Amazon

We seek to be Earth’s most customer-centric company.

10-K, Feb 6, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Amazon?

Bill AckmanInvestorAug 12, 2026Invests

Our summary: Pershing's Q2 2026 letter argues capex worries understate Amazon's resilience, citing AWS growth accelerating to more than 30% and retail share gains, and expects 20%-plus long-term earnings compounding.

“These concerns understate the resiliency of Amazon's business and its significant growth runway”

Pershing Square letter ›

Details ⓘ

Speaker: Bill Ackman, Pershing Square
Role: Investor
Source: Pershing Square
Format: Fund letter
Date: Aug 12, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Aug 12, 2026; the view may have changed.

Steve WeissInvestorFeb 27, 2026Skeptical

Our summary: Weiss said he sold Amazon: he thinks its capex plans make sense and will pay off, but the timeline is long and AI disruption of the labor market may weigh on the stock.

CNBC article ›

Details ⓘ

Speaker: Steve Weiss, Short Hills Capital Partners
Role: Investor
Source: CNBC
Format: News article
Date: Feb 27, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Feb 27, 2026; the view may have changed.

All 2 Voices on Amazon ›

Business

How does Amazon make money?

North America is 59.5% of revenue.

North America59.5%

International22.6%

AWS18.0%

What is left of every $100?

Of every $100 in revenue, $11 is net income.

Revenue$100

Gross profit$50

Operating income$11

Net income$11

Free cash flow$1

Where do customers sit?

68.3% of revenue is from United States.

United States68.3%

Germany6.4%

United Kingdom6.0%

Japan4.3%

Rest of world15.0%

In the company’s words ›

“We are guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking.”

“In each of our segments, we serve our primary customer sets, consisting of consumers, sellers, developers, enterprises, content creators, advertisers, and employees.”

“We have organized our operations into three segments: North America, International, and Amazon Web Services (“AWS”).”

Item 1 · Business · 10-K · 0001018724-26-000004 · filed Feb 6, 2026

Where did the growth actually come from?

North America drove 60% of Amazon’s growth.

Revenue FY2016$136.0B

North America+$346.5B

International+$117.9B

AWS+$116.5B

Revenue FY2025$716.9B

Thesis

Why do people invest?

2 reasons in the company’s own words.

Revenue +12%

“Sales increased 12% in 2025, compared to the prior year.”
Item 7 · MD&A · 10-K · 0001018724-26-000004 · filed Feb 6, 2026
Number check (revenue): stated 12% matches stored growth (+12.4%, ±10%)

Revenue: $716.9B FY2025 · +12.4% vs FY2024 · KPIs
Position (in the company’s words)

“We serve developers and enterprises of all sizes, including start-ups, government agencies, and academic institutions, through AWS, which offers a broad set of on-demand technology services, including compute, storage, database, analytics, artificial intelligence and machine learning, and other services.”
Item 1 · Business · 10-K · 0001018724-26-000004 · filed Feb 6, 2026

Dependencies

Who does Amazon depend on?

No customer above the disclosure threshold.

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Amazon annual report)

No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).

Suppliers named by Amazon

No supplier among the covered companies is named in the filings.

Amazon holds stakes in

Astera Labs0.2% calculated

Marvell0.0% calculated

Others name Amazon

19 competitor mentions (e.g. Cerebras, Cisco, CoreWeave, F5) · 1 customer mention (e.g. Celestica) · 11 other mentions (e.g. AppLovin, Astera Labs, Credo, Everpure) · 6 partner mentions (e.g. Astera Labs, Cerebras, IBM, Jabil) · 8 supplier mentions (e.g. Autodesk, CrowdStrike, Fortinet, Palantir) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

4 of 20 risk factors, one per theme.

Supply chain and manufacturing
“Failures to adequately predict customer demand and consumer spending patterns or otherwise optimize and operate our fulfillment network and data centers successfully from time to time result in excess or insufficient fulfillment or data center capacity, service interruptions, increased costs, and impairment charges, any of which could materially harm our business.”
Item 1A · Risk Factors · 10-K · 0001018724-26-000004 · filed Feb 6, 2026
Trade, government policy and geopolitics
“Our international activities are significant to our revenues and profits, and we plan to further expand internationally.”
Item 1A · Risk Factors · 10-K · 0001018724-26-000004 · filed Feb 6, 2026
Security, defects and outages
“We experience occasional system interruptions and delays that make our websites and services unavailable or slow to respond and prevent us from efficiently accepting or fulfilling orders or providing services to customers and third parties, which may reduce our net sales and the attractiveness of our products and services.”
Item 1A · Risk Factors · 10-K · 0001018724-26-000004 · filed Feb 6, 2026
Key people
“We depend on our senior management and other key personnel, including our President and CEO.”
Item 1A · Risk Factors · 10-K · 0001018724-26-000004 · filed Feb 6, 2026

Who’s invested

Who owns more than 5%?

Bezos Jeffrey P holds 9%.

Bezos Jeffrey P9%
13G/A · as of Sep 30, 2025 · filed Oct 14, 2025
Vanguard Capital Management LLC6.77%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
BlackRock Inc.6.1% (then)
13G/A · filed Feb 12, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.10.3%
748.4M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.8%
635.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.5%
397.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Fmr LLC5.0%
365.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Geode Capital Management, LLC3.2%
233.2M shares · 13F filed Aug 12, 2026 · share of 13F-reported

6,131 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

0 purchases · 129 sales · $457M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 34 SEC metrics, FY2016–FY2025

Income statement 9

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue

D&A

G&A

Gross profit calc.

Income taxes

Interest expense

Net income

Operating income

Revenue

Balance sheet 9

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents

Current liabilities

Current portion of long-term debt

Equity

Equity incl. NCI

Long-term debt

Total assets

Total debt calc.

Total liabilities & equity

Cash flow 6

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Buybacks	not reported	not reported	not reported	not reported						not reported

Capex

Free cash flow calc.

Interest paid		not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Operating cash flow

Stock-based compensation

Per share & shares 4

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted

Segments 3

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue AWS calc.

Revenue Segment International calc.

Revenue Segment North America calc.

Other 3

Metric	FY2016	FY2017	FY2018	FY2019	FY2020
Other income (incl. interest)

Pretax income

Short-term borrowings / commercial paper	not reported	not reported	not reported	not reported	not reported

Amazon

Source and method

What do investors say about Amazon?

Business

North America is 59.5% of revenue. i

Source and method

Of every $100 in revenue, $11 is net income. i

Source and method

68.3% of revenue is from United States. i

Source and method

North America drove 60% of Amazon’s growth.

Thesis

2 reasons in the company’s own words. i

Source and method

KPIs

Revenue grew 12% to $716.9B.

Revenue grew 20% YoY to $200.6B.

Per share, revenue grew 31.3%.

11.2% operating margin, up from 10.8%.

50.3% gross margin, up from 48.9%.

Operating income grew 17% to $80.0B.

Net income grew 31% to $77.7B.

EPS diluted grew 30% to $7.17.

13.7% operating margin, up from 11.4%.

52.3% gross margin, up from 51.8%.

Operating income grew 43% YoY to $27.5B.

Net income grew 245% YoY to $62.6B.

EPS diluted grew 242% YoY to $5.75.

Keeps $1 of every $100 as free cash.

Operating cash flow grew 20% to $139.5B.

Capex grew 59% to $131.8B.

Buybacks: $0 in FY2024, the latest reported.

Stock-based compensation fell 12% to $19.5B.

Free cash flow: −$8.8B in FY2026 Q2.

Operating cash flow grew 40% YoY to $45.4B.

Capex grew 68% YoY to $54.2B.

Buybacks: $0 in FY2024 Q1.

Stock-based compensation fell 7.6% YoY to $6.0B.

$86.8B cash vs $68.9B debt.

Total debt grew 19% to $68.9B.

Interest expense fell 5.5% to $2.3B.

Total assets grew 31% to $818.0B.

Equity grew 44% to $411.1B.

Cash grew 35% YoY to $78.2B.

Total debt grew 137% YoY to $132.5B.

Interest expense grew 155% YoY to $1.3B.

Total assets grew 61% YoY to $1.1T.

Equity grew 65% YoY to $551.6B.

AWS revenue grew 20% to $128.7B.

International revenue grew 13% to $161.9B.

AWS revenue grew 37% YoY to $42.2B.

International revenue grew 15% YoY to $42.2B.

Dependencies

No customer above the disclosure threshold.

Risks

4 of 20 risk factors, one per theme. i

Source and method

Who’s invested

Bezos Jeffrey P holds 9%. i

Source and method

All metrics

Method

North America is 59.5% of revenue.

Of every $100 in revenue, $11 is net income.

68.3% of revenue is from United States.

2 reasons in the company’s own words.

4 of 20 risk factors, one per theme.

Bezos Jeffrey P holds 9%.