U.S. Macro Indicator
Continuously updated series (no discrete release)
Latest reading: 169.8 % (2026-03-31).
Amazon's capital expenditures as a share of operating cash flow — a proxy for AI/data-center investment intensity relative to cash generation. A rising ratio without matching growth in AI revenue or AWS margins raises questions about near-term returns on that capex.
| Period | Value | |
|---|---|---|
| 2026-03-31 | 169.8 % | |
| 2025-09-30 | 98.8 % | |
| 2025-06-30 | 99.0 % | |
| 2025-03-31 | 147.0 % | |
| 2024-09-30 | 87.1 % | |
| 2024-06-30 | 69.7 % | |
| 2024-03-31 | 78.6 % | |
| 2023-09-30 | 58.8 % |