Market cap
$2.82T
at current price
Amazon.com, Inc. · Common stock · Seattle, Washington
AWS is back, and so is the capex.
Amazon grew revenue 20% to $200.6B last quarter and AWS accelerated to 37%, its fastest in 18 quarters. Profit got a $53B paper gain from its Anthropic stake. Cash capex of about $220B this year has turned trailing free cash flow negative.
Last close · Oct 9, 2026
$262.43
52-week range
$196–287
closing low / high
P/E
~21×
trailing GAAP, incl. ~$53B Anthropic gain
Revenue TTM
Q3 2026 guide
$197–202B
op. income $22.5–26.5B
Next earnings
Oct 29
Q3 2026 · expected, after close
Price, last 12 months
Daily closes with the 50-day average. The stock ranged from about $196 to $287 over the past year and jumped about 15% after Q2 results.
1Y closing high
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1Y closing low
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SMA 50
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SMA 200
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RSI 14
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Avg daily move
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last 20 sessions
Beta
1.46
vs. S&P 500
From peak
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Revenue and margins, by quarter
Revenue in US$ millions, with gross margin on the right axis. Q2 2026 GAAP EPS of $5.75 includes a $53.4B pre-tax gain on Anthropic. Q4 is the holiday peak. The last bar is guidance at the midpoint.
RevenueGross margin (right axis)Guidance
Q2 2026
$200.6B
+20% YoY
AWS
$42.2B
+37% · $16.6B operating income
Op. income
$27.5B
+43% YoY
2026 cash capex
~$220B
raised from ~$200B
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
AWS re-acceleration
AWS grew 37% with a 39% operating margin and about $496B of contracted backlog. Jassy says capacity, not demand, is the limit into 2027.
Tailwind
Custom chips
The Trainium business runs above $25B a year, anchored by Anthropic's 10-year, up-to-$100B commitment.
Watch
Capex and free cash flow
Trailing 12-month free cash flow was −$7.6B, versus +$18.2B a year earlier. Long-term debt roughly doubled in 2026 to fund the build-out.
Risk
Paper gains
The Anthropic markup inflates GAAP EPS; it is not cash and can reverse.
Calendar
Oct 29, 2026
Q3 2026 earnings (expected)
Guide: sales $197–202B, operating income $22.5–26.5B.
Nov–Dec 2026
Holiday quarter
Q4 is Amazon's biggest quarter for sales and operating cash flow.
Early Feb 2027
Q4 results and 2027 capex
Expected to include the 2027 capex outlook.