VALUFOURYoY+$32.904B · +19.6%
QoQ+$19.087B · +10.5%
NASDAQ · AMZN
Amazon
E-commerce · AWS Cloud · Advertising
- Earnings release date
- 2026.07.30
- Market data date
- 2026.10.13
- Last checked
- 2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01
EARNINGS & GROWTH
Revenue · Profitability · Key Metrics
YoY+$11.359B · +36.8%
QoQ+$4.645B · +12.4%
YoY+$6.461B · +63.6%
QoQ+$2.460B · +17.4%
YoY+$8.290B · +43.2%
QoQ+$3.609B · +15.1%
02
EARNINGS ANALYSIS
Stock Analysis · Growth Drivers · Business Model
Commerce and Cloud Grew Together
AWS reaccelerated while North America and International also expanded, so company-wide growth was not driven by a single business. Commerce, advertising, and cloud all contributed.
AWS Growth Reaccelerated
Demand for AI and core cloud infrastructure both contributed to faster AWS growth, even from its already large revenue base.
AWS Operating Leverage Strengthened
AWS profitability improved alongside faster revenue growth, showing that incremental growth was converting more efficiently into operating income as the business scaled.
Operating Profit Improvement Broadened
Operating profit increased across North America, International, and AWS, so the improvement was broader than a single segment. Consolidated operating income provides a cleaner view of core business performance than net income affected by investment valuation gains.
03
VALUATION · RETURN CALCULATOR
P/E · Multiples · Long-Term Investing
$258.58 × 10.79B
See calculation
FY2025 Q3 Revenue $180.169B
+ FY2025 Q4 Revenue $213.386B
+ FY2026 Q1 Revenue $181.519B
+ FY2026 Q2 Revenue $200.606B
= TTM $775.680B
- Current market cap
- $2.79T
- TTM revenue
- $775.680B
$2.79T ÷ $775.680B = 3.6x
- Current market cap
- $2.79T
- GAAP TTM net income
- $135.281B
$2.79T ÷ $135.281B = 20.6x
GAAP TTM net margin 17.4% · includes investment valuation gainsNon-operating investment valuation gains materially increased net income, which can make the current P/E appear lower.
TTM vs. Annualized Revenue
Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.
View high-point comparison
HIGH-POINT COMPARISON
Sources and calculations checkedAll-Time Closing High
2026-08-03Quarter revenue $200.606B ×4
Guidance revenue midpoint $199.500B ×4
At peakCurrentChange
TTM revenue$775.680B$775.680B+0.0%
Latest quarter$200.606B$200.606B+0.0%
Guidance midpoint$199.5B$199.5B+0.0%
Uses only information available as of the peak date. The calculation uses Q2 2026 GAAP results and Q3 2026 guidance published before the August 3, 2026 peak.
The key variables were AI-led AWS demand, advertising and marketplace growth, a recovery in commerce growth, and the extent of profitability improvement after large infrastructure investments.
The multiple required sustained growth in AWS, advertising, and marketplace services and expanding core profitability after large AI infrastructure investments. The GAAP P/E at the time included valuation gains on investments such as Anthropic.
Close $284.02 × 10.79B shares outstanding = approximately $3.06T market cap at the peak.
CURRENT MARKET CAP REQUIREMENTS
Current Market Cap BasisRequirements Implied by the Current Market Cap
Implied 2030 Revenue CAGR2.7% annuallyTTM revenue growth +15.8% YoY
This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.
Share-count changes and dividends are not included in this calculation.
Conditional Business Scenarios
Conservative · Base · OptimisticCurrent TTM$775.680B
Latest-quarter annualized$802.424B
Annualized guidance midpoint$798.0B
Assumed 2030 revenue$1.28TRevenue CAGR from TTM 13.4%
CAGR from annualized latest-quarter revenue 12.4%CAGR from annualized guidance midpoint 12.6%
- Assumed 2030 net margin
- 11.0%Current 17.4%*
- Assumed 2030 P/E
- 28.0xCurrent 20.6x*
- Converted P/S
- 3.1x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$3.95TVs. current +41.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares11.23BVs. current +4.1%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$351.44Current $258.58 · +35.9%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+35.9%Implied Share Value Change +35.9% · Dividend Contribution +0.0 ppAnnualized +8.0%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $2.79T$3.95T
- Shares
- 10.79B11.23B
- Implied Share Value Change
- +35.9%
- Implied Share Value Change
- +35.9%
- Dividend Contribution
- +0.0 pp
- Conditional Total Shareholder Return
- +35.9%
Commerce revenue growth gradually moderates and AI infrastructure investment remains elevated, while AWS, advertising and marketplace services continue to grow.
Assumed 2030 revenue$1.35TRevenue CAGR from TTM 14.8%
CAGR from annualized latest-quarter revenue 13.8%CAGR from annualized guidance midpoint 14.0%
- Assumed 2030 net margin
- 12.0%Current 17.4%*
- Assumed 2030 P/E
- 29.0xCurrent 20.6x*
- Converted P/S
- 3.5x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$4.68TVs. current +67.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares11.23BVs. current +4.1%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$417.23Current $258.58 · +61.4%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+61.4%Implied Share Value Change +61.4% · Dividend Contribution +0.0 ppAnnualized +12.7%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $2.79T$4.68T
- Shares
- 10.79B11.23B
- Implied Share Value Change
- +61.4%
- Implied Share Value Change
- +61.4%
- Dividend Contribution
- +0.0 pp
- Conditional Total Shareholder Return
- +61.4%
AWS, advertising and marketplace services lead growth, while commerce and logistics efficiencies and a better revenue mix gradually absorb AI infrastructure investment.
Assumed 2030 revenue$1.39TRevenue CAGR from TTM 15.6%
CAGR from annualized latest-quarter revenue 14.6%CAGR from annualized guidance midpoint 14.8%
- Assumed 2030 net margin
- 12.5%Current 17.4%*
- Assumed 2030 P/E
- 30.0xCurrent 20.6x*
- Converted P/S
- 3.8x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$5.19TVs. current +86.2%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares11.23BVs. current +4.1%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$462.63Current $258.58 · +78.9%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+78.9%Implied Share Value Change +78.9% · Dividend Contribution +0.0 ppAnnualized +15.7%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $2.79T$5.19T
- Shares
- 10.79B11.23B
- Implied Share Value Change
- +78.9%
- Implied Share Value Change
- +78.9%
- Dividend Contribution
- +0.0 pp
- Conditional Total Shareholder Return
- +78.9%
AWS and advertising remain strong, while commerce and logistics efficiencies and a better revenue mix absorb infrastructure investment and expand core profitability.
* Recent GAAP net income includes substantial gains on investments such as Anthropic, making it difficult to compare directly with the core profitability assumptions in the future scenarios.
This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.
Conditional Shareholder Return Calculator
P/E and P/S are linked through the assumed net margin.
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$4.68TVs. current +67.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares11.23BVs. current +4.1%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$417.23Current $258.58 · +61.4%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+61.4%Implied Share Value Change +61.4% · Dividend Contribution +0.0 ppAnnualized +12.7%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $2.79T$4.68T
- Shares
- 10.79B11.23B
- Implied Share Value Change
- +61.4%
- Implied Share Value Change
- +61.4%
- Dividend Contribution
- +0.0 pp
- Conditional Total Shareholder Return
- +61.4%
This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.
Original Sources
Official Amazon IR/SEC materials and market data.
Methodology, Terms and Operating Principles
What is GAAP?
GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.
Company-Specific Valuation Assumptions
VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.
VALUFOUR Operating Principles
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- Valuation and shareholder-return results are conditional calculations based on input assumptions.
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- Official filings and each user’s own judgment should take precedence over VALUFOUR’s analysis.
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Current GAAP P/E
The official P/E uses reported GAAP TTM net income without adjustment. Recent net income, however, includes substantial valuation gains on investments such as Anthropic, making it difficult to compare directly with sustainable core earning power. VALUFOUR does not treat those gains as recurring operating earnings in its future scenarios.