Amazon
ConvictionModerate
Three-engine: 1P+3P marketplace retail (thin-margin, scale), AWS cloud (high-margin profit engine), and high-margin ads/subscriptions (Prime); reinvests retail+ads cash flow into AWS capex and custom AI silicon.
Revenue
$181.5BQ1 FY26); ~$700B+ TTMRev growth
+17% YoYQ1 FY26); AWS +28% (fastest in 15 quartersGross margin
not disclosed as a single GAAP lineAmazon reports by segment); AWS segment operating margin ~37.7% (Q1 FY26Op margin
13.1% consolidatedQ1 FY26, up from 11.8% Q1 FY25Capex intensity
Very high and rising — ~$200B guided FY26 capex vs $128.3B FY25+56%); the central bear/bull fault lineMarket cap
~$2.52T24 Jun 2026Across the boards
The thesis on this name
subject
State of AI Compute
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-06. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$469.8B
FY’22
$514.0B+9%
FY’23
$574.8B+12%
FY’24
$638.0B+11%
FY’25
$716.9B+12%
Margins & balance sheet — FY’25
Operating margin11.2%
Net margin10.8%
Net debt$20.1B
The read
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Full financial intelligence for Amazon
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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