Amazon Is the Only $3 Trillion Company That Has Never Paid a Dividend

Amazon remains the only $3 trillion company that has never paid a dividend, unlike Microsoft, Apple, Nvidia, and Alphabet. The company is spending heavily on AI and cloud infrastructure ($220 billion expected in 2026), resulting in negative free cash flow of $7.6 billion over the past 12 months. Management believes this aggressive capital investment strategy will generate better returns than shareholder payouts, with AWS revenue growing 37% year-over-year.