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NASDAQ: AMZN Nasdaq Broadline Retail Next results ~February 4, 2027

C Fundamentals grade

Amazon is a US-listed company in the broadline retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$130

Valuation models combined (4)

Base case. Range ~$78–$190. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, justified price-to-book), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Amazon valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Amazon files

10-Q filed October 30: Amazon

Model value −9.2%

Amazon's revenue over the twelve months to September 2026 reached $797.5bn, a rise of 15.4% on the prior year and broadly in line with the growth rate seen a quarter earlier. Profitability told a mixed story. Operating margin widened to 13.1%, up from 11.0% a year before, pointing to firmer cost control or a better sales mix. Free cash flow, however, moved the other way: the margin dropped to -5.9%, having stood at 1.5% a year earlier, suggesting heavier capital spending or working-capital strain is outpacing operating gains. Taken together, these shifts pull our model value down to $111 a share from $122. That estimate sits well below the current share price of $246, a gap worth noting given the diverging trends in margins and cash generation.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Amazon stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $775.7bn, up 15.8% on a year earlier, faster than 14.2% a quarter earlier. Free-cash-flow margin fell to -1.5% from 2.0% a year earlier. It passes 5 of our 6 financial-health checks. Our valuation models combined value is $166 a share, against a share price of $263.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Amazon's trailing-twelve-month revenue grew 15.4% year on year, with a free-cash-flow margin of -5.9%. Where it stands out: revenue growth of 15.4% ranks 3 of 23 broadline retail companies we cover. Where it lags: free-cash-flow margin of -5.9% ranks 19 of 23 broadline retail companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 71% year over year while revenue grew 15% — the balance sheet is expanding 55 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.4% over the last 12 months, against a median of 4.4% for broadline retail companies we cover.

Things to watch

  • Burning cash. Free cash flow was -5.9% of revenue over the last 12 months.
  • Insiders selling. 10 insiders sold $449M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -35% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.5% ranks 18 of 22 broadline retail companies we cover (median 0.8%).
  • Below peers: change in share count. Change in share count of 0.8% ranks 18 of 22 broadline retail companies we cover (median 0.1%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.89 against an average estimate of $1.96: missed by 3.5%
Revenue
$201.94bn, up 12.1% on a year earlier
Share reaction
-5.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
net sales $240bn to $247bn (Fourth Quarter 2026); operating income $28.5bn to $33.5bn (Fourth Quarter 2026)
Next report
October 29, 2026; average EPS estimate $2.43

Amazon's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week-1.4%
  • 1 month-2.3%
  • This year+6.4%
  • 1 year+0.6%
  • 5 years+45.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$797B
Operating margin
13.1%
Net margin
16.9%
EPS (TTM, diluted)
$12.37

Growth

Revenue growth
+15.4%
Change in growth rate
−0.4 pts
Share count change
+0.8%

Cash

Free cash flow (TTM)
-$46.9B
FCF margin
-5.9%
Stock pay % of revenue
2.5%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Results
  4. Guidance
  5. Announcement
  6. Leadership
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Insider trade
  12. Insider trade
  13. Results
  14. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Amazon valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Amazon as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$78 ~$51–$99 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$180–$210 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$160 ~$110–$230 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$150 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$42 ~$30–$56 Left out: out of range vs price (0.17x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$78–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Amazon with Broadline Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$33.79$37.49$58.47$75.10$92.39$162.85$166.72$84.00$151.94$219.39$230.82$245.63
Market value$322.4bn$362.9bn$576.5bn$751.0bn$931.3bn$1.66tn$1.72tn$855.9bn$1.59tn$2.35tn$2.50tn$2.68tn
+ Net debt (− = net cash)−$7.3bn−$10.5bn$4.4bn−$6.8bn−$11.3bn−$8.9bn$14.7bn$17.9bn−$6.1bn−$20.6bn−$17.5bn$125.5bn
Enterprise value$315.1bn$352.4bn$581.0bn$744.2bn$920.0bn$1.65tn$1.73tn$873.7bn$1.59tn$2.33tn$2.48tn$2.80tn
Multiples
Price / sales 3.0x2.7x3.2x3.2x3.3x4.3x3.7x1.7x2.8x3.7x3.5x3.4x
Price / earnings n/m153.1x190.1x74.6x80.4x77.9x51.4x—52.4x39.7x32.2x19.9x
Price / free cash flow 43.3x34.7x89.9x43.4x43.0x64.1x——49.5x71.5xn/m—
EV / EBITDA 37.0x28.6x37.3x26.8x25.3x34.4x29.2x16.1x18.6x19.2x17.0x15.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Amazon's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 6.2% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 42.2%, moving by 4.7 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 5.6%; its worst year was 2.0%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 4.5% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 7.2% over five years; stock-based pay has been a median 2.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (49 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.92 +80% $828.6bn +16%
Next $10.55 −18% $950.0bn +15%

Next year's EPS estimate has moved +4.7% in 90 days, across 56 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +47.0% on 90 days ago. In the last 30 days, 4 analysts raised Amazon's forecast and 0 cut it.

Consensus EPS forecast Amazon, last 90 days
$8.00 $10.00 $12.00 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.79 Current fiscal year, 60 days ago: $12.82 Current fiscal year, 30 days ago: $12.89 Current fiscal year, 7 days ago: $12.91 Current fiscal year, Now: $12.92 $12.92 Next fiscal year, 90 days ago: $10.08 Next fiscal year, 60 days ago: $10.51 Next fiscal year, 30 days ago: $10.52 Next fiscal year, 7 days ago: $10.57 Next fiscal year, Now: $10.55 $10.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.79$10.08
60 days ago $12.82$10.51
30 days ago $12.89$10.52
7 days ago $12.91$10.57
Now $12.92$10.55

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.96 $1.89 −3.5%
Jun 2026 $1.82 $5.75 +215.1%
Mar 2026 $1.65 $2.78 +68.2%
Dec 2025 $1.96 $1.95 −0.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Net sales Fourth Quarter 2026 $240bn to $247bn
    “Net sales are expected to be between $240.0 billion and $247.0 billion, or to grow between 12% and 16% compared with fourth quarter 2025.” source
  • Cash capital expenditures 2026 about $220bn Maintained
    “We continue to expect 2026 cash capital expenditures to be approximately $220 billion.” source
  • AWS revenue growth rate 2027 about 40% growth
    “Our AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028," said Andy Jassy, President and CEO, Amazon.” source
  • AWS revenue growth rate 2028 about 40% growth
    “Our AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028," said Andy Jassy, President and CEO, Amazon.” source
  • Operating income Fourth Quarter 2026 $28.5bn to $33.5bn
    “Operating income is expected to be between $28.5 billion and $33.5 billion, compared with $25.0 billion in fourth quarter 2025.” source

How earlier guidance turned out

  • Operating income, Third Quarter 2026 guided $22.5bn to $26.5bn Above range: $28.076bn
  • Net sales, Third Quarter 2026 guided $197bn to $202bn Within range: $202bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

60 analysts, Oct 2026
Buy5897%
Hold23%
Sell00%

Monthly trend

  1. Oct 2026164260
  2. Sep 2026164361
  3. Aug 2026164563
  4. Jul 2026164564

Counts of recommendations published by analysts covering Amazon, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.9%
of tradable shares
Days to cover
2.6
at average volume
Short interest, 1 month
+15%
to October 15, 2026
Held by institutions
69%
of shares
Held by insiders
8.9%
of shares
Employees
1,595,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +0.6%

$244.22 on October 31, 2025 to $245.63

ThenNowEffect
Revenue (last 12 months) $670.0bn $775.7bn +15.8%
Net margin 10.5% 17.4% +65.5%
P/E multiple 37.3x 19.7x −47.0%
Share count 10776m 10872m −0.9%

Biggest factor: p/e multiple.

Last 3 years +77.2%

$138.60 on November 3, 2023 to $245.63

ThenNowEffect
Revenue (last 12 months) $538.0bn $775.7bn +44.2%
Net margin 2.4% 17.4% +617.8%
P/E multiple 109.2x 19.7x −81.9%
Share count 10302m 10872m −5.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AMZN+2%−50%+81%+44%+5%+6%
Industry peers (median)+29%−45%−3%+1%+6%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AMZN50%25%83%75%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AMZN−15%−52%−20%−20%−31%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 56% from July 8, 2021 to December 28, 2022. Getting back needed a 128% gain, reached on April 11, 2024, 470 days after the low.

Price behaviour

52-week range
$198.79 – $284.02
From 52-week high
−13.5%
vs 50-day average
−3.3%
vs 200-day average
+0.9%
Volatility (1 year)
34%
Beta vs S&P 500
1.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.7%
After a week
7 up, 4 down
typical move ±8.1%
After a month
6 up, 5 down
typical move ±8.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −5.6% −2.1% — —
July 30, 2026 +19.8% +2.4% +20.1% +17.6%
April 29, 2026 +2.1% +1.0% +5.9% +4.2%
February 5, 2026 −9.7% +0.6% −14.3% −8.4%
October 30, 2025 +6.0% −0.8% +5.5% +1.6%
July 31, 2025 −6.7% −2.0% −3.1% −0.5%
May 1, 2025 +3.0% +2.2% +4.2% +12.1%
February 6, 2025 −3.0% −0.6% −2.5% −17.6%
October 31, 2024 +2.7% −1.5% +9.0% +9.3%
August 1, 2024 −10.2% −3.3% −11.3% −4.5%
April 30, 2024 −1.1% −1.9% +4.3% −0.9%
February 1, 2024 +10.7% +2.4% +9.4% +14.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Amazon in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Amazon
$500B $600B $700B $800B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $574.8B Revenue (TTM), FY24 Q1: $590.7B Revenue (TTM), FY24 Q2: $604.3B Revenue (TTM), FY24 Q3: $620.1B Revenue (TTM), FY24 Q4: $638B Revenue (TTM), FY25 Q1: $650.3B Revenue (TTM), FY25 Q2: $670B Revenue (TTM), FY25 Q3: $691.3B Revenue (TTM), FY25 Q4: $716.9B Revenue (TTM), FY26 Q1: $742.8B Revenue (TTM), FY26 Q2: $775.7B Revenue (TTM), FY26 Q3: $797.5B $797.5B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $574.8B
FY24 Q1 $590.7B
FY24 Q2 $604.3B
FY24 Q3 $620.1B
FY24 Q4 $638B
FY25 Q1 $650.3B
FY25 Q2 $670B
FY25 Q3 $691.3B
FY25 Q4 $716.9B
FY26 Q1 $742.8B
FY26 Q2 $775.7B
FY26 Q3 $797.5B
Revenue growth, TTM YoY Amazon
10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.8% Revenue growth, TTM YoY, FY24 Q1: 12.5% Revenue growth, TTM YoY, FY24 Q2: 12.3% Revenue growth, TTM YoY, FY24 Q3: 11.9% Revenue growth, TTM YoY, FY24 Q4: 11.0% Revenue growth, TTM YoY, FY25 Q1: 10.1% Revenue growth, TTM YoY, FY25 Q2: 10.9% Revenue growth, TTM YoY, FY25 Q3: 11.5% Revenue growth, TTM YoY, FY25 Q4: 12.4% Revenue growth, TTM YoY, FY26 Q1: 14.2% Revenue growth, TTM YoY, FY26 Q2: 15.8% Revenue growth, TTM YoY, FY26 Q3: 15.4% 15.4%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.8%
FY24 Q1 12.5%
FY24 Q2 12.3%
FY24 Q3 11.9%
FY24 Q4 11.0%
FY25 Q1 10.1%
FY25 Q2 10.9%
FY25 Q3 11.5%
FY25 Q4 12.4%
FY26 Q1 14.2%
FY26 Q2 15.8%
FY26 Q3 15.4%
Operating margin (TTM) Amazon
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.4% Operating margin (TTM), FY24 Q1: 8.0% Operating margin (TTM), FY24 Q2: 9.0% Operating margin (TTM), FY24 Q3: 9.8% Operating margin (TTM), FY24 Q4: 10.8% Operating margin (TTM), FY25 Q1: 11.0% Operating margin (TTM), FY25 Q2: 11.4% Operating margin (TTM), FY25 Q3: 11.0% Operating margin (TTM), FY25 Q4: 11.2% Operating margin (TTM), FY26 Q1: 11.5% Operating margin (TTM), FY26 Q2: 12.1% Operating margin (TTM), FY26 Q3: 13.1% 13.1%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.4%
FY24 Q1 8.0%
FY24 Q2 9.0%
FY24 Q3 9.8%
FY24 Q4 10.8%
FY25 Q1 11.0%
FY25 Q2 11.4%
FY25 Q3 11.0%
FY25 Q4 11.2%
FY26 Q1 11.5%
FY26 Q2 12.1%
FY26 Q3 13.1%
FCF margin (TTM) Amazon
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.6% FCF margin (TTM), FY24 Q1: 7.7% FCF margin (TTM), FY24 Q2: 8.0% FCF margin (TTM), FY24 Q3: 6.9% FCF margin (TTM), FY24 Q4: 5.2% FCF margin (TTM), FY25 Q1: 3.2% FCF margin (TTM), FY25 Q2: 2.0% FCF margin (TTM), FY25 Q3: 1.5% FCF margin (TTM), FY25 Q4: 1.1% FCF margin (TTM), FY26 Q1: -0.3% FCF margin (TTM), FY26 Q2: -1.5% FCF margin (TTM), FY26 Q3: -5.9% -5.9%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.6%
FY24 Q1 7.7%
FY24 Q2 8.0%
FY24 Q3 6.9%
FY24 Q4 5.2%
FY25 Q1 3.2%
FY25 Q2 2.0%
FY25 Q3 1.5%
FY25 Q4 1.1%
FY26 Q1 -0.3%
FY26 Q2 -1.5%
FY26 Q3 -5.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Amazon took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $717B
  2. Other income $16.8B · 2.3%
  3. Cost of revenue $356B · 49.7%
  4. Gross profit $361B · 50.3%
  5. Selling, general and admin $11.2B · 1.6%
  6. Other operating costs $269B · 37.6%
  7. Operating income $80B · 11.2%
  8. Income tax $19.1B · 2.7%
  9. Net income $77.7B · 10.8%

Shares of revenue. Source: Amazon's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 24.5 34.2 48.1 61.1 74.5 89.0 107.0 136.0 177.9 232.9 280.5 386.1 469.8 514.0 574.8 638.0 716.9 797.5
Gross profit 5.5 7.6 10.8 15.1 20.3 26.2 35.4 47.7 65.9 93.7 115.0 152.8 197.5 225.2 270.0 311.7 360.5 409.7
EBITDA 1.5 2.0 1.9 2.3 3.2 3.8 8.5 12.3 15.6 27.8 36.3 48.1 59.3 54.2 85.5 121.4 145.7 183.7
Operating income 1.1 1.4 0.9 0.7 0.7 0.2 2.2 4.2 4.1 12.4 14.5 22.9 24.9 12.2 36.9 68.6 80.0 104.4
Net income 0.9 1.2 0.6 −0.0 0.3 −0.2 0.6 2.4 3.0 10.1 11.6 21.3 33.4 −2.7 30.4 59.2 77.7 134.8
Diluted EPS $0.10 $0.13 $0.07 −$0.00 $0.03 −$0.03 $0.06 $0.24 $0.31 $1.01 $1.15 $2.09 $3.24 −$0.27 $2.90 $5.53 $7.17 $12.37
Growth (year on year)
Revenue +27.9% +39.6% +40.6% +27.1% +21.9% +19.5% +20.2% +27.1% +30.8% +30.9% +20.5% +37.6% +21.7% +9.4% +11.8% +11.0% +12.4% +15.4%
EBITDA +31.2% +29.4% −3.2% +22.8% +37.6% +18.4% +124.4% +44.5% +26.7% +78.1% +30.9% +32.3% +23.4% −8.7% +57.9% +41.9% +20.1% +33.0%
Operating income +34.1% +24.5% −38.7% — — — — +87.5% −1.9% +202.5% +17.1% +57.5% +8.6% −50.8% +200.9% +86.1% +16.6% +37.0%
Net income +39.8% +27.7% −45.2% — — — — — — — +15.0% +84.1% +56.4% −108.2% — +94.7% +31.1% +76.2%
Diluted EPS +36.9% +24.0% −45.8% — — — — — — — +14.3% +81.7% +55.0% −108.3% — +90.7% +29.7% +74.8%
Margins
Gross margin 22.6% 22.3% 22.4% 24.8% 27.2% 29.5% 33.0% 35.1% 37.1% 40.2% 41.0% 39.6% 42.0% 43.8% 47.0% 48.9% 50.3% 51.4%
EBITDA margin 6.2% 5.7% 3.9% 3.8% 4.3% 4.3% 8.0% 9.0% 8.8% 11.9% 13.0% 12.5% 12.6% 10.5% 14.9% 19.0% 20.3% 23.0%
Operating margin 4.6% 4.1% 1.8% 1.1% 1.0% 0.2% 2.1% 3.1% 2.3% 5.3% 5.2% 5.9% 5.3% 2.4% 6.4% 10.8% 11.2% 13.1%
Net margin 3.7% 3.4% 1.3% −0.1% 0.4% −0.3% 0.6% 1.7% 1.7% 4.3% 4.1% 5.5% 7.1% −0.5% 5.3% 9.3% 10.8% 16.9%
Free-cash-flow margin 11.9% 7.4% 4.4% 0.6% 2.7% 2.2% 7.0% 7.7% 3.6% 7.4% 7.7% 6.7% −3.1% −3.3% 5.6% 5.2% 1.1% −5.9%
Cash flow
Cash from operations 3.3 3.5 3.9 4.2 5.5 6.8 12.0 17.2 18.4 30.7 38.5 66.1 46.3 46.8 84.9 115.9 139.5 168.3
Capital spending 0.4 1.0 1.8 3.8 3.4 4.9 4.6 6.7 12.0 13.4 16.9 40.1 61.1 63.6 52.7 83.0 131.8 215.2
Free cash flow 2.9 2.5 2.1 0.4 2.0 1.9 7.5 10.5 6.4 17.3 21.7 25.9 −14.7 −16.9 32.2 32.9 7.7 −46.9
Stock-based pay 0.3 0.4 0.6 0.8 1.1 1.5 2.1 3.0 4.2 5.4 6.9 9.2 12.8 19.6 24.0 22.0 19.5 19.9
Free cash flow after stock pay 2.6 2.1 1.5 −0.4 0.9 0.5 5.3 7.5 2.2 11.9 14.8 16.7 −27.5 −36.5 8.2 10.9 −11.8 −66.8
Balance sheet
Cash 3.4 3.8 5.3 8.1 8.7 14.6 15.9 19.3 20.5 31.8 36.1 42.1 36.2 53.9 73.4 78.8 86.8 55.8
Total debt 0.1 0.2 0.4 3.7 4.0 9.9 8.6 8.8 24.9 25.0 24.8 33.2 50.9 71.7 67.3 58.2 69.3 181.3
Net debt (negative = net cash) −3.3 −3.6 −4.9 −4.4 −4.7 −4.7 −7.3 −10.5 4.4 −6.8 −11.3 −8.9 14.7 17.9 −6.1 −20.6 −17.5 125.5
Diluted shares 8,840m 9,120m 9,220m 9,060m 9,300m 9,240m 9,540m 9,680m 9,860m 10,000m 10,080m 10,198m 10,296m 10,189m 10,492m 10,721m 10,827m 10,893m
Returned to shareholders
Buybacks 0.0 — 0.3 1.0 0.0 0.0 — — — — — 0.0 0.0 6.0 0.0 0.0 — —
Total returned 0.0 — 0.3 1.0 0.0 0.0 — — — — — 0.0 0.0 6.0 0.0 0.0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $1243.4bn
Short-term assets $255.1bnLonger-term assets $988.3bn
What it owes, and who funded it · $871.6bn
Short-term liabilities $258.0bnShareholders' equity $613.6bn
  • Short-term assets cover short-term liabilities $255.1bn of assets due within a year against $258.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $55.8bn of cash against $180.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 29% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 35% to 29% over five years.
  • A year's operating cash flow covers at least 20% of debt $168.3bn of operating cash flow against $180.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $104.4bn against $4.5bn of interest.

From Amazon's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.8%
year over year
Days sales outstanding
45 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in broadline retail
Last 12 months unless stated AMZN JD BABA PDD CPNG M Median
Revenue, last 12 months $797.5bn $182.2bn $144.2bn $60.1bn $35.5bn $22.8bn $2.8bn
Revenue growth, last 12 months 15.4% 13.1% 4.4% 9.8% 9.9% 0.3% 4.4%
Revenue growth, 3-year average 12.9% 152.8% 156.1% — 17.1% −2.4% 9.1%
Revenue growth, latest quarter 12.1% — — — 3.9% 1.2% 9.1%
Gross margin 51.4% 16.0% 39.8% 56.3% 28.4% 40.7% 44.4%
Operating margin 13.1% 0.2% 4.9% 21.6% −1.8% 5.0% 2.5%
Operating margin, 3-year average 11.3% 0.1% 13.6% −1.8% 0.4% 3.3% 2.8%
Net margin 16.9% 1.5% 10.1% 22.7% −2.2% 3.3% 1.7%
Cash from operations / revenue 21.1% 1.5% 7.4% 24.8% 4.0% 7.7% 4.0%
Free-cash-flow margin −5.9% 0.9% 4.0% 24.8% 0.3% 6.2% 2.1%
Free-cash-flow margin, 3-year average 0.9% 3.7% 20.6% 203.4% 2.7% 4.4% 3.0%
Stock pay / revenue 2.5% 0.4% 1.1% 1.8% 1.5% 0.3% 0.7%
Change in share count 0.8% −3.2% −0.4% 0.2% −0.6% −2.4% −0.4%

Median of all 23 companies we cover in broadline retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 broadline retail companies
Measure Company Peer median Rank
Revenue growth Growth 15.4% 4.4% 3 of 23
Change in growth rate Growth -0.4pp +0.9pp 17 of 23
Gross margin Profitability 51.4% 44.4% 10 of 22
Operating margin Profitability 13.1% 3.6% 4 of 22
Net margin Profitability 16.9% 1.7% 4 of 23
Free-cash-flow margin Cash generation -5.9% 2.1% 19 of 23
Stock pay as % of revenue Cash generation 2.5% 0.8% 18 of 22
Long-term debt as % of assets Balance sheet 13.9% 6.2% 9 of 12
Change in share count Balance sheet 0.8% 0.1% 18 of 22
Days sales outstanding Balance sheet 45 days 13 days 11 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
North America $426B 59.5% ▲ 10.0%
International $162B 22.6% ▲ 13.3%
Amazon Web Services $129B 18.0% ▲ 19.7%
Products and services
Line of business Revenue Share YoY
Services $421B 58.7% ▲ 15.0%
Online Stores $269B 64.0% ▲ 9.0%
Amazon Web Services $129B 30.6% ▲ 19.7%
Physical Stores $22.6B 5.4% ▲ 6.3%
Products $296B 41.3% ▲ 8.8%
Third Party Seller Services $172B 58.1% ▲ 10.3%
Advertising $68.6B 23.2% ▲ 22.1%
Subscription Services $49.6B 16.7% ▲ 11.8%
Other Services $5.9B 2.0% ▲ 9.4%
Geography
Region Revenue Share YoY
United States $490B 68.3% ▲ 11.8%
Outside the US $107B 15.0% ▲ 14.5%
Germany $45.9B 6.4% ▲ 12.3%
United Kingdom $43.2B 6.0% ▲ 14.2%
Japan $30.7B 4.3% ▲ 12.0%

From Amazon's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7T
Institutions reporting
6,118
Shares held vs prior quarter
▲ 3.6%
Positions opened / closed
207 / 100

Top buyers and sellers, Q2 2026: 3,121 institutions bought and 2,507 sold ; the biggest buyer was Assenagon Asset Management S.A (+15.1M shares) and the biggest seller Alliancebernstein L.P (−14.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $178B 748.4M 10.3% ▲ 1.7%
Vanguard Capital Management LLC $152B 635.8M 8.8% ▲ 0.7%
State Street Corp $94.7B 397.2M 5.5% ▲ 1.7%
FMR LLC $87.2B 365.7M 5.1% ▲ 1.9%
Geode Capital Management, LLC $55.4B 233.2M 3.2% 0.0%
Morgan Stanley $42.8B 179.4M 2.5% ▲ 3.1%
Jpmorgan Chase & Co $40.3B 168.0M 2.3% ▼ 0.6%
Invesco Ltd. $34.3B 143.8M 2.0% ▲ 3.7%
Norges Bank $33.5B 140.6M 1.9% —
Vanguard Portfolio Management LLC $29B 121.6M 1.7% ▼ 4.2%
Capital Research Global Investors $28.7B 120.6M 1.7% ▲ 1.8%
Price T Rowe Associates Inc $26B 108.9M 1.5% ▼ 11.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Amazon's complete shareholder register. Values are as reported by the filers ; 28 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $449M 127 trades by 10 insiders · 100% under pre-set plans
Net ▼ $449M net selling
Insider Date Trade Shares Price Value
Herrington Douglas J CEO Worldwide Amazon Stores October 1, 2026 Sell pre-set plan 1,000 $251.50 $251,500
Herrington Douglas J CEO Worldwide Amazon Stores September 1, 2026 Sell pre-set plan 1,000 $254.77 $254,770
Zapolsky David Senior Vice President August 24, 2026 Sell pre-set plan 9,258 $259.77 $2.4M
Reynolds Shelley Vice President August 21, 2026 Sell pre-set plan 888 $260.33 $231,169
Reynolds Shelley Vice President August 21, 2026 Sell pre-set plan 780 $258.58 $201,693
Reynolds Shelley Vice President August 21, 2026 Sell pre-set plan 675 $257.77 $173,992
Olsavsky Brian T Senior Vice President and CFO August 21, 2026 Sell pre-set plan 6,172 $260.31 $1.6M
Zapolsky David Senior Vice President August 21, 2026 Sell pre-set plan 1,119 $260.45 $291,442
Zapolsky David Senior Vice President August 21, 2026 Sell pre-set plan 2,133 $259.63 $553,798
Zapolsky David Senior Vice President August 21, 2026 Sell pre-set plan 1,782 $258.64 $460,889
Zapolsky David Senior Vice President August 21, 2026 Sell pre-set plan 1,138 $257.70 $293,265
Herrington Douglas J CEO Worldwide Amazon Stores August 21, 2026 Sell pre-set plan 2,412 $260.33 $627,904

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 389 trades and filings

In the last 12 months, 10 members of Congress disclosed 14 purchases and 14 sales of Amazon shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 27, 2026, filed October 27, 2026
  • Pete Sessions(R-TX 17):Sale (full), $100,001 - $250,000, traded October 2, 2026, filed October 27, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded July 8, 2026, filed August 18, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 29, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Amazon was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Amazon in brief

What does Amazon do?
Amazon is a US-listed company in the broadline retail industry. Its financial year ends in December.
What is Amazon's stock ticker?
Amazon trades under the ticker AMZN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Amazon's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Amazon reported revenue of $797B, 15.4% higher than a year earlier, according to its SEC filings.
What is Amazon's free cash flow?
Amazon's free-cash-flow margin is -5.9% of revenue over the trailing twelve months, ranking 19 of the 23 broadline retail companies we cover.
Who are Amazon's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Amazon's market cap?
On November 2, 2026, Amazon's market capitalisation was about $2.7T, with a price-to-earnings ratio of 19.9 and net debt of $125B. Market figures come from third-party market data and may be delayed.
How much debt does Amazon have?
Amazon's debt-to-equity ratio is 29.3%, from its latest balance sheet (35.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Amazon's competitors?
In our Broadline Retail peer group, the companies closest to Amazon are Jd.com, Inc., Alibaba Group Holding Ltd, PDD Holdings Inc., Coupang, Inc. and Macy's, Inc. The side-by-side comparison below sets their revenue, margins and growth against Amazon's.
Are insiders buying or selling Amazon stock?
Over the last 12 months, Amazon's directors and officers reported 0 open-market purchases and 127 sales on Form 4. The insider trading page charts every trade.
When is Amazon's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Amazon announces its own schedule.