Amazon is a global technology company that operates in various sectors, including e-commerce, cloud computing, and digital streaming. The company organizes its business activities into three main segments: North America, International, and Amazon Web Services (AWS), serving a wide range of customers such as consumers, sellers, developers, enterprises, content creators, advertisers, and employees . Amazon's diverse product lines include online and physical retail stores, third-party seller services, advertising services, subscription services, and AWS, which provides on-demand technology services .
- Online Stores - Offers a wide range of products and digital media content through its e-commerce platform.
- Third-Party Seller Services - Provides a marketplace for sellers, including services like commissions and fulfillment.
- Amazon Web Services (AWS) - Delivers on-demand cloud computing and technology services to businesses and developers.
- Advertising Services - Sells advertising space and services to various clients, enhancing their visibility and reach.
- Subscription Services - Includes offerings like Amazon Prime and digital content subscriptions, providing exclusive benefits and content.
- Physical Stores - Operates retail locations where customers can purchase items directly in-store.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew R. Jassy Executive | President and Chief Executive Officer | Trustee and sponsor of Rainier Scholars; Chair and founding member of Rainier Prep | Joined Amazon in 1997, founded and led AWS, became CEO in July 2021. | View Report → |
Brian T. Olsavsky Executive | Senior Vice President and Chief Financial Officer | None mentioned | Joined Amazon in 2002, became CFO in June 2015. | |
David A. Zapolsky Executive | Senior Vice President, Global Public Policy and General Counsel | None mentioned | Joined Amazon in 2002, held various legal roles, became Senior Vice President, Global Public Policy and General Counsel in May 2023. | |
Douglas J. Herrington Executive | CEO of Worldwide Amazon Stores | None mentioned | Joined Amazon in 2005, held leadership roles in Consumables and North America Consumer divisions, became CEO of Worldwide Amazon Stores in July 2022. | |
Matthew S. Garman Executive | CEO of Amazon Web Services | None mentioned | Joined Amazon in 2005, held various leadership roles in AWS, became CEO of AWS in June 2024. | View Report → |
Shelley L. Reynolds Executive | Vice President, Worldwide Controller, and Principal Accounting Officer | None mentioned | Serving as Vice President, Worldwide Controller, and Principal Accounting Officer since April 2007. | |
Andrew Y. Ng Board | Director | Managing General Partner, AI Fund LP; Founder, DeepLearning.AI LLC; Founder and CEO, Landing AI, Inc.; Chairman and Co-Founder, Coursera, Inc.; Adjunct Professor, Stanford University | Director since April 2024, expertise in AI and education. | |
Brad D. Smith Board | Director | Director of Humana Inc.; President of Marshall University | Director since September 2023, former President and CEO of Intuit. | |
Daniel P. Huttenlocher Board | Director | Dean of MIT Schwarzman College of Computing; Director of Corning Incorporated | Director since September 2016, expertise in AI and technology. | |
Edith W. Cooper Board | Director | Director of PepsiCo, Inc.; Trustee of the Museum of Modern Art; Member of the Museum Council of the Smithsonian National Museum of African American History and Culture; Trustee of Mount Sinai Health Systems, Institute for Health Equity Research | Director since September 2021, co-founder of Medley Living, Inc.. | |
Indra K. Nooyi Board | Director | Director of Royal Philips; Trustee of Memorial Sloan Kettering Cancer Center; Trustee of the National Gallery of Art; Trustee of The Asia Society; Director of Partnership for Public Service; Member of the Dean’s Advisory Council at MIT’s School of Engineering | Director since February 2019, former Chair and CEO of PepsiCo. | |
Jamie S. Gorelick Board | Director | Partner at Wilmer Cutler Pickering Hale and Dorr LLP; Director at VeriSign, Inc.; Chair of the Urban Institute | Director since February 2012, Chair of the Nominating and Corporate Governance Committee. | |
Jeffrey P. Bezos Board | Executive Chair | Executive Chair of the Bezos Earth Fund; Founder of the Bezos Day One Fund; Founder of Blue Origin; Owner of The Washington Post | Founded Amazon in 1994, served as CEO until July 2021, currently Executive Chair. | |
Jonathan J. Rubinstein Board | Director | Lead director of Robinhood Markets, Inc. | Director since December 2010, extensive experience in leadership and technology. | |
Keith B. Alexander Board | Director | Former CEO, President, and Chair of IronNet, Inc. | Director since September 2020, Chair of the Security Committee. | |
Patricia Q. Stonesifer Board | Director | Trustee of The Rockefeller Foundation; Vice Chair of the Board of Directors of Co-Impact; Emeritus Member of the Museum Council of the Smithsonian National Museum of African American History and Culture; Member of the Board of Advisors of TheDream.US | Director since February 1997, extensive leadership experience. | |
Wendell P. Weeks Board | Director | Chairman and CEO of Corning Incorporated; Board of Trustees for the Corning Museum of Glass; Board of Trustees for the Institute for Advanced Study; Liveris Academy Honorary Board; White House Advisory Committee for Trade Policy and Negotiations | Director since February 2016, extensive experience in innovation and technology. |
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With the significant increase in AI-related workloads driving AWS demand, how is Amazon addressing the current capacity constraints in AWS, especially given the ongoing shortage of high-performance chips like NVIDIA's GPUs, and how might this impact your ability to meet customer demand in the near term?
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AWS operating margins have seen fluctuations due to the level of investments; can you provide more clarity on how the increased spending on AI infrastructure and custom silicon like Trainium and Inferentia will impact AWS profitability in the coming quarters?
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You mentioned a shift towards lower average selling price (ASP) items and consumers being more price-conscious; how does this trend affect your overall retail margins, and what strategies are in place to ensure profitability despite the potential pressure from increased sales of lower ASP products?
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The third-party seller unit mix declined slightly in Q3, which is unusual; can you explain the specific factors contributing to this shift, and what steps are you taking to support third-party sellers and potentially reverse this trend?
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While international segment operating income has improved, emerging markets may still be facing challenges; can you elaborate on the specific initiatives being undertaken to drive profitability in these regions, and what hurdles do you anticipate in aligning international margins with North America over time?
Research analysts who have asked questions during AMAZON COM earnings calls.
Brian Nowak
Morgan Stanley
7 questions for AMZN
Douglas Anmuth
JPMorgan Chase & Co.
7 questions for AMZN
Justin Post
Bank of America Corporation
6 questions for AMZN
Colin Sebastian
Baird
5 questions for AMZN
Eric Sheridan
Goldman Sachs
5 questions for AMZN
Mark Mahaney
Evercore ISI
5 questions for AMZN
John Blackledge
TD Cowen
3 questions for AMZN
Ronald Josey
Citigroup Inc.
2 questions for AMZN
Brent Thill
Jefferies
1 question for AMZN
Michael Morton
MoffettNathanson
1 question for AMZN
Ross Sandler
Barclays
1 question for AMZN
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
1Life Healthcare, Inc. (One Medical) | 2023 | Amazon acquired 1Life Healthcare for approximately $3.5 billion in cash, with $1.3 billion allocated to intangible assets and $2.5 billion to goodwill to enhance its healthcare offerings including 24/7 virtual care and in-office visits. |
MGM Holdings Inc. | 2022 | Amazon acquired MGM Holdings on March 17, 2022, for about $6.1 billion net, assuming $2.5 billion in debt and obtaining assets such as a $3.4 billion video content portfolio and $4.9 billion in goodwill to strengthen its digital media content and streaming services. |
Recent press releases and 8-K filings for AMZN.
- Amazon to issue $12 billion in a six-part investment-grade bond, marking its first dollar bond sale in nearly three years; longest maturity of 40 years with an initial yield premium of about 1.15 percentage points over U.S. Treasuries, underwritten by Goldman Sachs, JPMorgan Chase, and Morgan Stanley
- Proceeds earmarked for general corporate purposes—AI infrastructure expansion, acquisitions, capital expenditures, stock buybacks, and debt repayment
- Capital expenditures in Q3 surged 61% YoY to $34.2 billion, driven by investments in data centers and chip technology for AI systems
- Data center power capacity has doubled since 2022, with plans to double again by 2027, underscoring Amazon’s aggressive AI infrastructure build-out
- Despite wider bond spreads in tech, Amazon is viewed as well-positioned—alongside Microsoft, Alphabet, and Meta—to handle AI-driven capital demands
- Net revenue grew to $1.25 million, a 1,884% increase year-over-year in Q3 2025.
- Gross profit rose to $1.17 million, up 668% from Q3 2024.
- Reported a net loss of $5.15 million (-$0.85 per share) versus a loss of $0.32 million (-$0.45 per share) in the year-ago quarter.
- Ended Q3 2025 with $0.30 million in cash and, post-quarter, raised $9.2 million in gross proceeds.
- Outlook: Sequential net revenue growth expected in Q4 2025 with near-profitability, and GAAP profitability anticipated in Q1 2026.
- Amazon has officially renamed its satellite broadband initiative from Project Kuiper to Amazon Leo, reflecting its operation in low Earth orbit.
- The constellation has launched 153 satellites to date, with plans to expand to over 3,200 satellites to deliver global high-speed internet.
- Service launch is slated for end of 2025 for select enterprise customers and broader availability in 2026.
- Amazon Leo has secured partnerships with JetBlue, DIRECTV Latin America, L3Harris, Sky Brasil, and NBN Co. to deploy its service.
- AI-powered Amazon Business Assistant launched to provide personalized, interactive procurement guidance and automation, helping organizations discover savings and make data-driven purchase decisions using AWS Bedrock.
- Collaboration with AWS and Deloitte introduces industry-specific AI solutions for proactive supply chain optimization and predictive decision-making in manufacturing and energy sectors.
- Amazon Business serves 97 of the Fortune 100 and hundreds of thousands of small businesses worldwide, leveraging everyday low prices, vast selection, and a global logistics network.
- Anthropic is projected to reach profitability by 2028, with about 80% of its revenue from enterprise customers.
- OpenAI is expected to incur an $74 billion operating loss in 2028 due to heavy data center and computing expenditures, delaying profitability until around 2030.
- Amazon has invested roughly $8 billion in Anthropic, while Microsoft’s investment in OpenAI exceeds $13 billion, underscoring high-stakes backing by major tech players.
- Anthropic’s annualized revenue is approximately $7 billion today, with forecasts up to $70 billion by 2028, contrasting OpenAI’s costly Sora 2 video model at about $15 million per day (≈ $5 billion annualized).
- Integration: Amazon Brazil will roll out Nubank's NuPay payment system at checkout ahead of Black Friday 2025, targeting over 100 million active users.
- Payment features: The digital-only NuPay offers fast, secure transactions, expanded credit limits, and up to 24 installments at competitive rates, with plans for interest-free credit and debit options.
- Financial profile: Nu Holdings, Nubank’s parent, posted a 33.3% revenue growth over three years, a 25.65% net margin, and a 0.06 debt-to-equity ratio.
- Market impact: Following the announcement, Nu Holdings shares rose 3.2% while Amazon’s stock remained steady; Amazon Brazil’s country manager highlighted improvements in credit access and payment flexibility for consumers.
- Amazon sent a cease-and-desist letter to AI startup Perplexity over its Comet browser agent making unauthorized purchases, alleging it bypassed security measures and violated its terms of service.
- Amazon contends the agent logged in like a standard browser, disrupting personalization systems and degrading delivery estimates and pricing accuracy.
- Perplexity argues its AI acts on users’ behalf with equivalent permissions and accuses Amazon of protecting its $56.2 billion annual advertising revenue by controlling sponsored listings and upsells.
- This marks Amazon’s first legal action against an AI company, underscoring its focus on platform protection and transparency requirements for third-party agents.
- Amazon has filed a formal complaint with Oregon regulators, alleging PacifiCorp failed to provide sufficient power to four new data center facilities since 2021, with one site entirely without power and another underpowered.
- Amazon is requesting regulators to compel PacifiCorp to supply the necessary power or release the data centers from PacifiCorp’s exclusive service territory.
- PacifiCorp faces significant financial risk from a large Oregon wildfire class-action lawsuit, which may limit its ability to invest in infrastructure and meet power obligations.
- Amazon began expanding its Oregon data center presence in 2011 (Boardman) and 2017 (Hermiston), operating four availability zones in its US West 2 region.
- In 2024, Amazon withdrew plans for Bloom Energy natural gas fuel cells and signed a 98.4 MW wind farm power purchase agreement with Avangrid to secure renewable energy for its Oregon operations.
- Amazon’s AI-powered shopping assistant Rufus, launched in February 2024, is expected to drive over $10 billion in annual incremental sales, according to CEO Andy Jassy.
- Rufus has attracted 250 million users who are 60% more likely to complete purchases after interacting with it, with monthly active users and interactions growing significantly year-over-year.
- Internal planning documents project Rufus will contribute over $700 million in operating profit in 2025 and $1.2 billion by 2027.
- Amazon measures Rufus’s impact via a “downstream impact” metric, tracking purchases made within seven days of chatbot interactions to capture delayed buying decisions.
- Amazon CEO Andy Jassy said the reduction of 14,000 corporate employees was driven by excess management layers and a need for a leaner, flatter, faster-moving structure, not by financial pressures or AI efficiencies.
- The cuts affected 1,403 jobs in California and spanned divisions including devices, advertising, Prime Video, HR, and AWS, with restructuring set to continue into 2026.
- Amazon’s workforce had peaked at over 1.6 million in 2021 and fell to about 1.5 million by end-2024 before these layoffs.
- Despite the job cuts, Amazon reported $180.2 billion in quarterly revenue and $21.2 billion in profits, sending its stock up 12% following the earnings report.