Factual Summary
Amazon recorded FY2025 revenue of $716.92B and operating income of $80.0B. Q1 2026 revenue was $181.5B (+17% YoY), with AWS revenue of $37.6B (+28% YoY), its fastest growth rate in 15 quarters. The 2026 capital expenditure (CAPEX) plan was set at $200B, a sharp increase from the prior year, alongside partnership announcements of up to $33B with Anthropic and $50B with OpenAI.
Price-Change Context Note
Despite growing more slowly than Azure (+40%) and GCP (+63%), AWS remains #1 in absolute revenue. Free cash flow (FCF) fell sharply to $1.2B on a TTM basis from $26B a year earlier amid the $200B CAPEX expansion. The FTC's e-commerce antitrust trial has been rescheduled to 2027-03-29, and executives continued disposing of shares over the past three months, all executed as pre-planned transactions under Rule 10b5-1.
Business Structure — 3 Reportable Segments (FY2025)
Basis: FY2025 (Jan–Dec 2025) annual results. Source: FY2025 10-K (SEC EDGAR, filed 2026-01) (A)
5-Year Revenue Trend
Note: In 2022, the company recorded a net loss (-$0.27 EPS) due to a -$14.1B unrealized loss on its Rivian investment, though revenue itself increased year-over-year (A).
Recent Quarterly Results — Q1 2026
The company's guidance for Q2 2026 net sales is $194B–$199B, with operating income guided at $20B–$24B (C, 2026-04-29 earnings call). The scheduled announcement date is 2026-07-30, after the reference date.
Competitive Landscape
AWS remains #1 by absolute revenue, though Azure (+40%) and GCP (+63%) posted higher growth rates (C). Amazon's advertising revenue was $68.6B in 2025, ranking third behind Google (~$265B) and Meta (~$180B) (C, not yet cross-checked against primary disclosures — supplementary reference figure).
Valuation
Forward P/E, P/B, and P/S were not available in the research data (not obtained). Industry peer average P/E is ~29.1x, and the global retail average is ~19.7x (C, SimplyWallSt).
Supply-Demand Indicators
On a trailing-12-month basis, 4,777 institutions added positions (inflows of $209.21B), while 3,419 institutions reduced positions (outflows of $73.88B) (C, MarketBeat 2026-07). AMZN is a top holding in major index ETFs such as QQQ (~4.4%), SPY (~3.9%), and VOO (~3.5%), with no confirmed risk of removal from the S&P 500 or Nasdaq-100 (C).
1-month institutional net trading figures are not available, as the Q2 2026 13F filing deadline (2026-08-14) has not yet passed.
Governance & Major Shareholders
| Shareholder | Shares Held | Percentage |
|---|---|---|
| Jeffrey P. Bezos (Executive Chair) | 950,434,581 | 8.84% |
| The Vanguard Group | 771,052,550 | 7.17% |
| BlackRock, Inc. | 630,188,686 | 5.86% |
| All Directors & Executive Officers (17 persons) | 953,863,330 | 8.87% |
As of 2026-02-24, Source: DEF 14A (filed 2026-04-09) (A). 9 of 11 board members (81.8%) are independent directors (A).
According to Form 4 filings over the past three months (2026-04-01 to 07-01), executives including Jassy, Garman, and Herrington continued to dispose of shares (approximately 167,274 shares in total), all executed as pre-planned transactions under Rule 10b5-1 (A). No new executive share acquisition transactions were identified during this period.
Macro Environment
| Factor | Current Value | Transmission Channel |
|---|---|---|
| US Policy Rate | 3.50~3.75% | Sustained high rates risk weaker consumer spending and longer AWS contract cycles |
| US Retail Sales (June) | +6.7% YoY | Non-store sales +1.9% MoM — positive for online revenue |
| Univ. of Michigan Consumer Sentiment | 49.5 | Near historical lows — a warning sign for discretionary demand |
| Effective Tariff Rate on China | 23.4% | Relatively favorable versus Temu/Shein, higher sourcing costs for 3P sellers |
| 2026 Company-wide CAPEX | $200B | Rising depreciation burden vs. AWS capacity expansion |
As of 2026-07-16, Source: Federal Reserve FOMC (2026-06-17), US Census Bureau (2026-07-16), Univ. of Michigan (2026-06), Penn Wharton Budget Model (2026-07-13) (mixed A/C).
Recent Event Timeline
- 2026-07-15 AWS SVP Dave Brown (approximately 19 years of tenure) announced his departure; Dave Treadwell to succeed him effective August 1 (A)
- 2026-07-15 Confirmed ongoing negotiations to sell its in-house Trainium AI chips to external data centers; customer undisclosed (C)
- 2026-07-01 Finalized a $2.25M civil penalty related to failure to provide identity theft records (FCRA Section 609(e)) (A)
- 2026-06-23~26 Held Prime Day 2026; US e-commerce gross sales of $26.4B (+9.3% YoY), with first-24-hour sales of $8.3B (all-time high) (A)
- 2026-06-08 FCC granted a conditional extension of the Amazon Leo satellite deployment deadline (final deadline remains 2029-07-30) (A)
- 2026-04-20 Announced an additional $5B investment in Anthropic (up to $20B more upon meeting conditions, cumulative maximum of $33B) (A)
- 2026-02-27 Announced a strategic partnership with OpenAI and a $50B investment; AWS designated as the exclusive third-party cloud provider for OpenAI Frontier deployments (A)
- 2026-02-05 Disclosed 2026 CAPEX plan of $200B (exceeding the market estimate of $146.6B); shares fell approximately -11% in after-hours trading immediately after (A)
- 2026-01-20 CEO Jassy stated that tariff impacts were beginning to be reflected in consumer prices; the company's own price index averaged +12.8% in 2025 (C)
As of 2026-07-16, Source: aboutamazon.com, SEC 8-K (primary), CNBC, GeekWire, official FCC documents (mixed A/C).
Risk Factors
- Regulatory/Legal Risk — The FTC's e-commerce antitrust trial has been rescheduled to 2027-03-29 (A). A separate investigation into advertising terms and fee disclosures is ongoing (C). Per TipRanks, regulatory/legal risk accounts for 25% of overall risk, above the industry average of 20.1% (C)
- AI Capex Concentration Risk — Under the 2026 CAPEX plan of $200B, free cash flow has plunged from $26B a year earlier to $1.2B TTM, with 2026 projected to turn negative (-$17B to -$28B, C). A new $25B debt financing plan is in place (A)
- Intensifying Cloud Competition — Azure (+40%) and GCP (+63%) growth rates exceed AWS (+28%); a persistent gap could erode market share (E, industry estimate)
- E-commerce Competition — Walmart's online revenue grew sharply at +24%, alongside Temu/PDD's ultra-low-price expansion into the US market (C)
- Macroeconomic Risk — Sustained high rates risk weaker consumer spending; University of Michigan Consumer Sentiment at 49.5, near historical lows (A)
- Labor Risk — Growing unionization efforts among logistics/warehouse workers; FY2025 recognized $2.7B in voluntary severance costs (A)
Theme Exposure
Fact Highlights
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR