Amazon AMZN

Nasdaq · Retail-Catalog & Mail-Order Houses · $2.87T

$260.21−2.19%Nov 5 close · Databento

Every report since 2023 →

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AMZN Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $260.211D −2.19%3M −6.43%SMA20 $254.43SMA50 $253.89RSI(14) 55.0

260.21

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 55.0

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

After a story on AMZN, the first close moved a median −0.60%. Up 5 of 13; over the next three trading days, a median −0.07%.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$2.87T

EV / True FCF20.2x

Revenue$716.9B +12.4%

True FCF (ex-SBC)$141.0B −3.2%

Rule of 4034.8%

ROIC16.4%

True FCF Yield4.9%

EPS, diluted$7.17 +29.7%

Modern Valuation (EOD)

Market Cap$2.87T

Enterprise Value$2,851B

EV / True FCF20.22

EV / FCF17.72

EV / Gross Profit—

EV / EBIT35.65

EV / Sales3.98

P / E (GAAP)36.94

P / FCF17.84

P / Oper. CF17.05

P / Book6.98

Owner & Cash Yields

True FCF Yield4.9%

FCF Yield5.6%

Owner Earn. Yield4.5%

Earnings Yield2.7%

Shareholder Yield−0.7%

Buyback Yield0.0%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$14.88

EPS (diluted)$7.17

Compounder & Returns

Rule of 4034.8%

ROIC16.4%

Cash ROIC (CROIC)41.0%

GP / Assets—

ROE18.9%

ROA9.5%

Gross Margin—

Oper. Margin11.2%

Net Margin10.8%

FCF Margin22.4%

True FCF Margin19.7%

Quality & Dilution

Cash Conversion207%

Accrual Ratio−11.1%

SBC % of FCF12.4%

SBC % of Rev2.8%

Reinvest. Rate4%

Sales Growth Y/Y+12.4%

Sales 3Y CAGR+11.7%

EPS Growth Y/Y+29.7%

FCF Growth Y/Y−3.2%

FCF 3Y CAGR+9.8%

Share Change Y/Y+1.0%

Balance Sheet & Scale

Revenue (FY)$716.9B

Gross Profit (FY)—

Oper. Income (FY)$80.0B

GAAP Net Income$77.7B

True FCF (ex-SBC)$141.0B

Cash & Equiv$90.1B

Total Debt$71.6B

Net Cash (Debt)$18.5B

Net Cash % MCap+0.6%

Debt / FCF (yrs)0.4y

Current Ratio1.0510.81B sh

Price & Technicals (EOD)

Perf Week+6.74%

Perf Month+0.11%

Perf Quarter−5.20%

Perf Half Y−4.04%

Perf YTD+4.81%

SMA 20 Dist+2.27%$254.43

SMA 50 Dist+2.49%$253.89

SMA 100 Dist+3.10%$252.38

Window High−8.38%$284.02

Window Low+14.81%$226.65

RSI (14) · Vol55.043%v

Income Distribution & Cash Flow ConversionHow every dollar of AMZN revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$356.4B ($49.7 / $100)

Operating Expenses$280.5B ($39.1 / $100)

Tax & Non-Operating$2.3B ($0.3 / $100)

Net Profit Kept$77.7B ($10.8 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$77.7B (10.8% margin)

Operating Cash Flow (OCF)$139.5B(19.5% of rev)

Less: Capital Expenditures−$7.4B(1.0% of rev)

Standard Free Cash Flow (FCF)$160.9B(22.4% margin)

Less: Stock-Based Comp (SBC)−$19.5B(12.1% of FCF)

True FCF (Owner Cash ex-SBC)$141.4B(19.7% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$469.8B	$514.0B	$574.8B	$638.0B	$716.9B	+12.4%	+11.1%
Cost of Revenue (COGS)	$272.3B	$288.8B	$304.7B	$326.3B	$356.4B	+9.2%	+7.0%
Operating Income (EBIT)	$24.9B	$12.2B	$36.9B	$68.6B	$80.0B	+16.6%	+33.9%
Interest Expense	$1.8B	$2.4B	$3.2B	$2.4B	$2.3B	−5.5%	+5.9%
Income Tax Expense	$4.8B	$-3.2B	$7.1B	$9.3B	$19.1B	+106.0%	+41.3%
GAAP Net Income	$33.4B	$-2.7B	$30.4B	$59.2B	$77.7B	+31.1%	+23.5%
Diluted EPS	$3.24	$-0.27	$2.90	$5.53	$7.17	+29.7%	+22.0%
Diluted Shares	10.30B	10.19B	10.49B	10.72B	10.83B	+1.0%	+1.3%
Balance Sheet
Cash & Equivalents	$36.5B	$54.3B	$73.9B	$82.3B	$90.1B	+9.5%	+25.4%
Inventory	$32.6B	$34.4B	$33.3B	$34.2B	$38.3B	+12.0%	+4.1%
Total Current Assets	$161.6B	$146.8B	$172.4B	$190.9B	$229.1B	+20.0%	+9.1%
Total Assets	$420.5B	$462.7B	$527.9B	$624.9B	$818.0B	+30.9%	+18.1%
Total Current Liabilities	$142.3B	$155.4B	$164.9B	$179.4B	$218.0B	+21.5%	+11.3%
Total Debt (Short + Long Term)	$52.0B	$73.5B	$75.7B	$63.0B	$71.6B	+13.6%	+8.3%
Stockholders' Equity	$138.2B	$146.0B	$201.9B	$286.0B	$411.1B	+43.7%	+31.3%
Net Cash / (Net Debt)	$-15.6B	$-19.3B	$-1.8B	$19.3B	$18.5B	−4.0%	—
Invested Capital	$153.8B	$165.3B	$203.7B	$266.7B	$392.5B	+47.2%	+26.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$46.3B	$46.8B	$84.9B	$115.9B	$139.5B	+20.4%	+31.7%
Depreciation & Amortization (D&A)	$34.4B	$41.9B	$48.7B	$52.8B	$65.8B	+24.5%	+17.6%
Stock-Based Compensation (SBC)	$12.8B	$19.6B	$24.0B	$22.0B	$19.5B	−11.6%	+11.1%
Capital Expenditures (CapEx)	—	—	—	—	$7.4B	—	—
Free Cash Flow (FCF)	—	—	—	—	$160.9B	—	—
True FCF (ex-SBC Owner Cash)	—	—	—	—	$141.4B	—	—
Share Repurchases (Buybacks)	$0	$6.0B	$0	$0	$0	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what AMZN did at the next close after each story

Oct 29

Amazon burns $33.5 billion in free cash flow as capex surges

ZeroHedge · 4:25 PM ET

−1.41%

Oct 19

3M shares rise 3% after $6 billion Amazon data-center deal

Investing.com · 5:06 PM ET

+0.07%

Oct 19

AEP, Amazon and X-energy study Indiana small modular reactor project

PR Newswire · 8:30 AM ET

—

Oct 11

Amazon reportedly in talks to buy AI startup Decart for around $7 billion

Investing.com · 5:18 PM ET

−1.11%

Oct 2

Amazon seeks $8bn Nvidia-chip sale as AI spending strains balance sheet

Financial Times · 12:00 AM ET

+1.33%

Sep 18

Generac jumps after $2.4 billion Amazon backup-power agreement

Yahoo Finance · 12:01 AM ET

—

Sep 17

Deadly Miami cargo-plane crash puts Amazon’s air network under scrutiny

Yahoo Finance · 12:32 PM ET

+2.13%

Sep 15

AWS says Bahrain cloud site and UAE zone are beyond restoration

ZeroHedge · 10:35 PM ET

−0.99%

Sep 13

Nvidia may invest $10 billion in Anthropic at reported $2 trillion valuation

Yahoo Finance · 6:36 AM ET

—

Sep 11

Amazon reportedly triples NVIDIA GPU orders to 3 million chips

Yahoo Finance · 1:07 AM ET

+1.94%

The record, by topic

last 90 days · stories · median first close

cloud4+0.36%

consumer3+0.07%

regulation3−1.87%

earnings1−1.41%

geo1−0.99%

semis1+1.94%

What happened · big days

16 big days in a year, and what we hold on each

A big day is a close more than 3.87% from the one before, three times AMZN’s median day (1.29%). On 4 of the 16, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.87%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayAMZNWhat we hold that dayGroup (median of 4) · each

1 Nov 18, 2025−4.43%
Before our storiesgroup −0.5%, did not move with it
1Nov 18, 2025−4.43%
Before our stories
−0.5% did not move with itW −3.7 · CPNG −0.6 · CHWY −0.4 · CDW −0.3
2 Feb 5, 2026−4.42%
Before our storiesgroup −3.2%, moved with AMZN
2Feb 5, 2026−4.42%
Before our stories
−3.2% moved with AMZNCPNG −13.7 · CHWY −3.6 · W −2.8 · CDW +1.9
3 Feb 6, 2026−5.55%
Resultsgroup +5.1%, did not move with it
3Feb 6, 2026−5.55%
ResultsFirst close after the Feb 5 results filing
+5.1% did not move with itCDW +1.3 · W +4.8 · CHWY +5.5 · CPNG +5.5
4 Mar 4, 2026+3.88%
Before our storiesgroup −0.5%, did not move with it
4Mar 4, 2026+3.88%
Before our stories
−0.5% did not move with itW +4.3 · CDW −0.3 · CPNG −0.6 · CHWY −5.0
5 Mar 27, 2026−3.95%
Before our storiesgroup −2.7%, moved with AMZN
5Mar 27, 2026−3.95%
Before our stories
−2.7% moved with AMZNCHWY −3.3 · W −3.0 · CDW −2.5 · CPNG −1.5
6 Apr 9, 2026+5.60%
Before our storiesgroup −0.8%, did not move with it
6Apr 9, 2026+5.60%
Before our stories
−0.8% did not move with itCDW +0.0 · CPNG −0.1 · W −1.5 · CHWY −1.7
7 Jun 22, 2026−4.75%
Nothing on AMZNgroup −3.8%, moved with AMZN
7Jun 22, 2026−4.75%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
−3.8% moved with AMZNW −3.9 · CHWY −3.8 · CPNG −3.8 · CDW −3.7
8 Jul 23, 2026−4.57%
Nothing on AMZNgroup −1.0%, did not move with it
8Jul 23, 2026−4.57%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
−1.0% did not move with itCHWY −4.9 · W −1.9 · CPNG 0.0 · CDW +0.3
9 Jul 30, 2026+3.90%
Nothing on AMZNgroup −0.4%, did not move with it
9Jul 30, 2026+3.90%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
−0.4% did not move with itCPNG +6.1 · W +0.8 · CDW −1.6 · CHWY −2.1
10 Jul 31, 2026+15.32%
Resultsgroup +0.3%, did not move with it
10Jul 31, 2026+15.32%
ResultsFirst close after the Jul 30 results filing
+0.3% did not move with itCPNG +1.6 · CDW +1.6 · CHWY −1.0 · W −5.4
11 Aug 3, 2026+4.58%
Nothing on AMZNgroup +1.0%, did not move with it
11Aug 3, 2026+4.58%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
+1.0% did not move with itW +5.2 · CHWY +1.6 · CPNG +0.4 · CDW −0.1
12 Aug 28, 2026+3.97%
Nothing on AMZNgroup +0.5%, did not move with it
12Aug 28, 2026+3.97%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
+0.5% did not move with itCHWY +2.0 · CPNG +1.8 · CDW −0.9 · W −1.2
13 Oct 19, 2026+4.98%
Nothing on AMZNgroup +1.0%, did not move with it
13Oct 19, 2026+4.98%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
+1.0% did not move with itW +4.4 · CDW +1.4 · CPNG +0.5 · CHWY −2.1
14 Oct 22, 2026−4.57%
Nothing on AMZNgroup +2.4%, did not move with it
14Oct 22, 2026−4.57%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
+2.4% did not move with itW +0.2 · CPNG +0.9 · CDW +4.0 · CHWY +4.7
15 Oct 29, 2026−4.25%
Nothing on AMZNgroup +2.4%, did not move with it
15Oct 29, 2026−4.25%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
+2.4% did not move with itCHWY +0.9 · CDW +1.6 · CPNG +3.3 · W +5.3
16 Nov 4, 2026+6.12%
Nothing on AMZNgroup +11.5%, moved with AMZN
16Nov 4, 2026+6.12%
Nothing on AMZNNo AMZN story, brief or results filing in our record that day
+11.5% moved with AMZNCDW +12.7 · CPNG +11.9 · W +11.0 · CHWY +6.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of CPNG, CDW, W and CHWY that day, the largest companies in AMZN’s SEC industry; “moved with AMZN” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). AMZN reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Oct 30, 2025

day 1+9.58%day 6+9.67%

Reported Feb 5, 2026

day 1−5.55%day 6−10.73%

Reported Apr 29, 2026

day 1+0.77%day 6+3.09%

Reported Jul 30, 2026

day 1+15.32%day 6+16.55%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +9.12%. Four reports is a small sample.

Every report since 2023 →

Each line is AMZN’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

AMZN against four same-industry peers, a year at 100

AMZN is up 8.8% in a year. CDW is up 11.2%. Of these four, Wayfair (+6.1%), Chewy (−31.8%) and Coupang (−43.1%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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AMZN +8.8%. CDW +11.2%, Wayfair +6.1%, Chewy −31.8%, Coupang −43.1%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in AMZN’s SEC industry (Retail-Catalog & Mail-Order Houses) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

CPNG	Coupang	$31.6B	−3.70%
CDW	CDW	$21.1B	−6.14%
W	Wayfair	$15.8B	−8.24%
CHWY	Chewy	$10.0B	−1.71%
VIPS	Vipshop Holdings	$7.0B	+1.45%
NSIT	Insight Enterprises	$5.2B	−13.04%
GCT	GigaCloud Technology	$2.2B	+8.86%
PTRN	Pattern Group	$2.0B	−2.43%