Amazon.com, Inc. (AMZN) Stock Price & How to Invest

Amazon is one of the largest companies in the world, operating across three major business lines. Amazon Web Services (AWS) is the dominant global cloud computing provider, with quarterly sales of $42.2 billion in the June 2026 quarter (an annual run rate of roughly $170 billion) and most of the company's operating income. The North America and International e-commerce segments include the Amazon online marketplace, Prime membership, and third-party seller services. Advertising has grown into the third-largest digital ad business in the world (after Google and Meta), at $19.8 billion in the June 2026 quarter alone.

Trailing twelve-month revenue reached about $776 billion through June 2026, up from $717 billion for calendar 2025. The company also owns Amazon Studios (Prime Video, MGM), the Whole Foods grocery chain, hardware lines (Kindle, Echo, Ring, and a new pair of AI-powered Bee devices unveiled in October 2026), and Project Kuiper (satellite internet). It is a large investor in Anthropic, and that stake has started to move reported earnings. Founded in 1994 by Jeff Bezos in Seattle, where it remains headquartered. Andy Jassy (previously the CEO of AWS) took over as CEO in 2021. The shares closed at $253.82 on October 16, 2026, up about 12% year to date and about 18% over one year.

Hyperscaler AI capex is concentrated; if model training demand cools, AWS growth slows. Spending is now the central risk: trailing capex reached about $169 billion as of June 2026, up 64%, and free cash flow swung to an outflow of about $7.6 billion, so the balance between AI investment and cash returns is under closer watch, including in the bond market. Reported earnings are inflated by gains on the Anthropic stake, which can reverse if private or public valuations fall, so the trailing P/E of about 20x understates what investors pay for operating profit (forward P/E is about 24x). Q3 2026 guidance called for only 9-12% revenue growth. Regulatory pressure on Amazon's third-party marketplace practices (FTC) remains active, and in October 2026 UK regulators renewed scrutiny of cloud switching barriers at AWS and Microsoft.

58 analysts publish price targets on AMZN, averaging $331.46 against a $250.00 price as of October 2026, or +32.6%. The published targets run from $230.00 to $405.00, a moderate spread, and the ratings split 58 buy, 2 hold, 0 sell. Over the last six months there have been 9 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full AMZN forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Amazon.com, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. AWS as the AI infrastructure backbone. AWS is racing Microsoft Azure and Google Cloud for AI workloads. The most optimistic published target, $405.00, assumes this works close to its best case.

The case against. Hyperscaler AI capex is concentrated; if model training demand cools, AWS growth slows. The most pessimistic target, $230.00, is roughly what AMZN is worth if this bites instead.

Read the full bull and bear case on AMZN, including what would have to change to break either one. Walnut is not an investment adviser.

Yes. Amazon.com, Inc. (AMZN) has had one share split in the last 10 years:

• 20:1 on June 6, 2022, so every share held became 20 shares.

A split changes the share count and the price per share and leaves the value of a holding unchanged. Someone holding $1,000 of AMZN the day before the 20:1 split held $1,000 the day after, in more shares at a proportionally lower price. Historical prices from before the date are normally shown split-adjusted, which is why a long-run chart shows no cliff.

Splits matter mainly because they make older price figures confusing to compare by hand, and because a board choosing to split is usually signalling that the price has run up far enough to feel awkward for smaller buyers. Neither is a reason to buy or sell.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Amazon.com, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$776 billion (June 2026 quarter up ~20% YoY)
• Operating margin: ~13.7% (AWS materially higher; retail much lower)
• Net income (TTM): ~$135 billion (includes large Anthropic investment gains)
• EPS (TTM): ~$12.43
• P/E (trailing / forward): ~20x / ~24x
• Price to sales: ~3.5x
• Dividend yield: None (no dividend)
• Free cash flow (TTM): Roughly breakeven to slightly negative (capex ~$169 billion)
• AWS revenue: $42.2 billion in Q2 2026, up 37% YoY

Amazon's trailing P/E fell to about 20x by October 2026, but mostly because one-time gains on its Anthropic stake swelled net income, not because the stock got cheaper; on forward estimates it trades near 24x, still well below the ~40x of early 2026. The valuation premium is paid for AWS and advertising; retail is essentially valued near cost. The open question is whether AWS growth near 37% justifies capex that has pushed free cash flow below zero, and the October 29 report is the next read on that.

If you want AMZN exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses AMZN naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to AMZN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get AMZN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (ACWI, SKYY, QLD), which spreads the position across many companies. Or build it into a focused thematic portfolio, so AMZN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where AMZN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Amazon (AMZN) is a multi-engine megacap where high-margin AWS and advertising carry the value and retail provides scale. In a portfolio it behaves as a large-cap AI-infrastructure and consumer-platform anchor, lower-volatility than a single-segment bet but tied to hyperscaler AI capex durability, with no dividend and cash flow reinvested into cloud and long-tail bets like Kuiper. That reinvestment is now large enough to matter: trailing capex of about $169 billion pushed free cash flow slightly negative in mid-2026, so the stock's next leg depends on AWS turning that spending into revenue. The Q3 2026 report is due October 29.

Whether AMZN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AMZN a buy or a sell?, and where the stock could go from here in the AMZN stock forecast.

For income investors, whether AMZN pays a dividend and how the payout looks is covered in does AMZN pay a dividend? And to weigh AMZN against a peer, read the full side-by-side comparisons: AMZN vs GOOGL and AMZN vs NVDA.