Amazon's free cash flow turned negative by $7.6 billion over the past 12 months, despite operating cash flow rising 33%, as AI capital expenditure drives spending beyond cash generation. The e-commerce giant generated $161.4 billion in cash but spent $169 billion, leading to the deficit. To cover this gap, Amazon raised nearly $77 billion from long-term debt sales, pushing its long-term debt from $65.6 billion at the end of 2025 to almost $128.9 billion by the end of Q2 2026.