Amazon’s growth over the past three decades has been phenomenal. The company initially started out selling books online at the start of the internet boom in the mid-1990s, but its online marketplace now offers millions of goods, from clothing to electronics to groceries and household essentials.
The world’s biggest online retailer has also expanded into other businesses, namely in cloud computing and artificial intelligence — the latest trend in tech.
Growing its massive everyday relevance in retail and media while maintaining its dominance in cloud computing requires major investment and cash outlays.
Here’s how much free cash flow Amazon has in 2026 and how it spends its money.
What is Amazon’s free cash flow in 2026?
Amazon has generated billions of dollars in cash in recent years. Free cash flow — the amount of cash that remains after covering operating expenses and capital expenditures — is a major indicator of how much Amazon generates and how it spends that cash.
In 2025, Amazon generated $139.5 billion in cash from its operating activities. From that, the company spent $128 billion on purchases of property and equipment, net of proceeds from sales and incentives.
That left Amazon with $11.19 billion in free cash flow.
Related: Amazon’s stock buybacks explained
Free cash flow has fluctuated over the years, peaking at $38.2 billion in 2024, which was on top of the $36.8 billion in 2023. Still, in some years, Amazon spent more than it generated. In 2022, the company had negative cash flow amounting to $11.5 billion and $9 billion in 2021.
|
Year |
Net cash provided by (used in) operating activities (in millions) |
Purchases of property and equipment, net of proceeds from sales and incentives |
Free Cash Flow |
|---|---|---|---|
|
2025 |
$139,514 |
-$128,320 |
$11,194 |
|
2024 |
$115,877 |
-$77,658 |
$38,219 |
|
2023 |
$84,946 |
-$48,133 |
$36,813 |
|
2022 |
$46,752 |
-$58,321 |
-$11,569 |
|
2021 |
$46,327 |
-$55,396 |
-$9,069 |
|
2020 |
$66,064 |
-$35,044 |
$31,020 |
|
2019 |
$38,514 |
-$12,689 |
$25,825 |
|
2018 |
$30,723 |
-$11,323 |
$19,400 |
|
2017 |
$18,434 |
-$10,058 |
$8,376 |
|
2016 |
$17,272 |
-$6,737 |
$10,535 |
|
2015 |
$12,039 |
-$4,589 |
$7,450 |
Source: Amazon
How much cash does Amazon have in 2026?
Cash and cash equivalents are a measure of how liquid a company is — that is, how much cash it has on hand to make immediate payments. Amazon’s cash has climbed steadily each year, just as its revenue has.
In 2025, Amazon posted record cash and cash equivalents of $86.8 billion, on all-time sales of $717 billion and net income of $77.7 billion.
|
Year |
Cash and Cash Equivalents (in millions) |
Sales |
Net Income |
|---|---|---|---|
|
2025 |
$86,810 |
$716,924 |
$77,670 |
|
2024 |
$78,779 |
$637,959 |
$59,248 |
|
2023 |
$73,387 |
$574,785 |
$30,425 |
|
2022 |
$53,888 |
$513,983 |
-$2,722 |
|
2021 |
$36,220 |
$469,822 |
$33,364 |
|
2020 |
$42,122 |
$386,064 |
$21,331 |
|
2019 |
$36,092 |
$280,522 |
$11,588 |
|
2018 |
$31,750 |
$232,887 |
$10,073 |
|
2017 |
$20,522 |
$177,866 |
$3,033 |
|
2016 |
$19,334 |
$135,987 |
$2,371 |
|
2015 |
$15,890 |
$107,006 |
$596 |
Source: Amazon