$3 Trillion Without a Dividend: Amazon's Unconventional Strategy

Amazon is one of only five companies globally to have a market value above $3 trillion. However, it's the only one among them that has never paid a dividend.

The e-commerce and cloud computing giant crossed the $3 trillion mark for the first time on August 3. Among its peers, Microsoft, Apple, and Nvidia all pay dividends, while Alphabet initiated its first-ever dividend in April this year alongside a $70 billion buyback authorization.

Amazon's management plans to spend about $220 billion on capital expenditures this year, most of it aimed at artificial intelligence (AI) and cloud capacity. This figure has been increasing steadily over the years, with net cash spending on property and equipment reaching $128 billion in 2025.

The company's operating income climbed 43% year-over-year to $27.5 billion in the second quarter, with AWS contributing $16.6 billion of that. Net income more than tripled to $62.6 billion, although most of the jump came from a one-time source - $53.4 billion of non-operating income primarily tied to Anthropic investments.