THE STORIES BEHIND THE CANVAS

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Original reporting on the S&P 500 and its companies: material developments, important market moves and the context behind the headlines.

Conceptual AI illustration of a mint glass cloud above server racks and infrastructure construction, representing AWS growth and capital spending; not an actual Amazon facility.

Nov 1, 2026

Amazon's AWS Grows 39% as AI Spending Pushes 12-Month Free Cash Flow Below Zero

Amazon's third-quarter 2026 results paired 39.3% AWS sales growth and a record 13.9% companywide operating margin with negative $42.4 billion in trailing-12-month free cash flow. Its 2026 cash capital spending forecast remains about $220 billion.

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