Amazon reported Q3 2026 net sales and operating income growth, with AWS expansion and massive infrastructure investments shaping performance. Trailing twelve-month free cash flow turned negative due to heavy capital spending in artificial intelligence infrastructure. Despite higher operating income, net income declined compared to the prior-year quarter, primarily reflecting prior-year pre-tax investment gains. A key risk stems from elevated cash capital expenditure commitments that pressure near-term liquidity. Missing evidence includes segment-level capital expenditure allocations and detailed cash flow statements to assess post-2026 free cash flow trajectory.