Coverage summary
Aardvark Labs Capital Research has covered Amazon.com (AMZN) since May 2, 2025. The company is in the Consumer Cyclical sector. This page lists 8 reports: 7 earnings recaps and 1 earnings preview.
The latest is the Q3 2026 Earnings Recap, published October 30, 2026. The current rating is Outperform, unchanged since the Q3 2025 Earnings Recap of October 31, 2025. The rating has changed once since coverage began.
Translations: 7 in Chinese.
The Excel model for AMZN holds 21 quarters and 5 fiscal years of history and 7 quarters and 5 fiscal years of projections. It was last updated September 27, 2026.
Rating history
All AMZN reports
Recap: Q3 2026
AWS Accelerates to 39% and Guides Above 40% Through 2028; the Market Is Pricing the 2027 Capital Bill Instead
Recap: Q2 2026
AWS Accelerates to 37% and the Backlog Hits $496B; Strip the One-Timers and North America Retail Margin Went Backwards
Recap: Q1 2026
AWS Reaccelerates to a 15-Quarter High and Custom Silicon Steps Out of AWS's Shadow — Capex Is the Watch Item, Not the Thesis
Flashcap: Q1 2026
AWS Accelerates Again to +28% — OpenAI Signs for 2GW of Trainium and the Demand Side of the $200B Capex Story Finally Lines Up
Recap: Q4 2025
AWS Accelerates Again to +24% — But $200B 2026 Capex Resets the FCF Curve and the Market Spooks; Multiple Compresses Into a Stronger Print
Recap: Q3 2025
AWS Reaccelerates Off the Capacity Wall — +20.2% Print, $200B Backlog, Trainium2 Fully Subscribed, and the Print That Retires the Bear Case
Recap: Q2 2025
Retail Print Is Excellent, AWS Reacceleration Still Three to Four Quarters Out — Capex Plateau at $31B/Quarter Means FCF Compression Now Has Visibility
Recap: Q1 2025
AWS Decelerates Into the AI Capacity Wall — Capex Steps Up, Q2 Op-Inc Guide Lands Below Street, and the Market Asks Who Pays for the Buildout