Amazon Plans $200B CapEx Amid AWS Growth

Amazon reports Q4 revenue of $213.4B and full-year 2025 revenue of $716.9B, while AWS grew about 23.6–24% to roughly $35.6B. Management forecasts roughly $200B CapEx for 2026, shrinking reported free cash flow to about $11.2B and prompting market concern despite strong AWS margins, advertising growth and logistics efficiency. GAAP EPS was $1.95 and operating income rose to about $25B, excluding $2.4B of one-offs.