Amazon Stock (AMZN): AWS Profit, Capex and Valuation in Numbers

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

Amazon stock trades on the Nasdaq under the ticker AMZN. Most people know the company as a store, and by revenue it still mostly is one. By profit it is something else: a cloud computing business, Amazon Web Services, carries most of the operating income, and the money Amazon now spends on data centers is larger than the cash its whole operation brings in.

Quote pages give the price, a P/E near 21 and a market value near $2.8 trillion. They do not split that profit by business, show where this year’s earnings came from, or show how the shares react on results days. Amazon’s own filings and the price record answer all three.

AMZN at a glance: Amazon up 12.3% in 2026

Price is the November 6, 2026 close. Earnings, revenue and equity come from the 10-Q for the quarter ended September 30, 2026, filed October 30, and the 10-K for 2025. Amazon’s fiscal year is the calendar year, so “trailing” here means the fourth quarter of 2025 plus the first nine months of 2026.

The last row is our own measure, not a standard ratio. It is there because the P/E above is pulled down by investment gains, which the next sections explain.

In 2026 to November 6 the price rose 12.3%, against 7.8% for the S&P 500. Its highest close was $284.02 on August 3, 2026, and it ended 8.7% below that. The lowest close of the past year was $198.79 on February 13, 2026.

How it works: three segments, seven product lines

Amazon reports three segments. North America and International are the stores, the marketplace, ads and Prime in each region. AWS rents computing power, storage and AI tools to other companies. Over the twelve months to September 30, 2026, the three brought in $797.46 billion of revenue together.

By product, the 10-K splits sales seven ways. The 2025 figures show how far the company has moved past selling goods itself:

Advertising is the fastest grower of the seven since 2019, the earliest year the 10-K data gives it as a separate line: from $12.62 billion to $68.64 billion. Third-party seller services are the fees and fulfillment charges paid by outside merchants on the marketplace.

In the September 2026 quarter AWS brought in $45.98 billion, 22.8% of revenue and almost level with seller services at $46.49 billion. The release puts AWS growth at 39%; our figure is 39.3% on $33.01 billion a year earlier.

The original data: AWS against the rest of Amazon

AWS against the rest of Amazon. We took segment revenue and operating income from every 10-K since 2015 and from the 2026 10-Qs. The chart sets AWS’s share of the company’s revenue beside its share of operating income.

• 2015: AWS was 7.4% of revenue and 67.5% of operating income, on the basis Amazon restated in its 2016 10-K, when it began charging stock-based compensation and other costs to each segment.
• 2017 and 2022: AWS earned more than the whole company, 105.5% and 186.5%, because the two store segments together lost money. In 2022 that loss was $10.59 billion.
• 2025: 18.0% of revenue and 57.0% of operating income.
• Twelve months to September 30, 2026: AWS earned $61.02 billion on $161.38 billion of revenue, a 37.8% margin, which is 58.5% of the total. North America and International together earned $43.35 billion, a 6.8% margin. In the September quarter alone AWS’s share of operating income was 63.3%.

Amazon’s capex against its operating cash, 2010-2026

Capital spending against operating cash flow, 2010-2026. We used the cash-flow line “purchases of property and equipment” from each filing. It is a gross figure: Amazon’s own free cash flow measure subtracts proceeds from asset sales and incentives, and its release puts trailing free cash flow at an outflow of $42.4 billion.

• 2010: $0.98 billion of purchases, 28.0% of operating cash flow.
• 2021 and 2022: spending passed cash flow for the first time in this record, at 131.8% and 136.1%, during the warehouse build-out.
• 2025: $131.82 billion, 94.5% of operating cash flow.
• Twelve months to September 30, 2026: $215.19 billion against $168.30 billion of operating cash flow, 127.9%, a gap of $46.89 billion.
• September 2026 quarter: $77.26 billion, 2.20 times the $35.10 billion a year earlier and 38.3% of the quarter’s revenue. The release says the year-over-year rise in trailing spending, net of proceeds and incentives, “primarily reflects investments in artificial intelligence”.

Download the data: segments and capex and earnings-day moves. Both files are free to reuse with a credit and a link to this page, under the site license.

A worked example: what is behind Amazon’s P/E of 21

Every input is in the 10-Q filed October 30, 2026 or the 2025 10-K, apart from the share price.

1. Trailing earnings per share. Diluted EPS was $7.17 for 2025, $5.22 for the first nine months of 2025 and $10.42 for the first nine months of 2026. Trailing = $7.17 − $5.22 + $10.42 = $12.37.
2. P/E. $259.30 ÷ $12.37 = 20.96. Our P/E ratio page covers the method.
3. Market value and sales. $259.30 × 10,813,138,306 shares = $2.80 trillion. Trailing revenue is $797.46 billion, so price-to-sales is 3.52.
4. Book value. Stockholders’ equity of $613.60 billion ÷ 10,813,138,306 shares = $56.75 a share, and $259.30 ÷ $56.75 = 4.57. The price-to-book page explains what that ratio measures.
5. Where the pre-tax income came from. Trailing operating income was $104.37 billion. Non-operating income added $69.80 billion: $1.63 billion, $15.98 billion, $53.40 billion and −$1.21 billion in the four quarters. Amazon’s releases tie $16.8 billion of the first-quarter figure and most of the second-quarter $53.4 billion to its investments in Anthropic.
6. The share that was not operations. $69.80 billion ÷ $174.17 billion of pre-tax income = 40.1%. Divide the market value by operating income instead and you get $2.80 trillion ÷ $104.37 billion = 26.9.

So the P/E of 21 rests partly on gains in the value of a stake, and those depend on the private market for AI companies rather than on selling goods or computing. The operating figure is steadier, and it puts the stock on a richer multiple.

AMZN on results days: 89 after-the-close reports

Amazon files its quarterly results on an 8-K after the 4 p.m. Eastern close, most often within 15 minutes of it. We read every Item 2.02 8-K since October 2004; all 89 were quarterly results, and all 89 were accepted after the close. We matched each to the next session’s close-to-close move.

• The median move was 7.24%, against 1.11% across the other 5,457 trading days.
• 55 of the 89 (61.8%) moved 5% or more, against 2.8% of ordinary days, and 23 moved 10% or more.
• Direction: 44 were up, 49.4%, against a 51.7% up-rate on other days. That gap is well within chance (two-sided binomial p = 0.67).
• The largest were +26.95% on April 25, 2007 and −21.82% on July 26, 2006.
• Since 2021, 24 releases had a median move of 6.82%, and 10 were up. The July 31, 2026 session rose 15.32%; the latest, on October 30, 2026, fell 1.41%.

The typical results-day move was about 6.5 times the typical ordinary day. Knowing that a day will be large says nothing about which way it will go, as the up-rate above shows.

When it fails: one segment carries the profit

A giant can still lose almost everything. In split-adjusted prices Amazon closed at $5.33 on December 10, 1999 and $0.30 on September 28, 2001, a 94.4% fall. It did not close above the 1999 level until October 23, 2009, 9.9 years later. Our drawdown page explains the measure, and the invested $1,000 in Amazon page covers the 2021-2022 fall and the wait that followed it.

One segment carries the profit. With AWS earning 58.5% of operating income, a slowdown in cloud demand or a price war with other cloud providers would hit the earnings line far harder than its 20.2% share of revenue suggests.

Spending ahead of the cash is a bet. Capital spending above operating cash flow has happened before, in 2021 and 2022, and the shares fell 49.6% in 2022 against 19.4% for the S&P 500. The current gap is larger in dollars, and whether the data centers earn it back is the open question the filings cannot settle.

Gains are not repeatable income. The investment gains that lifted 2026 earnings can reverse: the non-operating line was −$1.21 billion in the September 2026 quarter.

It lags in some years. AMZN rose 80.9% in 2023 and 44.4% in 2024, but gained 2.4% in 2021 and 5.2% in 2025 when the S&P 500 rose 26.9% and 16.4%. Every number on this page is dated for that reason: the next price, filing or quarter changes it.

Questions people ask

What is Amazon’s market cap?

$2.80 trillion at the November 6, 2026 close of $259.30, using the 10,813,138,306 shares on its latest 10-Q cover, dated October 21. How that figure is built is set out on our market cap page.

Does Amazon pay a dividend?

No. Its filings show no dividend declared, and quote pages list the yield as not applicable, so the table shows no yield.

How much of Amazon’s profit comes from AWS?

58.5% of operating income in the twelve months to September 30, 2026: $61.02 billion out of $104.37 billion. In the September 2026 quarter alone it was 63.3%.

Has Amazon stock split?

Four times: 2-for-1 in June 1998, 3-for-1 in January 1999, 2-for-1 in September 1999 and 20-for-1 on June 6, 2022. The prices on this page are adjusted for all four, as our stock split page describes.

Is Amazon one of the Magnificent Seven?

Yes. Our Magnificent Seven page measures all seven against the S&P 500, including the deepest fall of each.

Related

The building blocks of this page are on earnings per share and free cash flow. For how much AMZN swings next to the market, see beta and volatility. If you hold it through a consumer or technology fund, sector funds covers what that concentration means.

This page is educational, not financial advice. Test every idea on your own charts before risking money.