207.67 | −0.9% |
| 2026-03-12 | $209.53 | −1.5% |
| 2026-03-11 | $212.65 | −0.8% |
| 2026-03-10 | $214.33 | +0.4% |
| 2026-03-09 | $213.49 | +0.1% |
| 2026-03-06 | $213.21 | −2.6% |
| 2026-03-05 | $218.94 | +1.0% |
| 2026-03-04 | $216.82 | +3.9% |
| 2026-03-03 | $208.73 | +0.2% |
| 2026-03-02 | $208.39 | −0.8% |
| 2026-02-27 | $210.00 | +1.0% |
| 2026-02-26 | $207.92 | −1.3% |
| 2026-02-25 | $210.64 | +1.0% |
| 2026-02-24 | $208.56 | +1.6% |
| 2026-02-23 | $205.27 | −2.3% |
| 2026-02-20 | $210.11 | +2.6% |
| 2026-02-19 | $204.86 | 0.0% |
| 2026-02-18 | $204.79 | +1.8% |
| 2026-02-17 | $201.15 | +1.2% |
| 2026-02-13 | $198.79 | −0.4% |
| 2026-02-12 | $199.60 | −2.2% |
| 2026-02-11 | $204.08 | −1.4% |
| 2026-02-10 | $206.96 | −0.8% |
| 2026-02-09 | $208.72 | −0.8% |
| 2026-02-06 | $210.32 | −5.6% |
| 2026-02-05 | $222.69 | −4.4% |
| 2026-02-04 | $232.99 | −2.4% |
| 2026-02-03 | $238.62 | −1.8% |
| 2026-02-02 | $242.96 | +1.5% |
| 2026-01-30 | $239.30 | −1.0% |
| 2026-01-29 | $241.73 | −0.5% |
| 2026-01-28 | $243.01 | −0.7% |
| 2026-01-27 | $244.68 | +2.6% |
| 2026-01-26 | $238.42 | −0.3% |
| 2026-01-23 | $239.16 | +2.1% |
| 2026-01-22 | $234.34 | +1.3% |
| 2026-01-21 | $231.31 | +0.1% |
| 2026-01-20 | $231.00 | −3.4% |
| 2026-01-16 | $239.12 | +0.4% |
| 2026-01-15 | $238.18 | +0.6% |
| 2026-01-14 | $236.65 | −2.5% |
| 2026-01-13 | $242.60 | −1.6% |
| 2026-01-12 | $246.47 | −0.4% |
| 2026-01-09 | $247.38 | +0.4% |
| 2026-01-08 | $246.29 | +2.0% |
| 2026-01-07 | $241.56 | +0.3% |
| 2026-01-06 | $240.93 | +3.4% |
| 2026-01-05 | $233.06 | +2.9% |
| 2026-01-02 | $226.50 |
Amazon closed at $243.79 on Oct. 29; KeyVex's price records end there as of this story. Source: Tiingo end-of-day closes, as traded, via KeyVex.
Where the money went
In the third quarter alone, Amazon spent $75.9 billion, net, on property and equipment, more than its operations brought in that quarter.10-Q Most of that is technology infrastructure, the majority of it for AWS, the 10-Q says.10-Q
Equipment was not the only use. In the first nine months, Amazon invested $50.0 billion in OpenAI's preferred stock, $21.3 billion of it in the third quarter, and $10.0 billion in Anthropic.10-Q KeyVex reported on Oct. 26 on what Anthropic owes Amazon.
View the data
| 12 months ended | Free cash flow | Note |
|---|---|---|
| Q2 2022 | -$23.5B | The 2022 low, reported July 28, 2022 |
| Q3 2025 | $14.8B | Operating cash $130.7B, net equipment spending $115.9B |
| Q4 2025 | $11.2B | Operating cash $139.5B, net equipment spending $128.3B |
| Q1 2026 | $1.2B | Operating cash $148.5B, net equipment spending $147.3B |
| Q2 2026 | -$7.6B | Operating cash $161.4B, net equipment spending $169.0B |
| Q3 2026 | -$42.4B | Operating cash $168.3B, net equipment spending $210.7B |
Free cash flow is Amazon's own measure, not one set by accounting rules. Q2 2022 was its low in 2022. Sources: Amazon's earnings releases for Q2 2022 and Q3 2026.
Nine months of Amazon's cash: what came in, what went out, what it borrowedShow chartHide chart
View the data
| Jan. to Sept. 2026 | Note | |
|---|---|---|
| Cash from its business (Operations, Jan. to Sept.) | $113.8B | $113,841 million |
| Equipment and buildings (Net of sales and incentives) | $172.2B | $175,670 million of purchases less $3,482 million of proceeds |
| OpenAI and Anthropic stakes ($50.0B and $10.0B) | $60.0B | 10-Q, liquidity section |
| New long-term borrowing (Notes and the term loan) | $115.1B | $115,100 million of proceeds from long-term debt |
Equipment and borrowing are from the cash flow statement; the OpenAI and Anthropic amounts are from the 10-Q. Other cash flows, such as buying and selling marketable securities, are left out. Sources: Amazon's Q3 2026 earnings release and Form 10-Q.
How Amazon borrowed it
Amazon sold notes, its bonds, six times this year in five currencies, its quarterly report shows. The biggest sales were $37 billion in March and $25 billion in July; the others were in euros, Swiss francs, Canadian dollars and pounds.10-Q Some of the March notes don't come due until 2076.424B5
It also drew a $17.5 billion term loan from a group of lenders in September; it comes due in September 2029.10-Q Interest expense in the quarter was $1.7 billion, up from $0.5 billion a year earlier.8-K Its cash and marketable securities slipped to $114.2 billion on Sept. 30, from $123.0 billion at the end of 2025.10-Q It bought back none of its own stock in the first nine months of 2025 or 2026.10-Q
The new loan
The facility is first disclosed in this report: the 10-Q for the second quarter does not mention it.10-Q It is a supplier financing arrangement for buying technology infrastructure. Amazon can borrow from the first quarter of 2027 through the third quarter of 2028, and each borrowing comes due in five years.10-Q
We will grant a security interest in certain purchased assets in connection with the Loan Facility.
A security interest gives lenders a claim on those assets if the loan is not repaid. Amazon's $162.5 billion of senior notes are unsecured, meaning no specific assets back them, and Amazon is not subject to any financial covenants under them, the 10-Q says.10-Q The filing does not name the suppliers or the lenders.10-Q
Amazon's case
AWS revenue is projected to grow more than 40% in both 2027 and 2028, Chief Executive Andy Jassy said in the release.8-K On the call, he said Amazon has a "clear line of sight to attractive financial returns," CNBC reported.CNBC
Customer contracts longer than a year, mostly for AWS, held about $578 billion of commitments Amazon had not yet booked as revenue on Sept. 30.10-Q Amazon expects capital spending of about $220 billion this year.8-K It expects that spending to "meaningfully increase in 2027," the 10-Q says.10-Q
The borrowing is not finished either. The 10-Q says Amazon expects to "undertake additional financing activities in 2026."10-Q On Oct. 27 it signed new unsecured credit lines of $15.0 billion and $5.0 billion, replacing lines of the same size. The secured facility comes after that, in 2027.10-Q
Also in the filings: the Anthropic gains
Amazon's net income for the first nine months was $113.6 billion.8-K That includes $62.8 billion of upward adjustments to the value of its Anthropic preferred stock, recorded as other income, which brought no cash. That preferred stock was carried at about $92.5 billion on Sept. 30, and Amazon's Anthropic convertible notes at about $146.2 billion.10-Q
What to watch
Amazon says it expects to undertake additional financing activities this year.
Amazon's fourth-quarter results, which will show whether 2026 capital spending lands near the $220 billion it expects.
The secured supplier loan facility opens for borrowing, up to about $80 billion, through the third quarter of 2028.
The year Amazon says capital spending will meaningfully increase, and AWS revenue is projected to grow more than 40%.
The paper trail
Amazon's SEC filings behind this story, dated as EDGAR accepted them, with the time for the two accepted Oct. 29.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| July 28, 2022 | 8-K | Amazon | Second-quarter 2022 results: free cash flow of minus $23.5 billion over 12 months. |
| March 12, 2026 | 424B5 | Amazon | Final terms of $37 billion of notes, due 2028 to 2076. |
| July 30, 2026 | 10-Q | Amazon | Second-quarter report. Debt note lists the term loan; no supplier loan facility. |
| Oct. 29, 4:05 p.m. | 8-K | Amazon | Third-quarter results: 13.9% operating margin, free cash flow of minus $42.4 billion over 12 months. |
| Oct. 29, 6:20 p.m. | 10-Q | Amazon | Notes in five currencies, the drawn term loan, the secured loan facility of up to about $80 billion, $60 billion into OpenAI and Anthropic. |
Related coverage
Sources
8 sources, 5 of them public records
Public records
- Amazon.com, Inc., Form 10-Q for the quarter ended Sept. 30, 2026SEC EDGAR · Oct. 29, 2026 (filing date Oct. 30)
- Amazon.com, Inc., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 29, 2026
- Amazon.com, Inc., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · July 30, 2026 (filing date July 31)
- Amazon.com, Inc., prospectus supplement (424B5): $37 billion of notes due 2028 to 2076SEC EDGAR · March 12, 2026
- Amazon.com, Inc., Form 8-K, Exhibit 99.1: second-quarter 2022 resultsSEC EDGAR · July 28, 2022
Reporting
- "Amazon posts negative free cash flow of $42.4 billion, holds 2026 capex unchanged"CNBC · Oct. 29, 2026
Data
- End-of-day prices for AMZN, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 29, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for AMZNKeyVex · through Oct. 29, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. KeyVex's price records end at the Oct. 29 close as of this story, before Amazon's third-quarter results; the after-hours move is as CNBC reported it. The 20-for-1 split of June 2022 is adjusted in the chart. The Filings switch shows a selection of KeyVex filing markers for Amazon, not every filing and not only those tied to this story.
- Free cash flow is Amazon's own measure: cash from operations minus purchases of property and equipment, net of proceeds from sales and incentives. Trailing 12-month figures are as Amazon's releases print them ($42,357 million outflow for the 12 months to Sept. 30, 2026; $23,487 million outflow for the 12 months to June 30, 2022). The 2022 low is the most negative trailing figure in Amazon's 2022 releases; the four quarters of 2022 were minus $18.6 billion, minus $23.5 billion, minus $19.7 billion and minus $11.6 billion.
- Third-quarter equipment spending of $75.9 billion is $77,259 million of purchases less $1,381 million of proceeds and incentives, as the 10-Q rounds it. Nine-month long-term borrowing is the $115,100 million of proceeds from long-term debt in the cash flow statement; with short-term debt, proceeds were $135.8 billion. Note amounts are as the 10-Q's debt table gives them: $37.0 billion, €14.5 billion, CHF 2.8 billion, C$14.0 billion, $25.0 billion and £4.3 billion (the September prospectus gives £4.25 billion).
- Interest expense is from the statements of operations: $1,691 million in the third quarter of 2026, $538 million a year earlier.
- "Borrowed $115.1 billion ... about as much as its business brought in" compares two lines of the nine-month cash flow statement: $115,100 million of proceeds from long-term debt and $113,841 million of cash from operating activities. Amazon repaid $2,759 million of long-term debt in the same nine months, so net long-term borrowing was $112,341 million. Short-term borrowing was $20,693 million and short-term repayments $19,609 million.