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US equity markets/AI Value chain/AMZN

Amazon

AMZN·NASDAQ·USD

253.10+4.01 (+1.61%)

Regular-session close2026-10-27, 16:00 ET·Definitions

Retail platform and AWS cloud servicesBusiness mechanism

Price history1997-05-15 — 2026-10-23Valid trading days: 7,407 · Through 2026-10-23 · All expected trading dates since listing are present · History update delayed

Operating history2017-03-31 — 2026-06-3012 historical metrics · 40 workpaper periods

Coverage limitations

Daily history updates are delayed. Available history through 2026-10-23 remains visible; a current quote does not establish that daily history has been updated.

Requests to the historical-data source are rate limited, delaying daily-price updates. Existing verified periods are retained; trading days not yet retrieved are not fabricated.

The first price observation reaches the verified listing date. This does not mean that security continuity, every trading day and adjusted prices have all been verified throughout the history.

The first price reaches the verified listing date 1997-05-15. Trading-date coverage and price verification are shown separately below.

Trading dates checked for 1997-05-15 — 2026-10-23: all 7,407 expected dates are present. Complete dates do not establish independent verification of every price.

Security basis: The current security identity has been checked. Continuity with earlier issuers has not been independently verified; listing-date coverage is shown separately. Historical closes use the provider's split adjustments and exclude dividend distributions. Full-history adjustment factors have not been independently recalculated. Price changes do not represent total returns including dividends.

Original verification records

verified-listing-start-covered

History update reason: source-rate-limited-until 2026-10-28T04:39:08.620Z

The company FAQ confirms the IPO on 1997-05-15 and lists the stock-split history. The listing start is verified; all historical corporate actions still require separate verification.

View sources and versions ↗

Financial drivers from public filings · single quarter

Compare growth, earnings, cash flow and capital investment for aligned reporting periods to examine company-wide financial drivers. Calculation inputs and original filings remain available.

Coverage and applicability

2017-03-31 — 2026-06-30 · Valid observations: 258. These observations analyze public financial data; they are not a standalone sector research report, score or price target. Company-wide figures do not replace segment, product or contract disclosures.

Days sales outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
Days inventory outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
Days payable outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
Cash conversion cycle (average balances): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
(CFO − cash purchases of PP&E) / revenue: the capital-purchase concept covers the broader category of productive assets and is not relabeled as PP&E.
Cash purchases of PP&E / revenue: the capital-purchase concept covers the broader category of productive assets and is not relabeled as PP&E.

Price and operations

Research history

Reproducible calculations from public filings, without inferring segment-level results.

Period end is the end of the operating period. Source-publication mode uses the publication date of the document selected, without asserting that it was the first disclosure. Expand the notes below the chart for definitions and sources.

2026-10-23Last value in range

Time rangeAMZN Share price

2025-10-23 — 2026-10-23

Methodology and controls

Each panel has its own value axis; dates and the cursor are synchronized. Operating data appear only on their observed dates; other dates are left blank. US daily prices are checked against the verified 1997–2027 trading calendar. A missing expected trading day breaks the line; weekends and recorded exchange holidays do not. Operating data are positioned at the actual period end, which is not necessarily the date of public disclosure. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Underlying data Operating metrics: 2

Observations in this chart, including unverified periods or dates · original values and source versions retained

Selected operating metrics; records with values and current chart gaps appear first. Unverified dates are excluded from charts.
Reporting period end	Operating margin% · Calculated from disclosures	Net margin% · Calculated from disclosures
2026-06-302026-06-30	13.69% Basis · Calculated from disclosures Source version date: 2026-07-31 View calculation inputs · 4 items Currency USD operatingIncome 27,461,000,000 Revenue 200,606,000,000 Input source document 0 role numerator Original XBRL field us-gaap:OperatingIncomeLoss Original unit USD Period start 2026-04-01 Period end 2026-06-30 value 27,461,000,000 Filing date 2026-07-31 form 10-Q accn 0001018724-26-000026 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000026 1 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2026-04-01 Period end 2026-06-30 value 200,606,000,000 Filing date 2026-07-31 form 10-Q accn 0001018724-26-000026 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000026 AMZN · 10-Q · Filing version 2026-07-31	31.23% Basis · Calculated from disclosures Source version date: 2026-07-31 View calculation inputs · 4 items Currency USD Net income 62,647,000,000 Revenue 200,606,000,000 Input source document 0 role numerator Original XBRL field us-gaap:NetIncomeLoss Original unit USD Period start 2026-04-01 Period end 2026-06-30 value 62,647,000,000 Filing date 2026-07-31 form 10-Q accn 0001018724-26-000026 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000026 1 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2026-04-01 Period end 2026-06-30 value 200,606,000,000 Filing date 2026-07-31 form 10-Q accn 0001018724-26-000026 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000026 AMZN · 10-Q · Filing version 2026-07-31
2026-03-312026-03-31	13.14% Basis · Calculated from disclosures Source version date: 2026-04-30 View calculation inputs · 4 items Currency USD operatingIncome 23,852,000,000 Revenue 181,519,000,000 Input source document 0 role numerator Original XBRL field us-gaap:OperatingIncomeLoss Original unit USD Period start 2026-01-01 Period end 2026-03-31 value 23,852,000,000 Filing date 2026-04-30 form 10-Q accn 0001018724-26-000014 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000014 1 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2026-01-01 Period end 2026-03-31 value 181,519,000,000 Filing date 2026-04-30 form 10-Q accn 0001018724-26-000014 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000014 AMZN · 10-Q · Filing version 2026-04-30	16.67% Basis · Calculated from disclosures Source version date: 2026-04-30 View calculation inputs · 4 items Currency USD Net income 30,255,000,000 Revenue 181,519,000,000 Input source document 0 role numerator Original XBRL field us-gaap:NetIncomeLoss Original unit USD Period start 2026-01-01 Period end 2026-03-31 value 30,255,000,000 Filing date 2026-04-30 form 10-Q accn 0001018724-26-000014 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000014 1 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2026-01-01 Period end 2026-03-31 value 181,519,000,000 Filing date 2026-04-30 form 10-Q accn 0001018724-26-000014 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000014 AMZN · 10-Q · Filing version 2026-04-30
2025-12-312025-12-31	11.71% Basis · Calculated from disclosures Source version date: 2026-02-06 View calculation inputs · 4 items Currency USD operatingIncome 24,977,000,000 Revenue 213,386,000,000 Input source document 0 role numerator Original XBRL field us-gaap:OperatingIncomeLoss Original unit USD Period start 2025-01-01 Period end 2025-12-31 value 79,975,000,000 Filing date 2026-02-06 form 10-K accn 0001018724-26-000004 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000004 1 role numerator Original XBRL field us-gaap:OperatingIncomeLoss Original unit USD Period start 2025-01-01 Period end 2025-09-30 value 54,998,000,000 Filing date 2025-10-31 form 10-Q accn 0001018724-25-000123 Input sign -1 sourceIds 0 amzn-sec-0001018724-25-000123 2 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2025-01-01 Period end 2025-12-31 value 716,924,000,000 Filing date 2026-02-06 form 10-K accn 0001018724-26-000004 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000004 3 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2025-01-01 Period end 2025-09-30 value 503,538,000,000 Filing date 2025-10-31 form 10-Q accn 0001018724-25-000123 Input sign -1 sourceIds 0 amzn-sec-0001018724-25-000123 AMZN · 10-K · Filing version 2026-02-06 AMZN · 10-Q · Filing version 2025-10-31	9.93% Basis · Calculated from disclosures Source version date: 2026-02-06 View calculation inputs · 4 items Currency USD Net income 21,192,000,000 Revenue 213,386,000,000 Input source document 0 role numerator Original XBRL field us-gaap:NetIncomeLoss Original unit USD Period start 2025-01-01 Period end 2025-12-31 value 77,670,000,000 Filing date 2026-02-06 form 10-K accn 0001018724-26-000004 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000004 1 role numerator Original XBRL field us-gaap:NetIncomeLoss Original unit USD Period start 2025-01-01 Period end 2025-09-30 value 56,478,000,000 Filing date 2025-10-31 form 10-Q accn 0001018724-25-000123 Input sign -1 sourceIds 0 amzn-sec-0001018724-25-000123 2 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2025-01-01 Period end 2025-12-31 value 716,924,000,000 Filing date 2026-02-06 form 10-K accn 0001018724-26-000004 Input sign 1 sourceIds 0 amzn-sec-0001018724-26-000004 3 role denominator Original XBRL field us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax Original unit USD Period start 2025-01-01 Period end 2025-09-30 value 503,538,000,000 Filing date 2025-10-31 form 10-Q accn 0001018724-25-000123 Input sign -1 sourceIds 0 amzn-sec-0001018724-25-000123 AMZN · 10-K · Filing version 2026-02-06 AMZN · 10-Q · Filing version 2025-10-31

Calculations and sources 2 items

Operating margin% · Calculated from disclosures

Calculation basis

Operating income / revenue × 100

Reading guide

Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Supporting sources

Net margin% · Calculated from disclosures

Calculation basis

Selected net-income concept / revenue × 100

Reading guide

May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Supporting sources

Business and operating model

Where revenue comes from and which operating changes still require verification.

Company filings ↗

Amazon has three segments: North America, International and AWS. The retail segments also include seller services, advertising and subscriptions. AWS provides computing, storage, databases and other services to startups, enterprises, governments and educational institutions. AWS asset expansion and profitability require separate analysis. [1]

Primary company business materials are availableSources as of 2026-07-31Check supporting sources ↗

How revenue, profit and capital connect
Operating mechanism	How operating results are affected	Verifiable metrics
Verify AWS capacity expansion and profit growth separately	AWS revenue and operating income for the same quarter can test whether growth translates into earnings after costs. Net PP&E additions also include unpaid equipment and finance leases; they cannot simply be deducted from operating cash flow and labeled AWS free cash flow. [1]	AWS segment revenue AWS segment operating income AWS net additions to PP&E Analyze alongside the share price ↗
Long-term contracts still require customer consumption and resource delivery	The contracted balance is neither next year's revenue nor cash collected. Disclosure exemptions based on original contract duration make it less than fully comparable with other companies' total RPO. [1]	Long-term performance commitments (primarily AWS) AWS segment revenue Analyze alongside the share price ↗

Products, paying customers and use cases

Products and services

AWS computing, storage and databases: Cloud services are sold to customers; contractual commitments, actual consumption and recognized revenue represent different stages. [1]
Retail, seller services and advertising: First-party merchandise, third-party seller fees, advertising and subscriptions differ in gross versus net revenue presentation and cost structure. Consolidated revenue alone cannot explain AWS demand. [1]

Customers and demand

AWS institutional customers: Customers include startups, enterprises, governments and educational institutions. Long-term performance commitments mainly come from AWS, but the disclosure covers only contracts with original terms longer than one year. [1]
Consumers, third-party sellers and advertisers: Retail transactions, service fees and advertising demand become revenue through different channels. [1]

How supply, demand and capital affect the company

Upstream

Cerebras Systems Inc. Supply

Binding term sheet · the 2,696,67x-share AWS warrant was formally issued in June 2026, with vesting tied to purchases · definitive agreement still not signed [7]

Pending signature

Upstream

Talen Energy Corporation Power procurement

Nuclear PPA · Susquehanna (PA) · 1,920MW at full volume · through 2042, extendable · phased ramp, full volume no later than 2032 · unit price not disclosed; company investor materials cite ~$18B contract lifetime revenue [B] [8]

Signed or existing

Upstream

Astera Labs Offtake and leasing

Purchase-linked warrant · Transaction Agreement and warrant executed 2026-02-05 with Amazon.com, Inc. (8-K filed 2026-02-10) · vests in specified tranches on payments by or on behalf of Amazon and its affiliates for purchases of up to $6.5bn of smart fabric switch, signal conditioning and optical engine products · 3,262,299 shares @ $142.82 · exercisable through 2033-02-05 · no purchase obligation [11]

Framework or indication of intent

Upstream

Cipher Digital Inc. Offtake and leasing

AI colocation lease · Stingray (Andrews, TX) · 100 gross MW / 70 IT MW · 100% pre-leased · 15-yr base term + three 5-yr tenant extension options · Amazon.com, Inc. fully guarantees all base rent and operating expenses · ~$2.0bn contracted revenue over the base term (~$2.0–5.7bn contracted lease payments incl. options) · Amazon covers construction cost overruns above $10.5MM/IT MW · rent commencement 2027-04-01 for 10 IT MW and 2027-05-01 for 60 IT MW · financed by ~$810MM secured debt issued by subsidiary Stingray Compute [12]

Signed or existing

Upstream

TD SYNNEX Corporation Supply

Commercial supply-linked warrant · warrant issued to Amazon 2026-05-30 for 3,238,066 shares · 215,871 vested at issuance @ $0.01 · 3,022,195 @ $191.10 vest in tranches upon attainment of specified payment thresholds based on aggregate payments by affiliates of the warrantholder (thresholds redacted) · 7-yr term to 2033-05-30 · company describes a 'multi-year collaboration with Amazon' [13]

Framework or indication of intent

Upstream

Applied Optoelectronics, Inc. Supply

Amazon purchase-linked warrant · Transaction Agreement and warrant 2025-03-13 · 7,945,399 shares @ $23.6954 · 1,324,233 vested at issuance · remainder vests on discretionary purchases by or on behalf of Amazon and its affiliates, up to a total of $4bn · 10-yr term to 2035-03-13 [14]

Framework or indication of intent

Upstream

NiSource Inc. (NIPSCO) Power procurement

Electric supply arrangement · NIPSCO retail special contract with Amazon Data Services (ADS) plus a related NIPSCO–GenCo power purchase agreement · dedicated generation and transmission 'Contract Assets' · filed with the IURC Nov 2025 · Stipulation and Settlement Agreement Feb 2026 · April 2026 compliance filing amending the ADS Contract to accelerate delivery of capacity · Q2 2026 release confirms regulatory approval of the special contract · MW, term and minimum payments not disclosed [16]

Signed or existing

Upstream

Intel Supply

Foundry and custom-silicon framework · AI fabric chip for AWS on Intel 18A · custom Xeon 6 on Intel 3 · further designs spanning Intel 18A, 18AP and 14A · described as a 'multi-year, multi-billion-dollar framework covering product and wafers from Intel'; no dollar figure disclosed [17]

Framework or indication of intent

Upstream

NVIDIA Equipment and engineering

GPU deployment plan · AWS plans to deploy an additional 2 million NVIDIA Blackwell Ultra, Rubin and Rubin Ultra GPUs in 2027–2028 · on top of the previously announced more than 1 million GPUs starting in 2026 · plus 100,000 GPUs on secure AWS infrastructure for federal and national-security workloads (IL6 and above) · worded as 'plans to', no executed contract, no dollar value [18]

Non-binding plan

Upstream

Arm Supply

Arm Neoverse licence · AWS's Arm-based Graviton platform, including Graviton5 · licence value not disclosed [20]

Signed or existing

Upstream

QUALCOMM Incorporated Offtake and leasing

Strategic collaboration dated 2026-09-03 covering Amazon's purchase of QTI server chip products, technology, systems and manufacturing services; Qualcomm issued Amazon.com NV Investment Holdings LLC a warrant for up to 25,000,000 shares at $161.26, expiring 2036-09-03, vesting against execution of commercial arrangements, placement of binding purchase orders and actual purchases up to a maximum of $60 billion in payments, with 3,750,000 shares vested on issuance; the filing does not state that Amazon is obligated to purchase [21]

Framework or indication of intent

Upstream

NetApp, Inc. Supply

First-party embedded cloud storage: NetApp's ONTAP-based fully managed cloud storage offering is available natively on AWS as Amazon FSx for NetApp ONTAP, as named in the 10-K. [22]

Signed or existing

Upstream

Fabrinet Customer

Named ≥10% customer in FY2026 · 10.5% of Fabrinet revenues (below 10% in FY2025) [23]

Signed or existing

Upstream

Corning Supply

Multiyear, multibillion-dollar agreement announced 2026-06-08 · Corning to supply optical fiber, cable and connectivity for Amazon's US data center infrastructure · North Carolina capacity expansion adding 1,000 advanced manufacturing jobs · exact value not disclosed [24]

Signed or existing

Upstream

Vistra Corp. Power procurement

Power purchase agreement with AWS attached to the 200 MW Oak Hill Solar Facility, built on Vistra's retired and reclaimed coal mine site and commissioned in 2025; a separate contract from the 1,200 MW Comanche Peak nuclear PPA. Term and price not disclosed. [25]

Signed or existing

Upstream

Generac Holdings Inc. Equipment and engineering

Long-term supply agreement for backup generators · executed 2026-09-16 alongside the warrant (Long Term Supply Addendum between Generac Power Systems and Amazon Data Services under the Global Purchase Agreement dated 2026-06-24) · backup power generators for Amazon data centers · initial deliveries expected to total $2.4bn in 2027 and 2028 · Transaction Agreement recites firm orders of no less than [redacted] · Generac's Q2 2026 release had disclosed the June 24 agreement only as a 'second hyperscale customer'; Amazon first named here [27]

Signed or existing

Downstream

OpenAI Offtake and leasing

AWS agreement: an existing $38bn multi-year agreement plus a $100bn expansion over eight years, including approximately 2GW of Trainium capacity. The $138bn combined headline does not establish one common eight-year period or cash already paid. [5]

Signed or existing

Downstream

Anthropic Offtake and leasing

AWS commitment expanded to over $100bn / 10 years · up to 5GW [6]

Signed or existing

Downstream

C3.ai, Inc. Supply

New multi-year strategic collaboration agreement (Jan-2025) · accelerate Enterprise AI solution delivery and expand go-to-market efforts · partnered since 2016, agreement expanded Nov-2023 [10]

Framework or indication of intent

Uses of funds

OpenAI Capital and financing

Series C preferred stock commitment $50bn, $28.7bn invested in H1 [2]

Signed or existing

Uses of funds

Anthropic Capital and financing

Convertible notes $8bn + $5bn each in Series G/H, cumulative investment $18bn [3]

Signed or existing

Uses of funds

Anthropic Capital and financing

Credit facility capped at $20bn ($15bn available), tied to delivery milestones [4]

Signed or existing

Uses of funds

Applied Optoelectronics, Inc. Capital and financing

Warrant · up to 7,945,399 shares @ $23.6954 · 1,324,233 vested at issuance · remaining 6,621,166 vest on discretionary purchases by/on behalf of Amazon and its affiliates (cumulative cap $4bn) · expires 13-Mar-2035 [9]

Signed or existing

Uses of funds

X-energy, Inc. Capital and financing

Equity stake in SMR developer · 65,836,948 X-energy Class A common shares = 22.9% (as of 2026-06-30) · sole voting and sole dispositive power · held through Amazon.com NV Investment Holdings LLC · first Schedule 13G after the April 2026 IPO [15]

Signed or existing

Uses of funds

Energy Northwest Capital and financing

SMR development funding agreement · Carbon Free Development and Funding Agreement · four reactors in central Washington · 320 MWe initial deployment · potential to upsize to 960 MWe · reactors owned and operated by Energy Northwest · funding amount not disclosed · no power purchase terms disclosed in the filing [19]

Signed or existing

Uses of funds

Generac Holdings Inc. Capital and financing

Purchase-linked warrant · Transaction Agreement dated 2026-09-16 with Amazon.com, Inc.; warrant issued to Amazon.com NV Investment Holdings LLC for up to 1,693,745 GNRC common shares at $200.9266 · 307,954 shares vested at issuance; balance vests in tranches on aggregate gross payments (net of certain offsets) by Amazon and affiliates for backup power generators for Amazon data centers, up to $8bn · cash or cashless exercise, expires 2033-09-16 · registration rights · $8bn is a vesting cap, not a purchase obligation [26]

Signed or existing

Verify entities, agreements and primary sources in the relationship map ↗

Company profile and filings

Legal name: AMAZON COM INC
Exchange / quote currency: NASDAQ / USD
Reporting currency: USD
Source industry classification: Catalog/Specialty Distribution
Financial period end / Source version used: 2026-06-30 / 2026-07-31
Value-chain roles (not revenue shares): Accelerator design · Cloud and compute rental

Check SEC filings index ↗

Related companies in the value chain

Shared value-chain roles do not establish direct peer status or valuation comparability.

NVDANVIDIA217.94+0.90%10-27 Prior value retained

GOOGLAlphabet320.58+1.19%10-27 Close

MSFTMicrosoft531.33-0.24%10-27 Close

AVGOBroadcom342.33+4.00%10-27 Close

METAMeta620.19-1.64%10-27 Close

Operating observations and counterevidence

Continue checking facts that could change the conclusions; no hypothetical thresholds are assigned to observations without reliable inputs.

Evidence and gaps ↗

Compare AWS revenue and profit on the same reporting scope

Check changes in both and track the allocation of technology infrastructure costs by usage. Changes in retail profit do not explain cloud profit. [1]

AWS segment revenue AWS segment operating income Analyze alongside the share price ↗

Separate asset additions from cash payments

The next disclosure should reconcile net additions, cash equipment purchases, finance leases and changes in payables to determine whether cash spending lags deployment. [1]

AWS net additions to PP&E Analyze alongside the share price ↗

What evidence would weaken these conclusions?

Capacity expansion does not mean new capacity is already profitable
If capital additions expand without corresponding AWS revenue and profit, construction scale alone cannot continue to serve as evidence of demand or returns. Utilization, delivery timing and depreciation also require verification. [1]
AWS net additions to PP&E AWS segment revenue AWS segment operating income Analyze alongside the share price ↗

Conclusions not yet supported

What is the cash payback period for new AWS assets?: The source documents do not provide complete cash flows and utilization for the same cohort of facilities. Net additions are not cash payments, so they cannot establish a precise payback period for new cloud assets. [1]

MARKET DATA

Quote details

Candlesticks, volume and cross-company prices

253.10 +1.61%

2026-07-23 — 2026-10-23Price change over the selected period +6.14%

Daily · Provider split-adjusted prices, excluding dividends · USD · Valid closes: 7407 / trading dates: 7407Market data source

Compare company

MARKET & FUNDAMENTALS

Quote and valuation methodology

Data timestamps

Trading overview

Previous close: 249.09
Session open: 250.43
Session range: 248.71 – 254.68
Session volume: 34.48 M
20 Average daily volume: 35.82 M
Historical range: 0.07 – 287.20

Valuation and cash

Market cap · USD: 2.73 T
Price / sales · TTM: 3.52
Free cash flow yield: Not applicable

Financial denominator

Revenue · TTM: 775.68 B USD
Period end: 2026-06-30
Source version: 2026-07-31

Quote 2026-10-27Market cap retrieved 2026-10-28Financial period end 2026-06-30

Capital expenditure uses the broader definition of productive-asset purchases and has not been verified as a PP&E-based free-cash-flow proxy. The original arithmetic is retained, but a comparable cash yield is not displayed.

Research archiveNo standalone articles or full reports for this company have been included yet

Public financial and operating analysis is available. Standalone research has not yet been published; exploreOperating data、Financial comparison and SourceSource document。

Financial comparison

Select two specific periods to compare changes in scale, earnings and cash.

Quarter · As of 2026-06-30Source version used 2026-07-31 · Original currency USD

Current periodCompareUSD · Quarter

Current period 2026-04-01 — 2026-06-30Comparison period 2026-01-01 — 2026-03-31

Financial comparison of two defined periods; expand values for source records
Line item	Current period	Comparison period	Amount change	Growth
RevenueRecognized revenue; growth is calculated only when the comparison-period base is positive	200.61 B Raw value 200,606,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	181.52 B Raw value 181,519,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+19.09 B	+10.52%
Operating incomeOperating margin 13.69% · Change +0.55 percentage points	27.46 B Raw value 27,461,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	23.85 B Raw value 23,852,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+3.61 B	+15.13%
Net incomeNet margin 31.23% · Change +14.56 percentage points	62.65 B Raw value 62,647,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	30.26 B Raw value 30,255,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+32.39 B	+107.06%
Operating cash flowOperating cash flow / revenue 22.62% · Change +8.28 percentage points	45.39 B Raw value 45,387,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	26.03 B Raw value 26,032,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+19.36 B	+74.35%
Capital expenditureCapital expenditure / revenue 27.02% · Change +2.67 percentage points	54.21 B Raw value 54,208,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	44.20 B Raw value 44,203,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+10.01 B	+22.63%

Comparable values unavailable for the two selected periods · Gross profit

Gross profit：Reported value unavailable; Reported value unavailable.

Check filing sources ↗

The change is the current value minus the comparison value; it is not automatically classified as year-over-year or quarter-over-quarter. Select a value to inspect reporting dates, filing versions and reconstruction inputs.

Historical trends and full financials

Comparable-period financial trends

2026-06-30Last value in range

Time rangeRevenue

2017-03-31 — 2026-06-30

Methodology and controls

Series with the same unit and frequency share a value axis. Each column compares observations with matching period boundaries and units. Records that fail those checks remain blank. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

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Quarterly financials, USD. Records without verified periods or units are excluded from comparison columns.
Reporting period end · USD	2017-03-31	2017-06-30	2017-09-30	2017-12-31	2018-03-31	2018-06-30	2018-09-30	2018-12-31	2019-03-31	2019-06-30	2019-09-30	2019-12-31	2020-03-31	2020-06-30	2020-09-30	2020-12-31	2021-03-31	2021-06-30	2021-09-30	2021-12-31	2022-03-31	2022-06-30	2022-09-30	2022-12-31	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Revenue	35.71 B Raw value 35,714,000,000.00 USD 2017-01-01 — 2017-03-31 · USD · Reported data Original filing ↗	37.96 B Raw value 37,955,000,000.00 USD 2017-04-01 — 2017-06-30 · USD · Reported data Original filing ↗	43.74 B Raw value 43,744,000,000.00 USD 2017-07-01 — 2017-09-30 · USD · Reported data Original filing ↗	60.45 B Raw value 60,453,000,000.00 USD 2017-10-01 — 2017-12-31 · USD · Reported data Original filing ↗	51.04 B Raw value 51,042,000,000.00 USD 2018-01-01 — 2018-03-31 · USD · Reported data Original filing ↗	52.89 B Raw value 52,886,000,000.00 USD 2018-04-01 — 2018-06-30 · USD · Reported data Original filing ↗	56.58 B Raw value 56,576,000,000.00 USD 2018-07-01 — 2018-09-30 · USD · Reported data Original filing ↗	72.38 B Raw value 72,383,000,000.00 USD 2018-10-01 — 2018-12-31 · USD · Reported data Original filing ↗	59.70 B Raw value 59,700,000,000.00 USD 2019-01-01 — 2019-03-31 · USD · Reported data Original filing ↗	63.40 B Raw value 63,404,000,000.00 USD 2019-04-01 — 2019-06-30 · USD · Reported data Original filing ↗	69.98 B Raw value 69,981,000,000.00 USD 2019-07-01 — 2019-09-30 · USD · Reported data Original filing ↗	87.44 B Raw value 87,437,000,000.00 USD 2019-10-01 — 2019-12-31 · USD · Reported data Original filing ↗	75.45 B Raw value 75,452,000,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	88.91 B Raw value 88,912,000,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	96.15 B Raw value 96,145,000,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	125.56 B Raw value 125,555,000,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reported data Original filing ↗	108.52 B Raw value 108,518,000,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	113.08 B Raw value 113,080,000,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	110.81 B Raw value 110,812,000,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	137.41 BDerived by subtraction Raw value 137,412,000,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 469.82 B USD · Source version 2024-02-02 Subtract: 2021-01-01 — 2021-09-30 · 332.41 B USD · Source version 2022-10-28 Original calculation input 1 ↗Original calculation input 2 ↗	116.44 B Raw value 116,444,000,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	121.23 B Raw value 121,234,000,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	127.10 B Raw value 127,101,000,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	149.20 BDerived by subtraction Raw value 149,204,000,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 513.98 B USD · Source version 2025-02-07 Subtract: 2022-01-01 — 2022-09-30 · 364.78 B USD · Source version 2023-10-27 Original calculation input 1 ↗Original calculation input 2 ↗	127.36 B Raw value 127,358,000,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	134.38 B Raw value 134,383,000,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	143.08 B Raw value 143,083,000,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	169.96 BDerived by subtraction Raw value 169,961,000,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 574.79 B USD · Source version 2026-02-06 Subtract: 2023-01-01 — 2023-09-30 · 404.82 B USD · Source version 2024-11-01 Original calculation input 1 ↗Original calculation input 2 ↗	143.31 B Raw value 143,313,000,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	147.98 B Raw value 147,977,000,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	158.88 B Raw value 158,877,000,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	187.79 BDerived by subtraction Raw value 187,792,000,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 637.96 B USD · Source version 2026-02-06 Subtract: 2024-01-01 — 2024-09-30 · 450.17 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	155.67 B Raw value 155,667,000,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	167.70 B Raw value 167,702,000,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	180.17 B Raw value 180,169,000,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	213.39 BDerived by subtraction Raw value 213,386,000,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 716.92 B USD · Source version 2026-02-06 Subtract: 2025-01-01 — 2025-09-30 · 503.54 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	181.52 B Raw value 181,519,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	200.61 B Raw value 200,606,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	1.01 B Raw value 1,005,000,000.00 USD 2017-01-01 — 2017-03-31 · USD · Reported data Original filing ↗	628.00 M Raw value 628,000,000.00 USD 2017-04-01 — 2017-06-30 · USD · Reported data Original filing ↗	347.00 M Raw value 347,000,000.00 USD 2017-07-01 — 2017-09-30 · USD · Reported data Original filing ↗	2.13 B Raw value 2,127,000,000.00 USD 2017-10-01 — 2017-12-31 · USD · Reported data Original filing ↗	1.93 B Raw value 1,927,000,000.00 USD 2018-01-01 — 2018-03-31 · USD · Reported data Original filing ↗	2.98 B Raw value 2,983,000,000.00 USD 2018-04-01 — 2018-06-30 · USD · Reported data Original filing ↗	3.72 B Raw value 3,724,000,000.00 USD 2018-07-01 — 2018-09-30 · USD · Reported data Original filing ↗	3.79 B Raw value 3,786,000,000.00 USD 2018-10-01 — 2018-12-31 · USD · Reported data Original filing ↗	4.42 B Raw value 4,420,000,000.00 USD 2019-01-01 — 2019-03-31 · USD · Reported data Original filing ↗	3.08 B Raw value 3,084,000,000.00 USD 2019-04-01 — 2019-06-30 · USD · Reported data Original filing ↗	3.16 B Raw value 3,157,000,000.00 USD 2019-07-01 — 2019-09-30 · USD · Reported data Original filing ↗	3.88 B Raw value 3,879,000,000.00 USD 2019-10-01 — 2019-12-31 · USD · Reported data Original filing ↗	3.99 B Raw value 3,989,000,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	5.84 B Raw value 5,843,000,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	6.19 B Raw value 6,194,000,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	6.87 B Raw value 6,873,000,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reported data Original filing ↗	8.87 B Raw value 8,865,000,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	7.70 B Raw value 7,702,000,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	4.85 B Raw value 4,852,000,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	3.46 BDerived by subtraction Raw value 3,460,000,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 24.88 B USD · Source version 2024-02-02 Subtract: 2021-01-01 — 2021-09-30 · 21.42 B USD · Source version 2022-10-28 Original calculation input 1 ↗Original calculation input 2 ↗	3.67 B Raw value 3,669,000,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	3.32 B Raw value 3,317,000,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	2.53 B Raw value 2,525,000,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	2.74 BDerived by subtraction Raw value 2,737,000,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 12.25 B USD · Source version 2025-02-07 Subtract: 2022-01-01 — 2022-09-30 · 9.51 B USD · Source version 2023-10-27 Original calculation input 1 ↗Original calculation input 2 ↗	4.77 B Raw value 4,774,000,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	7.68 B Raw value 7,681,000,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	11.19 B Raw value 11,188,000,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	13.21 BDerived by subtraction Raw value 13,209,000,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 36.85 B USD · Source version 2026-02-06 Subtract: 2023-01-01 — 2023-09-30 · 23.64 B USD · Source version 2024-11-01 Original calculation input 1 ↗Original calculation input 2 ↗	15.31 B Raw value 15,307,000,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	14.67 B Raw value 14,672,000,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	17.41 B Raw value 17,411,000,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	21.20 BDerived by subtraction Raw value 21,203,000,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 68.59 B USD · Source version 2026-02-06 Subtract: 2024-01-01 — 2024-09-30 · 47.39 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	18.41 B Raw value 18,405,000,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	19.17 B Raw value 19,171,000,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	17.42 B Raw value 17,422,000,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	24.98 BDerived by subtraction Raw value 24,977,000,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 79.98 B USD · Source version 2026-02-06 Subtract: 2025-01-01 — 2025-09-30 · 55.00 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	23.85 B Raw value 23,852,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	27.46 B Raw value 27,461,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Net income	724.00 M Raw value 724,000,000.00 USD 2017-01-01 — 2017-03-31 · USD · Reported data Original filing ↗	197.00 M Raw value 197,000,000.00 USD 2017-04-01 — 2017-06-30 · USD · Reported data Original filing ↗	256.00 M Raw value 256,000,000.00 USD 2017-07-01 — 2017-09-30 · USD · Reported data Original filing ↗	1.86 B Raw value 1,856,000,000.00 USD 2017-10-01 — 2017-12-31 · USD · Reported data Original filing ↗	1.63 B Raw value 1,629,000,000.00 USD 2018-01-01 — 2018-03-31 · USD · Reported data Original filing ↗	2.53 B Raw value 2,534,000,000.00 USD 2018-04-01 — 2018-06-30 · USD · Reported data Original filing ↗	2.88 B Raw value 2,883,000,000.00 USD 2018-07-01 — 2018-09-30 · USD · Reported data Original filing ↗	3.03 B Raw value 3,027,000,000.00 USD 2018-10-01 — 2018-12-31 · USD · Reported data Original filing ↗	3.56 B Raw value 3,561,000,000.00 USD 2019-01-01 — 2019-03-31 · USD · Reported data Original filing ↗	2.63 B Raw value 2,625,000,000.00 USD 2019-04-01 — 2019-06-30 · USD · Reported data Original filing ↗	2.13 B Raw value 2,134,000,000.00 USD 2019-07-01 — 2019-09-30 · USD · Reported data Original filing ↗	3.27 B Raw value 3,268,000,000.00 USD 2019-10-01 — 2019-12-31 · USD · Reported data Original filing ↗	2.54 B Raw value 2,535,000,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	5.24 B Raw value 5,243,000,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	6.33 B Raw value 6,331,000,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	7.22 B Raw value 7,222,000,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reported data Original filing ↗	8.11 B Raw value 8,107,000,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	7.78 B Raw value 7,778,000,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	3.16 B Raw value 3,156,000,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	14.32 BDerived by subtraction Raw value 14,323,000,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 33.36 B USD · Source version 2024-02-02 Subtract: 2021-01-01 — 2021-09-30 · 19.04 B USD · Source version 2022-10-28 Original calculation input 1 ↗Original calculation input 2 ↗	-3.84 B Raw value -3,844,000,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	-2.03 B Raw value -2,028,000,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	2.87 B Raw value 2,872,000,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	278.00 MDerived by subtraction Raw value 278,000,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · -2.72 B USD · Source version 2025-02-07 Subtract: 2022-01-01 — 2022-09-30 · -3.00 B USD · Source version 2023-10-27 Original calculation input 1 ↗Original calculation input 2 ↗	3.17 B Raw value 3,172,000,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	6.75 B Raw value 6,750,000,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	9.88 B Raw value 9,879,000,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	10.62 BDerived by subtraction Raw value 10,624,000,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 30.43 B USD · Source version 2026-02-06 Subtract: 2023-01-01 — 2023-09-30 · 19.80 B USD · Source version 2024-11-01 Original calculation input 1 ↗Original calculation input 2 ↗	10.43 B Raw value 10,431,000,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	13.49 B Raw value 13,485,000,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	15.33 B Raw value 15,328,000,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	20.00 BDerived by subtraction Raw value 20,004,000,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 59.25 B USD · Source version 2026-02-06 Subtract: 2024-01-01 — 2024-09-30 · 39.24 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	17.13 B Raw value 17,127,000,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	18.16 B Raw value 18,164,000,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	21.19 B Raw value 21,187,000,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	21.19 BDerived by subtraction Raw value 21,192,000,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 77.67 B USD · Source version 2026-02-06 Subtract: 2025-01-01 — 2025-09-30 · 56.48 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	30.26 B Raw value 30,255,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	62.65 B Raw value 62,647,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Operating cash flow	-1.62 B Raw value -1,619,000,000.00 USD 2017-01-01 — 2017-03-31 · USD · Reported data Original filing ↗	3.85 B Raw value 3,850,000,000.00 USD 2017-04-01 — 2017-06-30 · USD · Reported data Original filing ↗	3.78 B Raw value 3,777,000,000.00 USD 2017-07-01 — 2017-09-30 · USD · Reported data Original filing ↗	12.36 BDerived by subtraction Raw value 12,358,000,000.00 USD 2017-10-01 — 2017-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2017-01-01 — 2017-12-31 · 18.37 B USD · Source version 2020-01-31 Subtract: 2017-01-01 — 2017-09-30 · 6.01 B USD · Source version 2018-10-26 Original calculation input 1 ↗Original calculation input 2 ↗	-1.79 B Raw value -1,791,000,000.00 USD 2018-01-01 — 2018-03-31 · USD · Reported data Original filing ↗	7.45 B Raw value 7,449,000,000.00 USD 2018-04-01 — 2018-06-30 · USD · Reported data Original filing ↗	8.59 B Raw value 8,588,000,000.00 USD 2018-07-01 — 2018-09-30 · USD · Reported data Original filing ↗	16.48 BDerived by subtraction Raw value 16,477,000,000.00 USD 2018-10-01 — 2018-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2018-01-01 — 2018-12-31 · 30.72 B USD · Source version 2021-02-03 Subtract: 2018-01-01 — 2018-09-30 · 14.25 B USD · Source version 2019-10-25 Original calculation input 1 ↗Original calculation input 2 ↗	1.85 B Raw value 1,846,000,000.00 USD 2019-01-01 — 2019-03-31 · USD · Reported data Original filing ↗	9.12 B Raw value 9,118,000,000.00 USD 2019-04-01 — 2019-06-30 · USD · Reported data Original filing ↗	7.89 B Raw value 7,892,000,000.00 USD 2019-07-01 — 2019-09-30 · USD · Reported data Original filing ↗	19.66 BDerived by subtraction Raw value 19,659,000,000.00 USD 2019-10-01 — 2019-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2019-01-01 — 2019-12-31 · 38.51 B USD · Source version 2022-02-04 Subtract: 2019-01-01 — 2019-09-30 · 18.86 B USD · Source version 2020-10-30 Original calculation input 1 ↗Original calculation input 2 ↗	3.06 B Raw value 3,064,000,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	20.61 B Raw value 20,606,000,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	11.96 B Raw value 11,964,000,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	30.43 BDerived by subtraction Raw value 30,431,000,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · 66.06 B USD · Source version 2023-02-03 Subtract: 2020-01-01 — 2020-09-30 · 35.63 B USD · Source version 2021-10-29 Original calculation input 1 ↗Original calculation input 2 ↗	4.21 B Raw value 4,213,000,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	12.72 B Raw value 12,715,000,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	7.31 B Raw value 7,313,000,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	22.09 BDerived by subtraction Raw value 22,086,000,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 46.33 B USD · Source version 2024-02-02 Subtract: 2021-01-01 — 2021-09-30 · 24.24 B USD · Source version 2022-10-28 Original calculation input 1 ↗Original calculation input 2 ↗	-2.79 B Raw value -2,790,000,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	8.97 B Raw value 8,965,000,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	11.40 B Raw value 11,404,000,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	29.17 BDerived by subtraction Raw value 29,173,000,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 46.75 B USD · Source version 2025-02-07 Subtract: 2022-01-01 — 2022-09-30 · 17.58 B USD · Source version 2023-10-27 Original calculation input 1 ↗Original calculation input 2 ↗	4.79 B Raw value 4,788,000,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	16.48 B Raw value 16,476,000,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	21.22 B Raw value 21,217,000,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	42.47 BDerived by subtraction Raw value 42,465,000,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 84.95 B USD · Source version 2026-02-06 Subtract: 2023-01-01 — 2023-09-30 · 42.48 B USD · Source version 2024-11-01 Original calculation input 1 ↗Original calculation input 2 ↗	18.99 B Raw value 18,989,000,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	25.28 B Raw value 25,281,000,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	25.97 B Raw value 25,971,000,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	45.64 BDerived by subtraction Raw value 45,636,000,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 115.88 B USD · Source version 2026-02-06 Subtract: 2024-01-01 — 2024-09-30 · 70.24 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	17.02 B Raw value 17,015,000,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	32.52 B Raw value 32,515,000,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	35.53 B Raw value 35,525,000,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	54.46 BDerived by subtraction Raw value 54,459,000,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 139.51 B USD · Source version 2026-02-06 Subtract: 2025-01-01 — 2025-09-30 · 85.06 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	26.03 B Raw value 26,032,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	45.39 B Raw value 45,387,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Capital expenditure	—	—	3.07 B Raw value 3,074,000,000.00 USD 2017-07-01 — 2017-09-30 · USD · Reported data Original filing ↗	3.62 BDerived by subtraction Raw value 3,619,000,000.00 USD 2017-10-01 — 2017-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2017-01-01 — 2017-12-31 · 11.96 B USD · Source version 2020-01-31 Subtract: 2017-01-01 — 2017-09-30 · 8.34 B USD · Source version 2018-10-26 Original calculation input 1 ↗Original calculation input 2 ↗	3.10 B Raw value 3,098,000,000.00 USD 2018-01-01 — 2018-03-31 · USD · Reported data Original filing ↗	3.24 B Raw value 3,243,000,000.00 USD 2018-04-01 — 2018-06-30 · USD · Reported data Original filing ↗	3.35 B Raw value 3,352,000,000.00 USD 2018-07-01 — 2018-09-30 · USD · Reported data Original filing ↗	3.73 BDerived by subtraction Raw value 3,734,000,000.00 USD 2018-10-01 — 2018-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2018-01-01 — 2018-12-31 · 13.43 B USD · Source version 2021-02-03 Subtract: 2018-01-01 — 2018-09-30 · 9.69 B USD · Source version 2019-10-25 Original calculation input 1 ↗Original calculation input 2 ↗	3.29 B Raw value 3,290,000,000.00 USD 2019-01-01 — 2019-03-31 · USD · Reported data Original filing ↗	3.56 B Raw value 3,562,000,000.00 USD 2019-04-01 — 2019-06-30 · USD · Reported data Original filing ↗	4.70 B Raw value 4,697,000,000.00 USD 2019-07-01 — 2019-09-30 · USD · Reported data Original filing ↗	5.31 BDerived by subtraction Raw value 5,312,000,000.00 USD 2019-10-01 — 2019-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2019-01-01 — 2019-12-31 · 16.86 B USD · Source version 2022-02-04 Subtract: 2019-01-01 — 2019-09-30 · 11.55 B USD · Source version 2020-10-30 Original calculation input 1 ↗Original calculation input 2 ↗	6.80 B Raw value 6,795,000,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	7.46 B Raw value 7,459,000,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	11.06 B Raw value 11,063,000,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	14.82 BDerived by subtraction Raw value 14,823,000,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · 40.14 B USD · Source version 2023-02-03 Subtract: 2020-01-01 — 2020-09-30 · 25.32 B USD · Source version 2021-10-29 Original calculation input 1 ↗Original calculation input 2 ↗	12.08 B Raw value 12,082,000,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	14.29 B Raw value 14,288,000,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	15.75 B Raw value 15,748,000,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	18.94 BDerived by subtraction Raw value 18,935,000,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 61.05 B USD · Source version 2024-02-02 Subtract: 2021-01-01 — 2021-09-30 · 42.12 B USD · Source version 2022-10-28 Original calculation input 1 ↗Original calculation input 2 ↗	14.95 B Raw value 14,951,000,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	15.72 B Raw value 15,724,000,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	16.38 B Raw value 16,378,000,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	16.59 BDerived by subtraction Raw value 16,592,000,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 63.65 B USD · Source version 2025-02-07 Subtract: 2022-01-01 — 2022-09-30 · 47.05 B USD · Source version 2023-10-27 Original calculation input 1 ↗Original calculation input 2 ↗	14.21 B Raw value 14,207,000,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	11.46 B Raw value 11,455,000,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	12.48 B Raw value 12,479,000,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	14.59 BDerived by subtraction Raw value 14,588,000,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 52.73 B USD · Source version 2026-02-06 Subtract: 2023-01-01 — 2023-09-30 · 38.14 B USD · Source version 2024-11-01 Original calculation input 1 ↗Original calculation input 2 ↗	14.93 B Raw value 14,925,000,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	17.62 B Raw value 17,620,000,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	22.62 B Raw value 22,620,000,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	27.83 BDerived by subtraction Raw value 27,834,000,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 83.00 B USD · Source version 2026-02-06 Subtract: 2024-01-01 — 2024-09-30 · 55.17 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	25.02 B Raw value 25,019,000,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	32.18 B Raw value 32,183,000,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	35.10 B Raw value 35,095,000,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	39.52 BDerived by subtraction Raw value 39,522,000,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 131.82 B USD · Source version 2026-02-06 Subtract: 2025-01-01 — 2025-09-30 · 92.30 B USD · Source version 2025-10-31 Original calculation input 1 ↗Original calculation input 2 ↗	44.20 B Raw value 44,203,000,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	54.21 B Raw value 54,208,000,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗

Comparison rules and gaps

Comparison columns require aligned period boundaries, currency and duration. Blank values are not zero; directly reported quarters and cumulative reconstructions are distinguished. A non-positive comparison base is shown as an amount change without a percentage growth rate.

View filing source

Events and disclosure records

Completed events, conditional arrangements and the document versions used are listed separately.

Check original source ↗

2026-09-16Disclosed events

Generac Holdings Inc. · Capital and financing

2026-09-16Disclosed events

Generac Holdings Inc. · Equipment and engineering

2026-09-08Conditional arrangements

QUALCOMM Incorporated · Offtake and leasing

2026-08-26Conditional arrangements

NVIDIA · Equipment and engineering

View remaining recorded events (17)

2026-08-12Conditional arrangements

Cerebras Systems Inc. · Supply

Binding term sheet · the 2,696,67x-share AWS warrant was formally issued in June 2026, with vesting tied to purchases · definitive agreement still not signed [7]

2026-08-06Disclosed events

X-energy, Inc. · Capital and financing

2026-07-29Disclosed events

Arm · Supply

Arm Neoverse licence · AWS's Arm-based Graviton platform, including Graviton5 · licence value not disclosed [20]

2026-06-26Disclosed events

Fabrinet · Customer

Named ≥10% customer in FY2026 · 10.5% of Fabrinet revenues (below 10% in FY2025) [23]

2026-06-08Disclosed events

Cipher Digital Inc. · Offtake and leasing

2026-06-08Disclosed events

Corning · Supply

2026-06-03Conditional arrangements

TD SYNNEX Corporation · Supply

2026-05-06Disclosed events

NiSource Inc. (NIPSCO) · Power procurement

2026-04-24Disclosed events

NetApp, Inc. · Supply

First-party embedded cloud storage: NetApp's ONTAP-based fully managed cloud storage offering is available natively on AWS as Amazon FSx for NetApp ONTAP, as named in the 10-K. [22]

2026-02-27Disclosed events

OpenAI · Offtake and leasing

2026-02-26Disclosed events

Vistra Corp. · Power procurement

2026-02-05Conditional arrangements

Astera Labs · Offtake and leasing

2025-06-23Conditional arrangements

C3.ai, Inc. · Supply

New multi-year strategic collaboration agreement (Jan-2025) · accelerate Enterprise AI solution delivery and expand go-to-market efforts · partnered since 2016, agreement expanded Nov-2023 [10]

2025-03-13Disclosed events

Applied Optoelectronics, Inc. · Capital and financing

2025-03-13Conditional arrangements

Applied Optoelectronics, Inc. · Supply

2024-10-16Disclosed events

Energy Northwest · Capital and financing

2024-09-16Conditional arrangements

Intel · Supply

Included financial source versions

2026-07-31
10-Q Original financial filings ↗
This page cites periods ending through 2026-06-30. The same document includes multiple comparison periods.
2026-04-30
10-Q Original financial filings ↗
This page cites periods ending through 2026-03-31. The same document includes multiple comparison periods.
2026-02-06
10-K Original financial filings ↗
This page cites periods ending through 2025-12-31. The same document includes multiple comparison periods.
2025-10-31
10-Q Original financial filings ↗
This page cites periods ending through 2025-09-30. The same document includes multiple comparison periods.
2025-08-01
10-Q Original financial filings ↗
This page cites periods ending through 2024-06-30.
2025-05-02
10-Q Original financial filings ↗
This page cites periods ending through 2024-03-31.

Showing the latest 6 recorded source versions. Find the remaining 63 in Source values in the full financial table.

Industry relationships and operating mechanisms

Trace supply and demand through contract performance, operating metrics and cash attribution.

Company in focus

Direct relationships: 26 · Excluded by current filters: 4

Upstream supply

16 companies

2026-08-121 record

20251 record

2026-02-051 record

2026-06-081 record

2026-06-031 record

AMZN

Amazon

Operating metrics: 12 ↗

Downstream demand

3 companies

2026-02-271 record

Date not specified1 record

↗

2025-06-231 record

Capital deployed

6 companies

Date not specified1 record

Date not specified2 records

↗

2025-03-131 record

2026-08-061 record

2024-10-161 record

Capital sources: no records under the current criteria; this does not establish that a business relationship is absent.

Goods and services are arranged from supplier to customer; capital is shown separately. Select a relationship to inspect its evidence and operating mechanism. Second-degree paths do not establish guarantees or certain revenue.

Relationship records

26 records

Status / record date	Recorded amount	Capacity basis	Evidence source
Signed / existing2026-09-16	Transaction Agreement dated 2026-09-16 with Amazon.com, Inc.; warrant issued to Amazon.com NV Investment Holdings LLC for up to 1,693,745 GNRC common shares at $200.9266Purchase thresholds and equity vesting conditions	Not structured	A · Original filingCheck public source ↗
Signed / existing2026-09-16	USD 2.4 billionPurchase thresholds and equity vesting conditions	Not structured	A · Original filingCheck public source ↗
Framework / intent2026-09-08	USD 60 billionPurchase thresholds and equity vesting conditions	Not structured	A · Original filingCheck public source ↗
Non-binding plan2026-08-26	No attributable amount providedAmount classification not yet structured	Not structured	B · Company / mediaCheck public source ↗
Pending signature2026-08-12	No attributable amount providedAmount classification not yet structured	Not structured	A · Original filingCheck public source ↗
Signed / existing2026-08-06	No attributable amount providedEquity subscription amount	Not structured	A · Original filingCheck public source ↗
Signed / existing2026-07-29	No attributable amount providedAmount classification not yet structured	Not structured	A · Original filingCheck public source ↗
Signed / existing2026-06-26	No attributable amount providedAmount classification not yet structured	Not structured	A · Original filingCheck public source ↗
Signed / existing2026-06-08	USD 2 billionAmount associated with the contract relationship	100 MWSee the record for capacity definitions and conditions	A · Original filingCheck public source ↗
Signed / existing2026-06-08	Multiyear, multibillion-dollar agreement announced 2026-06-08Amount classification not yet structured	Not structured	B · Company / mediaCheck public source ↗
Framework / intent2026-06-03	Approximately 216,000 shares vest at issuance at an exercise price of $0.01Purchase thresholds and equity vesting conditions	Not structured	A · Original filingCheck public source ↗
Signed / existing2026-05-06	No attributable amount providedAmount classification not yet structured	Not structured	A · Original filingCheck public source ↗

1–12 / 26 records

Upstream supply · Purchase-linked warrants

GNRC AMZN

Signed / existing2026-09-16A · Original filing

Check public source ↗

What this relationship establishes

Long-term backup generator supply agreement

Relationship type: Purchase-linked warrants
Recorded as signed or existing; performance progress requires separate verification
Amount basis: USD 2.4 billion Purchase thresholds and equity vesting conditions
Initial deliveries in 2027–2028 are expected to total $2.4bn
A vesting threshold based on discretionary purchases is not a minimum purchase commitment. Verify the exercise price, vested shares and potential shares separately.
Attribution: Applies to this relationship; the original document determines the specific legal entities and attribution.
The counterparty is unnamed; no specific company is inferred.
Concentration: A relationship amount and company denominator with matching periods and definitions are not provided
Relationship counts, capacity and total contract value are not measures of revenue or procurement concentration.

Complete record and source location

A · Original filing

Generac Holdings Form 8-K (2026-09-16, Item 1.01) and Ex. 10.1 Transaction Agreement recitals; Generac Q2 2026 earnings release (8-K 2026-07-29 Ex. 99.1) for the earlier anonymous disclosure [A]

Procurement constraints and delivery

The excerpts below come from this record. Verify signed status separately from actual completion.

Initial deliveries in 2027–2028 are expected to total $2.4bn

Inputs still needed to quantify the impact

The actual schedule for staged deliveries and acceptance
Payment milestones and cost attribution
Utilization, depreciation and maintenance spending for new capacity

The amount associated with a relationship cannot substitute for the company's revenue, earnings or stock-price impact. Applies to this relationship; the original document determines the specific legal entities and attribution.

How to test the operating mechanism

Analytical framework, not a realized impact

Delivery terms
GNRC supplies equipment or engineering services to AMZN; distinguish contract status from actual delivery status.
Execution
Verify each stage: prepayment, production or construction, arrival, acceptance and commissioning.
Financial outcomes
Assess capital expenditure and cash tied up in prepayments, commissioning timing, depreciation and subsequent operating cash flows.
Testing price implications
Separate construction-period cash flows from steady-state cash flows; nominal capacity cannot be treated directly as profit.

Cross-check relationship events against subsequent disclosures of company revenue, costs, working capital and cash flows; movements in the same direction alone do not establish causation.

Other records for the same counterparty

Review procurement, customer and capital relationships separately. The same cooperation may appear in multiple records; the amounts are not automatically additive.

Relationship type	Status / date	Evidence source
	Signed / existing2026-09-16	A · Original filing

Operating data to test the relationship

AMZN · Company-specific metric definitions and classifications

Metrics test operating processes; an overall change cannot be attributed to a single relationship. Expand the definitions to check calculation methods and their applicable boundaries.

Profit and costs

Can revenue growth translate into earnings attributable to shareholders?

Preserve the distinctions relating to depreciation, stock-based compensation, adjustments and segments. The company's margin cannot be applied as this contract's margin.

Operating metric	Latest value	Definition and boundaries
Operating margin ↗2026-06-30 · Research calculation	13.69%	Definition and boundaries Operating income / revenue × 100 Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Net margin ↗2026-06-30 · Research calculation	31.23%	Definition and boundaries Selected net-income concept / revenue × 100 May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Operating cash flow / revenue ↗2026-06-30 · Research calculation	22.62%	Definition and boundaries Operating cash flow / revenue × 100 Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
AWS segment operating margin ↗2026Q2 · Research calculation	39.36%	Definition and boundaries (AWS segment operating income) / AWS segment revenue × 100 Segment operating income / segment revenue from the same source document and a quarter with matching start/end dates. Segment scopes differ; this does not replace the company-wide margin or cash return. Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document.

Show remaining company metrics (8)

Other operating observations

What verifiable information does this metric provide about this relationship?

Use the metric's definition and original inputs. Quantitative attribution to this relationship has not been established.

Operating metric	Latest value	Definition and boundaries
Revenue growth YoY ↗2026-06-30 · Research calculation	19.62%	Definition and boundaries (Current-period revenue / comparable prior-year revenue − 1) × 100 Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Operating cash flow / net income ↗2026-06-30 · Research calculation	0.724 x	Definition and boundaries Operating cash flow / net income（Net income > 0） Examines cash conversion when earnings are positive. No multiple is calculated when net income is non-positive; taxes, non-cash charges and working capital can all cause divergence. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Cash purchases of productive assets / revenue ↗2026-06-30 · Research calculation	27.02%	Definition and boundaries Cash purchases of productive assets / revenue × 100 Uses the broader PaymentsToAcquireProductiveAssets concept. It is not relabeled as PP&E or used to produce a standardized free-cash-flow yield. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
(Net income − operating cash flow) / revenue ↗2026-06-30 · Research calculation	8.6%	Definition and boundaries (Net income − operating cash flow) / revenue × 100 The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
AWS segment operating income ↗2026Q2 · Reported data	16,621 USD million	Definition and boundaries Directly reported in the source document Segment expenses include technology infrastructure costs allocated by usage; the result is not free cash flow.
AWS net additions to PP&E ↗2026Q2 · Reported data	48,604 USD million	Definition and boundaries Directly reported in the source document Includes non-cash activity and equipment acquired but not yet paid for; this is not cash capital expenditure. 2026Q2 includes 328m of finance-lease additions, and 2025Q2 includes 916m.
Long-term performance commitments (primarily AWS) ↗2026-06-30 · Reported data	496,000 USD million	Definition and boundaries Directly reported in the source document Includes only contracts with original terms exceeding one year, mainly but not entirely attributable to AWS. The weighted remaining term is 6.4 years; the full amount cannot be counted as next-year revenue.

Revenue realization

Has relationship expansion converted into recognizable business revenue?

Reconcile by business and financial period. Total company revenue does not establish the selected customer's individual contribution.

Operating metric	Latest value	Definition and boundaries
AWS segment revenue ↗2026Q2 · Reported data	42,232 USD million	Definition and boundaries Directly reported in the source document The company's retail, advertising and subscription revenue belongs to other segments.

Related companies in the value chain 10 companies · Accelerator design

Related browsing is based on overlapping segments in the current graph. It does not establish direct peers, valuation comparability, or a supply, customer or investment relationship.

NVDANVIDIACompany research ↗GOOGLAlphabetCompany research ↗MSFTMicrosoftCompany research ↗METAMetaCompany research ↗AVGOBroadcomCompany research ↗AMDAMDCompany research ↗INTCIntelCompany research ↗MRVLMarvellCompany research ↗QCOMQUALCOMM IncorporatedCompany research ↗CBRSCerebras Systems Inc.Company research ↗

Search all operating metrics and calculation methods

Operating metric search

Test relationship hypotheses against actual operating series, with their definitions, periods and calculation methods.

Historical research methodology

Company12 / 12 items

Operating metric	Latest value	Period / classification	Definition and interpretation boundaries	Analysis
Revenue growth YoY	19.62%	2026-06-30Research calculation	(Current-period revenue / comparable prior-year revenue − 1) × 100Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.	View full series ↗
Operating margin	13.69%	2026-06-30Research calculation	Operating income / revenue × 100Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.	View full series ↗
Net margin	31.23%	2026-06-30Research calculation	Selected net-income concept / revenue × 100May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.	View full series ↗
Operating cash flow / revenue	22.62%	2026-06-30Research calculation	Operating cash flow / revenue × 100Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.	View full series ↗
Operating cash flow / net income	0.724 x	2026-06-30Research calculation	Operating cash flow / net income（Net income > 0）Examines cash conversion when earnings are positive. No multiple is calculated when net income is non-positive; taxes, non-cash charges and working capital can all cause divergence. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.	View full series ↗
Cash purchases of productive assets / revenue	27.02%	2026-06-30Research calculation	Cash purchases of productive assets / revenue × 100Uses the broader PaymentsToAcquireProductiveAssets concept. It is not relabeled as PP&E or used to produce a standardized free-cash-flow yield. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.	View full series ↗
(Net income − operating cash flow) / revenue	8.6%	2026-06-30Research calculation	(Net income − operating cash flow) / revenue × 100The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.	View full series ↗
AWS segment revenue	42,232 USD million	2026Q2Reported data	Directly reported in the source documentThe company's retail, advertising and subscription revenue belongs to other segments.	View full series ↗
AWS segment operating income	16,621 USD million	2026Q2Reported data	Directly reported in the source documentSegment expenses include technology infrastructure costs allocated by usage; the result is not free cash flow.	View full series ↗
AWS net additions to PP&E	48,604 USD million	2026Q2Reported data	Directly reported in the source documentIncludes non-cash activity and equipment acquired but not yet paid for; this is not cash capital expenditure. 2026Q2 includes 328m of finance-lease additions, and 2025Q2 includes 916m.	View full series ↗
Long-term performance commitments (primarily AWS)	496,000 USD million	2026-06-30Reported data	Directly reported in the source documentIncludes only contracts with original terms exceeding one year, mainly but not entirely attributable to AWS. The weighted remaining term is 6.4 years; the full amount cannot be counted as next-year revenue.	View full series ↗
AWS segment operating margin	39.36%	2026Q2Research calculation	(AWS segment operating income) / AWS segment revenue × 100Segment operating income / segment revenue from the same source document and a quarter with matching start/end dates. Segment scopes differ; this does not replace the company-wide margin or cash return. Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document.	View full series ↗

Source grades, dates and quantitative definitions

A = original SEC or exchange filings; B = company announcements, IR materials, official websites or established media; C = industry-structure inferences or third-party accounts without an independent primary source

Key relationships were reviewed using public information available through 2026-10-23. Historical relationships have not all been individually reverified. Their original dates are retained; delisted entities remain in the relationship archive but are excluded from market-cap weights. Review coverage through 2026-10-23.

Signed status does not mean that the full amount has been paid or that capacity has been delivered. Assess contract value, period revenue, investment, loans, prepayments and guarantee caps separately; do not sum them as a single exposure. Distinguish total power capacity from critical IT load. Company-level metrics cannot be attributed directly to an individual relationship.

Source facts and operating implications are distinguished, with forecasts and conditional scenarios identified as such. Missing relationships mean that this graph has no record of them. Data version 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644.

EVIDENCE & SOURCES

Data and calculation basis

Sources and filing versions

Quotes and valuation

2026-10-27, 16:00 ET · Regular-session close. History through 2026-10-23 uses provider split-adjusted prices, excluding dividends. Full-history adjustment factors have not been independently recalculated. MA20 is the arithmetic mean of 20 recorded trading-day closes and does not bridge missing prices or known corporate actions. Price comparisons exclude dividend reinvestment and do not represent total returns. Market cap retrieved on 2026-10-28. Prices refresh daily. Source timestamps and website update times are shown separately.

The current security identity has been checked. Continuity with earlier issuers has not been independently verified; listing-date coverage is shown separately.

Original verification notes

verified-listing-start-covered

The company FAQ confirms the IPO on 1997-05-15 and lists the stock-split history. The listing start is verified; all historical corporate actions still require separate verification.

Nasdaq Quote source page Price-history source page

Financial statements

Reporting period 2026-06-30; filed 2026-07-31. Financials use the company's reporting periods and currency; unavailable values appear as —. Expand the section below each chart to inspect metric definitions, inputs and original sources.

SEC Company filings Raw financial data · JSON

Business evidence

Primary company business sources · Through 2026-07-31

Citations: 27 · Documents: 27

1Amazon 2026 Q2 Form 10-QPrimary sources

Note 1 performance obligations; Note 8 Segment Information pp.22–25 · Document date 2026-07-31

The AWS segment is separate from the company’s retail operations; net PP&E additions include non-cash items.

Open source

2AMZN 10-Q 0001018724-26-000026 (2026-06-30) investments noteValue-chain archive

AMZN 10-Q 0001018724-26-000026 (2026-06-30) investments note · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

3AMZN 10-Q 0001018724-26-000026 (2026-06-30) investments note (carrying value $190.4bn)Value-chain archive

AMZN 10-Q 0001018724-26-000026 (2026-06-30) investments note (carrying value $190.4bn) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

4AMZN 10-Q 0001018724-26-000026 (2026-06-30) commitments noteValue-chain archive

AMZN 10-Q 0001018724-26-000026 (2026-06-30) commitments note · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

5OpenAI and Amazon strategic partnership announcement (2026-02-27) [B]Value-chain archive

OpenAI and Amazon strategic partnership announcement (2026-02-27) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

6AMZN 10-Q 0001018724-26-000026 (2026-06-30) commitments note; Anthropic website Series H announcement anthropic.com/news/series-h (2026-05-28) [B]Value-chain archive

AMZN 10-Q 0001018724-26-000026 (2026-06-30) commitments note; Anthropic website Series H announcement anthropic.com/news/series-h (2026-05-28) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

7CBRS 10-Q for the period ended 2026-06-30, filed 2026-08-12; original term sheet per CBRS filingsValue-chain archive

CBRS 10-Q for the period ended 2026-06-30, filed 2026-08-12; original term sheet per CBRS filings · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

8Talen press release and investor materials [B]; TLN 2026Q2 8-KValue-chain archive

Talen press release and investor materials [B]; TLN 2026Q2 8-K · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

9AAOI 8-K (2025-03-13)Value-chain archive

AAOI 8-K (2025-03-13) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

10AI 10-K (2025-06-23)Value-chain archive

AI 10-K (2025-06-23) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

11ALAB 8-K (2026-02-10)Value-chain archive

ALAB 8-K (2026-02-10) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

12CIFR 8-K Exhibit 99.1 (2026-06-08)Value-chain archive

CIFR 8-K Exhibit 99.1 (2026-06-08) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

13SNX 8-K(2026-06-03)Value-chain archive

SNX 8-K(2026-06-03) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

14AAOI 8-K(2025-03-13)Value-chain archive

AAOI 8-K(2025-03-13) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

15XE SC 13G filed by Amazon.com, Inc. (2026-08-06)Value-chain archive

XE SC 13G filed by Amazon.com, Inc. (2026-08-06) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

16NI 10-Q (2026-05-06); NI 8-K Exhibit 99.1 (2026-08-05)Value-chain archive

NI 10-Q (2026-05-06); NI 8-K Exhibit 99.1 (2026-08-05) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

17Intel press release (2024-09-16) [B]Value-chain archive

Intel press release (2024-09-16) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

18NVIDIA press release (2026-08-26) [B]Value-chain archive

NVIDIA press release (2026-08-26) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

19XE 424B4 final prospectus (2026-04-27)Value-chain archive

XE 424B4 final prospectus (2026-04-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

20ARM 6-K (2026-07-29)Value-chain archive

ARM 6-K (2026-07-29) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

21QUALCOMM Form 8-K filed 2026-09-08, Item 3.02, event date 2026-09-03Value-chain archive

QUALCOMM Form 8-K filed 2026-09-08, Item 3.02, event date 2026-09-03 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

22NetApp FY2026 Form 10-K (filed 2026-06-05), Item 1 Business — cloud storage servicesValue-chain archive

NetApp FY2026 Form 10-K (filed 2026-06-05), Item 1 Business — cloud storage services · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

23Fabrinet Form 10-K, fiscal year ended June 26, 2026Value-chain archive

Fabrinet Form 10-K, fiscal year ended June 26, 2026 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

24Amazon newsroom announcement, "Amazon announces agreement with Corning to boost US fiber optics manufacturing"Value-chain archive

Amazon newsroom announcement, "Amazon announces agreement with Corning to boost US fiber optics manufacturing" · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

25Vistra Corp., Q4 and full-year 2025 earnings release, Form 8-K Exhibit 99.1 (filed Feb 26, 2026)Value-chain archive

Vistra Corp., Q4 and full-year 2025 earnings release, Form 8-K Exhibit 99.1 (filed Feb 26, 2026) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

26Generac Holdings Form 8-K (filed 2026-09-16, Items 1.01/3.02; Ex. 4.1 Warrant, Ex. 10.1 Transaction Agreement) [A]Value-chain archive

Generac Holdings Form 8-K (filed 2026-09-16, Items 1.01/3.02; Ex. 4.1 Warrant, Ex. 10.1 Transaction Agreement) [A] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

27Generac Holdings Form 8-K (2026-09-16, Item 1.01) and Ex. 10.1 Transaction Agreement recitals; Generac Q2 2026 earnings release (8-K 2026-07-29 Ex. 99.1) for the earlier anonymous disclosure [A]Value-chain archive

Generac Holdings Form 8-K (2026-09-16, Item 1.01) and Ex. 10.1 Transaction Agreement recitals; Generac Q2 2026 earnings release (8-K 2026-07-29 Ex. 99.1) for the earlier anonymous disclosure [A] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

Relationships: Company announcements, framework intentions and signed agreements are distinguished. Contract amounts do not represent payments already made. Records without sources are flagged separately.
Version: 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644