Amazon.com Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business plainly works, the balance sheet is strong and there is no accounting or governance breach — yet a green rating would require a degree of reliability the numbers do not quite deliver. Two findings remain open: free cash flow has melted from $38.2 billion to $1.2 billion across six quarters, and 42 percent of first-quarter 2026 pre-tax income comes from a Level 3 valuation of privately held shares — from assumptions rather than payments. Whether the $147 billion invested over the last twelve months earns its cost of capital is not yet proven, and the depreciation on it has already started. That is an operating question rather than a threat to the substance of the company: with $143 billion of liquidity and $148 billion of operating cash flow, Amazon can sustain this bet for a long time. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Amazon has never been operationally stronger: $742.8 billion of revenue and $85.4 billion of operating income over twelve months, AWS growing at its fastest rate in 15 quarters, and a balance sheet carrying $441.9 billion of equity. Two figures from the same filings belong beside that: after investment, $1.2 billion was left rather than $25.9 billion, and $16.8 billion of the $39.8 billion of first-quarter pre-tax income is a mark-up of a privately held stake. Amazon now funds the build-out with bonds — $122.6 billion of face value as of March 31, 2026, against $68.8 billion three months earlier. Not investment advice.
Market position and growth
Revenue of $742.8 billion over the twelve months ended March 31, 2026, up 17 percent in the first quarter of 2026. AWS grew 28 percent to $37.6 billion in the quarter and advertising 24 percent to $17.2 billion. Paid units across the stores businesses rose 15 percent (earnings release of April 29, 2026).
Earning power and where it comes from
The operating margin was 13.1 percent in the first quarter of 2026 — good for a retailer, modest for a technology group. It comes almost entirely from one segment: AWS delivers 56 percent of operating income on 18 percent of revenue, while the international business runs at a 3.1 percent margin (twelve months to March 31, 2026, 10-Q Note 8).
Cash flow after investment
Free cash flow fell from $38.2 billion to $1.2 billion across six quarters (trailing twelve-month figures, as of March 31, 2026), a decline of 95 percent. The cause is $147.3 billion of net capital spending over twelve months; AWS alone booked $41.5 billion of additions to property and equipment in the first quarter of 2026 against $14.2 billion of segment income.
Quality of earnings
$16.8 billion of the $39.8 billion of pre-tax income in the first quarter of 2026 consists of non-cash valuation gains on the Anthropic stake, measured as a Level 3 fair value (unobservable inputs, the company's own assumptions). Adjusted, the increase is roughly 25 percent rather than 84 percent (10-Q as of March 31, 2026, Notes 1 and 2).
Balance sheet and financing
Stockholders' equity of $441.9 billion and $143.1 billion of cash and marketable securities as of March 31, 2026. Quarterly interest expense of $800 million against $23.9 billion of operating income is a rounding difference; Note 5 states there are no financial covenants under the notes, and the $20.0 billion of revolving credit facilities was entirely undrawn.
Open commitments
Alongside $569.3 billion of total contractual commitments as of March 31, 2026 sit an open $35.0 billion OpenAI commitment (deadline December 31, 2028) and, entered into after the balance sheet date, an Anthropic facility of up to $20.0 billion plus a $5.0 billion option. Both counterparties are also AWS customers.
Worth Noting
Origin: ranking of the 100 largest U.S. stocks by market value (as of July 28, 2026); Amazon ranked sixth and had no analysis yet.
Data cut-offs: annual figures from the Form 10-K for 2025 (filed February 6, 2026), quarterly and twelve-month figures from the Form 10-Q as of March 31, 2026 (filed April 30, 2026) and the earnings release of April 29, 2026, valuation metrics as of July 29, 2026. The report for the second quarter of 2026 had not been filed as of July 29, 2026.
Basis of calculation: "free cash flow" is Amazon's own definition throughout — operating cash flow less "purchases of property and equipment, net of proceeds from sales and incentives." Amazon also publishes variants that include finance leases; those are not mixed in here.
Easily confused: Amazon's fourth quarter is seasonally the strongest. Time series in this analysis therefore use trailing twelve-month figures rather than annualized quarters.
Analyses are evergreen; a daily price is not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AMZN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 198.80 $ to 284.00 $ · Last price: 251.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Internet Retail
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Amazon.com Inc AMZN | 2,687.0 | 35.6 | 11.3 | 50.8 | 13.1 | 12.4 | 8.5 |
| Alibaba Group Holding Ltd BABA | 260.0 | 17.2 | 14.8 | 38.2 | 1.0 | 2.7 | -33.3 |
| PDD Holdings Inc. PDD | 110.6 | 8.1 | 2.6 | 56.3 | 18.4 | 9.7 | -39.0 |
| MercadoLibre Inc. MELI | 92.5 | 46.8 | 28.6 | 47.8 | 6.7 | 39.1 | -23.0 |
| DoorDash, Inc. DASH | 85.1 | 91.3 | 48.5 | 52.2 | 5.3 | 27.9 | -25.0 |
| Sea Ltd SE | 50.4 | 34.8 | 24.9 | 44.3 | 8.4 | 36.4 | -45.3 |
| eBay Inc EBAY | 48.3 | 26.5 | 16.3 | 72.1 | 23.2 | 8.0 | 24.4 |
| Coupang LLC CPNG | 25.7 | – | 833.9 | 28.3 | -2.9 | 14.1 | -56.9 |
| Wayfair Inc W | 13.6 | – | 153.1 | 30.3 | 0.4 | 5.1 | 18.7 |
| Median of companies shown | 85.1 | 34.8 | 24.9 | 47.8 | 6.7 | 12.4 | -25.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 135,987 | 4,186 | 2,371 | 0.24 | 17,203 | 19,285 | 83,402 |
| 2017 | 177,866 | 4,106 | 3,033 | 0.31 | 18,365 | 27,709 | 131,310 |
| 2018 | 232,887 | 12,421 | 10,073 | 1.01 | 30,723 | 43,549 | 162,648 |
| 2019 | 280,522 | 14,541 | 11,588 | 1.15 | 38,514 | 62,060 | 225,248 |
| 2020 | 386,064 | 22,899 | 21,331 | 2.09 | 66,064 | 93,404 | 321,195 |
| 2021 | 469,822 | 24,879 | 33,364 | 3.24 | 46,327 | 138,245 | 420,549 |
| 2022 | 513,983 | 12,248 | -2,722 | -0.27 | 46,752 | 146,043 | 462,675 |
| 2023 | 574,785 | 36,852 | 30,425 | 2.90 | 84,946 | 201,875 | 527,854 |
| 2024 | 637,959 | 68,593 | 59,248 | 5.53 | 115,877 | 285,970 | 624,894 |
| 2025 | 716,924 | 79,975 | 77,670 | 7.17 | 139,514 | 411,065 | 818,042 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.86 | 85.50 | 187,792 | 10.50 | 10.70 | 45,636 | 17,802 |
| 2025: Q1 | 1.59 | 62.30 | 155,667 | 8.60 | 11.00 | 17,015 | -8,004 |
| 2025: Q2 | 1.68 | 33.50 | 167,702 | 13.30 | 10.80 | 32,515 | 332 |
| 2025: Q3 | 1.95 | 36.80 | 180,169 | 13.40 | 11.80 | 35,525 | 430 |
| 2025: Q4 | 1.95 | 5.00 | 213,386 | 13.60 | 9.90 | 54,459 | 14,937 |
| 2026: Q1 | 2.78 | 75.30 | 181,519 | 16.60 | 16.70 | 26,032 | -18,171 |
| 2026: Q2 | 5.75 | 242.30 | 200,606 | 19.60 | 31.20 | 45,387 | 45,387 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 12.89 | 12.15 – 13.51 | 828,283 | 79.7% | 50 |
| 12/31/2027 | 10.49 | 8.70 – 15.04 | 946,701 | -19.2% | 54 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
AWS verkauft künstliche Intelligenz und maschinelles Lernen als eigenes Dienstleistungsangebot; das Segment lieferte in den zwölf Monaten bis 31.03.2026 137,0 Mrd. US-Dollar Umsatz und 56 Prozent des Konzern-Betriebsgewinns.
View the full file — quotes, sources, reviewed filings
„We serve developers and enterprises of all sizes, including start-ups, government agencies, and academic institutions, through AWS, which offers a broad set of on-demand technology services, including compute, storage, database, analytics, artificial intelligence and machine learning, and other services."
Wir bedienen Entwickler und Unternehmen jeder Größe, darunter Start-ups, Behörden und akademische Einrichtungen, über AWS, das ein breites Angebot abrufbarer Technologiedienste bereitstellt — Rechenleistung, Speicher, Datenbanken, Analytik, künstliche Intelligenz und maschinelles Lernen sowie weitere Dienste.
10-K · 2026-02-06 · View SEC filing
„For example, we rely on a limited group of suppliers for semiconductor products, including products related to artificial intelligence infrastructure such as graphics processing units. Constraints on the availability of these products could adversely affect our ability to develop and operate artificial intelligence technologies, products, or services."
So sind wir bei Halbleiterprodukten auf eine begrenzte Zahl von Lieferanten angewiesen, darunter Produkte für die Infrastruktur künstlicher Intelligenz wie Grafikprozessoren. Engpässe bei der Verfügbarkeit dieser Produkte könnten unsere Fähigkeit beeinträchtigen, Technologien, Produkte oder Dienste der künstlichen Intelligenz zu entwickeln und zu betreiben.
10-Q · 2026-04-30 · View SEC filing
„We expect spending in technology and infrastructure to increase over time as we continue to add infrastructure and employees, including to support our artificial intelligence and machine learning initiatives."
Wir erwarten, dass die Ausgaben für Technologie und Infrastruktur im Zeitverlauf steigen, weil wir weiter Infrastruktur und Personal aufbauen, auch zur Unterstützung unserer Initiativen in künstlicher Intelligenz und maschinellem Lernen.
10-Q · 2026-04-30 · View SEC filing
Filings Reviewed: 10-Q 2026-04-30 · 10-K 2026-02-06 · 10-Q 2025-10-31 · 10-Q 2025-08-01 · 10-Q 2025-05-02 · 10-K 2025-02-07
Rated on July 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 11.7%
- More than 10% revenue growth is expected for the coming year 13.0%
- Share count grows by less than 3% a year 2.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 13.5%
- Gross margin at 40% or higher and without meaningful erosion 50.3%
- Goodwill from acquisitions does not grow faster than revenue 2.8%
- Net debt below twice EBITDA 0.2 x EBITDA
- Operating cash flow covers the profits of the last three years 172,994 m
- Return on capital at 15% or higher, or up versus two years ago 13.3%
- Insiders hold at least 10% or are net buyers 8.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 20.3%
- Exp. sales growth 3Y > 5% 14.9%
- EBIT growth 10Y > 5% 38.8%
- Exp. EBIT growth 3Y > 5% 20.9%
- Net debt < 4x EBIT 0.4x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 50.8%
- Return on equity > 15% 20.5%
- ROCE > 15% 13.3%
- Expected return > 10% 21.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Herrington Douglas J | CEO Worldwide Amazon Stores | Sell | 1,000 | 254.77 | 254,770 |
| Aug 26, 2026 | Bezos Jeffrey P | Executive Chair | Other | 230,637 | 0.00 | – |
| Aug 25, 2026 | Bezos Jeffrey P | Executive Chair | Other | 184,943 | 0.00 | – |
| Aug 24, 2026 | Zapolsky David | Senior Vice President | Sell | 9,258 | 259.77 | 2,404,951 |
| Aug 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Sell | 1,951 | 260.34 | 507,923 |
| Aug 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Sell | 5,240 | 259.57 | 1,360,148 |
| Aug 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Sell | 5,191 | 258.66 | 1,342,701 |
| Aug 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Sell | 2,159 | 257.60 | 556,148 |
| Aug 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Other | 7,836 | 0.00 | – |
| Aug 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Other | 4,000 | 0.00 | – |
The company
About the Company
Amazon.com, Inc.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 1,595,000
- Headquarters
- Seattle, WA
- Address
- 410 Terry Avenue North, 98109-5210 Seattle, United States
- Phone
- 206 266 1000
- Website
- amazon.com
- IPO Date
- 05/15/1997
- ISIN
- US0231351067
- Stock Split
- 20:1 on 06/06/2022
- Stock Split
- 2:1 on 09/02/1999
- Stock Split
- 959692:319897 on 01/05/1999
Management
| Name | Title | Birth Year |
|---|---|---|
| Jeffrey P. Bezos | Founder & Executive Chairman | 1964 |
| Andrew R. Jassy | President, CEO & Director | 1968 |
| Brian T. Olsavsky | Senior VP & CFO | 1964 |
| David A. Zapolsky J.D. | Senior VP and Chief Global Affairs & Legal Officer | 1964 |
| Douglas J. Herrington | Chief Executive Officer of Worldwide Amazon Stores | 1967 |
| Matthew S. Garman | Chief Executive Officer of Amazon Web Series | 1977 |
| Shelley L. Reynolds | VP, Worldwide Controller & Principal Accounting Officer | 1965 |
| Werner Vogels | Chief Technology Officer | – |
| Dave Fildes | Vice President of Investor Relations | – |
| Drew Herdener | Senior Vice President of Communications & Corporate Responsibility | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/14/2026 AMAZON COM INC (AMZN): Other Events; Financial Statements and Exhibits SEC ↗
- 09/09/2026 AMAZON COM INC (AMZN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 07/30/2026 AMAZON COM INC (AMZN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/09/2026 AMAZON COM INC (AMZN): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.