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Amazon
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Amazon sells everything — but the profit comes from AWS, its cloud arm. Right now it's pouring nearly every dollar of cash into AI, a bet so big it has almost erased its free cash flow.
Updated · Q1 2026 · April 2026
6
Chapters
~18
Min read
~$743B / yr revenue · ~1.56M employees · public since 1997
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Spice: Poblano (2/5)
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0 of 6
1
Growth
~4 min
The Everything Store's Real Engine
Amazon is famous for selling everything. It makes its money selling computing.
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2
Financial Health
~4 min
The Free Cash Flow Cliff
Amazon's cash from operations hit a record. Its free cash flow nearly vanished. Both are true.
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3
Moat
~3 min
The AWS Profit Machine
One-fifth of Amazon's sales produce three-fifths of its profit. That's the moat.
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4
Management
~2 min
The Builder's Mindset
Amazon's founder famously refused to optimize for profit. His successor runs the same playbook.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
The income statement says *what* happened. The company's own write-up says *why*.
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6
Risk
~3 min
The Bet That Ate the Cash
Amazon is spending its entire cash flow on AI. If the demand stalls, the bill comes due.
↻ Next update · Jul 31
est. Jul 31, 2026 · Q2 2026 · Amazon IR ↗
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You're reading the 6 opening chapters. After that, every time Amazon files a new report, the chapters get updated here.