AMAZON COM (AMZN) Company Report

Milan prosecutors searched Amazon’s Milan headquarters, seven managers’ homes and KPMG offices in a probe into a hidden permanent establishment in Italy from 2019–2024 that may involve hundreds of millions in unpaid taxes.
Authorities seized computers and hard drives—recovering files Amazon purges every three months—and cite the 2024 firing and rehiring of 159 workers as evidence of pre-agreement operations in Italy.
The investigation follows Amazon’s prior €510 million settlement with Italian tax authorities and reflects broad European scrutiny of multinational tax arrangements.
Amazon maintains financial strength with a $2.13 trillion market capitalization, 74% retail revenue mix, trailing twelve-month sales near $717 billion and ~9.5% revenue growth over three years.

Feb 12, 2026, 2:41 PM

Morningstar

Amazon expands Same-Day medication delivery to nearly 4,500 U.S. cities

AMZN

Product Launch

New Projects/Investments

Amazon Pharmacy will expand its Same-Day prescription delivery service to nearly 4,500 U.S. cities and towns by the end of 2026, adding around 2,000 new communities this year.
Expansion will introduce the service to new states including Idaho and Massachusetts, aiming to overcome pharmacy closures and transportation barriers.
In 2025, Prime members experienced record-breaking delivery speeds, with prescriptions delivered via e-bikes, electric vehicles, ferries, and other modes to diverse communities.

Feb 11, 2026, 5:53 PM

Press Release

Amazon expands same-day pharmacy delivery to 4,500 US cities

AMZN

Product Launch

New Projects/Investments

Amazon Pharmacy will offer same-day prescription delivery in roughly 4,500 U.S. cities and towns by end-2026, adding about 2,000 communities and using varied transport methods—from e-bikes and EVs to ferries and horses—to reach remote areas.
In 2025, Amazon set a delivery-speed record, delivering over 13 billion items same or next day globally; U.S. Prime members received 8 billion same- or next-day items, a 30% year-over-year increase.
The RxPass subscription costs $5/month for Prime members, is available without insurance, and can save customers up to 80% on generics and 40% on brand-name drugs; Medicare recipients gained access in 2024.
Launched in 2020 with two-day delivery, Amazon Pharmacy reached nearly half of U.S. residents by 2024; same-day availability depends on local fulfillment centers hosting pharmacies.

Feb 11, 2026, 2:14 PM

Morningstar

Amazon reveals 5.3% stake in Beta Technologies

AMZN

New Projects/Investments

Amazon holds a 5.3% stake (11,753,896 Class A shares) in Beta Technologies with sole voting authority and no activist intent.
Beta reported GAAP EPS of -$9.83 (miss by $4.46) and revenue of $8.92 M (beat by $2.21 M); trailing-12-month revenue is $23.07 M, net margin -1,344.73%, market cap $3.84 B, current ratio 2.84, quick ratio 2.8.
Following the disclosure, Beta’s shares jumped ~19% in after-hours trading, reversing a 51% decline over the prior three months.
Wall Street consensus rates Beta as a Strong Buy with an average price target of $34.43, implying about 105% upside.

Feb 11, 2026, 12:01 AM

Morningstar

Amazon gains FCC approval for 4,500-satellite LEO expansion

AMZN

New Projects/Investments

The FCC authorized Amazon to add 4,504 low-Earth-orbit satellites (3,212 Gen 2 plus 1,292 Polar), bringing its planned constellation to about 7,700 spacecraft for global coverage.
Regulators require deployment of 50% of the new satellites by Feb. 10, 2032, with the remainder by 2035.
Amazon has invested $10 billion in its satellite internet effort to date and plans to spend an additional $1 billion on Project Leo this year.
Citing rocket shortages, Amazon formally asked the FCC to extend or waive the Gen 1 halfway deployment deadline from July 30, 2026, to July 2028.

Feb 10, 2026, 11:15 PM

CNBC

Amazon’s federal tax bill drops 87% amid profit surge

AMZN

Accounting Changes

New Projects/Investments

Layoffs

Amazon’s pretax U.S. profits rose 44–45% to $89.5 billion in 2025, while reported current U.S. taxes plunged about 87% to $1.2 billion.
On a cash basis, Amazon paid $2.8 billion in federal income taxes in 2025, down from over $7 billion in each of the prior two years.
The decline reflects the 2025 tax reforms (the “One Big Beautiful Bill”), which expanded accelerated-depreciation breaks and preserved R&D credits, benefiting Amazon’s capital-intensive AI data-center build-out.
During this period, Amazon reduced its workforce by roughly 30,000 jobs since October 2025, including about 16,000 corporate positions, as it shifts toward automation and AI.
The gap between soaring profits and low taxes has reignited bipartisan debate over corporate tax subsidies, underscored by the combined $315 billion segmented profits and $51 billion in breaks claimed by Amazon, Alphabet, Meta and Tesla (with Tesla paying zero tax) in 2025.

Feb 6, 2026, 5:12 PM

WSJ

Amazon raises 2026 capex outlook

AMZN

New Projects/Investments

Guidance Update

Amazon expects to spend up to $200 billion in 2026, about $50 billion above analyst estimates and well above the roughly $131 billion spent in 2025, driven by AI-focused data centers and infrastructure.
The company reported Q4 AWS revenue of $35.58 billion, marking 24% growth, the fastest pace in over a year and implying a $142 billion annualized run rate.
Advertising remains a key AI beneficiary, with Q4 ad sales of about $21.3 billion.
The capex surprise pressured Amazon’s shares, reviving debate over whether near-term returns will justify heavy AI investments, though some analysts defend it as investing from strength.

Feb 6, 2026, 4:21 AM

CNBC

Amazon reports Q4 2025 results

AMZN

Earnings

Guidance Update

New Projects/Investments

Amazon posted $213.4 billion in Q4 revenue, up 12% year-over-year (ex-FX), and $25 billion in operating income after $2.4 billion of special charges.
AWS revenue grew 24% y/y to $35.6 billion, achieving a $142 billion annualized run rate, with operating income of $12.5 billion.
North America revenue was $127.1 billion (+10% y/y) with a 9% operating margin; International revenue was $50.7 billion (+11% y/y ex-FX) with a 2.1% margin.
Full-year 2025 operating cash flow rose 20% to $39.5 billion; Q1 2026 guidance calls for $173.5–178.5 billion in net sales and $16.5–21.5 billion in operating income.
Amazon plans $200 billion of capital expenditures—mostly in AWS to fuel AI and core workloads—and added 3.99 GW of power capacity in 2025, aiming to double by end-2027.

Feb 5, 2026, 10:00 PM

Transcript

Amazon reports Q4 2025 results

AMZN

Earnings

Guidance Update

New Projects/Investments

Amazon reported Q4 2025 revenue of $213.4 billion, up 12% yoy, and operating income of $25 billion (including $2.4 billion of special charges).
AWS revenue reached $35.6 billion, grew 24% yoy with an annualized run rate of $142 billion, and operating income of $12.5 billion.
Full-year operating cash flow rose 20% yoy to $39.5 billion, and trailing twelve-month free cash flow was $11.2 billion.
Q1 2026 guidance: net sales of $173.5 billion to $178.5 billion (≈180 bps FX tailwind) and operating income of $16.5 billion to $21.5 billion.
The company plans approximately $200 billion in 2026 capital expenditures, predominantly in AWS capacity to support AI and core cloud demand.

Feb 5, 2026, 10:00 PM

Transcript

Amazon reports Q4 2025 results

AMZN

Earnings

Guidance Update

New Projects/Investments

Q4 revenue of $213.4 billion (+12% y/y excluding FX) and operating income of $25 billion; trailing twelve-month free cash flow of $11.2 billion
AWS revenue reached $35.6 billion (+24% y/y), driving an annualized run rate of $142 billion and operating income of $12.5 billion
Retail performance: North America revenue of $127.1 billion (+10% y/y) and International revenue of $50.7 billion (+11% y/y); Amazon Ads revenue was $21.3 billion (+22% y/y)
Amazon plans ~$200 billion in capital expenditures—predominantly in AWS to support core and AI growth—and expects Q1 2026 net sales of $173.5–178.5 billion with operating income of $16.5–21.5 billion