Amazon’s Financial Overview
Amazon’s free cash flow over the past year was an outflow of $7.6 billion, a substantial shift from an inflow of $18.2 billion the previous year. The company plans to spend approximately $220 billion on capital expenditures in 2024, primarily focused on artificial intelligence and cloud capacity—more than four times its spending in 2023. This substantial increase is partly due to rising memory prices, as operating cash flow increased by 33% year-over-year to $161.4 billion.
Despite being one of five companies with market values over $3 trillion, Amazon has never paid a dividend and its $10 billion buyback program has not been utilized since 2022. Additionally, no shares were repurchased in 2023, 2024, or 2025, leaving $6.1 billion in unused buyback authorization as of the end of last year.
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