Amazon.com Inc.
Revenue
$201B
Net Income
$63B
Amazon.com Inc.
Revenue
$201B
Net Income
$63B
Amazon.com Inc.
CIK: 0001018724
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q2 2026bullish (80)not_provided
Reality-Based Sentiment Analysisbullish80/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Amazon.com Inc. has been consistently bullish with stable guidance. Revenue has grown 40.2% during this period. The latest quarter shows bullish sentiment with neutral tone from management.
Latest Quarter Highlights:
Amazon delivered strong Q2 2026 results with quarterly revenue of $200.6 billion (up 19.6% YoY) and net income of $62.6 billion, dramatically higher than prior year's $18.2 billion, driven primarily by substantial gains from private equity investments in Anthropic and OpenAI totaling $62.8 billion in unrealized gains for the six-month period. AWS segment showed exceptional momentum with 36.8% YoY growth to $42.2 billion in Q2 revenue, supported by major multi-year AI infrastructure commitments totaling $200+ billion with OpenAI and Anthropic. Capital expenditures surged 68.4% to $54.2 billion in Q2 (on pace for $173 billion annualized), reflecting aggressive infrastructure investments to support cloud and AI services growth.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 7/31/2026
Summary
Amazon delivered strong Q2 2026 results with quarterly revenue of $200.6 billion (up 19.6% YoY) and net income of $62.6 billion, dramatically higher than prior year's $18.2 billion, driven primarily by substantial gains from private equity investments in Anthropic and OpenAI totaling $62.8 billion in unrealized gains for the six-month period. AWS segment showed exceptional momentum with 36.8% YoY growth to $42.2 billion in Q2 revenue, supported by major multi-year AI infrastructure commitments totaling $200+ billion with OpenAI and Anthropic. Capital expenditures surged 68.4% to $54.2 billion in Q2 (on pace for $173 billion annualized), reflecting aggressive infrastructure investments to support cloud and AI services growth.
Revenue
$200.61B
Net Income
$62.65B
Guidance
Tone
Capex
$54.21B(+68.4% YoY)
Partnerships
Key Quotes
"In Q1 2026, AWS and OpenAI announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years"
"In Q2 2026, AWS and Anthropic announced an expansion of the strategic collaboration and existing multi-year commitment by more than $100.0 billion over 10.0 years"
"The upward adjustments relating to equity investments in private companies of $50.5 billion in Q2 2026 and $62.8 billion for the six months ended June 30, 2026 reflect observable changes in prices, primarily from our nonvoting preferred stock in Anthropic"
Q1 2026
10-Q • Filed 4/30/2026
Summary
Amazon delivered strong Q1 2026 results with revenue of $181.5 billion (up 16.5% YoY) and net income of $30.3 billion (up 76.6% YoY), driven by robust AWS growth and healthy retail performance across segments. The company is aggressively investing in AI infrastructure with major commitments to OpenAI ($50B+ total) and Anthropic ($20B+ facility), while significantly increasing capex to $44.2 billion (up 77% YoY) primarily for data center and AI compute capacity. Operating cash flow remained strong at $26.0 billion despite elevated capex, indicating solid underlying business fundamentals.
Revenue
$181.52B
Net Income
$30.25B
Guidance
Tone
Capex
$44.20B(+76.7% YoY)
Partnerships
Key Quotes
"In Q1 2026, AWS and OpenAI Group PBC announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years, which includes contractual obligations related to the performance of AWS chips."
"The upward adjustments relating to equity investments in private companies of $12.3 billion in Q1 2026 reflect observable changes in prices, primarily from our nonvoting preferred stock in Anthropic."
"We entered into a financing arrangement to make available to Anthropic an aggregate facility not to exceed $20.0 billion that will expire 30 months after a liquidity event, with amounts becoming available as we reach certain delivery milestones of compute capacity."
Q4 2025
10-K • Filed 2/6/2026
Summary
Amazon delivered strong full-year 2025 revenue growth of 12% to $716.9B with net income of $77.7B, demonstrating solid operational execution across all segments. However, significant headwinds include a $2.5B FTC settlement, $2.7B in severance costs from planned role eliminations, substantial AI infrastructure capex investment ($128.3B, +65% YoY), and cautious Q1 2026 guidance reflecting macroeconomic uncertainty and planned aggressive pricing/investment in international markets. Management's defensive tone around regulatory challenges, AI costs, and macro volatility suggests near-term profitability pressures despite revenue momentum.
Revenue
$213.39B
Net Income
$21.19B
Guidance
Tone
Capex
$128.32B(+65.2% YoY)
Partnerships
Key Quotes
"We expect spending in technology and infrastructure will increase over time, which can negatively impact short-term free cash flow, as we add infrastructure and employees, including to support our artificial intelligence and machine learning initiatives, to support long-term growth."
"Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates and energy prices, changes in global economic and geopolitical conditions, tariff and trade policies, resource and supply volatility, including for memory chips, and customer demand and spending."
"This guidance includes approximately $1 billion of higher year-over-year Amazon Leo costs as we scale in 2026, as well as investment in quick commerce and even sharper prices in our international stores business."
Q3 2025
10-Q • Filed 10/31/2025
Summary
Amazon Q3 2025 showed solid revenue growth of 13.4% YoY to $180.2 billion, with net income increasing 38.2% to $21.2 billion, driven by strong AWS performance and operating efficiency. However, the company faces significant headwinds including a $2.5 billion FTC settlement, $2.0 billion in severance costs, and an accelerated depreciation impact of $298 million from shortened server useful lives to support AI/ML development. Capital intensity is notably increasing with capex up 55% YoY to $35.1 billion, reflecting massive infrastructure investments for AI workloads.
Revenue
$180.17B
Net Income
$21.19B
Guidance
Tone
Capex
$35.09B(+55.1% YoY)
Partnerships
Key Quotes
"Effective January 1, 2025 we changed our estimate of the useful lives of a subset of our servers and networking equipment from six years to five years. The shorter useful lives are due to the increased pace of technology development, particularly in the area of artificial intelligence and machine learning."
"For contracts with original terms that exceed one year, those commitments not yet recognized were approximately $200 billion as of September 30, 2025. The weighted-average remaining life of our long-term contracts is 3.8 years."
"In Q3 2025, we recorded $2.5 billion of expense related to the settlement of a lawsuit with the Federal Trade Commission (FTC)."
Q2 2025
10-Q • Filed 8/1/2025
Summary
Amazon delivered strong Q2 2025 results with 13.4% revenue growth to $167.7B and 34.7% net income growth to $18.2B, driven by robust AWS growth (17.5% YoY) and North America retail expansion. The company is aggressively investing in AI and infrastructure with capex jumping 78% YoY to $31.4B, with $1.3B invested in Anthropic and plans for additional $1.4B by Q4. Operating cash flow of $32.5B and improving profitability demonstrate strong execution despite significant capital deployment.
Revenue
$167.70B
Net Income
$18.16B
Guidance
Tone
Capex
$31.40B(+78% YoY)
Partnerships
Key Quotes
"AWS segment operating income grew to $10.2B with strong service adoption"
"We invested $1.3 billion in convertible notes from Anthropic in Q2 2025, with plans for additional $1.4 billion by Q4 2025"
"Cash capital expenditures were $31.4 billion in H1 2025, which primarily reflect investments in technology infrastructure to support AWS business growth and fulfillment network capacity"
Q1 2025
10-Q • Filed 5/2/2025
Summary
Amazon delivered strong Q1 2025 results with revenue up 9% YoY to $155.7B and net income surging 64% to $17.1B, driven by robust AWS growth (+17%) and improved profitability across all segments. The company is significantly accelerating capex investments to $24.3B (up 63% YoY), primarily for AI-focused technology infrastructure, while maintaining solid operating cash flow of $17B despite heavy investment spending. Management demonstrates confidence in growth prospects with AWS benefiting from strong AI-driven customer demand, though they acknowledge macroeconomic uncertainties and expect increased capex throughout 2025.
Revenue
$155.67B
Net Income
$17.13B
Guidance
Tone
Capex
$24.30B(+63% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to increase in 2025, primarily driven by investments in technology infrastructure."
"Effective January 1, 2025 we changed our estimate of the useful lives of a subset of our servers and networking equipment from six years to five years. The shorter useful lives are due to the increased pace of technology development, particularly in the area of artificial intelligence and machine learning."
"AWS sales increased 17% in Q1 2025 compared to the comparable prior year period. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts."
Q4 2024
10-K • Filed 2/7/2025
Summary
Amazon delivered strong full-year 2024 results with revenue of $638B (+11% YoY) and net income of $59.2B, driven by robust AWS growth (+19%) and improved profitability across segments, though management issued cautious Q1 2025 guidance citing $2.1B FX headwinds. The company is significantly accelerating capex to $77.7B (+48% YoY), primarily for AI infrastructure, while facing multiple regulatory investigations and managing early retirement of servers/networking equipment due to rapid AI technology development.
Revenue
$187.79B
Net Income
$20.00B
Guidance
Tone
Capex
$77.66B(+48.2% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to increase in 2025, primarily driven by investments in technology infrastructure."
"We recorded approximately $920 million of accelerated depreciation and related charges for the quarter ended December 31, 2024 related to these decisions...due to an increased pace of technology development, particularly in the area of artificial intelligence and machine learning."
"In Q4 2024, we entered into an agreement and invested $1.3 billion in a third convertible note [with Anthropic], and will invest an additional $2.7 billion by Q4 2025."
Q3 2024
10-Q • Filed 11/1/2024
Summary
Amazon delivered strong Q3 2024 results with revenue of $158.9B (+10.9% YoY) and net income of $15.3B (+54.8% YoY), driven by robust AWS growth (19% YoY to $27.5B) and improved profitability across all segments. Operating cash flow surged 22.5% to $26.0B for the quarter, though significant capital expenditures ($22.6B in Q3, up 81.2% YoY) reflect aggressive investments in AI/ML infrastructure and data center capacity. Management signaled continued meaningful capex increases in 2024 to support technology infrastructure, particularly AWS, with a cautious tone on macro conditions but demonstrated pricing power across advertising and subscription services.
Revenue
$158.88B
Net Income
$15.33B
Guidance
Tone
Capex
$22.62B(+81.2% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to meaningfully increase in 2024, primarily driven by investments in technology infrastructure."
"The longer useful lives are due to continuous improvements in our hardware, software, and data center designs [6-year server depreciation change reducing capex burden by $2.4B YTD]."
"For contracts with original terms that exceed one year, those commitments not yet recognized were approximately $164 billion as of September 30, 2024, with weighted-average remaining life of 3.9 years."
Q2 2024
10-Q • Filed 8/2/2024
Summary
Amazon delivered strong Q2 2024 results with revenue of $148B (+10% YoY) and net income of $13.5B (+100% YoY), driven by AWS acceleration (18.8% YoY growth), advertising strength, and North America margin expansion. Operating cash flow surged 53% to $25.3B, though significant capex increases ($17.6B, +53.8% YoY) reflect aggressive AI infrastructure investments targeting 2024 meaningful capex increases. The company maintains robust liquidity of $89.1B and is investing heavily in AI capabilities including Anthropic partnerships, signaling confidence in future growth despite mounting antitrust litigation.
Revenue
$147.98B
Net Income
$13.48B
Guidance
Tone
Capex
$17.62B(+53.8% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to meaningfully increase in 2024, primarily driven by investments in technology infrastructure."
"The effect of this change in estimate for Q2 2024...was a reduction in depreciation and amortization expense of $786 million and a benefit to net income of $601 million, or $0.06 per basic share."
"For contracts with original terms that exceed one year, those commitments not yet recognized were $156.6 billion as of June 30, 2024."
Q1 2024
10-Q • Filed 5/1/2024
Summary
Amazon delivered strong Q1 2024 results with revenue growth of 13% to $143.3 billion and net income surging 229% to $10.4 billion, driven by robust AWS growth (17% YoY), North America segment recovery, and International profitability turnaround. Operating cash flow more than quadrupled to $19.0 billion while the company increased capex investments to $13.9 billion, signaling confidence in infrastructure expansion needs. Key headwinds include tax controversies in multiple jurisdictions, ongoing Rivian investment losses ($2B valuation decline), and expected continued capex increases in 2024, though management maintained a cautious outlook on macro conditions.
Revenue
$143.31B
Net Income
$10.43B
Guidance
Tone
Capex
$13.94B(-2% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to meaningfully increase in 2024, primarily driven by investments in technology infrastructure."
"Macroeconomic factors, including inflation, increased interest rates, significant capital market and supply chain volatility, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations that are difficult to isolate and quantify."
"The increase in AWS operating income in Q1 2024 is primarily due to increased sales, decreased payroll and related expenses, and a reduction in depreciation and amortization expense from our change in the estimated useful lives of our servers."
Q3 2023
10-Q • Filed 10/27/2023
Summary
Amazon delivered Q3 2023 revenue of $143.1 billion (up 12.6% YoY) and net income of $9.9 billion (up 244% YoY), driven by strong AWS growth and improved profitability across segments. The company reduced capex spending by 24% YoY to $12.5 billion and generated robust operating cash flow of $21.2 billion, though management took $500 million in severance charges related to workforce reductions. However, significant regulatory headwinds persist, including a major FTC antitrust lawsuit alleging monopolistic practices, and the company faces rising tax obligations as accelerated depreciation deductions phase out.
Revenue
$143.08B
Net Income
$9.88B
Guidance
Tone
Capex
$12.48B(-23.8% YoY)
Partnerships
Key Quotes
"For the nine months ended September 30, 2023, we recorded approximately $500 million of estimated severance costs primarily related to planned role eliminations."
"We expect cash capital expenditures to decrease in 2023, primarily due to lower spending on our fulfillment network."
"We expect the cash taxes we pay in 2023 to increase significantly."
Sector Comparison
How AMZN performs vs Technology sector and E-commerce peers
Sector Ranking (Technology)
Category Ranking (E-commerce)
Key Metrics vs Averages
AMZN
$200,606M
E-commerce Avg
$200,606M
Technology Avg
$40,813.995M
AMZN
68.4%
E-commerce Avg
68.4%
Technology Avg
56.5%
Guidance: not_provided • Tone: neutral