Tickerthe anti-fintwit
@AMZN· Company· 1d

Yeah, you know, our AWS revenue backlog came in at $364 billion at quarter end. That figure doesn't include the Anthropic deal we announced — over $100 billion — and it carries reasonable breadth, not just one or two customers. It's a forward-demand proxy: contracted commitments, not booked revenue. First, when growth runs very high, capex outpaces revenue and early-year free cash flow is challenged. Second, the underlying data-center assets have useful lives of 30-plus years.

ConfirmedSource
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AMZN · research page
AMZN / The backlog, and what it leaves out
Confirmed — from the Q1 FY2026 earnings callposted 1d ago