⚡What does Amazon do, in 30 seconds?
Amazon runs a giant online store, takes fees from other sellers who use it 23, and rents out computing power through Amazon Web Services (AWS) 3. It sold $716.9bn ✓ in FY2025. Online stores were the biggest line at 38% ✓. But AWS earned $45.6bn 9 of Amazon's $80.0bn ✓ operating profit.
📱What does Amazon sell?
Amazon reports seven lines of sales, from its online store to cloud computing. Here is what each one is and who pays for it.
Online stores
Goods and digital media Amazon sells itself. In FY2025 these were worth $269.3bn ✓. Amazon counts the full price of each item as its sales 2.
👥 Shoppers who want low prices, a wide choice and fast delivery.
Seller services
Fees Amazon charges other businesses that sell in its store, such as commissions and fulfilment and shipping fees 23. Amazon is not the seller of record, so only its fees count as its sales 23.
👥 Independent sellers, from small shops to big brands.
AWS
Amazon Web Services rents out computing power, storage, databases, analytics and AI tools on demand 3. It brought in $128.7bn ✓ in FY2025.
👥 Developers and companies of all sizes, including start-ups, government agencies and universities 3.
Advertising
Sponsored ads plus display and video ads 23. Ads brought in $68.6bn ✓ in FY2025.
👥 Sellers, vendors, publishers, authors and others who want shoppers to see their products 23.
Subscriptions
Prime membership fees plus paid video, music, audiobook and e-book services 2. Prime bundles fast, free shipping on tens of millions of items with films, series and live sports 3.
👥 Prime members and fans of digital films, music and books.
Physical stores
Items customers pick out in Amazon's own shops 24. Amazon had 615 stores in North America and 8 elsewhere at 31 December 2025 24. Whole Foods Market, which Amazon bought in 2017, had over 550 stores, its 2025 shareholder letter says 5.
👥 Grocery shoppers who like to buy in person.
Other
Smaller lines such as shipping services, healthcare, some video licensing and co-branded credit card deals 2.
👥 A mix of businesses and everyday customers.
How the mix has shifted
Where the customers are
Most of Amazon's sales come from the United States, at 68% ✓ in FY2025. Germany added 6% ✓ and the United Kingdom 6% ✓. Japan added 4% ✓, and the rest of the world 15% ✓.
💸How does Amazon make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
Amazon sold $716.9bn ✓ of goods and services in FY2025. Cost of sales came to $356.4bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $360.5bn ✓.
Amazon does not report a separate research line 9. So the money map groups its biggest running costs into one band called fulfilment, tech and other. That band came to $222.2bn ✓. Pay for staff who do research sits in technology and infrastructure costs, along with the servers and data centres behind AWS and its other businesses 9. Operating costs in 2025 also included a $2.5bn charge to settle an FTC lawsuit and about $2.7bn of severance for planned job cuts 9.
Sales, marketing and admin took another $58.3bn ✓. What remains is operating profit, the profit from the main business, which was $80.0bn ✓. Net income was $77.7bn ✓, almost as much. That is because Amazon booked $16.8bn ✓ of income outside its main business. It included a $15.2bn gain, mainly from a higher value placed on its Anthropic shares 9. That income offset most of its $19.1bn ✓ tax bill. Out of every $100 of sales, fulfilment, tech and other costs took $31 ✓. Gains outside the main business then added $2 ✓ on top, and Amazon kept $11 ✓ as profit.
Out of every $100 customers paid in FY2025…
Interest, investment gains and other income added +$2 for every $100 of sales, so the slices above add up to a little more than $100.
⏱️ Amazon by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: Amazon.com, Inc. 10-K [6].
📈How is Amazon doing?
Amazon is still growing fast for its size, and its profits have climbed. From FY2015 to FY2025, sales grew 21.0% ✓ a year on average. That took sales from $107.0bn ✓ to $716.9bn ✓. Sales rose in 10 ✓ of those 10 ✓ years. Operating margin rose from 2.1% ✓ to 11.2% ✓.
The latest four quarters on this page look stronger still. Sales reached $775.7bn ✓, up 15.8% ✓ on the four quarters before. In the quarter to 30 June 2026, AWS sales grew 37% to $42.2bn, its fastest growth in 18 quarters 29. Operating margin rose to 12.1% ✓. Net income was $135.3bn ✓. In the April to June quarter alone, net income of $62.6bn included $53.4bn of pre-tax income outside the main business, mainly from Amazon's investments in Anthropic 29.
The weak spot is cash. Capital spending hit $131.8bn ✓ in FY2025, up from $83.0bn ✓ a year earlier. That left free cash flow of just $7.7bn ✓, down from $32.9bn ✓. Amazon's own measure subtracts capital spending net of sale proceeds and incentives, and it fell from $38.2bn in 2024 to $11.2bn in 2025 9. In the four quarters to 30 June 2026, capital spending reached $173.0bn ✓ and free cash flow was -$11.6bn ✓. On its own measure, the 12 months to 30 June 2026 showed an outflow of $7.6bn, mainly because spending on property and equipment rose $66.1bn, largely for AI 29.
📝 The report card
Amazon earns good marks for growth and its balance sheet, a middling mark for steadiness, and weak marks for profit and cash. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Amazon (orange) and its 5 peers land; further right is better.
Growth
Amazon's sales grew 11.7% ✓ a year over its last three fiscal years, which earns a B ✓ on the fixed scale. Microsoft grew 16.1% ✓ a year, good for an A ✓. Walmart grew 5.3% ✓ a year, which earns a C ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Amazon kept 9.6% ✓ of sales as operating profit, which earns a D ✓. In 2025, International earned $4.8bn on $161.9bn of sales, while AWS earned $45.6bn on $128.7bn 9. Walmart kept 4.2% ✓, an F ✓, while Microsoft kept 45.8% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Amazon turned just 3.8% ✓ of sales into free cash flow, an F ✓. Capital spending of $131.8bn ✓ in FY2025 used up most of its operating cash. Meta did best among its peers, at 28.8% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Amazon's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled 7.6% ✓ of a year's sales, a B ✓. By 30 June 2026 it held $123.0bn ✓ of cash and investments against $132.5bn ✓ of borrowings, so its net cash had turned negative, at -$9.6bn ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Amazon's yearly growth swings quite a lot, with a standard deviation of 10.0% ✓, which earns a C ✓. Growth hit 37.6% ✓ in FY2020 but only 9.4% ✓ in FY2022. Walmart's figure is just 2.1% ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Amazon compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Amazon puts almost all its cash back into the business instead of handing it to shareholders. From FY2015 to FY2025 it returned just $6.0bn ✓, against $130.4bn ✓ of free cash flow. All of that was buybacks of $6.0bn ✓ in FY2022. Instead, capital spending rose from $4.6bn ✓ in FY2015 to $131.8bn ✓ in FY2025.
🧮Ratios 101: what are Amazon's key financial ratios?
Ratios shrink Amazon's huge numbers into easy comparisons, and several look odd until you remember how much it spends on data centres. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Amazon's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 50.3% ✓, up from 33.0% ✓ in FY2015, Amazon trails the 59.7% ✓ peer median but is about double Walmart's 24.9% ✓. For seller services, only Amazon's fees count as sales, not the price of the item 23.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Amazon's 11.2% ✓ is far above its 2.1% ✓ of FY2015 but well below the 32.0% ✓ peer median. Its North America and International segments earn much less on each dollar of sales than AWS does 9.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Amazon kept 10.8% ✓ of sales as final profit, up from 0.6% ✓ in FY2015 but below the 30.1% ✓ peer median. A $15.2bn gain, mainly on its Anthropic shares, lifted the FY2025 figure 9.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 18.9% ✓ trails the 27.8% ✓ peer median. Amazon keeps its profits rather than paying them out, and shareholders' equity is $411.1bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 9.5% ✓ is up from 0.9% ✓ in FY2015 but below the 16.5% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Sales were 0.9x ✓ the value of Amazon's assets, down from 1.7x ✓ in FY2015, but still above the 0.7x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Amazon holds about 39 ✓ days of stock, down from 52 ✓ in FY2015. That is close to Walmart's 40 ✓ but above the peer median of 27 ✓.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.1x ✓, the same as the 1.1x ✓ of FY2015 and near the 1.2x ✓ peer median, Amazon's short-term assets just cover its bills due within a year.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Debt was just 0.2x ✓ equity at the end of FY2025, down from 0.6x ✓ in FY2015 and level with the 0.2x ✓ peer median. In June 2026 Amazon signed a $17.5bn term loan, but had borrowed nothing under it by 30 June 2026 39. In September 2026 it sold £4.25bn of bonds 40.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covers interest costs 35.2x ✓, up from 4.9x ✓ in FY2015 but below the 71.5x ✓ peer median.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Amazon turned profit into free cash at just 0.1x ✓, against a 0.7x ✓ peer median. In FY2015, when profit was tiny, the figure was 12.5x ✓.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 2.7% ✓ of sales, up from 2.0% ✓ in FY2015 and below the 3.7% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Amazon paid out 0.0% ✓ of FY2025 profit, against a 42.2% ✓ peer median. It made no share buybacks in 2023, 2024 or 2025 34.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Amazon's competitors?
Amazon fights rivals in two very different worlds: shopping, against Walmart and Costco 32512 3513, and cloud computing, against Microsoft and Alphabet 1415 1617. It also competes with Meta for the money businesses spend on ads 21418.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Amazon (AMZN, FY2025) | Online stores, seller services, AWS cloud, ads and subscriptions 2 23 3 23 2 | $716.9bn | 11.7% | 11.2% | 1.1% |
| Walmart (WMT, FY2026) | Groceries and everyday goods online with fast delivery, plus a marketplace, ads and Walmart+ against Prime 32512 | $713.2bn | 5.3% | 4.2% | 2.1% |
| Costco (COST, FY2026) | Groceries and household goods with a paid membership, much like Prime; Costco names Amazon among its significant US general-merchandise competitors 3513 | $303.2bn | 7.8% | 3.9% | 3.1% |
| Microsoft (MSFT, FY2026) | Azure, which rents computing, storage and AI services over the internet, like AWS 1415 | $331.8bn | 16.1% | 46.8% | 20.2% |
| Alphabet (GOOGL, FY2025) | Google Cloud against AWS, and web search, which Amazon lists among its rivals for shoppers 1617 | $402.8bn | 12.5% | 32.0% | 18.2% |
| Meta Platforms (META, FY2025) | Digital ads sold to businesses 21418 | $201.0bn | 19.9% | 41.4% | 22.9% |
Oracle also sells cloud computing to businesses and names Amazon as a direct rival, though some of its services also work with AWS 4114. In US general merchandise, Costco lists Walmart, Target, Kroger and Amazon among its significant competitors 42.
🧭Amazon SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- AWS brought in just 18% ✓ of sales in FY2025 but earned $45.6bn of operating profit, more than North America and International put together 9.
- A huge delivery network has over one million robots in its warehouses 24. Amazon says it delivered over 40% more items same-day or overnight to Prime members in the first half of 2026 29.
- In FY2025, advertising brought in $68.6bn ✓. In the April to June 2026 quarter, it grew 26% compared with a year earlier 29.
- Contracted future sales, mainly AWS, rose from about $244bn at the end of 2025 to about $496bn at 30 June 2026 2223.
🩹 Weaknesses
- Profits outside AWS are thin: International earned just $4.8bn of operating profit on $161.9bn of sales in 2025 9.
- Free cash flow fell to $7.7bn ✓ in FY2025, as capital spending rose to $131.8bn ✓.
- Amazon says China-based sellers make up significant portions of its seller-services and ad sales 3031.
- Profit leans on investment gains: net income of $62.6bn in the April to June 2026 quarter included $53.4bn of pre-tax income outside the main business, mainly from Anthropic 29.
🚀 Opportunities
- By mid-2026, AWS's AI business and Amazon's own chip business each passed a $25bn yearly run rate 2629.
- In February 2026, OpenAI agreed to use 2 gigawatts of capacity on Amazon's Trainium AI chips 32.
- Amazon's CEO noted that about 80% of global retail sales still happen in physical stores, and 85% of IT spending is still on-premises 525.
- Amazon Leo, its satellite internet network, had nearly 400 satellites in orbit by mid-2026 265. Apple agreed that Leo will power satellite features on some iPhone models 33.
⚠️ Threats
- The FTC's antitrust trial is set to start on 29 March 2027, and cases against Amazon seek remedies that can include structural changes 2827.
- Microsoft's Azure and Google Cloud both rent computing and AI services to businesses, like AWS 1415 1617.
- European regulators have fined Amazon: a court cut Italy's fine to €752m in 2025, and Amazon appealed 27. Luxembourg fined it €746m under EU privacy rules 27.
- Amazon plans about $200bn of capital spending in 2026, backed in part by customer commitments 25.
🏰Does Amazon have a moat?
Why 4?
Contracts not yet delivered, mainly for AWS, were worth about $496bn at 30 June 2026, with an average of 6.4 years left to run 2223. Sellers pay Amazon in several ways, from fixed fees to a share of sales 3. Amazon says rivalry in its seller and business services turns partly on whether customers are able and willing to change how they work 14. Shoppers, though, can compare prices more easily thanks to the internet and AI, Amazon notes 14.
Why 4?
Amazon has over one million robots in its warehouses 24 and over 85 same-day delivery sites 24. Its CEO expects its own Trainium AI chips to save tens of billions of capital dollars a year at scale, in management's view 25. Its own Graviton chip is used by 98% of the top 1,000 customers of its EC2 computing service 2625. Margins outside AWS stay thin, though: International earned $4.8bn on $161.9bn of sales in 2025 9.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Amazon; grey dots are peers).
🔭What should you watch next?
The holiday quarter
October to December is historically Amazon's biggest sales quarter, so the 2026 holiday season is a key test 3.
Amazon Leo satellite service
Amazon says Leo has enough satellites to begin initial internet service in 2026 26.
UK cloud rules
In July 2025 the UK competition regulator called Microsoft and AWS the two largest cloud providers. It recommended putting closer reviews of both near the top of its list 44.
📚Learn the words
❓Frequently asked questions about Amazon
How does Amazon make money?
Amazon makes most of its money from its online store, fees from other sellers, and AWS cloud computing. In FY2025, online stores brought in $269.3bn ✓ and seller services $172.2bn ✓. AWS added $128.7bn ✓ and ads $68.6bn ✓.
Does Amazon make most of its profit from shopping?
No, most of Amazon's operating profit comes from AWS. AWS earned $45.6bn 9 of Amazon's $80.0bn ✓ operating profit in FY2025. The North America and International segments had far more sales but earned less: North America $29.6bn and International $4.8bn 9.
Why was Amazon's net income almost as big as its operating profit?
Because of large gains outside the main business. Amazon booked $16.8bn ✓ of non-operating income in FY2025. That included a $15.2bn gain, mainly from its Anthropic shares 9. Net income was $77.7bn ✓.
Why is Amazon's free cash flow so small?
Because capital spending used up almost all of its operating cash. Operating cash flow was $139.5bn ✓ in FY2025 and capital spending $131.8bn ✓, leaving free cash flow of $7.7bn ✓. Amazon's CEO plans about $200bn of capital spending in 2026 25.
How many Prime members does Amazon have?
Amazon has not given a recent number. The last official figure was more than 200m members worldwide, in April 2021 21.
Does Amazon pay a dividend?
No, Amazon paid out 0.0% ✓ of its FY2025 profit. It also made no share buybacks in 2023, 2024 or 2025 34. It still had $6.1bn left at the end of 2025 on a buyback plan approved in 2022 34.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [6] [8] [19] [7] [20] [10].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. Which part of Amazon earned the most operating profit in 2025?
2. Where does Amazon make most of its sales?
3. Why is Amazon's free cash flow so small next to its profit?
4. Who founded Amazon in 1994?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Amazon (AMZN) Form 10-K for fiscal year 2025, filed 2026-02-06 — revenue by product, segment and geography (accessed 2026-10-28)
- Amazon Form 10-K for fiscal year 2025 — Notes: net sales by groups of similar products and footnote definitions; revenue recognition for seller services and subscriptions (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Cover and Item 1 overview: incorporation, fiscal year end, three segments, mission and principles, customer sets, Prime, seasonality (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Item 2 properties: physical stores by segment at December 31, 2025 (accessed 2026-10-29)
- Amazon 2025 letter to shareholders (8-K exhibit 99.1), April 2026 — Stores and devices: Whole Foods Market stores, physical share of retail, Alexa endpoints, Amazon Leo customers; 1997 letter reprint (accessed 2026-10-29)
- SEC EDGAR companyfacts: Amazon (AMZN) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: MICROSOFT CORP (MSFT) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Walmart Inc. (WMT) — annual 10-K facts (accessed 2026-10-28)
- Amazon Form 10-K for fiscal year 2025 — MD&A: segment operating income FY2025, AWS sales drivers, technology and infrastructure costs, FTC settlement and severance charges, other income, free cash flow (accessed 2026-10-29)
- SEC EDGAR companyfacts: Meta Platforms, Inc. (META) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Amazon (AMZN) — balance sheet at 2026-06-30 (accessed 2026-10-28)
- Walmart Form 10-K for fiscal year 2026 — Item 1 Walmart+, marketplace, advertising and fulfillment services; competition (accessed 2026-10-29)
- Costco Form 10-K for fiscal year 2026 — Item 1 competition and membership counts (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Item 1 competition and Item 1A competition risk: competitor groups, principal competitive factors, AI and comparison shopping (accessed 2026-10-29)
- Microsoft Form 10-K for fiscal year 2026 — Item 1 competition: Azure (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Item 1 competition (web search engines, cloud infrastructure); AWS net sales 2025 (accessed 2026-10-29)
- Alphabet Form 10-K for fiscal year 2025 — Item 7 and Note 2: revenue by type 2024-2025, Google Network properties, TAC rate, paid clicks and cost-per-click, major customers (accessed 2026-10-29)
- Meta Platforms Form 10-K for fiscal year 2025 — Item 1 competition: companies that sell advertising to businesses (accessed 2026-10-29)
- SEC EDGAR companyfacts: COSTCO WHOLESALE CORP /NEW (COST) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Alphabet Inc. (GOOGL) — annual 10-K facts (accessed 2026-10-28)
- Amazon 2020 letter to shareholders (8-K exhibit 99.1), April 2021 — Prime members and small and medium-sized sellers, as of 2021 (accessed 2026-10-29)
- Amazon Form 10-Q for the quarter ended June 30, 2026 — Notes: commitments not yet recognized (mainly AWS) at June 30, 2026 (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Notes: commitments not yet recognized (mainly AWS) at December 31, 2025 (accessed 2026-10-29)
- Amazon 2025 letter to shareholders (8-K exhibit 99.1), April 2026 — Fulfillment network: robots, same-day fulfillment centers, rural delivery (accessed 2026-10-29)
- Amazon 2025 letter to shareholders (8-K exhibit 99.1), April 2026 — AWS: 2026 capex plan, power capacity, Trainium and Graviton, run rate and on-premises share of IT spend (accessed 2026-10-29)
- Amazon second-quarter 2026 results release (8-K exhibit 99.1), July 30, 2026 — Q2 2026 business highlights: AI and chips run rates, Trainium, Graviton, Amazon Now, Alexa for Shopping, Supply Chain Services, Amazon Business, Pharmacy, Proteus, Prime Video, Amazon Leo, Zoox (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Item 1 intellectual property; legal proceedings (antitrust cases, Kove patent case, Italy and Luxembourg decisions) (accessed 2026-10-29)
- PYMNTS: Amazon loses bid to delay FTC antitrust trial (October 11, 2026) — FTC v. Amazon trial date and October 9, 2026 ruling (accessed 2026-10-29)
- Amazon second-quarter 2026 results release (8-K exhibit 99.1), July 30, 2026 — Q2 2026 headline results: segment sales and operating income, AWS growth and run rate, non-operating income, trailing free cash flow, CEO quote on AI, chips, delivery and advertising (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Item 1A risk factors: China-based sellers and suppliers (accessed 2026-10-29)
- Amazon Form 10-Q for the quarter ended June 30, 2026 — Risk factors: China-based sellers and suppliers (accessed 2026-10-29)
- OpenAI and Amazon strategic partnership (Amazon 8-K exhibit 99.1), February 27, 2026 — $50 billion investment, Trainium capacity, AWS distribution of OpenAI Frontier (accessed 2026-10-29)
- Amazon to acquire Globalstar; Amazon Leo to power Apple satellite services (8-K exhibit 99.1), April 14, 2026 — Globalstar acquisition and Apple agreement (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Stock repurchase activity 2023-2025 and remaining authorization (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Information about our executive officers (Jassy, Bezos, Garman, Herrington) (accessed 2026-10-29)
- Amazon Form 8-K, September 8, 2026 (director election) — Kevin Mandia elected director; principal executive office address (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Item 1 human capital: employee count at December 31, 2025 (accessed 2026-10-29)
- SEC EDGAR companyfacts: Amazon (AMZN) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- Amazon Form 10-Q for the quarter ended June 30, 2026 — Notes: $17.5 billion delayed draw term loan (accessed 2026-10-29)
- Amazon Form 8-K, September 14, 2026 (sterling notes) — Sale of sterling notes due 2029-2045 (accessed 2026-10-29)
- Oracle Form 10-K for fiscal year 2026 — Item 1 competition and risk factors: named competitors; multicloud services (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 competition and intellectual property (trademarks, Kirkland Signature) (accessed 2026-10-29)
- Amazon Form 10-Q for the quarter ended June 30, 2026 — Notes: Globalstar merger agreement terms and expected closing (accessed 2026-10-29)
- GOV.UK: CMA cloud services market investigation case page — Final decision 2025-07-31; recommendation to prioritise strategic market status investigations into Microsoft and AWS (accessed 2026-10-29)