Amazon.com Inc (AMZN)
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Over the twelve months ended March 31, 2026, Amazon booked $742.8 billion of revenue and $90.8 billion of net income. What was left after every investment: $1.2 billion. A year earlier it was $25.9 billion. In between sit $151.0 billion of datacenter spending, a bond debt that nearly doubled from $68.8 billion to $122.6 billion in a single quarter, and a $16.8 billion book gain on a stake in an AI company that buys its computing power from Amazon. We do the arithmetic on who earns the profit and who spends it.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AIAWS 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.
„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.
„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.
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
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.
Quarterly Figures
| 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 |
- 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.
Assessment: Opportunities & Risks
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).
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).
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.
$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).
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.
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.
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.
- 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.
About the Company
Amazon.com, Inc.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 1,575,000 |
| Headquarters | Seattle, WA |
| Website | amazon.com |
| IPO Date | 15. May 1997 |
| Next Earnings | 30. Jul 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 28, 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.