AMZN
Amazon.com, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Amazon.com, Inc..
Coverage
The Non-Linear Rise of AI Tokens: Why Cheaper Intelligence Creates More Demand
Token prices are collapsing while usage is exploding. The reason is a sequence of demand regimes—from chat to coding agents to persistent multi-agent systems—enabled by waves of new inference capacity.
SpaceX Paid $19.6 Billion for Spectrum That Earns Nothing Until 2028. On Our Own Model It Breaks Even at 23 Million Handsets.
The EchoStar spectrum is the precondition for a vertical our SPCX model scores at zero revenue for six more quarters. Priced against what that vertical is worth on the same model — $63.0B, or $4.78 of a $187.12 fair value — the spectrum costs 31% of what it unlocks, and the break-even is 23.2 million monetised handsets against the 74.3 million the model already assumes.
Satellite Spectrum: What the Bands Are, How the Licences Are Won, and Who Holds What
A guide from first principles: what a frequency band is and what each one is for, why a satellite's orbit decides which bands it can use, how the ITU and the Outer Space Treaty actually hand out the right to transmit, and what SpaceX and its competitors hold today — including the 65 MHz from EchoStar.
Amazon and Uber Both Promised a Million Drone Deliveries This Week. Amazon Means a Year, Uber Means a Day.
Amazon is taking Prime Air to nearly 500 cities and towns and projecting a million deliveries in 2026 — about 2,700 a day, and at most $5.0M of fee revenue against $775.7B of trailing revenue. Two days earlier Uber and Zipline targeted a million a day by 2029, which is 365 times Amazon's whole year and 182 times everything Zipline has ever delivered.
Amazon Q2 2026: AWS Reaccelerates to 37% Growth, Stock Jumps 8%+ After Hours
Amazon posted record operating income and its fastest AWS growth in over four years, sending shares up more than 8% after hours, even as Q3 revenue guidance landed below consensus. We break down the real quarter underneath the Anthropic-inflated headline EPS.
The AI Capex Bet, Six Months In: What the Mag 7 Actually Spent (and What the Market Learned)
Our February call was a $700B AI capex arms race. Six months and a full Q2 earnings season later, actual guidance has blown past that number, free cash flow is cratering at multiple hyperscalers, and the market has started rewarding capex very differently depending on who's spending it. Here's what changed.
Where the revenue goes next
Latest: $200.61B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $96.14B |
| 2020Q4 | $125.56B |
| 2021Q1 | $108.52B |
| 2021Q2 | $113.08B |
| 2021Q3 | $110.81B |
| 2021Q4 | $137.41B |
| 2022Q1 | $116.44B |
| 2022Q2 | $121.23B |
| 2022Q3 | $127.10B |
| 2022Q4 | $149.20B |
| 2023Q1 | $127.36B |
| 2023Q2 | $134.38B |
| 2023Q3 | $143.08B |
| 2023Q4 | $169.96B |
| 2024Q1 | $143.31B |
| 2024Q2 | $147.98B |
| 2024Q3 | $158.88B |
| 2024Q4 | $187.79B |
| 2025Q1 | $155.67B |
| 2025Q2 | $167.70B |
| 2025Q3 | $180.17B |
| 2025Q4 | $213.39B |
| 2026Q1 | $181.52B |
| 2026Q2 | $200.61B |
Latest: $5.75 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $0.62 |
| 2020Q4 | $0.71 |
| 2021Q1 | $0.79 |
| 2021Q2 | $0.76 |
| 2021Q3 | $0.31 |
| 2021Q4 | $1.38 |
| 2022Q1 | -$0.38 |
| 2022Q2 | -$0.20 |
| 2022Q3 | $0.28 |
| 2022Q4 | $0.03 |
| 2023Q1 | $0.31 |
| 2023Q2 | $0.65 |
| 2023Q3 | $0.94 |
| 2023Q4 | $1.00 |
| 2024Q1 | $0.98 |
| 2024Q2 | $1.26 |
| 2024Q3 | $1.43 |
| 2024Q4 | $1.86 |
| 2025Q1 | $1.59 |
| 2025Q2 | $1.68 |
| 2025Q3 | $1.95 |
| 2025Q4 | $1.95 |
| 2026Q1 | $2.78 |
| 2026Q2 | $5.75 |
Latest: 24.9 (2026Q1)
| Period | Value |
|---|---|
| 2020Q2 | 106.1 |
| 2020Q3 | 92.2 |
| 2020Q4 | 78.0 |
| 2021Q1 | 58.9 |
| 2021Q2 | 60.0 |
| 2021Q3 | 64.3 |
| 2021Q4 | 51.5 |
| 2022Q1 | 78.7 |
| 2022Q2 | 95.2 |
| 2022Q3 | 103.7 |
| 2022Q4 | 0.0 |
| 2023Q1 | 245.9 |
| 2023Q2 | 102.7 |
| 2023Q3 | 65.9 |
| 2023Q4 | 52.4 |
| 2024Q1 | 50.5 |
| 2024Q2 | 46.2 |
| 2024Q3 | 39.9 |
| 2024Q4 | 39.7 |
| 2025Q1 | 31.0 |
| 2025Q2 | 33.4 |
| 2025Q3 | 31.0 |
| 2025Q4 | 32.2 |
| 2026Q1 | 24.9 |
Latest: $14.94B (2025Q4)
| Period | Value |
|---|---|
| 2020Q1 | -$2.36B |
| 2020Q2 | $13.99B |
| 2020Q3 | $2.16B |
| 2020Q4 | $17.24B |
| 2021Q1 | -$6.97B |
| 2021Q2 | -$273M |
| 2021Q3 | -$7.44B |
| 2021Q4 | $5.62B |
| 2022Q1 | -$16.53B |
| 2022Q2 | -$5.13B |
| 2022Q3 | -$3.64B |
| 2022Q4 | $13.73B |
| 2023Q1 | -$8.28B |
| 2023Q2 | $6.06B |
| 2023Q3 | $9.92B |
| 2023Q4 | $29.11B |
| 2024Q1 | $5.05B |
| 2024Q2 | $8.89B |
| 2024Q3 | $4.69B |
| 2024Q4 | $19.58B |
| 2025Q1 | -$7.24B |
| 2025Q2 | $1.15B |
| 2025Q3 | $1.30B |
| 2025Q4 | $14.94B |
Latest: $10,690,216,011.00 (2025Q3)
| Period | Value |
|---|---|
| 2018Q1 | $485,226,904.00 |
| 2018Q2 | $487,741,189.00 |
| 2018Q3 | $488,968,628.00 |
| 2019Q1 | $492,331,776.00 |
| 2019Q2 | $494,656,015.00 |
| 2019Q3 | $495,797,220.00 |
| 2020Q1 | $498,776,032.00 |
| 2020Q2 | $500,889,651.00 |
| 2020Q3 | $501,751,183.00 |
| 2021Q1 | $504,323,736.00 |
| 2021Q2 | $506,440,520.00 |
| 2021Q3 | $507,147,620.00 |
| 2022Q1 | $508,720,481.00 |
| 2022Q2 | $10,187,554,818.00 |
| 2022Q3 | $10,201,654,176.00 |
| 2023Q1 | $10,260,353,688.00 |
| 2023Q2 | $10,317,750,796.00 |
| 2023Q3 | $10,334,030,586.00 |
| 2024Q1 | $10,406,627,415.00 |
| 2024Q2 | $10,495,566,881.00 |
| 2024Q3 | $10,515,011,008.00 |
| 2025Q1 | $10,616,352,407.00 |
| 2025Q2 | $10,664,912,097.00 |
| 2025Q3 | $10,690,216,011.00 |
Latest: $173.47B (2025Q4)
| Period | Value |
|---|---|
| 2020Q1 | $75.55B |
| 2020Q2 | $89.54B |
| 2020Q3 | $91.70B |
| 2020Q4 | $108.94B |
| 2021Q1 | $101.96B |
| 2021Q2 | $101.69B |
| 2021Q3 | $94.25B |
| 2021Q4 | $99.87B |
| 2022Q1 | $83.33B |
| 2022Q2 | $78.20B |
| 2022Q3 | $74.56B |
| 2022Q4 | $88.30B |
| 2023Q1 | $80.02B |
| 2023Q2 | $86.08B |
| 2023Q3 | $96.00B |
| 2023Q4 | $125.11B |
| 2024Q1 | $130.16B |
| 2024Q2 | $139.05B |
| 2024Q3 | $143.75B |
| 2024Q4 | $163.33B |
| 2025Q1 | $156.09B |
| 2025Q2 | $157.24B |
| 2025Q3 | $158.53B |
| 2025Q4 | $173.47B |
Latest results
Company History
Jeff Bezos starts the company in Bellevue, Washington, as an online bookstore named Cadabra, later renamed Amazon, symbolizing its ambition to be the
Amazon.com goes live for public sales, initially sourcing books from wholesalers and publishers.
Amazon goes public on NASDAQ at $18 per share, marking its transition to a publicly traded company.
AWS begins as APIs for web developers to build on Amazon\
Program allows third-party sellers to use Amazon
Amazon buys the supermarket chain for US$13.4 billion, expanding into physical retail.
Bezos steps down as CEO to become executive chairman, with Andy Jassy set to replace him.
Amazon acquires the Metro-Goldwyn-Mayer studio, enhancing its content production through Amazon MGM Studios.
Key Players
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