AMZNAmazon.com, Inc.
Industry Megacap tech Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$248 → $266
What the podcasts say
10 bullish · 1 bearish · 10 speakers · 7 showsWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bullish
- Bearish
- Bullish
- Bullish
- Bullish
- Bullish
- Bullish
- Bullish
Promises vs. what happened
15 claims · 8 releasesEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q4 '24 sales $181.5-188.5B, op income $16-20B | Q3 '24 | $187.8B and $21.2B | Held |
| Q3 '25 op income $15.5-20.5B | Q2 '25 | $17.4B, after $4.3B of charges | Held |
| Fresh groceries same-day in 2,300+ places by end '25 | Q3 '25 | 2,300+, on time | Held |
| Q1 '26 op income $16.5-21.5B, Leo costs inside | Q4 '25 | $23.9B | Held |
| Q2 '26 sales $194-199B, op income $20-24B | Q1 '26 | $200.6B and $27.5B | Held |
| Three FCF measures, Q3 '24 | Q3 '24 | two of them gone from Q1 '25 | Dropped |
| Pharmacy same-day to ~half the U.S. in '25 | Q3 '24 | reported as 3,000+ towns instead | Dropped |
| Same/next-day in 4,000+ towns by end '25 | Q2 '25 | the count never reported | Dropped |
| Trainium3 committed by mid-'26 | Q4 '25 | not mentioned again | Dropped |
| $4B rural delivery through '26 | Q1 '25 | no spend figure given yet | Open |
| Trainium4 delivering in '27 | Q4 '25 | due 2027 | Open |
| OpenAI's 2 GW starts ramping in '27 | Q1 '26 | due 2027 | Open |
| Q3 '26 sales $197-202B, op income $22.5-26.5B | Q2 '26 | reports about 29 Oct '26 | Open |
| Leo internet service in '26 | Q2 '26 | not yet reported | Open |
| 2026 capex about $200B | Q4 '25 | about $220B by July | Missed |
What they’re pitching
the headline page, release by releaseThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
SalesPage one since Q3 '24
AWSPage one since Q3 '24
Op incomePage one since Q3 '24
FCFPage one since Q3 '24
AINew Q4 '24 · Page one since Q1 '26
ChipsFirst seen Q3 '25
One-offsPage one since Q3 '25
DeliveryNew Q4 '24 · Page one since Q1 '26
on the headline page further in the release not in the release▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Net sales growth
“Net sales increased 11% to $158.9 billion in the third quarter, compared with $143.1 billion in third quarter 2023.”
Deck Amazon.com Announces Third Quarter Results (Q3 2024 release) · p. 1 ·
Net sales growth
“Net sales increased 10% to $187.8 billion in the fourth quarter, compared with $170.0 billion in fourth quarter 2023.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2024 release) · p. 1 ·
Net sales growth
“Net sales increased 9% to $155.7 billion in the first quarter, compared with $143.3 billion in first quarter 2024.”
Deck Amazon.com Announces First Quarter Results (Q1 2025 release) · p. 1 ·
Net sales growth
“Net sales increased 13% to $167.7 billion in the second quarter, compared with $148.0 billion in second quarter 2024.”
Deck Amazon.com Announces Second Quarter Results (Q2 2025 release) · p. 1 ·
Net sales growth
“Net sales increased 13% to $180.2 billion in the third quarter, compared with $158.9 billion in third quarter 2024.”
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 1 ·
Net sales growth
“Net sales increased 14% to $213.4 billion in the fourth quarter, compared with $187.8 billion in fourth quarter 2024.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 1 ·
Net sales growth
“Net sales increased 17% to $181.5 billion in the first quarter, compared with $155.7 billion in first quarter 2025.”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
Net sales growth
“Net sales increased 20% to $200.6 billion in the second quarter, compared with $167.7 billion in second quarter 2025.”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 1 ·
AWS growth
“AWS segment sales increased 19% year-over-year to $27.5 billion.”
Deck Amazon.com Announces Third Quarter Results (Q3 2024 release) · p. 1 ·
AWS growth
“AWS segment sales increased 19% year-over-year to $28.8 billion.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2024 release) · p. 1 ·
AWS growth
“AWS segment sales increased 17% year-over-year to $29.3 billion.”
Deck Amazon.com Announces First Quarter Results (Q1 2025 release) · p. 1 ·
AWS growth
“AWS segment sales increased 17.5% year-over-year to $30.9 billion.”
Deck Amazon.com Announces Second Quarter Results (Q2 2025 release) · p. 1 ·
AWS growth
“AWS segment sales increased 20% year-over-year to $33.0 billion.”
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 1 ·
AWS growth
“AWS segment sales increased 24% year-over-year to $35.6 billion.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 1 ·
AWS growth
“AWS segment sales increased 28% year-over-year to $37.6 billion.”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
AWS growth
“AWS net sales increased 37%—its fastest growth in 18 quarters—to a $169 billion annualized revenue run rate”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 1 ·
Operating income
“Operating income increased to $17.4 billion in the third quarter, compared with $11.2 billion in third quarter 2023.”
Deck Amazon.com Announces Third Quarter Results (Q3 2024 release) · p. 1 ·
Operating income
“Operating income increased to $21.2 billion in the fourth quarter, compared with $13.2 billion in fourth quarter 2023.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2024 release) · p. 1 ·
Operating income
“Operating income increased to $18.4 billion in the first quarter, compared with $15.3 billion in first quarter 2024.”
Deck Amazon.com Announces First Quarter Results (Q1 2025 release) · p. 1 ·
Operating income
“Operating income increased to $19.2 billion in the second quarter, compared with $14.7 billion in second quarter 2024.”
Deck Amazon.com Announces Second Quarter Results (Q2 2025 release) · p. 1 ·
Operating income
“Without these charges, operating income would have been $21.7 billion.”
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 1 ·
Operating income
“Without these charges, operating income would have been $27.4 billion.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 1 ·
Operating income
“Operating income increased to $23.9 billion in the first quarter, compared with $18.4 billion in first quarter 2025.”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
Operating income
“Operating income was $27.5 billion, up 43% year-over-year”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 1 ·
Free cash flow, and what is eating it
“Free cash flow increased to $47.7 billion for the trailing twelve months, compared with $21.4 billion for the trailing twelve months ended September 30, 2023.”
Deck Amazon.com Announces Third Quarter Results (Q3 2024 release) · p. 1 ·
Free cash flow, and what is eating it
“Free cash flow increased to $38.2 billion for the trailing twelve months, compared with $36.8 billion for the trailing twelve months ended December 31, 2023.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2024 release) · p. 2 ·
Free cash flow, and what is eating it
“Free cash flow decreased to $25.9 billion for the trailing twelve months, compared with $50.1 billion for the trailing twelve months ended March 31, 2024.”
Deck Amazon.com Announces First Quarter Results (Q1 2025 release) · p. 1 ·
Free cash flow, and what is eating it
“Free cash flow decreased to $18.2 billion for the trailing twelve months, compared with $53.0 billion for the trailing twelve months ended June 30, 2024.”
Deck Amazon.com Announces Second Quarter Results (Q2 2025 release) · p. 1 ·
Free cash flow, and what is eating it
“Free cash flow decreased to $14.8 billion for the trailing twelve months, driven primarily by a year-over-year increase of $50.9 billion in purchases of property and equipment, net of proceeds from sales and incentives.”
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 1 ·
Free cash flow, and what is eating it
“This increase primarily reflects investments in artificial intelligence. This compares to free cash flow of $38.2 billion for the trailing twelve months ended December 31, 2024.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 2 ·
Free cash flow, and what is eating it
“Free cash flow decreased to $1.2 billion for the trailing twelve months, driven primarily by a year-over-year increase of $59.3 billion in purchases of property and equipment, net of proceeds from sales and incentives.”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
Free cash flow, and what is eating it
“Free cash flow decreased to an outflow of $7.6 billion for the trailing twelve months, driven primarily by a year-over-year increase of $66.1 billion in purchases of property and equipment, net of proceeds from sales and incentives.”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 1 ·
AI in the chief executive's quote
““When we look back on this quarter several years from now, I suspect what we’ll most remember is the remarkable innovation delivered across all of our businesses, none more so than in AWS where we introduced our new Trainium2 AI chip, our own foundation models in Amazon Nova, a plethora of new models and features in Amazon Bedrock that give customers flexibility and cost savings, liberating transformations in Amazon…”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2024 release) · p. 2 ·
AI in the chief executive's quote
“Trainium2 chips and Bedrock model expansion that make it easier for AWS customers to train models and run inference more flexibly and cost-effectively, to our first Project Kuiper satellites successfully launching into low earth orbit in our quest to provide broadband access to hundreds of millions of households in rural areas without it today—we’re continuing to find meaningful ways to make customers’ lives easier…”
Deck Amazon.com Announces First Quarter Results (Q1 2025 release) · p. 1 ·
AI in the chief executive's quote
““Our conviction that AI will change every customer experience is starting to play out as we’ve expanded Alexa+ to millions of customers, continue to see our shopping agent used by many millions of customers, launched AI models like DeepFleet that optimize productivity paths for our 1M+ robots, made it much easier for software developers to write code with Kiro (our new agentic IDE), launched Strands to make it easie…”
Deck Amazon.com Announces Second Quarter Results (Q2 2025 release) · p. 1 ·
AI in the chief executive's quote
““We continue to see strong momentum and growth across Amazon as AI drives meaningful improvements in every corner of our business,” said Andy Jassy, President and CEO, Amazon.”
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 1 ·
AI in the chief executive's quote
““With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital.””
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 2 ·
AI in the chief executive's quote
““AWS is growing 28% (our fastest growth in 15 quarters) on a very large base, our chips business topped a $20 billion revenue run rate (growing triple digits year-over-year), Advertising grew to over $70 billion in TTM revenue, and unit growth in our Stores reached 15% (the highest since the tail end of covid lockdowns).”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
AI in the chief executive's quote
““AWS is booming, growing 36.7% year-over-year in Q2—our fastest growth in 18 quarters—and our AI and Chips businesses each eclipsed run rates of more than $25 billion,” said Andy Jassy, President and CEO, Amazon.”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 1 ·
Chips run rate
“Saw continued strong adoption of Trainium2, its custom AI chip, which is fully subscribed and a multi-billion-dollar business that grew 150% quarter over quarter.”
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 2 ·
Chips run rate
“Trainium and Graviton now have a combined annual revenue run rate of over $10 billion and growing at a triple digit percentage year-over-year.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 2 ·
Chips run rate
“Exceeded $20 billion annual revenue run rate for Amazon’s chips business—inclusive of Graviton, Trainium, and Nitro—which is growing triple-digit percentages year-over-year.”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
Chips run rate
“Exceeded a $25 billion annual revenue run rate for its chips business, growing triple-digit percentages year-over-year.”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 2 ·
Special charges and Anthropic gains
“Third quarter 2025 net income includes pre-tax gains of $9.5 billion included in non-operating income (expense) from our investments in Anthropic, PBC.”
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 1 ·
Special charges and Anthropic gains
“Fourth quarter 2025 operating income includes three special charges—$1.1 billion for the resolution of tax disputes associated with our stores business in Italy, and the settlement of a lawsuit, $730 million in estimated severance costs, and $610 million in asset impairments primarily related to physical stores.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 1 ·
Special charges and Anthropic gains
“First quarter 2026 net income includes pre-tax gains of $16.8 billion included in non-operating income from our investments in Anthropic.”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
Special charges and Anthropic gains
“Second quarter 2026 net income includes non-operating pre-tax other income of $53.4 billion, primarily from our investments in Anthropic.”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 1 ·
Delivery speed
“Delivered at its fastest speeds ever for Prime members in 2024.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2024 release) · p. 2 ·
Delivery speed
“In Stores, we continue to realize the benefits of innovating in our fulfillment network, and we’re on track to deliver to Prime members at the fastest speeds ever again this year, expand same-day delivery of perishable groceries to over 2,300 communities by end of year, and double the number of rural communities with access to Amazon’s Same-Day and Next-Day Delivery.””
Deck Amazon.com Announces Third Quarter Results (Q3 2025 release) · p. 1 ·
Delivery speed
“Delivered at fastest speeds ever for Prime members globally in 2025.”
Deck Amazon.com Announces Fourth Quarter Results (Q4 2025 release) · p. 3 ·
Delivery speed
“We also hit exciting milestones with delivery speed (more than 1 billion items same-day or overnight in 2026 and counting), Project Hail Mary (nearly $615 million at the box office to date and the second most successful non-sequel, non-franchise opening of recent memory), and Amazon Leo continues to resonate with prospective customers, with Delta Airlines the latest to sign on.”
Deck Amazon.com Announces First Quarter Results (Q1 2026 release) · p. 1 ·
Delivery speed
““In Stores, we again set record delivery speeds for Prime members in the first half of the year—over 40% more items delivered same-day or overnight, with”
Deck Amazon.com Announces Second Quarter Results (Q2 2026 release) · p. 1 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Sales
- The first bullet of all eight, and accelerating: 11, 10, 9, 13, 13, 14, 17, 20%.
- AWS
- A segment bullet until Q2 '26, when 37% growth and a $169B run rate moved into the release's own headline.
- Op income
- Q3 and Q4 '25 add an ex-charges figure; Q2 '26 puts operating income in the headline, up 43%.
- FCF
- Reported every quarter while it fell to an outflow. From Q3 '25 the release names capex as the cause; from Q4 '25 AI as the reason for the capex.
- AI
- The Q3 '24 quote is about the holidays. From Q2 '25 AI opens the chief executive's quote, and from Q1 '26 it comes with a dollar run rate.
- Chips
- New from Q3 '25: $10B, then $20B, then $25B — with Nitro added to the definition in Q1 '26.
- One-offs
- From Q3 '25 every headline page carries a charge or an Anthropic gain; none in the four before.
- Delivery
- The Stores story is told as speed — fastest ever, a billion same-day items — not as margin.
- New
- Q4 '25: a capex figure for the year in the CEO's quote. Q1 '26: the OpenAI and Anthropic gigawatt commitments.
- Quiet
- Gone after Q4 '24: the two lease-adjusted free cash flow measures. Never given: an AWS backlog, a margin target or a year's revenue.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 30 Jul 2026
- Q1 2026 release · 8-K 29 Apr 2026
- Q4 2025 release · 8-K 5 Feb 2026
- Q3 2025 release · 8-K 30 Oct 2025
- Q2 2025 release · 8-K 31 Jul 2025
- Q1 2025 release · 8-K 1 May 2025
- Q4 2024 release · 8-K 6 Feb 2025
- Q3 2024 release · 8-K 31 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | · | · | 50% | 33% | 57% | 17% | 50% | 83% |
| Growth & sales | 67% | 17% | 33% | 67% | · | 50% | 33% | 17% |
| Pricing & margins | 67% | 67% | 50% | 17% | · | 33% | 17% | 33% |
| Guidance & outlook | 17% | · | 50% | 33% | · | · | 33% | 33% |
| Capacity & supply | 33% | 17% | 33% | 33% | 14% | 17% | 67% | 83% |
| Capital & financing | 33% | 33% | 17% | 33% | · | 33% | 17% | 33% |
| Competition | 33% | · | 17% | 17% | · | · | 17% | 17% |
| Products & technology | 33% | 17% | 33% | 17% | 29% | 17% | 50% | 50% |
| Macro & regulation | · | 17% | 33% | 33% | · | · | · | · |
| Other | · | 17% | · | 17% | 43% | 17% | · | · |
| Questions | 6 | 6 | 6 | 6 | 7 | 6 | 6 | 6 |
| How much the CEO talked | 64% | 78% | 69% | 87% | 100% | 80% | 99% | 0% |
Who’s in charge, who’s selling
read from the filings · 7 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
Two AI labs are customer, investee and most of 2026 net income
OpenAI added $100B to its AWS commitment and Amazon bought $15.0B of its preferred plus a $35.0B equity commitment ($28.7B on the books at Jun '26). Anthropic added over $100B; Amazon holds $8.0B of its paper. Remeasurements put $16.8B and $53.4B through other income in Q1 and Q2 '26, against $23.9B and $27.5B of operating income.
Tier 2 · worsening
Free cash flow negative, notes doubled, buyback unused
Trailing FCF went from $47.7B to an outflow of $7.6B. Long-term debt went $68.8B to $133.0B in six months, with $25.0B more in Jul-Aug and sterling notes in Sep. The 2026 capex frame went ~$200B to ~$220B. No buyback since 2022 against $19.3B a year of stock pay.
Tier 2 · live
The chair's rocket company is paid out of the satellite build
Of about $7.4B of launch contracts through 2028, about $2.7B goes to Blue Origin, which Bezos owns; about $1.8B was paid to it since the start of 2025. Bezos is also Executive Chair and holds 8.8%; independent-chair proposals got 17.4% and 14.2%.
Tier 2 · stable
$3.6B of settlements in two quarters, and suits seeking billions
A $2.5B FTC settlement in Q3 '25 and $1.1B for Italian tax disputes and a lawsuit in Q4 '25. The FTC, state attorneys general and private plaintiffs have antitrust and consumer cases open that seek billions in damages. Every guide assumes no settlements.
Tier 3 · improving
Pay has no metric at all; insiders sold $5.77B and bought nothing
RSUs only, time-vested: no bonus, no return or cash-flow test. Say on pay drew 22.0% against in 2025 and 6.0% in 2026. All $5.77B of insider sales ran on 10b5-1 plans, $5.65B of it Bezos; hedging is banned, pledging is not addressed.
Accounting rule changes 2 in 5 quarters
- Q1 '25The two lease-adjusted free cash flow measures are no longer reported; plain FCF only
- Q1 '26Chips run rate now counts Nitro as well as Graviton and Trainium
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Rubinstein (Nominating chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 422.7M | 785.1M | 10.0% |
| Gorelick (lead independent)A board seat. | 345.9M | 566.5M | 7.2% |
| StonesiferA board seat. | 417.3M | 516.0M | 6.6% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 1,706.0M | 470.5M | 6.0% |
| Ratify Ernst & YoungThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 480.8M | 522.6M | 5.9% |
| Bezos (Executive Chair)A board seat. | 388.3M | 393.2M | 5.0% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| Bezos, Executive Chair | $5,654.3M | 25.0M shares under a plan, mid-2025 |
| Jassy, CEO | $34.6M | 19 sales, vest-and-sell |
| Herrington, CEO Stores | $32.9M | 44 sales |
| Garman, CEO AWS | $18.5M | 20 sales |
| Zapolsky, legal and global affairs | $16.9M | 21 sales |