# Amazon.com, Inc. (AMZN)

> Source: Nexqual · https://nexqual.com/AMZN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Amazon.com, Inc. (AMZN), nexqual.com/AMZN" · informational, not investment advice.

**Price:** USD 250.38 (-4.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 262.37 · day 248–258.36 · 52w 196–287.2 · market cap $2.70T · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $776B, net income $135B (17.4% margin), free cash flow -$11.6B (SEC filings).
- Valuation: P/E 20.0x (avg 41.4x at the last 3 fiscal year-ends), EV/EBITDA 16.0x, net debt $10.0B.
- Earnings quality: non-operating income $81.8B (gains on equity investments $1.43B) vs operating income $93.7B over the last four quarters; P/E excluding non-operating income ≈37.5x (estimate: non-operating income taxed at the company's 22.6% effective rate).
- 33 of 80 tracked superinvestors hold AMZN (13F, Q2 2026 (2 investors on Q3 2026, filed early)): 1 new, 11 added, 18 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 26 Form 4 filings, $417M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 20 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.77 on a 1–5 scale) (60 analysts), mean target USD 331.72 (range 230–405).
- Total return with dividends: 1Y +13.3% vs S&P 500 +14.9%; 5Y +50.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.96, revenue estimate $202B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $470B | $514B | $575B | $638B | $717B | $776B |
| Gross profit | $197B | $225B | $270B | $312B | $361B | — |
| Operating income | $24.9B | $12.2B | $36.9B | $68.6B | $80.0B | $93.7B |
| Net income | $33.4B | -$2.72B | $30.4B | $59.2B | $77.7B | $135B |
| EPS (diluted) | $3.24 | -$0.27 | $2.90 | $5.53 | $7.17 | — |
| Free cash flow | -$14.7B | -$16.9B | $32.2B | $32.9B | $7.70B | -$11.6B |
| Gross margin | 42.0% | 43.8% | 47.0% | 48.9% | 50.3% | — |
| Operating margin | 5.3% | 2.4% | 6.4% | 10.8% | 11.2% | 12.1% |
| Net margin | 7.1% | -0.5% | 5.3% | 9.3% | 10.8% | 17.4% |
| Revenue growth | +21.7% | +9.4% | +11.8% | +11.0% | +12.4% | — |
| Cash + short-term investments | $96.0B | $70.0B | $86.8B | $101B | $123B | — |
| Total debt | $50.6B | $70.5B | $67.2B | $58.0B | $68.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.0x · P/E ex non-operating (est.) ≈37.5x · P/S 3.5x · EV/EBITDA 16.0x · EV/Sales 3.5x · P/B 4.9x · FCF yield -0.43% · Earnings yield 5.01% · Net debt $10.0B · EV $2.71T
P/E at fiscal year-ends: Dec 2025 32.2x, Dec 2024 39.7x, Dec 2023 52.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
33 of 80 tracked investors hold AMZN (2 investors on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| AltaRock Partners |  | 32.21% | $1.37B | Reduced -24.3% | Q2 2026 |
| Josh Tarasoff | Greenlea Lane Capital | 18.35% | $66.8M | Reduced -10.3% | Q2 2026 |
| Seth Klarman | Baupost Group | 16.48% | $892M | Added +20.0% | Q2 2026 |
| Dennis Hong | ShawSpring Partners | 16.13% | $37.4M | Reduced -15.8% | Q2 2026 |
| David Tepper | Appaloosa Management | 15.95% | $1.19B | Added +15.7% | Q2 2026 |
| ValueAct Capital |  | 12.44% | $701M | Added +2.0% | Q2 2026 |
| John Armitage | Egerton Capital | 11.96% | $1.17B | Added +31.9% | Q3 2026 |
| Bill Ackman | Pershing Square | 10.49% | $2.04B | New position | Q2 2026 |
| Chase Coleman | Tiger Global Management | 9.62% | $2.31B | Reduced -3.2% | Q2 2026 |
| Triple Frond Partners |  | 9.20% | $103M | Reduced -9.6% | Q2 2026 |
| Daniel Loeb | Third Point | 8.98% | $417M | Reduced -9.8% | Q2 2026 |
| Vulcan Value Partners |  | 7.20% | $237M | Reduced -37.8% | Q2 2026 |
| David Rolfe | Wedgewood Partners | 6.66% | $32.3M | Added +35.6% | Q2 2026 |
| AKO Capital |  | 6.34% | $272M | Reduced -34.0% | Q2 2026 |
| Jensen Investment Management |  | 6.09% | $251M | Reduced -13.6% | Q2 2026 |
| Polen Capital | Polen Capital Management | 5.77% | $670M | Reduced -27.9% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 5.68% | $620M | Reduced -0.1% | Q2 2026 |
| Samantha McLemore | Patient Capital Management | 5.39% | $162M | Added +4.1% | Q2 2026 |
| Christopher Davis | Davis Advisors | 4.38% | $1.02B | Added +24.8% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 4.35% | $482M | Reduced -12.8% | Q2 2026 |
| First Pacific Advisors |  | 4.07% | $324M | Reduced -3.9% | Q2 2026 |
| Thomas Gayner | Markel Group | 3.69% | $484M | Unchanged | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 3.59% | $51.8M | Reduced -2.3% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 2.82% | $34.2M | Added +2.7% | Q3 2026 |
| Harry Burn | Sound Shore | 2.57% | $83.5M | Reduced -7.6% | Q2 2026 |
| Viking Global | Viking Global Investors | 2.51% | $882M | Added +209.6% | Q2 2026 |
| Torray Funds |  | 2.19% | $16.2M | Reduced -5.2% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 2.08% | $3.98B | Added +10.6% | Q2 2026 |
| Bill Nygren | Oakmark Funds | 1.48% | $1.11B | Reduced -2.3% | Q2 2026 |
| Leon Cooperman | Omega Family Office | 1.14% | $40.4M | Unchanged | Q2 2026 |
| Van Den Berg Management I |  | 0.09% | $431K | Unchanged | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | 0.01% | $632K | Added +89.3% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | <0.01% | $223K | Reduced -10.0% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
26 of 26 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Herrington Douglas J | CEO Worldwide Amazon Stores | 1,000 | $252K | 0.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-01 | Herrington Douglas J | CEO Worldwide Amazon Stores | 1,000 | $255K | 0.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-21…2026-08-24 | Zapolsky David | Senior Vice President | 15,430 | $4.0M | 27.3% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-21 | Jassy Andrew R | President and CEO | 20,000 | $5.2M | 0.9% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-21 | Garman Matthew S | CEO Amazon Web Services | 14,541 | $3.8M | 43.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Herrington Douglas J | CEO Worldwide Amazon Stores | 6,362 | $1.6M | 1.3% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-21 | Olsavsky Brian T | Senior Vice President and CFO | 6,172 | $1.6M | 5.3% | Yes | Routine (sold in Feb & May & Aug each year 2023–2025) |
| 2026-08-21 | Reynolds Shelley | Vice President | 2,343 | $607K | 1.9% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-17 | Herrington Douglas J | CEO Worldwide Amazon Stores | 3,741 | $983K | 0.8% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-03 | Herrington Douglas J | CEO Worldwide Amazon Stores | 1,000 | $278K | 0.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-03 | Bezos Jeffrey P | Executive Chair | 1,209,649 | $346M | 0.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Herrington Douglas J | CEO Worldwide Amazon Stores | 1,000 | $240K | 0.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-06-01 | Herrington Douglas J | CEO Worldwide Amazon Stores | 1,000 | $266K | 0.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-05-21…2026-05-22 | Zapolsky David | Senior Vice President | 15,450 | $4.1M | 27.3% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-21 | Jassy Andrew R | President and CEO | 20,000 | $5.3M | 0.9% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-21 | Garman Matthew S | CEO Amazon Web Services | 15,467 | $4.1M | 50.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-21 | Herrington Douglas J | CEO Worldwide Amazon Stores | 6,370 | $1.7M | 1.3% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-05-21 | Reynolds Shelley | Vice President | 2,363 | $620K | 1.9% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-15 | Garman Matthew S | CEO Amazon Web Services | 11,475 | $3.0M | 48.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Herrington Douglas J | CEO Worldwide Amazon Stores | 3,742 | $983K | 0.8% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.77 on a 1–5 scale), 60 analysts; mean target USD 331.72 (low 230, high 405).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Morgan Stanley | Target raised | Overweight | $335 → $350 |
| 2026-10-12 | Wells Fargo | Target lowered | Overweight | $338 → $329 |
| 2026-10-12 | Cantor Fitzgerald | Target lowered | Overweight | $320 → $310 |
| 2026-10-06 | Tigress Financial | Target raised | Buy | $315 → $385 |
| 2026-10-05 | TD Cowen | Reiterated | Buy | $350 |
| 2026-09-30 | Rosenblatt | Target raised | Buy | $335 → $360 |
| 2026-09-03 | Wells Fargo | Target raised | Overweight | $328 → $338 |
| 2026-07-31 | UBS | Target raised | Buy | $305 → $318 |
| 2026-07-31 | Telsey Advisory Group | Target raised | Outperform | $315 → $335 |
| 2026-07-31 | Bernstein | Target raised | Outperform | $315 → $320 |
| 2026-07-31 | Citigroup | Target raised | Buy | $325 → $350 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $320 → $330 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +13.3% | +50.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +13.3% | +8.4% |
| Volatility (annualized) | 34.3% | 34.0% |
| Max drawdown | -21.7% (Nov 2025→Feb 2026) | -54.3% (Nov 2021→Dec 2022) |

## Peers (Internet Retail)
BABA (Alibaba Group Holding Limited) USD 101.82 -2.48% · PDD (PDD Holdings Inc.) USD 79.17 +0.57% · MELI (MercadoLibre, Inc.) USD 1,824.95 -1.61% · DASH (DoorDash, Inc.) USD 185.94 +0.81% · EBAY (eBay Inc.) USD 122.04 -0.70% · SE (Sea Limited) USD 75.69 -2.89%

## More
Full page: https://nexqual.com/AMZN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AMZN in their own reports (relationship from AMZN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | BitVentures Ltd (BVC) | 20-F 2026-10-16 | "Amazon may also suspend or terminate our seller account, or restrict specific listings, based on its assessment of our performance metrics, customer complaints, or intellectual property or authenticit…" |
| partner | CTW (CTW) | 20-F 2026-10-16 | "We partner with a limited number of providers, such as Amazon Web Services (AWS), AliCloud," |
| customer | TREASURE GLOBAL INC (TGL) | 10-K 2026-10-13 | "We have in place a "Disaster Recovery" ("DR") initiative, which we rely on the "AWS" cloud facilities to ensure as described below:" |
| competitor | VILLAGE SUPER MARKET INC (VLGEA) | 10-K 2026-10-08 | "Some of the Company's principal competitors include Acme, Aldi, Amazon/Whole Foods, BJs, Costco, Foodtown, Giant, Kings, Lidl, Safeway, Stop & Shop, Target, Trader Joe's, Walmart, Wegmans and Weis." |
| competitor | COSTCO WHOLESALE CORP /NEW (COST) | 10-K 2026-10-07 | "Walmart, Target, Kroger, and Amazon are among our significant general merchandise retail competitors in the U.S. We also compete with other warehouse clubs, including Walmart's Sam's Club and BJ's Who…" |
| supplier | iPower Inc. (IPW) | 10-K 2026-10-02 | "Amazon Vendor and Amazon Seller customers accounted for 38%" |
| customer | IDT CORP (IDT) | 10-K 2026-09-29 | "We utilize AWS' and Google Cloud's high availability configurations using multiple availability zones and, in some cases, we have services deployed in multiple AWS regions." |
| supplier | Luvu Brands, Inc. (LUVU) | 10-K 2026-09-29 | "Sales to (and through) Amazon accounted for 36% of our net sales during the year ended June 30, 2026 and 34% of our net sales for the year ended June 30, 2025." |
| supplier | Armlogi Holding Corp. (BTOC) | 10-K 2026-09-28 | "Our overseas customers consist of cross-border e-commerce merchants outside the U.S. (primarily from the PRC) who intend to sell in the U.S. market via a variety of e-commerce platforms, such as Amazo…" |
| supplier | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "AOS can be run on virtual machines such as AHV and in containers such as AWS EKS, enabling customers to leverage AOS storage for both virtualized and containerized applications." |
| partner | UPEXI, INC. (UPXI) | 10-K 2026-09-17 | "We reach consumers through our direct-to-consumer network, wholesale partnerships, and major third-party platforms like Amazon." |
| customer | Guidewire Software, Inc. (GWRE) | 10-K 2026-09-11 | "We utilize services and technology and intellectual property provided or licensed by unaffiliated third parties to operate our products, including AWS, Okta and Datadog." |
| supplier | Palo Alto Networks Inc (PANW) | 10-K 2026-09-10 | "We also offer Cloud NGFW, a managed NGFW offering, to secure customers' applications on Amazon Web Services ("AWS") and Microsoft Azure ("Azure")." |
| partner | ALLIANCE ENTERTAINMENT HOLDING CORP (AENT) | 10-K 2026-09-10 | "entered into an exclusive agreement with Amazon MGM Studios for physical media distribution in the United States and Canada, which is" |
| competitor | CISCO SYSTEMS, INC. (CSCO) | 10-K 2026-09-02 | "Our competitors (in each case relative to only some of our products or services) include: Amazon Web Services LLC;" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| North America | $116.18B | 57.9% | +16.1% | $9.12B | 7.9% |
| AWS | $42.23B | 21.1% | +36.8% | $16.62B | 39.4% |
| International | $42.20B | 21.0% | +14.8% | $1.72B | 4.1% |
| Total revenue | $200.61B | 100% | — | $27.46B | 13.7% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net service sales | $123.00B | 61.3% | +23.7% |
| — Online stores (part of Net service sales) | $70.43B | 35.1% | +14.6% |
| — Third-party seller services (part of Net service sales) | $46.78B | 23.3% | +15.9% |
| — Physical stores (part of Net service sales) | $5.79B | 2.9% | +3.6% |
| Net product sales | $77.60B | 38.7% | +13.7% |
| — AWS (part of Net product sales) | $42.23B | 21.1% | +36.8% |
| — Advertising services (part of Net product sales) | $19.81B | 9.9% | +26.2% |
| — Subscription services (part of Net product sales) | $13.73B | 6.8% | +12.5% |
| — Other (part of Net product sales) | $1.83B | 0.9% | +22.0% |
| Total revenue | $200.61B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $489.66B | 68.3% | +11.8% |
| Non Us | $107.47B | 15.0% | +14.5% |
| Germany | $45.90B | 6.4% | +12.3% |
| United Kingdom | $43.21B | 6.0% | +14.2% |
| Japan | $30.69B | 4.3% | +12.0% |
| Total revenue | $716.92B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "The following forward-looking statements reflect Amazon.com's expectations as of July 30, 2026, and are subject to substantial uncertainty."
- "Third Quarter 2026 Guidance • Net sales are expected to be between $197.0 billion and $202.0 billion, or to grow between 9% and 12% compared with third quarter 2025."

Analysts expect $202.20B for the current quarter, +1.4% vs the guidance midpoint $199.50B. Source: https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/amzn-20260630xex991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.96 | $1.91 | +2.4% | $202.20B | 45 |
| Next quarter (ends 2026-12-31) | $2.45 | $2.39 | +2.5% | $244.37B | 42 |
| Current fiscal year (ends 2026-12-31) | $12.90 | $8.72 | +47.9% | $828.74B | 51 |
| Next fiscal year (ends 2027-12-31) | $10.56 | $10.01 | +5.5% | $949.96B | 54 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±7.7%; earnings reaction alone ±6.4%; last 8 reports averaged ±6.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-26 | 3 | 29.6% | ±2.4% |
| 2026-10-28 | 5 | 33.7% | ±3.5% |
| 2026-10-30 | 7 | 65.7% | ±7.7% |
| 2026-11-02 | 10 | 57.6% | ±7.9% |
| 2026-11-04 | 12 | 54.6% | ±8.2% |
| 2026-11-06 | 14 | 52.5% | ±8.5% |
| 2026-11-13 | 21 | 46.7% | ±9.2% |
| 2026-11-20 | 28 | 43.3% | ±9.8% |