Amazon
A retail, advertising and cloud company whose profits now come mostly from AWS, and which is spending heavily on AI infrastructure, pushing trailing free cash flow negative.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Keep capital spending on AI infrastructure high, and fund more of it with debt from several currency markets rather than slowing the build-out
- Year-over-year change in purchases of property and equipment in the Q4 2026 and 2027 filings
- More non-USD bond issues or new credit facilities
- Whether the trailing free cash flow outflow narrows as AWS revenue catches up
- Grow Trainium and Graviton into a business line in their own right and use them to lock in long-term capacity deals with AI labs and large enterprisesMedium confidence
- Begin commercial service on the Amazon Leo satellite network, which would change how its costs are accounted forMedium confidence
- Keep cutting corporate roles while hiring AI and security talent, to fund AI investment and protect retail marginsMedium confidence
- Position Bedrock as a model-neutral agent platform, then connect agent capabilities such as payments to Amazon's commerce and advertising businessesLow confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $469.8B | $514.0B | $574.8B | $638.0B | $716.9B |
| Gross profit | $197.5B | $225.2B | $270.0B | $311.7B | $360.5B |
| Operating income | $24.9B | $12.2B | $36.9B | $68.6B | $80.0B |
| Net income | $33.4B | -$2.7B | $30.4B | $59.2B | $77.7B |
| Operating cash flow | $46.3B | $46.8B | $84.9B | $115.9B | $139.5B |
| Capital expenditure | $61.1B | $63.6B | $52.7B | $83.0B | $131.8B |
| Free cash flow | -$14.7B | -$16.9B | $32.2B | $32.9B | $7.7B |
| Stock-based comp | $12.8B | $19.6B | $24.0B | $22.0B | $19.5B |
| Buybacks | $0 | $6.0B | $0 | $0 | — |
| Cash | $36.2B | $53.9B | $73.4B | $78.8B | $86.8B |
| Total debt | $52.0B | $73.5B | $75.8B | $63.2B | $72.0B |
| Equity | $138.2B | $146.0B | $201.9B | $286.0B | $411.1B |
Built from the company's disclosures: 10-K (2026-02-06), 8-K (2026-10-29), 8-K (2026-09-14), 8-K (2026-09-09), 8-K (2026-07-30), DEF 14A (2026-04-09).
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