At a glance
Amazon.com Inc is worth $2.66T, about 34 times its fiscal 2025 earnings. Revenue grew 12.4% to $716.92B in fiscal 2025, with 10.8% kept as profit; over 5 years it has grown 13.2% a year. It pays no dividend; it spent $6.00B buying back its shares over FY2021–FY2025. The stock returned +0.6% over the past year with dividends reinvested and +8.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 22.7% in the 2020 crash (S&P 500: 33.7%) and 40.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 20 months after the lows.
The business in plain English
Amazon runs online and physical stores offering hundreds of millions of products across dozens of categories. It also makes devices such as Kindle, Fire TV, Echo and Ring, and produces movies and series. Amazon Prime, its paid membership, bundles fast, free shipping with streaming video and live sports. Outside merchants, called third-party sellers, also list goods in Amazon's stores. Amazon earns fees from them: fixed fees, a share of each sale and per-item charges. Sellers can also pay Amazon to pack and ship their orders.
Amazon Web Services (AWS) rents computing power, storage, databases, analytics and artificial intelligence tools over the internet, on demand. Its customers range from start-ups to large companies, government agencies and universities. Amazon also runs an advertising business, placing sponsored listings, display and video ads for sellers, vendors, publishers and authors.
In fiscal 2025, which ended December 31, 2025, revenue was $716.9 billion. Amazon's own online store sales made up 37.6%, third-party seller services 24%, AWS 18%, advertising 9.6%, subscriptions such as Prime 6.9% and physical stores 3.1%. By segment, North America brought in 59.5%, International 22.6% and AWS 18%. The United States accounted for 68.3% of sales; the largest other countries were Germany (6.4%), the United Kingdom (6%) and Japan (4.3%). Sales are usually highest in the fourth quarter, which ends December 31.
Price history
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AMZN +0.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Online stores | $269.29B | 37.6% |
| Third-party seller services | $172.16B | 24% |
| AWS | $128.72B | 18% |
| Advertising services | $68.64B | 9.6% |
| Subscription services | $49.62B | 6.9% |
| Physical stores | $22.56B | 3.1% |
| Other | $5.93B | 0.8% |
By business segment
| North America | $426.31B | 59.5% |
| International | $161.89B | 22.6% |
| AWS | $128.72B | 18% |
By geography
| United States | $489.66B | 68.3% |
| Rest of world | $107.47B | 15% |
| Germany | $45.90B | 6.4% |
| United Kingdom | $43.21B | 6% |
| Japan | $30.69B | 4.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $201.94B, up 12.1% from a year earlier, and net income was $20.68B (-2.4%).
- For fiscal 2025, revenue was $716.92B (+12.4% year over year; +13.2% a year from FY2020 to FY2025) with a 10.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.2% good |
|---|---|
| Operating margin | 11.2% watch |
| Free cash flow margin | 1.1% watch |
| Return on equity (FY2025) | 18.9% good |
| Return on assets (FY2025) | 9.5% good |
| Net cash (cash minus debt) | $-67.04B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $386.06B | $21.33B | $25.92B |
| FY2021 | $469.82B | $33.36B | $-14.73B |
| FY2022 | $513.98B | $-2.72B | $-16.89B |
| FY2023 | $574.78B | $30.43B | $32.22B |
| FY2024 | $637.96B | $59.25B | $32.88B |
| FY2025 | $716.92B | $77.67B | $7.70B |
Valuation snapshot
| Market value | $2.66T |
|---|---|
| P/E ratio | 34.3 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Amazon.com’s market value went from $356.31B at the end of 2016 to $2.66T on Nov 2, 2026, about 7.5 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $2.66T | +7.6% |
| 2025 | $2.47T | +7.0% |
| 2024 | $2.31T | +46.9% |
| 2023 | $1.57T | +83.2% |
| 2022 | $856.94B | -49.3% |
| 2021 | $1.69T | +3.5% |
| 2020 | $1.63T | +78.4% |
| 2019 | $916.15B | +24.7% |
| 2018 | $734.42B | +30.3% |
| 2017 | $563.54B | +58.2% |
| 2016 | $356.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMZN price data to Nov 2, 2026 | +6.4% | +0.6% | +21.2% | +8.3% | +20.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.4% |
| 2025 | +5.2% |
| 2024 | +44.4% |
| 2023 | +80.9% |
| 2022 | -49.5% |
| 2021 | +2.4% |
| 2020 | +76.3% |
| 2019 | +23.0% |
| 2018 | +28.4% |
| 2017 | +56.0% |
| 2016 | +10.9% |
| 2015 | +117.8% |
| 2014 | -22.2% |
| 2013 | +59.0% |
| 2012 | +44.9% |
| 2011 | -3.8% |
| 2010 | +33.8% |
| 2009 | +162.3% |
| 2008 | -44.6% |
| 2007 | +134.8% |
| 2006 | -16.3% |
| 2005 | +6.5% |
| 2004 | -15.8% |
| 2003 | +178.6% |
| 2002 | +74.6% |
| 2001 | -30.5% |
| 2000 | -79.6% |
| 1999 | +42.2% |
| 1998 | +966.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 36.5% over that stretch · deepest drop along the way 65.3%, back to its old high 11.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 12.3% over that stretch · deepest drop along the way 22.7%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.7% over that stretch · deepest drop along the way 40%, back to its old high 19.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 57 sales ($385.3M), 57 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Jeffrey P Bezos Executive Chair, Director | sell (plan) | $346.5M |
| May 22, 2026 | David Zapolsky Senior Vice President | sell (plan) | $2.5M |
| Aug 24, 2026 | David Zapolsky Senior Vice President | sell (plan) | $2.4M |
| Aug 21, 2026 | Andrew R Jassy President and CEO, Director | sell (plan) | $2.0M |
| Aug 21, 2026 | Andrew R Jassy President and CEO, Director | sell (plan) | $1.9M |
Who owns it
Large shareholders (13G filings)
| Jeffrey P. Bezos | 9% | Sep 30, 2025 |
| Vanguard Capital Management | 6.77% | Mar 31, 2026 |
ETFs with the most weight in AMZN
| ONLN ProShares Online Retail ETF | 24.66% |
| VCR Vanguard Consumer Discretionary ETF | 22.36% |
| XLY Consumer Discretionary Select Sector SPDR Fund | 22.28% |
| FDIS Fidelity MSCI Consumer Discretionary Index ETF | 22.09% |
| RTH VanEck Retail ETF | 18.19% |
| IYC iShares U.S. Consumer Discretionary ETF | 15.25% |
| NITE Nightview Fund NITE | 12.7% |
| BCHP Principal Focused Blue Chip ETF | 12.62% |
What could go wrong
- Costly AI and new-venture bets may disappoint. Amazon warns that its often large investments in new areas, including artificial intelligence and automation, may not pay off. Failed projects could be written down, cutting their value on the books.
- Running warehouses and data centers at scale. Amazon must judge how much warehouse, delivery and data-center capacity to build. Too much leaves costly idle space; too little, or poor execution, can slow deliveries and disappoint cloud (AWS) customers.
- Problems with third-party sellers and products. Fraudulent or unlawful activity by outside sellers can harm shoppers and Amazon's reputation. Amazon also faces product liability claims when goods it offers or makes injure people or damage property.
- International expansion is costly and uncertain. Amazon's International segment produced 22.6% of fiscal 2025 revenue. The company warns those operations may not become consistently profitable and face tariffs, trade restrictions and shifting local politics.
- Fierce competition across many businesses. Amazon competes with retailers, cloud providers, ad platforms, device makers, grocers and healthcare firms. Artificial intelligence and comparison shopping make it easier for newcomers to challenge it, possibly forcing lower prices or higher spending.
- Regulation, lawsuits and government investigations. Rules on competition, products and taxes keep changing across Amazon's markets. Lawsuits and government investigations could bring fines, extra tax bills or forced changes to how Amazon runs its businesses.
Recent events
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Other company announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Amazon does not pay a dividend. It paid none from fiscal 2021 through 2025, and its yield was 0% as of October 30, 2026. Buybacks (repurchases of its own shares) totaled $6 billion over those years, all in 2022. Meanwhile, the share count rose 6.3% from January 2022 to October 2026, so each share represents a slightly smaller slice of the company. Income investors would have to cash in shares for spending money, possibly during a slump.
The price has swung hard. It fell 65.3% between October 2007 and November 2008, regaining its peak about 11 months after the low. It dropped 22.7% in the 2020 COVID crash and recovered in about a month. In 2022 it fell 40% and did not regain its old high until February 2024. Its worst peak-to-low drop in about 29.5 years of trading was 94.4%. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does Amazon make money?
Mostly by selling goods online, plus fees from outside merchants, cloud computing and advertising. In fiscal 2025, revenue was $716.9 billion. Amazon's own online store sales made up 37.6%, services for third-party sellers 24%, Amazon Web Services (AWS) 18%, advertising 9.6%, subscriptions such as Prime 6.9% and physical stores 3.1%. AWS rents computing power, storage, databases and artificial intelligence tools on demand to businesses, government agencies and universities. The United States produced 68.3% of sales.
Does Amazon pay a dividend?
No. Amazon paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 30, 2026. It has also returned little cash through buybacks: $6 billion over those five years, all in 2022. Shareholders rely on share-price gains for returns. Anyone who needs regular income from an Amazon holding would have to cash in shares or hold income-paying investments alongside it.
How has Amazon stock performed over the long term?
It has risen sharply over the long run, but with deep drops. As of October 30, 2026, the share price had risen 521% over 10 years, or about 20% a year, and 43% over five years, about 7.4% a year. It lost 49.5% in calendar 2022 and fell 65.3% from peak to low during the 2008 financial crisis. Its one-year beta, a measure of sensitivity to market moves, was 1.47, so it tended to swing about one and a half times as much as the market.
Is Amazon stock expensive?
Its price assumes continued growth. As of October 30, 2026, Amazon's price-to-earnings (P/E) ratio was 33.5, based on fiscal 2025 earnings of $7.17 per share. In other words, investors paid about $33.50 for each $1 of annual profit. Revenue grew 12.4% in fiscal 2025, but net income in the third quarter of fiscal 2026 was 2.4% lower than a year earlier, even as revenue rose 12.1%. If growth slows, a high P/E leaves room for the price to fall.
Who owns the most Amazon stock?
Founder Jeff Bezos, according to ownership filings. He reported owning about 9% of the shares as of September 30, 2025, and has been executive chair since July 2021. Vanguard Capital Management reported 6.77% as of March 31, 2026. Insider filings for the year to October 31, 2026 showed sales and no purchases, made under trading plans set up in advance. The largest was a Bezos sale of about $346 million on August 3, 2026.