Amazon.com Inc.
Revenue
$201B
Net Income
$63B
Amazon.com Inc.
Revenue
$201B
Net Income
$63B
Amazon.com Inc.
CIK: 0001018724
Earnings Analysis
Analyzed 9 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 revenue of $200.6 billion (+19.6% YoY) and net income of $62.6 billion, driven by exceptional performance in AWS and Anthropic/OpenAI investment valuations. The company made massive strategic AI investments ($100+ billion commitments to both OpenAI and Anthropic) while maintaining robust operating cash flow of $45.4 billion and aggressively expanding capex to $54.2 billion. Despite significant regulatory headwinds including antitrust litigation and tax controversies, management executed well on core business fundamentals with AWS particularly strong at $42.2 billion revenue.
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 revenue of $200.6 billion (+19.6% YoY) and net income of $62.6 billion, driven by exceptional performance in AWS and Anthropic/OpenAI investment valuations. The company made massive strategic AI investments ($100+ billion commitments to both OpenAI and Anthropic) while maintaining robust operating cash flow of $45.4 billion and aggressively expanding capex to $54.2 billion. Despite significant regulatory headwinds including antitrust litigation and tax controversies, management executed well on core business fundamentals with AWS particularly strong at $42.2 billion revenue.
Revenue
$200.61B
Net Income
$62.65B
Guidance
Tone
Capex
$54.21B(+68.2% 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."
"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, which includes contractual obligations related to the performance of AWS chips."
"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 growth of 16.6% YoY to $181.5B and net income more than doubling to $30.3B, driven by robust AWS performance (+28.4% YoY) and solid North America/International retail growth. The company is aggressively investing in AI infrastructure with massive capex increases (76.7% YoY to $44.2B) and major strategic commitments to OpenAI ($50B+ total) and Anthropic ($20B+ facility), positioning itself as a leading AI infrastructure provider. Strong cash generation ($26B operating cash flow) and strategic acquisitions like Globalstar demonstrate confidence in long-term growth prospects despite elevated capex demands.
Revenue
$181.52B
Net Income
$30.25B
Guidance
Tone
Capex
$44.20B(+76.7% 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, which includes contractual obligations related to the performance of AWS chips."
"Total segment assets reconciled to consolidated amounts show AWS assets grew from $252.6B to $294.1B in one quarter, reflecting significant infrastructure build-out"
"For contracts with original terms that exceed one year, those commitments not yet recognized were approximately $364 billion as of March 31, 2026 with a weighted-average remaining life of 5.5 years"
Q3 2025
10-Q • Filed 10/31/2025
Summary
Amazon delivered strong Q3 2025 results with revenue up 13% to $180.2B and net income up 38% to $21.2B, driven by robust AWS growth and operational efficiencies. The company is significantly accelerating capex investments ($35.1B in Q3, up 55% YoY) primarily for AI infrastructure and data centers, reflecting confidence in future demand. Despite material regulatory headwinds including a $2.5B FTC settlement and ongoing antitrust litigation, management demonstrates bullish positioning through aggressive infrastructure deployment and strong cash generation ($35.5B operating cash flow in Q3).
Revenue
$180.17B
Net Income
$21.19B
Guidance
Tone
Capex
$35.09B(+55.17% YoY)
Partnerships
Key Quotes
"The effect of this change in estimate for Q3 2025...was an increase in depreciation and amortization expense of $392 million...which primarily impacted our AWS segment 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...representing strong customer commitment to AWS services"
"We recorded upward adjustments relating to equity investments in private companies of $7.2 billion in Q3 2025...primarily from our nonvoting preferred stock in Anthropic reflecting observable changes in prices"
Q1 2025
10-Q • Filed 5/2/2025
Summary
Amazon reported Q1 2025 revenue of $155.7 billion (9% YoY growth) with net income of $17.1 billion, demonstrating solid operational performance driven by AWS growth (17% YoY) and moderate North America/International growth (8% and 5% respectively). However, free cash flow turned negative at -$8.0 billion due to substantial capex acceleration ($25.0 billion, up 68% YoY), primarily for AI-driven technology infrastructure investments, and the company faces significant regulatory headwinds including a €746 million GDPR fine upheld in court and ongoing tax controversies in multiple jurisdictions.
Revenue
$155.67B
Net Income
$17.13B
Guidance
Tone
Capex
$25.02B(+67.8% 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 11% revenue growth to $638B and net income of $59.2B, significantly improved from 2023's $30.4B, driven by AWS strength (19% growth) and improved operational efficiency. However, management tone is cautious, with substantial investment in AI infrastructure ($77.7B capex, up 61% YoY), regulatory headwinds across multiple jurisdictions, and guidance for Q1 2025 reflecting modest 5-9% growth with significant FX headwinds. The company is reducing headcount while making selective investments in emerging technologies.
Revenue
$187.79B
Net Income
$20.00B
Guidance
Tone
Capex
$77.66B(+61.2% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to increase in 2025, primarily driven by investments in technology infrastructure."
"These changes above are due to an increased pace of technology development, particularly in the area of artificial intelligence and machine learning."
"We face a number of open investigations based on claims that aspects of our operations infringe competition or consumer protection rules, including aspects of Amazon's operation of its stores, including its fulfillment network and Prime, and certain aspects of AWS's offering of cloud services."
Q3 2024
10-Q • Filed 11/1/2024
Summary
Amazon delivered strong Q3 2024 results with revenue of $158.9B (+11% YoY) and net income of $15.3B (+55% YoY), driven by AWS growth of 19% and improving operating margins across segments. Operating cash flow expanded to $26.0B for the quarter, though capex surged 81% to $22.6B, reflecting significant investments in technology infrastructure and data centers to support AI and cloud growth. The company maintains substantial liquidity of $88.1B and demonstrated operational resilience despite ongoing regulatory and litigation headwinds.
Revenue
$158.88B
Net Income
$15.33B
Guidance
Tone
Capex
$22.62B(+81.3% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to meaningfully increase in 2024, primarily driven by investments in technology infrastructure."
"For contracts with original terms that exceed one year, those commitments not yet recognized were approximately $164 billion as of September 30, 2024."
"The effect of this change in estimate for the nine months ended September 30, 2024, based on servers that were included in 'Property and equipment, net' as of December 31, 2023 and those acquired during the nine months ended September 30, 2024, was a reduction in depreciation and amortization expense of $2.4 billion."
Q2 2024
10-Q • Filed 8/2/2024
Summary
Amazon delivered strong Q2 2024 results with quarterly revenue of $148.0 billion (+10% YoY) and net income of $13.5 billion (doubling from $6.8 billion YoY), driven by robust AWS growth (+19% to $26.3B), solid North America performance (+9% to $90.0B), and margin expansion. Operating cash flow surged to $25.3 billion (+53% YoY) and management significantly increased capex guidance, signaling aggressive infrastructure investments for AI/ML workloads. However, the company faces substantial regulatory headwinds including multiple antitrust suits and international tax disputes.
Revenue
$147.98B
Net Income
$13.48B
Guidance
Tone
Capex
$17.62B(+53.85% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to meaningfully increase in 2024, primarily driven by investments in technology infrastructure."
"We have organized our operations into three segments: North America, International, and AWS. These segments reflect the way the Company evaluates its business performance and manages its operations."
"We determined that we have the ability to exercise significant influence over Rivian through our equity investment, our commercial arrangement for the purchase of electric vehicles and jointly-owned intellectual property, and one of our employees serving on Rivian's board of directors."
Q1 2024
10-Q • Filed 5/1/2024
Summary
Amazon delivered strong Q1 2024 results with net revenue of $143.3B (up 13% YoY) and net income of $10.4B (up 229% YoY), driven by solid growth across all three segments—North America (12%), International (10%), and AWS (17%). Operating cash flow improved significantly to $19.0B from $4.8B YoY, though capex is expected to increase meaningfully in 2024 to support AWS infrastructure expansion. Management signaled confidence in pricing power and operational efficiency gains, but faces headwinds from tax controversies and patent litigation.
Revenue
$143.31B
Net Income
$10.43B
Guidance
Tone
Capex
$13.94B(-1.8% YoY)
Partnerships
Key Quotes
"We expect cash capital expenditures to meaningfully increase in 2024, primarily driven by investments in technology infrastructure."
"The increase in AWS operating income in Q1 2024, compared to the comparable prior year period, 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."
"Sales increased 13% in Q1 2024 compared to the comparable prior year period...North America sales increased 12%...International sales increased 10%...AWS sales increased 17%."
Q3 2023
10-Q • Filed 10/27/2023
Summary
Amazon delivered strong Q3 2023 results with revenue of $143.1 billion (12.6% YoY growth) and net income of $9.9 billion compared to $2.9 billion in Q3 2022, driven by AWS growth and improved operating efficiency across segments. The company significantly reduced capex spending by 23.8% YoY to $12.5 billion while maintaining robust operating cash flow of $21.2 billion, reflecting improved capital discipline and operational leverage. However, management enacted approximately $500 million in severance costs for planned role eliminations and faces substantial regulatory headwinds including major FTC antitrust litigation, though the company maintains strong pricing power with advertising services growing 26.4% YoY.
Revenue
$143.08B
Net Income
$9.88B
Guidance
Tone
Capex
$12.48B(-23.8% YoY)
Partnerships
Key Quotes
"For contracts with original terms that exceed one year, those commitments not yet recognized were $133.0 billion as of September 30, 2023, with a weighted-average remaining life of 3.5 years."
"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"
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
$34,494.1M
AMZN
68.2%
E-commerce Avg
68.2%
Technology Avg
40.7%
Guidance: not_provided • Tone: neutral