AMZN changes
Pick any two versions below to diff them.
- Price
- $240.35 → $266.17(+10.7%)
- Balance sheet
- Cash: $114.2B Debt: $173.1B Net debt: $58.9B Interest cover: 21× Ratings: S&P AA, Fitch AA-, Moody's A1 (stable outlook) Amazon now borrows to pay for AI data centers, and large stakes in AI companies sit on its balance sheet. While free cash flow stays negative, each new step of AI spending needs more borrowing until the new capacity earns revenue. Debt is the long-term debt on the balance sheet at September 30, 2026, up from $65.6 billion at December 31, 2025. Amazon also had $98.8 billion of long-term lease liabilities at September 30, 2026. Cash includes marketable securities: $55.8 billion of cash and $58.4 billion of securities. Free cash flow was an outflow of $42.4 billion for the 12 months to September 30, 2026. Purchases of property and equipment of $210.7 billion, net of proceeds and incentives, used more than all of the $168.3 billion operating cash flow. In Q3 2026, Amazon received $48.1 billion from new long-term debt, and it used $24.0 billion for acquisitions and investments in private companies. Amazon paid the last $21.3 billion of its OpenAI investment after June 30, 2026. Interest cover is for the first nine months of 2026. It was 34 times in the same months of 2025, and interest expense was $1.7 billion in Q3 2026 alone. In February 2026, Moody's moved its outlook back to stable because of higher capital spending. Other assets were $358.8 billion at September 30, 2026, up from $122.6 billion at the end of 2025. They hold the stakes in private companies, mostly Anthropic and OpenAI, and the Anthropic convertible notes. In Q3 2026, unrealized gains on available-for-sale debt securities added $36.0 billion after tax to equity, not to net income. At June 30, 2026, Amazon could still invest up to $15.0 billion more in Anthropic convertible notes as AWS delivers computing capacity to Anthropic. The Q3 2026 10-Q removed: was not yet filed on October 30, 2026, so added: gives the face value of removed: the added: long-term debt removed: and the split added: as $180.9 billion at September 30, 2026, of removed: the stakes come later. added: which $6.8 billion is due within 12 months. This includes a $17.5 billion term loan that Amazon signed in June 2026 and drew in September 2026, which matures in September 2029. The debt is affordable. As of Sep 30, 2026.