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$245.90
Market Capi
$2.7T
Growth-adj P/E (2-yr hist)i
0.5x
Growth-adj P/E (3-yr proj)i
0.9x
P/S 26Ei
3.2x
P/S 28Ei
2.5x
EV/EBIT 26Ei
25x
EV/EBIT 28Ei
15x
P/E 26Ei
29x
P/E 28Ei
19x
P/S 26Ei
3.2x
EV/EBIT 26Ei
25x
P/E 26Ei
29x
P/S 28Ei
2.5x
EV/EBIT 28Ei
15x
P/E 28Ei
19x
Revenue
2026E
$823B
Gross Margini
50%
Hist. CAGRi
12%
Proj. CAGRi
14%
EBIT
2026E
$103B
Op. Margini
11%
Hist. CAGRi
87%
Proj. CAGRi
28%
Net profit
2026E
$94B
Net Margini
11%
Hist. CAGRi
60%
Proj. CAGRi
21%
Business Model
Recent Developments
Average Targeti
$314.27+27%
Consensusi
Buy
65 analysts covering
Net cashi
$30B
Div. Yieldi
n/a
Dilutioni
1.7%
Market Capi
$2.7T
P/E 26Ei
29x
Adj. P/E (fwd.)i
0.9x
Revenue 26E
$823B
Proj. CAGRi
14%
Gross Margini
50%
EBIT 26E
$103B
Proj. CAGRi
28%
Op. Margini
11%
Net Profit 26E
$94B
Proj. CAGRi
21%
Net Margini
11%
Average Targeti
$314.27+27%
Consensusi
Buy
65 analysts covering
Profile
Amazon operates across three reportable segments — North America retail, International retail, and AWS — plus a fast-growing advertising overlay that cuts across both retail businesses. Revenue is split roughly 59% services (marketplace fees, AWS, advertising, Prime subscriptions) and 41% product sales.
Industry
AWS sells to enterprises and developers across every sector; large financial services, healthcare, and technology firms account for a disproportionate share of cloud spend. Retail serves hundreds of millions of Prime members in the US and Europe, alongside over two million third-party sellers on the marketplace. Geography skews heavily US (~68% of revenue), with Germany, UK, and Japan the next largest markets. Cloud is intensely competitive but structurally sticky; retail is price-competitive with thin product margins offset by high-margin services layered on top.
Key metrics
Economic moat
AWS's moat comes from deep customer integration: enterprises embed AWS services into internal workflows, making migration costly in time and engineering resources rather than just dollars. On retail, the Prime flywheel — fast delivery driving membership, membership driving purchase frequency, purchase frequency funding logistics and advertising — is self-reinforcing at a scale no pure-play retailer can match. The proprietary chip stack (Trainium, Graviton) is becoming a second-order moat within cloud: lower per-token AI compute cost pulls AI workloads to AWS even from customers with multi-cloud policies.
Jeff Bezos
Bezos founded Amazon in 1994 as an online bookstore and built it into one of the most valuable companies in history over 27 years as CEO. He stepped down as CEO in July 2021 to become Executive Chairman, retaining significant influence through his roughly 9% ownership stake. His original strategic instincts — long-term orientation, willingness to operate at near-zero margin to capture market position, and the AWS pivot — remain the structural DNA of the business.
Andy Jassy
Jassy joined Amazon in 1997 and founded AWS in 2006, running it from inception through its emergence as the world's dominant cloud platform. He succeeded Bezos as CEO in July 2021, making him unusual among large-cap tech CEOs in having built the company's most profitable division before running the whole enterprise. His Q1 2026 shareholder communications have centered on AI infrastructure, custom silicon, and AWS's accelerating growth as the core of the investment thesis.
Brian Olsavsky
Olsavsky has served as CFO since May 2015, providing continuity through Amazon's most aggressive investment phases — logistics build-out, Prime expansion, and now the $200 billion AI capex cycle. His investor communication style is deliberate and conservative, typically guiding to operating income ranges that the company then beats.
Other key figures
Peter DeSantis became CTO in December 2025, bringing deep AWS infrastructure and chip design expertise to the role. Dave Fildes handles investor relations. Hao Tian joined as Chief Compliance Officer in November 2024 as Amazon manages increasing regulatory scrutiny globally.
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, and 2027E 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
Amazon reported Q1 2026 revenue of $181.5 billion, up 17% year-over-year, beating consensus by roughly $4 billion. EPS came in at $2.78 versus the $1.64 analyst estimate, though net income was boosted by a $16.8 billion pre-tax gain on Anthropic investments.
AWS revenue reached $37.6 billion, up 28% year-over-year — its fastest growth in 15 quarters — with operating income of $14.2 billion. Advertising grew 24% to $17.2 billion, also ahead of expectations.
Q2 2026 guidance called for net sales of $194–$199 billion (16–19% YoY growth) and operating income of $20–$24 billion, which management framed as reflecting continued AI infrastructure investment.
Recent developments
On April 29, 2026, CEO Andy Jassy disclosed that AWS's custom silicon business — Trainium, Graviton, and Nitro chips — surpassed a $20 billion annual revenue run rate, growing triple digits year-over-year, emerging as a meaningful business inside AWS.
At the "What's Next with AWS" event in early May 2026, Amazon launched Amazon Quick, a standalone AI work assistant with desktop app and free/plus pricing tiers requiring no AWS account, signaling a push into consumer-facing AI.
Also in May 2026, AWS and OpenAI expanded their partnership, bringing GPT-5.5 and GPT-5.4 models to Amazon Bedrock in preview — a notable move given Amazon's deep investment in rival Anthropic.
Debate & sentiment
Bulls point to AWS reaccelerating to 28% growth as the primary valuation driver, with AI workloads on Bedrock processing more tokens in Q1 2026 than all prior years combined. The advertising segment at a $69 billion run rate adds a high-margin flywheel that skeptics routinely underestimate.
Bears focus on the $200 billion 2026 capex plan, which compresses near-term free cash flow even as revenue grows. North America retail operating margin of 6.7% in Q1 leaves limited room for tariff-related cost increases from Chinese import duties.
A wildcard is the FTC antitrust trial scheduled for October 2026, targeting Buy Box practices and anti-discounting clauses, with seventeen state attorneys general co-filing. A ruling against Amazon's marketplace policies could structurally alter third-party seller economics.
Consensusi
Buy
Average targeti
$314.27+27%
Highest targeti
$370.00+50%
Lowest targeti
$207.00-16%
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