AMZN / NASDAQ · Permanent Company Research
Financials FY2025 · Latest 2026Q1
Amazon：Retail, Marketplace, Ads, AWS, Infrastructure
投资 Amazon 的核心逻辑，是用零售与 Marketplace 的高频需求入口，持续放大广告、Prime、AWS 与 AI infrastructure 的复利变现能力。
Total revenue
$716.9B
FY2025 · Amazon FY2025 Annual Report / Form 10-K
AWS revenue
$37.6B
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
Operating income
$23.9B
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
OCF TTM
$148.5B
2026Q1 TTM · Amazon Form 10-Q, quarter ended March 31, 2026
AWS growth
28%
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
Ads TTM
>$72B
2026Q1 TTM · Amazon Form 10-Q, quarter ended March 31, 2026
01 · Business Flywheel
Amazon business map
只展示业务事实与可跟踪指标：需求、平台服务、广告、订阅、AWS、现金流和基础设施投入。
01
Customer demand
Prime、selection、price 与 delivery promise 形成需求入口。
02
Retail + 3P sellers
自营零售与第三方卖家服务共同扩大 SKU、库存和履约密度。
03
Fulfillment network
物流和履约网络提升用户体验，也带来资本开支和固定成本。
04
Advertising
广告服务在电商搜索和商品发现中变现商家需求。
05
Subscriptions
Prime 和数字订阅增加复购、媒体权益和会员粘性。
06
AWS + AI infrastructure
AWS 承载企业云、生成式 AI、Trainium / Inferentia 等基础设施需求。
02 · Segment Revenue
Revenue mix by reporting segment
Amazon 官方 segment reporting 为 North America、International 和 AWS；这里看收入分布，AWS 趋势放在 05 单独展开。
2025Q1 -> 2026Q1
Revenue distribution · USD billions
Each row is one period; FY2025 is annual baseline and 2025Q4 is derived from FY2025 minus 2025Q1-2025Q3.
03 · Operating Income
Operating income mix by segment
经营利润按 Amazon 官方三大 segment 展示；hover 或 tap 色块查看分部金额。
Operating income distribution · USD billions
Positive segment operating income is stacked to show mix. FY2025 is annual baseline; 2025Q4 is derived from FY2025 minus 2025Q1-2025Q3.
04 · Revenue Streams
Product and service revenue structure
季度收入结构按统一披露口径显示；hover 或 tap 色块查看单项数据，所有金额为 USD billions。
Quarterly mix + FY2025 baseline
Each row is one period; FY2025 is an annual baseline and 2025Q4 is derived from FY2025 minus 2025Q1-2025Q3. Tap or hover a segment for value and source.
05 · AWS Metrics
AWS operating snapshot
AWS backlog 是 RPO-like customer commitments 指标，单独标注来源；不与 SEC segment revenue 混同。
AWS revenue
$37.6B
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
Growth YoY
28%
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
Operating income
$14.2B
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
Operating margin
37.7%
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
AWS backlog
$364B
2026Q1 · Amazon Q1 2026 earnings call / AWS backlog disclosure
AWS quarterly revenue and operating income · USD billions
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026 · Hover or tap chart points for quarterly AWS values.
06 · Advertising Tracker
Advertising revenue trend
广告服务单独跟踪季度收入和 TTM run-rate；所有金额为 USD billions。
Quarterly advertising revenue trend · USD billions
Hover or tap chart points for quarterly values. 2025Q4 is derived from FY2025 minus 2025Q1-2025Q3.
2025Q4 TTM advertising revenue
$68.6B
Amazon FY2025 Annual Report / Form 10-K
2026Q1 TTM advertising revenue
>$72B
Amazon Form 10-Q, quarter ended March 31, 2026
07 · Cash Flow / CapEx
OCF, CapEx and FCF trend
CapEx 使用 Amazon free cash flow 定义：purchases of property and equipment, net of proceeds from property and equipment sales and incentives。
Hover or tap chart points for quarterly values. 2025Q4 is derived from FY2025 minus 2025Q1-2025Q3.
FY2025 baseline
OCF / CapEx / FCF
$139.5B / $128.3B / $11.2B
2025Q4 TTM
TTM OCF / CapEx / FCF
$139.5B / $128.3B / $11.2B
2026Q1 TTM
TTM OCF / CapEx / FCF
$148.5B / $147.3B / $1.2B
08 · AI Infrastructure Tracker
AI run-rate, custom chips and capex commentary
AWS AI demand signal
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
$37.6B
AWS revenue grew 28.4% YoY in Q1 2026. This page tracks disclosed AWS revenue, growth and operating income separately from AI-specific ROI.
Technology and infrastructure expense
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
$29.6B
This is Amazon's disclosed operating expense line and includes infrastructure spend supporting AWS and other businesses; it is not an AI-only metric.
AI run-rate
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
Not disclosed
Amazon does not disclose a stable AI revenue run-rate in the supplied source set.
Custom silicon run-rate
2026Q1 · Amazon Form 10-Q, quarter ended March 31, 2026
Not disclosed
Trainium / Inferentia adoption is tracked as disclosed commentary only until Amazon provides a stable numeric run-rate.
Free cash flow after infrastructure spend
2026Q1 TTM · Amazon Form 10-Q, quarter ended March 31, 2026
$1.2B
TTM free cash flow is shown as a mechanical guardrail for infrastructure intensity; the page does not infer AI investment returns.
2026Q1: CapEx uses Amazon's free-cash-flow definition: purchases of property and equipment, net of proceeds from property and equipment sales and incentives. (Amazon Form 10-Q, quarter ended March 31, 2026)
2025Q4: Q4 values are mechanically derived from FY2025 minus 2025Q1-2025Q3 and are not separately disclosed as a standalone quarter in the annual filing. (Amazon FY2025 Annual Report / Form 10-K)
2025Q1
AWS revenue$29.3B
AWS growthNot disclosed
CapEx net$24.3B
Tech infra exp.$23B
Amazon Form 10-Q, quarter ended March 31, 2025
2025Q2
AWS revenue$30.9B
AWS growthNot disclosed
CapEx net$31.4B
Tech infra exp.$27.2B
Amazon Form 10-Q, quarter ended June 30, 2025
2025Q3
AWS revenue$33B
AWS growthNot disclosed
CapEx net$34.2B
Tech infra exp.$29B
Amazon Form 10-Q, quarter ended September 30, 2025
2025Q4
AWS revenue$35.6B
AWS growthNot disclosed
CapEx net$38.5B
Tech infra exp.$29.4B
Amazon FY2025 Annual Report / Form 10-K
2026Q1
AWS revenue$37.6B
AWS growth28.4%
CapEx net$43.2B
Tech infra exp.$29.6B
Amazon Form 10-Q, quarter ended March 31, 2026
09 · Sources
Source footnotes and update policy
q1_2025_10q
2025Q1 · SEC EDGAR
q2_2025_10q
2025Q2 · SEC EDGAR
q3_2025_10q
2025Q3 · SEC EDGAR
fy2025_annual_report
FY2025 · Amazon Investor Relations / SEC EDGAR
q1_2026_results
2026Q1 · Amazon Investor Relations / SEC EDGAR
q1_2026_aws_backlog_marketwatch
2026Q1 · Amazon Investor Relations
derived_2025q4
2025Q4 · Aben Research mechanical calculation from SEC filings
data_policy
Ongoing · Aben Research
All monetary values are stored and displayed in USD billions.
Q4 2025 quarterly values are mechanically derived from FY2025 minus 2025Q1-2025Q3 when Amazon does not disclose a standalone fourth-quarter line in the 10-K table.
Fields with null values are intentionally not estimated from adjacent metrics.
This page is a factual tracking database and does not provide valuation or trading recommendations.
Last updated: 2026-06-30
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