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$266.43
Market Capi
$2.9T
Growth-adj P/E (2-yr hist)i
0.5x
Growth-adj P/E (3-yr proj)i
0.8x
P/S 26Ei
3.5x
P/S 28Ei
2.6x
EV/EBIT 26Ei
26x
EV/EBIT 28Ei
16x
P/E 26Ei
21x
P/E 28Ei
19x
P/S 26Ei
3.5x
EV/EBIT 26Ei
26x
P/E 26Ei
21x
P/S 28Ei
2.6x
EV/EBIT 28Ei
16x
P/E 28Ei
19x
Revenue
2026E
$828B
Gross Margini
50%
Hist. CAGRi
12%
Proj. CAGRi
15%
EBIT
2026E
$110B
Op. Margini
11%
Hist. CAGRi
87%
Proj. CAGRi
31%
Net profit
2026E
$132B
Net Margini
11%
Hist. CAGRi
60%
Proj. CAGRi
23%
Business Model
Recent Developments
Average Targeti
$327.00+23%
Consensusi
Buy
60 analysts covering
Net debti
$22B
Div. Yieldi
n/a
Dilutioni
1.7%
Market Capi
$2.9T
P/E 26Ei
21x
Adj. P/E (fwd.)i
0.8x
Revenue 26E
$828B
Proj. CAGRi
15%
Gross Margini
50%
EBIT 26E
$110B
Proj. CAGRi
31%
Op. Margini
11%
Net Profit 26E
$132B
Proj. CAGRi
23%
Net Margini
11%
Average Targeti
$327.00+23%
Consensusi
Buy
60 analysts covering
Profile
Amazon operates two intertwined businesses: a global online and physical retail marketplace, and a cloud computing platform serving enterprises and governments worldwide. Revenue splits across three reported segments:
AWS is structurally the profit engine: it produced roughly 60% of total operating income in the most recent quarter despite generating only about a fifth of net sales, while the retail segments run on thinner, high-volume margins.
Industry
Amazon sells to two very different customer bases: hundreds of millions of consumers buying everyday goods, and enterprises, startups, and governments renting cloud infrastructure through AWS. Retail is low-margin, highly price-competitive, and cyclical with consumer spending; AWS operates in a stickier, higher-margin market shaped by switching costs and long-term contracts, competing chiefly with Microsoft Azure and Google Cloud. Geographically, sales are still concentrated in the United States, with Germany, the UK, and Japan the largest international markets.
Key metrics
Economic moat
Amazon's advantage rests on scale economics in logistics: a fulfillment and delivery network built over two decades, increasingly automated with robotics, that lets it offer fast, low-cost shipping few rivals can match. Prime membership creates a subscription flywheel that locks in purchase frequency and cross-sells advertising and streaming. AWS benefits from high switching costs — deep infrastructure integration makes migrating workloads costly — plus scale advantages in data-center capacity and custom silicon for AI workloads. The marketplace itself compounds through network effects: more sellers draw more shoppers, expanding selection and reinforcing Amazon's price and convenience advantage.
Andy Jassy
Jassy joined Amazon in 1997, shortly after completing his MBA, and spent his early years in marketing and product roles close to the company's founder. He is best known for founding Amazon Web Services in 2003 and running it as CEO for nearly two decades, building it into the world's largest cloud infrastructure provider. He succeeded Jeff Bezos as Amazon's CEO in July 2021 and has since pushed heavier investment in generative AI alongside tighter cost discipline across the retail business.
Jeff Bezos
Bezos founded Amazon in 1994 as an online bookstore run out of a rented garage near Seattle, after leaving a quantitative role at the hedge fund D.E. Shaw. He led the company as CEO for 27 years, expanding it from books into cloud computing, logistics, and devices, before stepping down to Executive Chairman in 2021. He remains one of Amazon's largest individual shareholders and continues to sit on the board.
Brian Olsavsky
Olsavsky has served as CFO since May 2015, overseeing finance, tax, treasury, investor relations, and global real estate. He joined Amazon in 2002 and held finance leadership roles across the business before moving into the top finance seat, giving him deep institutional knowledge of the company's cost structure.
Matt Garman
Garman has led AWS since June 2024, becoming the unit's third CEO. He joined AWS in 2006 as one of its first product managers and later served as SVP of AWS Sales, Marketing and Global Services, giving him direct experience building the business that now generates the majority of Amazon's operating profit.
P/S Ratioi
EV/EBITi
P/E RatioiP/E values for 2022 were omitted from this chart because negative or above 150x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profitNet profit year-over-year growth labels for 2023 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 2-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in trillions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash FlowFree cash flow year-over-year growth labels for 2022, 2023, 2027E, and 2028E are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Second-quarter revenue reached $200.6 billion, up 20% year over year and the first quarter above the $200 billion mark, with operating income up 43% to $27.5 billion.
Diluted EPS of $5.75 far exceeded estimates, though most of the beat came from a $53.4 billion non-operating gain tied to Amazon's stake in Anthropic rather than core operations.
AWS revenue grew 37% to $42.2 billion, its fastest pace in eighteen quarters, while third-quarter operating income guidance of $22.5–$26.5 billion and a lift in full-year 2026 capital spending to roughly $220 billion signaled continued heavy AI infrastructure investment.
Recent developments
Amazon agreed to invest up to $25 billion more in Anthropic, with the AI lab committing over $100 billion in AWS spending over the next decade and securing up to 5 gigawatts of Trainium-based compute capacity.
AWS's compute and machine-learning chief Dave Brown departed after nearly 19 years; Dave Treadwell, formerly leading Amazon's e-commerce foundation unit, succeeded him on August 1, 2026.
Amazon Leo (formerly Project Kuiper) launched 27 more satellites on June 23, 2026, bringing the constellation to 54 in orbit ahead of a targeted mid-2026 commercial debut.
Debate & sentiment
Bulls cite AWS's fastest growth in over four years and steady advertising expansion as evidence the infrastructure buildout is paying off.
Bears focus on capital intensity, with elevated 2026 spending guidance and cash flow pressured well ahead of proven returns on AI infrastructure.
A further point of debate is that profitability increasingly depends on investment gains from the Anthropic stake rather than operations, a dynamic that could shift once Anthropic's anticipated public listing prices that holding independently.
Analyst sentiment stays firmly skewed bullish, though the core question remains whether AI spending converts to durable operating leverage before depreciation weighs on margins.
Consensusi
Buy
Average targeti
$327.00+23%
Highest targeti
$405.00+53%
Lowest targeti
$230.00-13%
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