Amazon’s 2026 cash capital expenditure guidance stands at approximately $220 billion, lifted from $200 billion during the July 30 Q2 earnings call primarily due to elevated memory and component costs supporting AI infrastructure. Strong AWS demand—36.7% year-over-year growth to a $169 billion annualized run rate, the fastest pace in 18 quarters—combined with a $496 billion backlog of long-dated cloud commitments has outstripped available capacity, a dynamic management expects to continue into 2027. Year-to-date spending reached roughly $173 billion by June 30, driving trailing twelve-month free cash flow negative at $7.6 billion. Q3 results, due in late October, will likely provide the next update on spending trajectory and any further revisions tied to supply conditions or customer commitments.