Hyperscaler capex

Amazon capex, CY2025 Q4

Amazon reported $39.5B of capex for CY2025 Q4, the quarter covering October to December 2025. That is +42% on the $27.8B of the same quarter a year earlier (CY2024 Q4). Guidance given that day: about $200B for CY2026.

Amazon sells AWS cloud services to enterprises and developers and operates retail and logistics businesses. Its reported capex also includes fulfillment infrastructure, so these figures are not AWS-only.

Capex, CY2025 Q4$39.5B
Year on year+42%
Guided, CY2026about $200B
Announced5 Feb 2026

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Every field, with its source

Source per value
Reported quarter
CY2025 Q4 1
Calendar quarter
2025 Q4 1
Announced
2026-02-05 1
“February 05, 2026”
Capex (USD million)
39,522 1
“(39,522”
Guidance period
CY2026 1
Guidance point (USD million)
200,000 1
“about $200 billion”
Guidance detail
Approximate company-wide 2026 capex investment expectation. 1
Capex definition
Gross cash purchases of property and equipment for Amazon as a whole, before proceeds from asset sales and incentives; excludes noncash finance-lease asset acquisitions. 1

Sources

  1. Amazon investor relations: Amazon CY2025 Q4 accessed 2026-11-11

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