Amazon.com, Inc. (AMZN)财务
NASDAQ · Consumer Cyclical · Specialty Retail · 员工1,576,000人 · CEO Andrew R. Jassy
- 股价
- $240.35 -1.41%
- 市值
- $2.59万亿
- 企业价值
- $2.81万亿
- 最近财报
- Q3 '26 2026-10-30提交
- 下次财报
- 2027-02-04 EPS预期 $2.42
营收(TTM)$7970亿+15.4% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)13.1%+2.1 百分点 对比去年同期营业利润 $1040亿
净利润(TTM)$1350亿+76.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)-$469亿-544.1% 对比去年同期资本支出 $2150亿
稀释EPS(TTM)$12.37+74.7% 对比去年同期最近4个季度之和
净现金-$1580亿-282.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2.59万亿 EV $2.81万亿
- 营收
- $7970亿 过去12个月
- 营收增速
- +16% FY2026年一致预期
- 净利润率
- 16.9% 净利润 / 营收,TTM
- P/E
- 19.2× 预期 18.7×(FY2026)
- P/S
- 3.3× 股价 / 营收,TTM
- EV / EBITDA
- 10.9× TTM
- 自由现金流
- -$469亿 过去12个月
- 净利润
- $1350亿 过去12个月
- 营收预期
- $8300亿 FY2026年一致预期
- 盈利
- 2027-02-04 营收预期 $2450亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收符合预期,EPS 低于预期4.1%营收$2020亿,预期$2020亿(-0.1%);EPS $1.89,预期$1.97(-4.1%)。
- 营收增长放缓:同比12.1%Q3 '26营收$2020亿,此前四个季度的平均值为15.8%。
- 营业利润率13.1%(TTM),较去年同期+2.1 百分点营收增长15.4%,营业利润增长37.0%。
- 税前利润的39.9%来自营业外收益税前利润$1740亿,营业利润$1040亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的27.0%(去年为17.4%)最近4个季度投入$2150亿(同比+79.1%)。自由现金流-$469亿,相当于净利润的-34.8%。
- 稀释股数一年内增加0.8%Q3 '26稀释股数109亿,一年前为108亿。
- 净债务 $1580亿现金 + 短期投资 $1140亿,含租赁债务 $2720亿;一年前净债务 $412亿。
- Amazon Web Services Segment:营收+39.3%,利润率38.7%(此前为34.6%)Q3 '26增长最快的披露分部:营收$460亿,营业利润$178亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $2020亿 | $1800亿 | +12.1% |
| 毛利率 | 53.2% | 50.8% | +2.4 百分点 |
| 营业利润 | $281亿 | $174亿 | +61.2% |
| 营业利润率 | 13.9% | 9.7% | +4.2 百分点 |
| 净利润 | $207亿 | $212亿 | -2.4% |
| 稀释EPS | $1.89 | $1.95 | -3.1% |
| 经营现金流 | $424亿 | $355亿 | +19.4% |
| 资本支出 | $773亿 | $351亿 | +120.1% |
| 自由现金流 | -$348亿 | $4.3亿 | -8,201.6% |
| R&D | $348亿 | $290亿 | +20.2% |
| 股权激励费用 | $54.1亿 | $48.5亿 | +11.5% |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $2020亿 | $2020亿 | -0.1% |
| EPS(一致预期口径) | $1.89 | $1.97 | -4.1% |
来自2026-10-29发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Online Stores | $685亿 | +1.6% | 33.9% | $2860亿 | +9.3% | |
| Third-Party Seller Services | $465亿 | +9.4% | 23.0% | $1880亿 | +12.5% | |
| Amazon Web Services | $460亿 | +39.3% | 22.8% | $1610亿 | +32.4% | |
| Advertising Services | $196亿 | +10.9% | 9.7% | $780亿 | +20.7% | |
| Subscription Services | $140亿 | +11.4% | 6.9% | $543亿 | +13.1% | |
| Physical Stores | $57.1亿 | +2.4% | 2.8% | $231亿 | +3.9% | |
| Other Services | $16.5亿 | +16.3% | 0.8% | $68.3亿 | +17.4% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| North America Segment | $1130亿 | +6.2% | 55.9% | $4600亿 | -1.1% | |
| International Segment | $431亿 | +5.4% | 21.3% | $1760亿 | +32.3% | |
| Amazon Web Services Segment | $460亿 | +39.3% | 22.8% | $1610亿 | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| North America Segment | $1130亿 | +6.2% | $87.2亿 | +82.1% | 7.7% | 4.5% | $376亿 |
| Amazon Web Services Segment | $460亿 | +39.3% | $178亿 | +55.4% | 38.7% | 34.6% | $610亿 |
| International Segment | $431亿 | +5.4% | $15.8亿 | +31.8% | 3.7% | 2.9% | $57.6亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $1680亿
- 资本支出
- -$2150亿
- 股票回购
- $0
- 股息
- $0
- 收购
- -$652亿
- 债务净发行
- $1250亿
- 股权激励费用
- $199亿
- 自由现金流
- -$469亿
- 股东回报 / FCF
- 0.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 19.2× | 43.1× 5年中的4年 | 31.7× – 51.5× |
| EV / EBITDA | 10.9× | 20.2× | 15.3× – 24.6× |
| EV / 营收 | 3.5× | 3.1× | 1.8× – 3.8× |
| 股价 / FCF | -55.3× | 146.0× 5年中的3年 | 48.6× – 319.6× |
| 股价 / 净资产 | 4.2× | 8.0× | 5.9× – 12.2× |
| FCF收益率 | -1.8% | 0.2% | -2.0% – 2.1% |
| 投入资本回报率 | 8.2% | 8.4% | 1.8% – 13.3% |
| 净资产收益率 | 26.7% | 15.4% | -1.9% – 24.1% |
分析师
一致目标价 $328.48 (+36.7%)
区间 $250.00 – $390.00 · 评级 Buy
强烈买入0
买入84
持有10
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $8300亿 | +15.7% | $12.86 | +79.3% | 18.7× | 36 |
| FY2027 | $9590亿 | +15.6% | $10.75 | -16.4% | 22.4× | 42 |
| FY2028 | $1.11万亿 | +16.2% | $14.48 | +34.8% | 16.6× | 35 |
| FY2029 | $1.28万亿 | +14.7% | $17.62 | +21.7% | 13.6× | 16 |
| FY2030 | $1.44万亿 | +12.5% | $21.79 | +23.7% | 11.0× | 16 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Amazon.com, Inc.在近期10-Q / 10-K文件中标记的全部294项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1590亿 | $1060亿 | +49.7% | $1220亿2025-12-31 | $944亿 | +29.2% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $982亿 | $612亿 | +60.6% | $677亿2025-12-31 | $555亿 | +22.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $28亿 | $23亿 | +21.7% | $24亿2025-12-31 | $20亿 | +20.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $12亿2025-12-31 | $16亿 | -25.0% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $16亿2025-12-31 | $19亿 | -15.8% |
| Accrued Liabilities, Current | $776亿 | $681亿 | +14.0% | $755亿2025-12-31 | $670亿 | +12.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1770亿2025-12-31 | $1410亿 | +25.2% | $1770亿2025-12-31 | $1410亿 | +25.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $1020亿 | $123亿 | +729.3% | $282亿2025-12-31 | -$3400万 | +83,129.4% |
| Additional Paid in Capital | $1550亿 | $1360亿 | +14.2% | $1400亿2025-12-31 | $1210亿 | +15.9% |
| Advertising Expense | – | – | – | $235亿2025-12-31 | $214亿 | +9.8% |
| Amortization of Intangible Assets | – | – | – | $8.17亿2025-12-31 | $8.38亿 | -2.5% |
| Asset Impairment Charges | $6.1亿2025-12-31 | – | – | $13亿2025-12-31 | – | – |
| Assets | $1.24万亿 | $7280亿 | +70.8% | $8180亿2025-12-31 | $6250亿 | +30.9% |
| Assets, Current | $2550亿 | $1970亿 | +29.6% | $2290亿2025-12-31 | $1910亿 | +20.0% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $270亿2025-12-31 | $168亿 | +60.7% |
| Cash | $153亿 | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $558亿 | $669亿 | -16.6% | $868亿2025-12-31 | $788亿 | +10.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $587亿 | $705亿 | -16.7% | $901亿2025-12-31 | $823亿 | +9.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$222亿 | $90.1亿 | -346.5% | -$118亿 | -$82.1亿 | -43.1% |
| Common Stock, Capital Shares Reserved for Future Issuance | 14亿2025-12-31 | 15亿 | -6.7% | 14亿2025-12-31 | 15亿 | -6.7% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.012025-12-31 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1000亿 | 1000亿 | 0.0% | 1000亿2025-12-31 | 1000亿 | 0.0% |
| Common Stock, Shares, Issued | 113亿 | 112亿 | +1.1% | 112亿2025-12-31 | 111亿 | +1.2% |
| Common Stock, Shares, Outstanding | 108亿 | 107亿 | +1.2% | 107亿2025-12-31 | 106亿 | +1.3% |
| Common Stock, Value, Issued | $1.13亿 | $1.12亿 | +0.9% | $1.12亿2025-12-31 | $1.11亿 | +0.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $567亿 | $311亿 | +82.2% | $1060亿2025-12-31 | $623亿 | +70.2% |
| Contract with Customer, Liability | $250亿2025-12-31 | $246亿 | +1.6% | $250亿2025-12-31 | $246亿 | +1.6% |
| Contract with Customer, Liability, Current | $217亿 | $211亿 | +2.8% | $206亿2025-12-31 | $181亿 | +13.7% |
| Contract with Customer, Liability, Noncurrent | $65亿 | $41亿 | +58.5% | $44亿2025-12-31 | $65亿 | -32.3% |
| Contract with Customer, Liability, Revenue Recognized | $29亿 | $36亿 | -19.4% | $174亿2025-12-31 | $142亿 | +22.5% |
| Contract with Customer, Refund Liability | $16亿2025-12-31 | $14亿 | +14.3% | $16亿2025-12-31 | $14亿 | +14.3% |
| Contract with Customer, Right to Recover Product | $12亿2025-12-31 | $9.98亿 | +20.2% | $12亿2025-12-31 | $9.98亿 | +20.2% |
| Contractual Obligation | $8840亿 | $3760亿 | +135.0% | $4400亿2025-12-31 | $3330亿 | +32.0% |
| Contractual Obligation, to be Paid, after Year Five | $2410亿2025-12-31 | $1860亿 | +29.7% | $2410亿2025-12-31 | $1860亿 | +29.7% |
| Contractual Obligation, to be Paid, Remainder of Fiscal Year | $316亿 | $150亿 | +111.4% | – | – | – |
| Contractual Obligation, to be Paid, Year Five | $322亿2025-12-31 | $236亿 | +36.1% | $322亿2025-12-31 | $236亿 | +36.1% |
| Contractual Obligation, to be Paid, Year Four | $764亿 | $281亿 | +172.2% | $320亿2025-12-31 | $240亿 | +33.5% |
| Contractual Obligation, to be Paid, Year One | $1240亿 | $421亿 | +195.1% | $517亿2025-12-31 | $348亿 | +48.3% |
| Contractual Obligation, to be Paid, Year Three | $1030亿 | $295亿 | +248.8% | $361亿2025-12-31 | $338亿 | +6.8% |
| Contractual Obligation, to be Paid, Year Two | $856亿 | $409亿 | +109.1% | $463亿2025-12-31 | $306亿 | +51.2% |
| Cost of Goods and Services Sold | $946亿 | $887亿 | +6.7% | $3560亿2025-12-31 | $3260亿 | +9.2% |
| Costs and Expenses | $1740亿 | $1630亿 | +6.8% | $6370亿2025-12-31 | $5690亿 | +11.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $12.2亿2025-12-31 | $90.4亿 | -86.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $43.3亿2025-12-31 | $27.7亿 | +56.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $20.7亿2025-12-31 | $21.1亿 | -2.0% |
| Debt Securities, Available-for-sale | $1460亿 | $237亿 | +516.9% | $458亿2025-12-31 | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $300万 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $1.83亿 | – | – | – | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $8.83亿 | $10亿 | -12.1% | $9.66亿2025-12-31 | $8.29亿 | +16.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $4.05亿 | $6亿 | -32.5% | $5.01亿2025-12-31 | $5.6亿 | -10.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $84.4亿 | $80.5亿 | +4.8% | $82.2亿2025-12-31 | $50.2亿 | +63.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $882亿 | $689亿 | +28.1% | $968亿2025-12-31 | $781亿 | +24.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $8.54亿 | $9.85亿 | -13.3% | $9.5亿2025-12-31 | $7.94亿 | +19.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $4.04亿 | $5.99亿 | -32.6% | $5.01亿2025-12-31 | $5.53亿 | -9.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $83.1亿 | $81亿 | +2.6% | $82.6亿2025-12-31 | $49.7亿 | +66.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $882亿 | $689亿 | +28.1% | $968亿2025-12-31 | $780亿 | +24.0% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $979亿 | $785亿 | +24.7% | $1060亿2025-12-31 | $845亿 | +26.0% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $977亿 | $785亿 | +24.4% | $1060亿2025-12-31 | $844亿 | +26.2% |
| Debt Securities, Available-for-sale, Realized Gain | – | – | – | $1800万2025-12-31 | $300万 | +500.0% |
| Debt Securities, Available-for-sale, Realized Loss | – | – | – | $700万2025-12-31 | $1000万 | -30.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01