Amazon.com, Inc.
AMZNpublicCloud & E-Commerce
World's largest cloud provider (AWS) and leading AI infrastructure investor. AWS CAPEX drives the majority of total company spend.
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2025 CAPEX
$118.2B
YoY 2025 vs 2024
+49.2%
Latest Quarter
$32.0B
Q4'25
FY2026 Guidance
$115.0B–$120.0B
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'25 | $32.0B | $191.0B | 16.8% | 10-K FY2025 (est.) |
| Q3'25 | $30.5B | $169.0B | 18.0% | 10-Q Q3 2025 (est.) |
| Q2'25 | $31.4B | $159.4B | 19.7% | 10-Q Q2 2025 |
| Q1'25 | $24.3B | $155.7B | 15.6% | 10-Q Q1 2025 |
| Q4'24 | $26.3B | $187.8B | 14.0% | 10-K FY2024 |
| Q3'24 | $22.6B | $158.9B | 14.2% | 10-Q Q3 2024 |
| Q2'24 | $16.4B | $148.0B | 11.1% | 10-Q Q2 2024 |
| Q1'24 | $13.9B | $143.3B | 9.7% | 10-Q Q1 2024 |
| Q4'23 | $16.1B | $169.9B | 9.5% | 10-K FY2023 |
| Q3'23 | $12.5B | $143.1B | 8.7% | 10-Q Q3 2023 |
| Q2'23 | $12.5B | $134.4B | 9.3% | 10-Q Q2 2023 |
| Q1'23 | $14.1B | $127.4B | 11.1% | 10-Q Q1 2023 |
| Q4'22 | $16.4B | $149.2B | 11.0% | 10-K FY2022 |
Q4'22 — ChatGPT launched Nov 30, 2022 — this is the last pre-AI-hype quarter
Q2'24 — H1 2024 total $30.5B per AWS earnings release
Q4'24 — Full year FY2024: $83.0B
Q3'25 — Estimated. Amazon guided FY2025 to exceed $118B.
Q4'25 — Estimated. FY2025 total est. ~$118B
Guidance Tracker
FY2025
Completed
“We expect to spend approximately $100 billion in capital expenditures in 2025.”
Guided: $100.0B
FY2026
On Track
“AWS demand continues to exceed our ability to supply. We will continue investing aggressively in infrastructure. We expect 2026 capex to exceed 2025 as we expand globally.”
Guided: $115.0B–$120.0B
FY2027
Pending
“Our multi-year infrastructure plan is on track. We see no signs of demand deceleration. We are building for 2027 and beyond.”
Guided: $130.0B–$140.0B
Key Quotes
Andy Jassy·CEO·2025-02-06
“The bottleneck to being able to serve the demand we have has been infrastructure. We're working as hard as we can to build out that infrastructure.”
Q4 2024 Earnings Call
Compute Clusters
AWS Trainium2 cluster
Trainium2
deploying
Partnerships & Investments
Anthropic
Amazon committed $4B investment in Anthropic; primary cloud provider for Anthropic training.
$4.0B
investment
cloudAIAWShyperscalermag7