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What we know about this company
A dated company review is availableAmazon.com, Inc.
Changed since the 2026-08-30 company check: AWS added another capacity/geography signal with the Saudi Arabia region and AI Zone commitment.
TickerYou is watching this company, but we are not currently recommending it. An earlier full review was positive 8/10, but that view is historical.
$256.78
last session
Price only · no current Idea
Quarterly results in 47 days · Oct 29 · Estimated date
This came from an earlier review. It is useful background, not a current Idea.
Amazon sells almost everything online, and it rents out the computers most of the internet runs on (that business is called AWS). Both are huge. In the last three months it made $200.6 billion in sales and $27.5 billion in operating profit, and its cloud business grew the fastest it has in over four years. The one thing that has to go right: AWS keeps filling the giant new AI data centers Amazon is spending $220 billion this year to build — customers have already signed contracts worth almost half a trillion dollars, so the demand is real, they just have to deliver it. The one thing that could go wrong: all that spending is currently burning through cash instead of producing it, and if AI demand cools before the buildings are full, profit will look ugly for a year or two.
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TickerYou is checking this company, but no active investment Idea is open.
That review was positive with 8/10 research strength. It is history, not a current Idea.
Read the newest company check below. New facts can update the research, but watching a company does not turn it into a recommendation.
Changed since the 2026-08-30 company check: AWS added another capacity/geography signal with the Saudi Arabia region and AI Zone commitment.
Changed since the 2026-08-30 sweep: AWS added another capacity/geography signal with the Saudi Arabia region and AI Zone commitment. The 3m test remains Q3 growth and cash-flow conversion, while the 1y thesis still depends on AWS AI demand offsetting heavy infrastructure spend.
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Earlier company review · Record saved Aug 12, 2026 · check date unavailable. The original research wording and date checks stay available inside.
These events and risks came from an earlier company review. There is no current Idea.
An event can change what investors believe. A risk shows how our research could be wrong.
Watch for a company announcement or filing that confirms or moves this date.
Expected from Amazon Earnings Date, Report, Conference Call, Forecasted Dates (AMZN) · Sep 1, 2026
Changed since the 2026-08-30 company check: AWS added another capacity/geography signal with the Saudi Arabia region and AI Zone commitment.
A company check updates what we know. It does not by itself turn this company into a current opportunity.
2 older quarterly-results dates are hidden because a newer company check is shown above.
Computed by TickerYou from 1254 completed daily closing sessions supplied by Yahoo Finance, through Sep 10, 2026. The Sep 11, 2026 quote-session candle was excluded because a delayed feed cannot prove it was final. No company fundamentals enter this reading.
Shorter and longer price trends point in different directions, so there is no clear trend.
Price movement can help with timing and can warn when the market disagrees with our Idea. It does not tell us what the business is worth.
Watch whether the close and the 50-session average ($254.95) move to the same side of the 200-session average ($239.62).
Last closing price
$251.89
Sep 10, 2026
Average price over 20 trading days
$259.38
Close is 2.9% below this average
Average price over 50 trading days
$254.95
Close is 1.2% below this average
Average price over 200 trading days
$239.62
Close is 5.1% above this average
Recent price speed
43.6 · balanced
A 14-day speed reading; lower than 30 is low and higher than 70 is high
Is the trend speeding up?
Below signal
Shows whether the shorter trend is pulling ahead of or behind the longer one
The moving averages are simple averages over exactly 20, 50, and 200 daily trading sessions. RSI uses Wilder's 14-session smoothing; a flat series is neutral at 50. MACD uses 12- and 26-session exponential averages with a 9-session signal. A window is never shortened when history is missing. Every comparison uses the final dated daily close—not an intraday quote—so all figures share one observation boundary. A candle dated to an active delayed-quote session is excluded because it may still be changing. These are trend and momentum references, not a Buy/Sell score.
We keep the original wording so readers can check the record. Any figures below belong to that older review and are not current guidance.
AMZN is the highest-quality way to own the AI infrastructure build with a real, profitable, ad-and-cloud earnings base underneath. Long, high conviction, on both 3m and 1y horizons.
1M
3M
6M
1Y
Computed from SEC filings — never model output. Blank means it cannot be computed honestly.
Revenue grew 15.8% versus the comparable filing period, while operating margin was 12.1%.
Revenue shows whether demand is expanding, while operating and free-cash-flow margins show how much of those sales becomes profit and cash. Net cash or debt affects how resilient that result is.
Watch whether future free cash flow reduces net debt while growth and margins hold.
Every figure comes from an SEC filing and carries the day it was measured. Nothing here is estimated.
The filed share count increased 1.14% over roughly a year. That is dilution: each existing share represents a smaller percentage ownership slice.
A growing business can still deliver weak per-share progress when the share count grows too. The count says what happened to ownership slices, not why the company issued shares.
Watch the next filing cover page and the cash-flow and stock-compensation disclosures to see whether issuance continues and what caused it.
10.79 B
total shares when last reported · Jul 22, 2026 · 52 days ago
Each quarter is named by the fiscal quarter the company itself reported — the label its release used and its consensus estimate was quoted against — and by the month that quarter ended, taken from the filer's own XBRL period boundaries. A fiscal year need not follow the calendar, so Apple's Q2 runs January to March; naming the quarter end keeps that true in both calendars, and no quarter number is ever inferred from a date. Quarterly financials beside this card names the same quarter the same way. TickerYou takes the figures from the release and its filing; every word, sign and percentage is calculated by the app from those stored numbers. A post-release reaction appears only with the stored first-close measurement stamp; otherwise the card says the window is not established and computes no divergence. EPS here is on the basis consensus quotes — adjusted for most US names — so it can legitimately differ from the GAAP figure in Quarterly financials. Rows marked [backfilled] were confirmed from archived coverage after the fact — a lower evidence tier than live capture, and labelled so.
Q2 FY2026 · Jun 2026: EPS beat the stored consensus estimate, while revenue beat the stored consensus estimate. No post-release price reaction is asserted because its stamped measurement window is not established.
A surprise shows how the release differed from expectations, not whether the business is good or the thesis is right. The price reaction shows repricing, not its cause.
Watch whether the next comparable release confirms the result; one beat or market move does not establish a durable trend.
Quarter ended Jun 30, 2026 · Reported Jul 30, 2026 · stock move after results · not shown
[backfilled] Amazon crossed $200B in quarterly revenue for the first time, with AWS surging 37% YoY to $42.2B; operating income rose 43% to $27.5B; Q3 guidance of $197–202B came in shy of the $204.1B street estimate, tempering post-print enthusiasm.
Quarter ended Mar 31, 2026 · Reported Apr 29, 2026 · stock move after results · not shown
[backfilled] AWS grew 28% YoY to $37.6B—fastest in 15 quarters—driving operating income 30% higher to $23.9B (record 13.1% margin); Q2 revenue guidance of $159–164B landed above consensus; GAAP EPS included a $16.8B pre-tax Anthropic gain, making basis-matched EPS comparison unreliable.
Quarter ended Dec 31, 2025 · Reported Feb 5, 2026 · stock move after results · not shown
[backfilled] Q4 delivered 14% revenue growth to $213.4B with AWS accelerating to 24% YoY, but Q1 2026 operating income guidance (midpoint ~$19B) disappointed relative to the prior-year $18.4B comp, and a $200B 2026 capex commitment rattled investors; shares fell ~8% post-release despite the revenue beat.
Quarter ended Sep 30, 2025 · Reported Oct 30, 2025 · stock move after results · not shown
[backfilled] AWS re-accelerated to 20.2% YoY growth ($33B, 34.6% margin) — its fastest pace since 2022 — but the GAAP EPS headline was substantially inflated by $9.5B in pre-tax Anthropic investment gains; both actual and estimate are GAAP-basis, as Amazon does not report non-GAAP diluted EPS.
Quarter ended Jun 30, 2025 · Reported Jul 31, 2025 · stock move after results · not shown
Computed from SEC filings — never model output. Each quarter is named by the fiscal quarter the company itself reported and the month that quarter ended, through the same resolver the Earnings card beside this one uses; where no release established a fiscal label, the quarter is named by its end alone rather than by a quarter number guessed from the date. EPS is GAAP diluted, as filed, so it can legitimately differ from the adjusted figure in the Earnings card (consensus is quoted adjusted). Y/Y compares the same fiscal quarter a year earlier; a comparison that cannot be made honestly is an em-dash that says why.
Q2 FY2026 · Jun 2026: Revenue grew 19.6% year over year; net income grew 244.9% year over year; and net profit margin was 31.2%, up 20.4 percentage points.
Comparing the same fiscal quarter a year earlier controls for seasonality. Revenue direction and margin direction together show whether sales are translating into profit, but one quarter is evidence—not a complete thesis.
Watch whether the next comparable quarter confirms both the sales direction and the margin direction.
Three checks use SEC filings alone. The net-buyback check requires matching stated filing and quote currencies, a compatible single-ticker SEC share-unit receipt, and a dated provider quote; its row explains any refusal. One dated deep-review judgement is marked researched; missing checks are excluded, never treated as zero.
Only 2 of 5 checks are established. At least 3 are required before TickerYou will show a score.
A company can grow while each shareholder owns a smaller slice. Share issuance and stock pay can offset part of the business gain.
Still needed: buybacks net of new stock sold; will your slice survive the horizon; room left under the charter.
+1.1% between the 2025-07-23 and 2026-07-22 filing cover pages.
Employees were paid $19.31B in stock against $775.68B of revenue — 2.5% — in the year through 2026-06-30.
stock sold is untagged — and missing is not zero, so no net can be computed
Not researched yet — this appears after the next dossier run on this company.
authorized shares are measured on 2026-06-30 while outstanding shares are measured on 2026-07-22; different dates cannot establish current headroom
A conditional model using SEC filings and a delayed-market quote from Yahoo Finance for the Sep 11, 2026 session. It is not a market forecast or analyst consensus.
At today’s price, this simple model needs sales to grow about 39% each year for three years.
A high number means the company must grow quickly to justify today's price. A low number gives the business more room to disappoint.
Watch sales growth and operating profit. If either changes, this required-growth number can change too.
At today's price, the whole operating business is valued at $2.8T after debt and cash. Under this simple model, the price only adds up if sales grow ≈39% a year for the next 3 years while operating profit stays near 12% of sales. This is a simple test, not a prediction.
The earlier review did not establish a usable sales-growth range. review saved Aug 12, 2026 · check date unavailable.
Complete SEC 13F filings only. These delayed reports show filed share amounts, not a manager’s full portfolio, intent, or a proven trade.
11 of 14 recent complete filings report ordinary shares. Compared with the prior report: 1 new positions, 6 with more shares, and 4 with fewer shares.
A large, repeated position can support a research story, but these filings arrive late and do not show an investor’s full portfolio or reason for owning the stock.
Look for the same investor to keep a meaningful position across several reports.
No numeric score or recommendation is made from these delayed filings. They are one piece of background evidence, not a buy or sell signal.
14 current complete filings of 16 tracked managers. 2 investors have only an older filing and are left out of this current view. Current holding dates span Mar 31, 2026 to Jun 30, 2026.
The SEC’s structured data establishes the total share count but carries no count of the shares structurally excluded from ordinary trading. Control and affiliate holdings, restricted stock and locked-up shares are disclosed publicly — in proxy statements, prospectuses and 8-Ks — as prose with no tag to read them from, and have not been researched into a figure this card can pair with the total above.
Share count increased 1.14% — dilution risk: each existing share owns a smaller percentage of the company.
Both counts in full, exactly as each cover page printed them, and both bars measured from zero against the larger — so a small move looks small.
measured Jun 30, 2025, 14 months ago — from the 10-K filed Feb 6, 2026
Market value of shares held by non-affiliates under the SEC filing definition. This is a dollar amount, not a share count. It is never converted into one to fill the line above.
Not researched yet. Release dates, tranche sizes, the shares issued at IPO and the insider breakdown are prose in the prospectus and in 8-Ks, with no XBRL tag to read them from. They appear here once TickerYou research can quote the source clause behind each figure—never estimated in the meantime.
[backfilled] AWS grew 17.5% YoY to $30.9B and advertising rose 22% to $15.7B, driving net income up 35% to $18.2B, but Q3 operating income guidance midpoint of $18B came in below the $19.48B analyst consensus, reflecting stated caution on trade uncertainty and intensifying AI competition.
| (USD) | Q2 FY2026Quarter ended Jun 2026 | vs last year |
|---|---|---|
| Revenue | $200.61 B | |
| Profit after costs | $62.65 B | |
| Profit per share | 5.75 | |
| Profit margin | 31.2% |
† derived: the fiscal year minus its three reported quarters — no 10-K reports a Q4 figure directly. For EPS this assumes per-share figures add across the year.
| Quarter | Revenue | Y/Y | Net income | Margin |
|---|---|---|---|---|
| Q1 FY2026 · Mar 2026 | $181.52 B | $30.25 B | 16.7% | |
| Q4 FY2025 · Dec 2025 | $213.39 B † | $21.19 B † | 9.9% | |
| Q3 FY2025 · Sep 2025 | $180.17 B | $21.19 B | 11.8% | |
| Q2 FY2025 · Jun 2025 | $167.70 B | $18.16 B | 10.8% | |
| Mar 2025 | $155.67 B | $17.13 B | 11.0% | |
| Dec 2024 | $187.79 B † | $20.00 B † | 10.7% | |
| Sep 2024 | $158.88 B | $15.33 B | 9.6% | |
| Jun 2024 | $147.98 B | $13.48 B | 9.1% |
The model: value the business in 3 years at 15× that year's operating income (the latest reported margin held constant), discount back at 10% a year, and solve for the revenue growth that makes it equal the quoted enterprise value. The three constants are fixed across every company — deliberately crude, so the figure means the same thing everywhere. It cannot price pre-profit names, ignores margin change and buybacks, and treats the exit multiple as settled; read it as a yardstick, not a valuation.
Mechanical sensitivity · not forecasts
≈58.9%/yr
at 10× exit
≈38.8%/yr
at 15× exit
≈26.1%/yr
at 20× exit
A lower exit value requires more growth. This range exposes how strongly the result depends on one assumption; it does not predict where the stock will trade.
AMZN is 17.4% of Pershing Square's disclosed portfolio ($2.39 B). Holdings as of Mar 31, 2026. Reported in 4 consecutive quarters.
AMZN is 16.5% of Baupost Group's disclosed portfolio ($892.31 M). Holdings as of Jun 30, 2026. Reported in 3 consecutive quarters.
AMZN is 15.4% of Appaloosa's disclosed portfolio ($1.19 B). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
AMZN is 9.6% of Tiger Global Management's disclosed portfolio ($2.31 B). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
AMZN is 8.9% of Third Point's disclosed portfolio ($417.10 M). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
AMZN is 3.5% of Soros Fund Management's disclosed portfolio ($281.84 M). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
AMZN is 2.5% of Duquesne Family Office's disclosed portfolio ($129.09 M). Holdings as of Jun 30, 2026. Reported in 4 consecutive quarters.
AMZN is 2.5% of ARK Investment Management's disclosed portfolio ($379.24 M). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
AMZN is 2.0% of Bridgewater Associates's disclosed portfolio ($482.75 M). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
AMZN is 0.75% of Renaissance Technologies's disclosed portfolio ($545.97 M). Holdings as of Jun 30, 2026. Reported in 1 consecutive quarter.
AMZN is 0.30% of Citadel Advisors's disclosed portfolio ($2.59 B). Holdings as of Jun 30, 2026. Reported in all 2 quarters we can see.
Market-neutral / multi-strategy: Citadel often reports shares, calls, and puts at the same time. These rows show reported exposure, not a simple bullish or bearish bet.
Citadel Advisors (Ken Griffin) reports a PUT option ($3.73 B). The filing does not prove whether it is a bet or a hedge, so options never count as ordinary shares above.
Duquesne Family Office (Stanley Druckenmiller) reports a CALL option ($109.47 M). The filing does not prove whether it is a bet or a hedge, so options never count as ordinary shares above.
Citadel Advisors (Ken Griffin) reports a CALL option ($5.93 B). The filing does not prove whether it is a bet or a hedge, so options never count as ordinary shares above.
7 newly or higher reported, 4 lower reported. Reported amounts only; corporate actions are not normalized.
Reported by 11 of 14 managers with a current filing; at least 0.5% of disclosed 13F value for 10.
Largest reported position: Pershing Square (Bill Ackman) at 17.4% of disclosed 13F value ($2.39 B).
Across 6 quarters of stored filings: 27 newly or higher comparisons, 21 lower or absent, 3 unchanged, across 12 managers. Corporate actions are not normalized.
No numeric score is shown: filing comparisons are not adjusted for splits or other corporate actions, so reported changes cannot be treated as trades.
13Fs can arrive up to 45 days after quarter end. They omit short positions, cash, and securities outside the SEC's 13(f) list. Higher, lower, new, and absent describe filed share amounts, not proven purchases or sales; splits and other corporate actions are not normalized. This is context for a thesis, never a call by itself.
Append-only company checks, newest evidence first. Evidence dates come from frozen research cutoffs; older rows without a cutoff are labelled by publication time instead. Multiple checks are preserved, never silently merged into one conclusion.
Changed since the 2026-08-30 sweep: AWS added another capacity/geography signal with the Saudi Arabia region and AI Zone commitment. The 3m test remains Q3 growth and cash-flow conversion, while the 1y thesis still depends on AWS AI demand offsetting heavy infrastructure spend.
2026-10-29 earnings reporting date was forecasted by a third-party calendar and marked unconfirmed.
Checked Amazon's SEC-filed Form 8-K for the latest results-related current report in the sweep.
Checked Amazon's SEC-filed Form 10-Q for the latest quarterly filing in the sweep.
Checked Amazon's current AWS news page for recent infrastructure and AI-cloud developments.
Changed versus the 2026-08-28 sweep only by reconfirming the AWS-NVIDIA expansion as a material capacity signal. The 3m test remains Q3 revenue and cash-flow conversion, while the 1y thesis still turns on AWS growth versus AI capex burden.
2026-10-29 (expected, not company-confirmed) earnings reporting date was estimated by MarketBeat from past reporting schedules.
Changed versus the 2026-08-26T22:47:06.07+00:00 sweep: the now-eligible Aug. 26 AWS-NVIDIA expansion reinforces the long-term AWS AI capacity thesis but also highlights ongoing capex intensity. For 3m, Q3 guidance and cash-flow conversion remain the next test; for 1y, AWS growth is still the key driver.
2026-10-29 (expected, not company-confirmed) earnings reporting date was estimated by MarketBeat from past reporting schedules.
Evidence checked Aug 26, 2026 · 2 recorded assessments
No thesis-changing item surfaced since the prior 2026-08-26T17:39:11.92Z sweep. The 3m and 1y case still rests on AWS growth, retail margin discipline, advertising momentum, and capex-to-cash-flow conversion.
2026-10-29 (expected, not company-confirmed) earnings reporting date was estimated by MarketBeat from past reporting schedules.
Evidence checked Aug 24, 2026 · 2 recorded assessments
Core read is unchanged: Amazon's 3m and 1y thesis still turns mainly on AWS growth, AI infrastructure conversion, and retail margin discipline. The Prime Video Latin America investment is fundamental but not large enough to reset the overall view.
Checked Amazon next earnings timing from a current earnings-calendar source
Published Aug 19, 2026 · 2 recorded assessments
AWS reaccelerated to ~37% YoY on the AI/Trainium buildout (Anthropic $100B commitment, $496B backlog), the strongest fundamental signal here. Q2 net income was flattered by a large Anthropic mark, so watch operating quality; core cloud thesis intact and strengthening.
Published Aug 12, 2026 · 3 recorded assessments
Amazon is in its strongest fundamental position: AWS growing at 37% with stated demand exceeding buildable capacity through 2028, $220B capex commitment that Jassy explicitly says will still fall short of demand, and operating leverage now flowing visibly to the bottom line at scale. New optionality — Zoox commercial launch, GLP-1 pharmacy, Bedrock multi-model — represents genuine option value, not speculative noise. The primary 3-month risk is that $220B capex absorbs near-term free cash flow and keeps the stock range-bound on capital-discipline concerns. The 1-year thesis is high conviction: demand is structural, the margin expansion trajectory is intact, and the business has not been this broadly positioned across defensible verticals in its history.
Published Aug 11, 2026 · 2 recorded assessments
AMZN is in a clean execution sweep: Q2 2026 was a beat-and-raise across every major segment, with AWS reaccelerating to 37% growth driven by cloud and AI demand. The disclosure of a $25B annualized custom-chip revenue run rate is a structural development — Amazon is becoming a semiconductor supplier, not just a consumer. Zoox commercial launch and Prime Air UK expansion are optionality converting to reality. Stock is up 25% since July 30 earnings. The primary risk is the $220B capex commitment for 2026 and the NJ antitrust suit. On a 1-year horizon, the compounding of AWS, advertising, and now chip/robotaxi businesses makes this a high-conviction hold.
Fundamental: a new AWS region and up to 50MW AI Zone commitment expand cloud capacity and geographic reach, adding both growth optionality and capital-intensity considerations.
source ↗Checked Amazon.com's SEC-filed Form 8-K for the latest results-related current report in the filing sweep.
Checked Amazon.com's SEC-filed Form 10-Q for the latest quarterly report in the filing sweep.
Checked Amazon company news for the Aug. 26 AWS and NVIDIA infrastructure expansion before the cutoff.
Fundamental: AWS plans to deploy 2 million additional NVIDIA GPUs in 2027-2028 and deepen work across CPUs, networking, AI factories, and robotics, affecting cloud capacity, capex intensity, and AWS competitive positioning.
source ↗Checked Amazon.com's SEC-filed Form 8-K for the latest results-related current report in the filing sweep.
Checked Amazon.com's SEC-filed Form 10-Q for the latest quarterly report in the filing sweep.
Checked Amazon company news for eligible recent AWS infrastructure developments before the cutoff.
Fundamental: AWS plans to deploy 2 million additional NVIDIA GPUs in 2027-2028 and deepen co-engineered AI infrastructure work, which affects cloud capacity, capex intensity, and AWS competitive positioning.
source ↗Checked Amazon Form 8-K directly on EDGAR for the latest financial results filing.
Checked Amazon Form 10-Q directly on EDGAR for the last-month filing sweep.
Checked Amazon company news page for eligible recent five-day headlines before the cutoff.
Operational color on grocery delivery and quality control, but no disclosed guidance, contract, acquisition, or capital commitment large enough to change the 3m or 1y thesis.
source ↗Since the 2026-08-24 sweep, no new material Amazon item changed the AWS, ads, retail-margin, or capex thesis. Late-October Q3 results remain the next real checkpoint, and current news is execution color rather than a 3m or 1y driver change.
2026-10-29 (expected, not company-confirmed) earnings reporting date was estimated by MarketBeat from past reporting schedules.
Checked Amazon Form 8-K directly on EDGAR for latest financial results filing.
Checked Amazon Form 10-Q directly on EDGAR for the last-month filing sweep.
Checked Amazon company news page for recent five-day headlines before the cutoff.
Checked Amazon grocery feature article to judge whether recent retail news was fundamental.
The article describes grocery execution and quality-control practices, but it is not a new investment, contract, guidance update, or balance-sheet event material enough to alter the 3m or 1y thesis.
source ↗Checked Amazon latest earnings 8-K filed directly on EDGAR
Checked Amazon latest quarterly SEC filing directly on EDGAR
Checked recent Amazon company news for material five-day developments
The multi-year programming, live-sports, and Prime Video marketplace expansion is a real investment commitment, but it remains modest relative to Amazon's AWS and retail profit drivers.
source ↗Core thesis unchanged since Aug. 20: AWS acceleration remains the main driver. The new Prime Video Latin America commitment is a real investment signal, but too small versus AWS and retail to change the 3m/1y read.
Checked Amazon next earnings calendar for Q3 2026 timing and confirmation status
Checked Amazon's latest earnings 8-K filed with the SEC
Checked Amazon's latest quarterly SEC filing for segment growth and guidance context
Checked recent Amazon Prime Video investment news from the last five days
Checked recent AWS training and ecosystem investment news
This is a real multi-year content and sports-rights investment plus distribution expansion, modest relative to Amazon overall but fundamental for Prime Video's international strategy and future expense/revenue mix.
source ↗Strategic ecosystem spending and developer training, but unlikely by itself to alter Amazon's near-term earnings power or balance sheet.
source ↗Momentum and event-anticipation commentary; the underlying AWS re-acceleration is real but this item is sentiment, not a new fundamental disclosure.
source ↗Amazon crossed $200B in quarterly revenue for the first time in Q2 2026 with AWS growing at its fastest rate in 18 quarters (37% to $42.2B, annualized $169B run rate). CEO Jassy's multi-year demand-constrained framing validates the $220B capex as demand-driven rather than speculative. Near-term FCF compression is real; the next key read is October 22 Q3 earnings for AWS margin and whether capex is beginning to convert to incremental revenue.
AWS hit $42.2B (+37%) with a $496B backlog growing triple digits; CEO Jassy stated demand will exceed supply in 2026 and likely 2027 and called 2028 demand 'striking' — directly validates the $220B capex as demand-driven and supports a multi-year AWS margin expansion thesis.
source ↗Proposed NYC legislation could impose additional labor or operational obligations at Amazon warehouses; scope and passage probability remain unclear, impact localized.
source ↗Expanding Bedrock's multi-model catalog with OpenAI's latest models strengthens AWS as the neutral AI infrastructure platform, accelerating enterprise workload consolidation and increasing the addressable market for cloud AI spend.
source ↗First commercial revenue from Zoox after years of R&D spend; establishes whether the autonomous mobility unit can scale toward profitability or remains a capital sink with indefinite payback horizon.
source ↗Entry into Medicare-covered GLP-1 distribution at a disruptive price point opens a large, recurring-revenue pharmacy channel and puts direct pressure on traditional pharmacy chains and PBMs.
source ↗Price milestone reflecting the post-earnings re-rating on AWS AI demand; not a new fundamental event — the earnings beat and CEO Jassy's demand commentary are the underlying drivers.
source ↗AMZN is the clearest high-conviction long on the watchlist. Q2 2026 was a blowout on every line: revenue crossed $200B for the first time, AWS grew 37% (fastest in 18 quarters) to $42.2B, and operating income surged 43%. CEO Jassy's $220B capex commitment — with demand still outstripping capacity into 2028 — signals a long AWS growth runway. Zoox's commercial launch and Prime Air's UK debut add meaningful optionality. The 3-month and 1-year views are both strongly constructive; the primary risk is AI infrastructure capex crowding out near-term free cash flow, which the market appears willing to look through.
Marks the transition of Amazon's Zoox investment from R&D burn to commercial revenue; first paid deployment validates the technology and begins the monetization clock on a multi-billion-dollar bet. Strengthens Amazon's competitive position in autonomous mobility versus Waymo.
source ↗Expanding Prime Air to the UK opens a large new market for last-mile drone delivery, demonstrating Amazon's logistics technology is export-ready. At scale, drone delivery improves delivery economics and extends the Prime moat internationally.
source ↗International rollout of Alexa+ expands the addressable market for Amazon's AI consumer services layer. Incremental but positive for international revenue diversification and Prime subscriber retention.
source ↗Amazon is firing on all cylinders. Q2 revenue of $200.6B (+20%) with AWS re-accelerating to 37% growth is the strongest fundamental signal in years — the AI infrastructure buildout is converting directly to cloud revenue. Zoox's commercial launch, Alexa+ international expansion, and Prime Air UK add meaningful optionality. The NJ antitrust suit is a manageable tail risk given the broader FTC process already underway. $3 trillion validated; the fundamental case for continued compounding remains very strong.
State-level antitrust action adds legal pressure alongside the existing FTC investigation; a successful outcome could force changes to marketplace pricing practices and third-party seller terms, creating a structural headwind to retail segment profitability.
source ↗Internal efficiency initiative at AWS signals that demand is materially outstripping existing compute capacity; squeezing more throughput from current infrastructure can improve AWS operating margins without proportionate incremental capex spend.
source ↗Amazon's autonomous-vehicle subsidiary moves from pilot to commercial revenue generation for the first time; establishes a real-world monetization proof point for a division whose balance-sheet value has been purely speculative, opening a new long-term revenue stream.
source ↗State-level antitrust action targeting marketplace practices; could impose behavioral remedies affecting merchant take rates or logistics cost structures, creating genuine regulatory tail risk.
source ↗Trainium/Inferentia chip revenue materializing as a standalone growth engine reshapes AWS TAM, reduces Nvidia dependency, and creates a hardware moat with high-margin potential.
source ↗Zoox transitions from R&D spend to revenue-generating asset; establishes a new TAM for Amazon in autonomous transportation and validates years of capex investment.
source ↗First commercial-scale drone delivery outside the US; reduces last-mile delivery cost structure and strengthens Prime's value proposition in a major international market.
source ↗Amazon is the clearest AI infrastructure beneficiary in this group right now: AWS at 37% growth (fastest since 2021), AI revenue exceeding $25B annualized, and a $496B backlog making demand multi-year and contractual. The $220B capex is the primary near-term FCF risk, but it is being deployed into the highest-demand environment AWS has ever seen. 1-year view remains strongly constructive.
AWS reacceleration to 37% is a fundamental inflection — AI cloud demand is structural. Operating income up 43% while revenue grew 20% proves leverage is intact even as capex scales up.
source ↗A $496B backlog represents multi-year, contracted revenue visibility — the single most powerful indicator that AI cloud demand is durable, not speculative.
source ↗Heavy capex will suppress near-term FCF but is matched by $496B in backlog and triple-digit AI revenue growth — the market's 25% post-earnings move reflects belief that returns will materialize.
source ↗