Amazon Web Services (AWS) revenue growth accelerated to 24% in the fourth quarter, with operating cash flow surging 20% to $139.5 billion over the trailing 12 months. AWS secured a major agreement with OpenAI, bringing total expected spending on AWS to approximately $138 billion over the next seven to eight years. Barclays anticipates that AWS backlog will exceed $350 billion in the upcoming quarter and expects AWS growth to reach 34% in the third quarter of 2026.
