What is capex?
Capex (capital expenditures) is cash a company spends on long-lived assets, such as buildings, machinery and equipment. The cash flow statement shows it as money going out for investing activities.[S1] Its cost reaches profit slowly, as depreciation spread over the years the asset is used.[S1]
How is capex worked out?
Cityfort takes the company's own line for purchases of property and equipment, for the full fiscal year. Free cash flow is cash from operations minus that capex.
Amazon's capex was $131.8B (FY2025). Its cash from operations was $139.5B (FY2025), which leaves free cash flow of $7.7B (FY2025).
Amazon's own free cash flow subtracts purchases net of proceeds from sales and incentives. So its figure differs from Cityfort's.[S4]
Where do you find capex in a 10-K or 10-Q?
It sits under "investing activities" in the statement of cash flows. In a 10-K, that is in Item 8.[S2] In a 10-Q, it is in Part I, Item 1.[S3]
The line's name varies. Amazon calls it "Purchases of property and equipment".[S4] Microsoft calls it "Additions to property and equipment".[S5]
The MD&A (management's discussion and analysis) must describe material capital expenditure commitments. It must also name the expected source of funds.[S6]