# Amazon.com (AMZN.US)

Canonical: https://gigainvestors.com/s/AMZN

Analysis as of: 2026-10-16T07:26:30.564Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $254.76 per share; close as of 2026-10-15.

Estimated value: low $79.39 per share, central $109.14 per share, high $126.47 per share. Buy at or below the central value $109.14 per share. Valuation as of 2026-10-16T07:26:30.564Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.49×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.02×

- FY2023: 0.06×

- FY2024: 0.11×

- FY2025: 0.11×

- LTM to Mar 2026: 0.12×

### moat: pass

- ROIC, median of available years: 17.7%

- ROIC, second-lowest year: 12.5%

- Typical minus recent gross margin: -7.3 pp

- Typical gross margin (annual median): 41.5%

- Recent gross margin (lower of latest and 3-year median): 48.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.8%

- ROIC including acquisitions, ten-year median: 18.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 57.5%

- FY2017: 12.5%

- FY2018: 52.3%

- FY2019: 21.8%

- FY2020: 25.8%

- FY2021: 15.2%

- FY2022: 4.9%

- FY2023: 13.1%

- FY2024: 20.3%

- FY2025: 14.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $167B

- Net income, five-year total: $198B

- Return on incremental invested capital: 43.4%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: -0.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 2.92×

- FY2023: 1.00×

- FY2024: 0.99×

- FY2025: 0.67×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 52.3% vs 14.8%

- Per-share earnings: 0.24 to 5.53 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: $2.12T

- Cumulative retained earnings: $246B

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 47.6%

- Per-share value change: $5.28

- Per-share value, starting three-year median: $0.24

- Per-share value, ending three-year median: $5.53

- Average buyback yield: 0.7%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $28B

- Cumulative net income, 10 years: $246B

- ROIC, first three-year median: 52.3%

- ROIC, last three-year median: 14.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.24

- FY2017: $0.31

- FY2018: $1.01

- FY2019: $1.15

- FY2020: $2.09

- FY2021: $3.24

- FY2022: -$0.27

- FY2023: $2.90

- FY2024: $5.53

- FY2025: $7.17

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -17.8%

- FY2017: -11.7%

- FY2018: -12.7%

- FY2019: -12.0%

- FY2020: -13.9%

- FY2021: -3.1%

- FY2022: -10.7%

- FY2023: -10.3%

- FY2024: -9.1%

- FY2025: -7.6%

## Holders

- [Nicolai Tangen](https://gigainvestors.com/AKO): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Tepper](https://gigainvestors.com/AM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Massey](https://gigainvestors.com/AP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Seth Klarman](https://gigainvestors.com/BAUPOST): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Check](https://gigainvestors.com/CHE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [John Armitage](https://gigainvestors.com/EC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Josh Tarasoff](https://gigainvestors.com/GLC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dennis Hong](https://gigainvestors.com/SP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stuart McLaughlin](https://gigainvestors.com/TFP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Jeffrey Ubben](https://gigainvestors.com/VA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Rolfe](https://gigainvestors.com/WP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ackman](https://gigainvestors.com/psc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 18.1% a year for ten years · sales +3.6%

Story as of 2026-10-16T09:58:18.370Z; price observation 2026-10-15.

Price needs cash profits to grow 18.1% a year for ten years

- 2025-05-12: Amazon Stock Surges After Tariff Relief ([finance.yahoo.com](https://finance.yahoo.com/m/18cf6d3a-2471-3f26-aa2e-0427a90e9b30/amazon-stock-surges-after.html))

- 2025-06-09: Amazon Shares Climb as $20B Pennsylvania AI Data Center Plan Takes Spotlight ([finance.yahoo.com](https://finance.yahoo.com/news/amazon-shares-climb-20b-pennsylvania-172707828.html))

- 2025-10-31: Amazon Q3 Earnings Beat Estimates, AWS Growth Pushes Stock Higher ([finance.yahoo.com](https://finance.yahoo.com/news/amazon-q3-earnings-beat-estimates-174300495.html))

- 2026-02-04: Amazon plans $200B AI spending surge, sinking stock after earnings ([finance.yahoo.com](https://finance.yahoo.com/news/amazon-plans-200b-ai-spending-surge-sinking-stock-after-earnings-173054820.html))

- 2026-04-30: Amazon's $364 billion backlog is the bull case for its AI spending boom ([finance.yahoo.com](https://finance.yahoo.com/markets/article/amazons-364-billion-backlog-is-the-bull-case-for-its-ai-spending-boom-135535292.html))

- 2026-07-31: Amazon stock soars as e-commerce giant's AWS cloud business booms in 'home run' quarter ([finance.yahoo.com](https://finance.yahoo.com/markets/article/amazon-stock-soars-as-e-commerce-giants-aws-cloud-business-booms-in-home-run-quarter-122456315.html))

### Sales · FY2025–2026

sales +3.6%; source https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm; observed 2026-02-06.

- FY2017: $178B 

- FY2018: $233B 

- FY2019: $281B 

- FY2020: $386B 

- FY2021: $470B 

- FY2022: $514B 

- FY2023: $575B 

- FY2024: $638B 

- FY2025: $717B 

- FY2026: $743B 

### Gross margin · FY2025

gross margin 50.3%; source https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm; observed 2026-02-06.

- FY2016: 10.3% 

- FY2017: 37.1% 

- FY2018: 40.2% 

- FY2019: 41.0% 

- FY2020: 39.6% 

- FY2021: 42.0% 

- FY2022: 43.8% 

- FY2023: 47.0% 

- FY2024: 48.9% 

- FY2025: 50.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are USD 716.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm (filed 2026-02-06); FY2025: revenue 716924000000; grossProfit 360510000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMZN.US: Amazon.com, Inc. engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, fire tablets, fire TVs, echo, ring, blink, and eero; and develops and produces media content. In addition, the company offers programs that enable sellers to sell their products in its stores; and programs that allow authors, independent publishers, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content. Further, it provides compute, storage, Artificial intelligence, database, analytics, machine learning, and other services, as well as advertising services through programs, such as sponsored ads, display, and video advertising. Additionally, the company offers Amazon Prime, a membership program. The company's products offered through its stores include merchandise and content purchased for resale and products offered by third-party sellers. It serves consumers, sellers, developers, enterprises, content creators, advertisers, and employees. The company was incorporated in 1994 and is headquartered in Seattle, Washington.

### Why customers stay

Margins ranged from 47% to 50.3% during 2023–25; it earns 17.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: grossProfit / revenue = 47%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: grossProfit / revenue = 48.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm (filed 2026-02-06); FY2025: grossProfit / revenue = 50.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2016,0.5748785125713078],[2017,0.12530635241091131],[2018,0.5229481207960962],[2019,0.21753518866057023],[2020,0.25755869841416656],[2021,0.1518970595061274],[2022,0.04940550531792675],[2023,0.13103740768644523],[2024,0.20272863290145363],[2025,0.1475313021445799]]; median 0.1773128462037905. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 77.7% of cash earnings on expansion; earns 43.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2016: growth capex 0; upkeep 7804000000; owner earnings 2683000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2017: growth capex 477000000; upkeep 11478000000; owner earnings 3033000000. Growth capex / owner earnings = 0.1572700296735905.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2018: growth capex 0; upkeep 13427000000; owner earnings 11987000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2019: growth capex 0; upkeep 16861000000; owner earnings 17551000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2020: growth capex 14960000000; upkeep 25180000000; owner earnings 21331000000. Growth capex / owner earnings = 0.7013267076086447.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2021: growth capex 26620000000; upkeep 34433000000; owner earnings 33364000000. Growth capex / owner earnings = 0.7978659633137514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: growth capex 4066000000; upkeep 48663000000; owner earnings 30425000000. Growth capex / owner earnings = 0.13364009860312243.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: growth capex 29558957199.93834; upkeep 53440042800.06166; owner earnings 58602957199.93834. Growth capex / owner earnings = 0.5043936110440761.

- Source: https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm (filed 2026-02-06); FY2025: growth capex 40544596403.64133; upkeep 91274403596.35867; owner earnings 52151596403.64133. Growth capex / owner earnings = 0.7774373020115339.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Incremental return on capital 0.43402567054588254, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMZN.US SharesStats.PercentInsiders = 8.852 percentage points; cache date 2026-10-16.

### What could break it

"Our Supplier Relationships Subject Us to a Number of Risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm (filed 2026-02-06); Our Supplier Relationships Subject Us to a Number of Risks

### What the price says

The price assumes cash profits grow 18.1% yearly over ten years; actual growth was 40.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Ten-year compound average after fade. Initial solved rate 0.2490013399371474. Price 254.76; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.15618448637316562 → FY2025 4.816809495117884. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $39.49 per share

- 2016-11: $37.53 per share

- 2016-12: $37.49 per share

- 2017-01: $41.17 per share

- 2017-02: $42.25 per share

- 2017-03: $44.33 per share

- 2017-04: $46.25 per share

- 2017-05: $49.73 per share

- 2017-06: $48.40 per share

- 2017-07: $49.39 per share

- 2017-08: $49.03 per share

- 2017-09: $48.07 per share

- 2017-10: $55.26 per share

- 2017-11: $58.84 per share

- 2017-12: $58.47 per share

- 2018-01: $72.54 per share

- 2018-02: $75.62 per share

- 2018-03: $72.37 per share

- 2018-04: $78.31 per share

- 2018-05: $81.48 per share

- 2018-06: $84.99 per share

- 2018-07: $88.87 per share

- 2018-08: $100.64 per share

- 2018-09: $100.15 per share

- 2018-10: $79.90 per share

- 2018-11: $84.51 per share

- 2018-12: $75.10 per share

- 2019-01: $85.94 per share

- 2019-02: $81.99 per share

- 2019-03: $89.04 per share

- 2019-04: $96.33 per share

- 2019-05: $88.75 per share

- 2019-06: $94.68 per share

- 2019-07: $93.34 per share

- 2019-08: $88.81 per share

- 2019-09: $86.80 per share

- 2019-10: $88.83 per share

- 2019-11: $90.04 per share

- 2019-12: $92.39 per share

- 2020-01: $100.44 per share

- 2020-02: $94.19 per share

- 2020-03: $97.49 per share

- 2020-04: $123.70 per share

- 2020-05: $122.12 per share

- 2020-06: $137.94 per share

- 2020-07: $158.23 per share

- 2020-08: $172.55 per share

- 2020-09: $157.44 per share

- 2020-10: $151.81 per share

- 2020-11: $158.40 per share

- 2020-12: $162.85 per share

- 2021-01: $160.31 per share

- 2021-02: $154.65 per share

- 2021-03: $154.70 per share

- 2021-04: $173.37 per share

- 2021-05: $161.15 per share

- 2021-06: $172.01 per share

- 2021-07: $166.38 per share

- 2021-08: $173.54 per share

- 2021-09: $164.25 per share

- 2021-10: $168.62 per share

- 2021-11: $175.35 per share

- 2021-12: $166.72 per share

- 2022-01: $149.57 per share

- 2022-02: $153.56 per share

- 2022-03: $163.00 per share

- 2022-04: $124.28 per share

- 2022-05: $120.21 per share

- 2022-06: $106.21 per share

- 2022-07: $134.95 per share

- 2022-08: $126.77 per share

- 2022-09: $113.00 per share

- 2022-10: $102.44 per share

- 2022-11: $96.54 per share

- 2022-12: $84.00 per share

- 2023-01: $103.13 per share

- 2023-02: $94.23 per share

- 2023-03: $103.29 per share

- 2023-04: $105.45 per share

- 2023-05: $120.58 per share

- 2023-06: $130.36 per share

- 2023-07: $133.68 per share

- 2023-08: $138.01 per share

- 2023-09: $127.12 per share

- 2023-10: $133.09 per share

- 2023-11: $146.09 per share

- 2023-12: $151.94 per share

- 2024-01: $155.20 per share

- 2024-02: $176.76 per share

- 2024-03: $180.38 per share

- 2024-04: $175.00 per share

- 2024-05: $176.44 per share

- 2024-06: $193.25 per share

- 2024-07: $186.98 per share

- 2024-08: $178.50 per share

- 2024-09: $186.33 per share

- 2024-10: $186.40 per share

- 2024-11: $207.89 per share

- 2024-12: $219.39 per share

- 2025-01: $237.68 per share

- 2025-02: $212.28 per share

- 2025-03: $190.26 per share

- 2025-04: $184.42 per share

- 2025-05: $205.01 per share

- 2025-06: $219.39 per share

- 2025-07: $234.11 per share

- 2025-08: $229.00 per share

- 2025-09: $219.57 per share

- 2025-10: $244.22 per share

- 2025-11: $233.22 per share

- 2025-12: $230.82 per share

- 2026-01: $239.30 per share

- 2026-02: $210.00 per share

- 2026-03: $208.27 per share

- 2026-04: $265.06 per share

- 2026-05: $270.64 per share

- 2026-06: $238.34 per share

- 2026-07: $271.58 per share

- 2026-08: $259.77 per share

- 2026-09: $249.15 per share

- 2026-10: $258.58 per share

## Annual estimated value (USD per share)

- FY2016: low $2.97 per share, central $3.05 per share, high $3.15 per share

- FY2017: low $5.53 per share, central $5.91 per share, high $6.41 per share

- FY2018: low $8.00 per share, central $8.60 per share, high $9.40 per share

- FY2019: low $10.90 per share, central $11.73 per share, high $12.83 per share

- FY2020: low $28.82 per share, central $31.75 per share, high $35.66 per share

- FY2021: low $42.69 per share, central $57.38 per share, high $65.93 per share

- FY2022: low $43.76 per share, central $59.99 per share, high $69.45 per share

- FY2023: low $48.33 per share, central $65.96 per share, high $76.23 per share

- FY2024: low $52.95 per share, central $72.10 per share, high $83.26 per share

- FY2025: low $73.97 per share, central $101.36 per share, high $117.31 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:06.683Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Nicolai Tangen](https://gigainvestors.com/AKO): 1,141,835 AMZN shares; USD 272,145,000 reported position value; 6.34% of portfolio; reduce; quarter 2026 Q2.
- [David Tepper](https://gigainvestors.com/AM): 5,000,000 AMZN shares; USD 1,191,700,000 reported position value; 15.95% of portfolio; add; quarter 2026 Q2.
- [Mark Massey](https://gigainvestors.com/AP): 5,729,972 AMZN shares; USD 1,365,682,000 reported position value; 32.21% of portfolio; reduce; quarter 2026 Q2.
- [Seth Klarman](https://gigainvestors.com/BAUPOST): 3,743,854 AMZN shares; USD 892,310,000 reported position value; 16.48% of portfolio; add; quarter 2026 Q2.
- [Glenn Greenberg](https://gigainvestors.com/CCM): 2,650 AMZN shares; USD 632,000 reported position value; 0.01% of portfolio; add; quarter 2026 Q2.
- [Steven Check](https://gigainvestors.com/CHE): 206,057 AMZN shares; USD 49,112,000 reported position value; 2.83% of portfolio; add; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 16,708,513 AMZN shares; USD 3,982,307,000 reported position value; 2.09% of portfolio; add; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 4,276,176 AMZN shares; USD 1,019,230,000 reported position value; 4.38% of portfolio; add; quarter 2026 Q2.
- [John Armitage](https://gigainvestors.com/EC): 3,573,408 AMZN shares; USD 851,686,000 reported position value; 8.23% of portfolio; add; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 1,360,585 AMZN shares; USD 324,282,000 reported position value; 4.07% of portfolio; reduce; quarter 2026 Q2.
- [Josh Tarasoff](https://gigainvestors.com/GLC): 280,350 AMZN shares; USD 66,819,000 reported position value; 18.35% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 936 AMZN shares; USD 223,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 4,653,406 AMZN shares; USD 1,109,093,000 reported position value; 1.48% of portfolio; reduce; quarter 2026 Q2.
- [Allen Bond](https://gigainvestors.com/JIM): 1,054,136 AMZN shares; USD 251,243,000 reported position value; 6.09% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 137,391 AMZN shares; USD 34,231,000 reported position value; 2.82% of portfolio; add; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 2,030,760 AMZN shares; USD 484,011,000 reported position value; 3.69% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 2,599,441 AMZN shares; USD 619,551,000 reported position value; 5.68% of portfolio; reduce; quarter 2026 Q2.
- [Samantha McLemore](https://gigainvestors.com/PTNT): 681,047 AMZN shares; USD 162,321,000 reported position value; 5.39% of portfolio; add; quarter 2026 Q2.
- [Dennis Hong](https://gigainvestors.com/SP): 157,020 AMZN shares; USD 37,424,000 reported position value; 16.13% of portfolio; reduce; quarter 2026 Q2.
- [Harry Burn](https://gigainvestors.com/SSHFX): 350,136 AMZN shares; USD 83,451,000 reported position value; 2.57% of portfolio; reduce; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 68,062 AMZN shares; USD 16,222,000 reported position value; 2.41% of portfolio; reduce; quarter 2026 Q2.
- [Stuart McLaughlin](https://gigainvestors.com/TFP): 432,420 AMZN shares; USD 103,063,000 reported position value; 9.2% of portfolio; reduce; quarter 2026 Q2.
- [Chase Coleman](https://gigainvestors.com/TGM): 9,683,558 AMZN shares; USD 2,307,979,000 reported position value; 9.62% of portfolio; reduce; quarter 2026 Q2.
- [Jeffrey Ubben](https://gigainvestors.com/VA): 2,941,700 AMZN shares; USD 701,125,000 reported position value; 12.44% of portfolio; add; quarter 2026 Q2.
- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 1,807 AMZN shares; USD 431,000 reported position value; 0.09% of portfolio; hold; quarter 2026 Q2.
- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): 992,758 AMZN shares; USD 236,614,000 reported position value; 7.2% of portfolio; reduce; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 217,500 AMZN shares; USD 51,839,000 reported position value; 3.59% of portfolio; reduce; quarter 2026 Q2.
- [David Rolfe](https://gigainvestors.com/WP): 135,440 AMZN shares; USD 32,281,000 reported position value; 6.66% of portfolio; add; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 2,020,894 AMZN shares; USD 481,660,000 reported position value; 4.35% of portfolio; reduce; quarter 2026 Q2.
- [Leon Cooperman](https://gigainvestors.com/oa): 169,500 AMZN shares; USD 40,399,000 reported position value; 1.14% of portfolio; hold; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 2,809,953 AMZN shares; USD 669,724,000 reported position value; 5.77% of portfolio; reduce; quarter 2026 Q2.
- [Bill Ackman](https://gigainvestors.com/psc): 8,563,857 AMZN shares; USD 2,041,110,000 reported position value; 10.49% of portfolio; reduce; quarter 2026 Q2.
- [Daniel Loeb](https://gigainvestors.com/tp): 1,750,000 AMZN shares; USD 417,095,000 reported position value; 9.13% of portfolio; reduce; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 3,700,862 AMZN shares; USD 882,063,000 reported position value; 2.51% of portfolio; add; quarter 2026 Q2.

# AMZN — Amazon.com Inc.

Held by 1 investor · USD 34,231,000 total · 2026 Q3 · reported price USD 249.15 (split-adjusted).
Page: https://gigainvestors.com/s/AMZN

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 34,231,000 | 2.8% | add +2.67% |

## Total held by quarter

- 2008 Q2: USD 185,528,336 · 1 holder · USD 6.79
- 2008 Q3: USD 0 · 0 holders
- 2008 Q4: USD 0 · 0 holders
- 2009 Q1: USD 0 · 0 holders
- 2009 Q2: USD 0 · 0 holders
- 2009 Q3: USD 0 · 0 holders
- 2009 Q4: USD 0 · 0 holders
- 2010 Q1: USD 152,897,084 · 1 holder · USD 6.79
- 2010 Q2: USD 246,365,246 · 1 holder · USD 5.46
- 2010 Q3: USD 124,305,535 · 1 holder · USD 7.85
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 35,006 · 1 holder · USD 8.58
- 2012 Q1: USD 41,004 · 1 holder · USD 10.05
- 2012 Q2: USD 81,982 · 1 holder · USD 11.45
- 2012 Q3: USD 65,024 · 1 holder · USD 12.80
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 1,551,292 · 2 holders · USD 13.33
- 2013 Q2: USD 2,998,080 · 1 holder · USD 13.88
- 2013 Q3: USD 246,527,926 · 2 holders · USD 15.63
- 2013 Q4: USD 6,261,160 · 1 holder · USD 19.94
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 1,009,680,064 · 2 holders · USD 25.59
- 2015 Q4: USD 1,517,949,522 · 3 holders · USD 33.79
- 2016 Q1: USD 1,197,429,509 · 3 holders · USD 29.68
- 2016 Q2: USD 1,201,480,235 · 3 holders · USD 35.78
- 2016 Q3: USD 1,122,562,334 · 3 holders · USD 41.87
- 2016 Q4: USD 1,101,036,312 · 4 holders · USD 37.49
- 2017 Q1: USD 178,656,106 · 3 holders · USD 44.33
- 2017 Q2: USD 199,504,800 · 4 holders · USD 48.40
- 2017 Q3: USD 202,268,946 · 3 holders · USD 48.07
- 2017 Q4: USD 1,144,668,659 · 5 holders · USD 58.47
- 2018 Q1: USD 1,138,646,421 · 4 holders · USD 72.37
- 2018 Q2: USD 1,065,278,258 · 4 holders · USD 84.99
- 2018 Q3: USD 1,093,051,632 · 5 holders · USD 100.15
- 2018 Q4: USD 2,529,737,492 · 7 holders · USD 75.10
- 2019 Q1: USD 4,502,184,926 · 12 holders · USD 89.04
- 2019 Q2: USD 5,513,731,859 · 12 holders · USD 94.68
- 2019 Q3: USD 5,891,343,940 · 13 holders · USD 86.80
- 2019 Q4: USD 6,859,931,832 · 13 holders · USD 92.39
- 2020 Q1: USD 8,312,436,717 · 18 holders · USD 97.49
- 2020 Q2: USD 10,832,378,833 · 19 holders · USD 137.94
- 2020 Q3: USD 9,398,176,663 · 20 holders · USD 157.44
- 2020 Q4: USD 9,028,957,924 · 20 holders · USD 162.85
- 2021 Q1: USD 11,213,269,440 · 19 holders · USD 154.70
- 2021 Q2: USD 13,868,735,859 · 19 holders · USD 172.01
- 2021 Q3: USD 13,776,652,546 · 21 holders · USD 164.25
- 2021 Q4: USD 16,342,419,735 · 22 holders · USD 166.72
- 2022 Q1: USD 14,875,161,490 · 22 holders · USD 163.00
- 2022 Q2: USD 9,831,343,568 · 20 holders · USD 106.21
- 2022 Q3: USD 10,591,807,401 · 22 holders · USD 113.00
- 2022 Q4: USD 8,922,015,081 · 20 holders · USD 84.00
- 2023 Q1: USD 11,196,882,620 · 19 holders · USD 103.29
- 2023 Q2: USD 12,188,564,811 · 20 holders · USD 130.36
- 2023 Q3: USD 11,774,154,128 · 20 holders · USD 127.12
- 2023 Q4: USD 13,920,466,565 · 20 holders · USD 151.94
- 2024 Q1: USD 21,815,326,696 · 26 holders · USD 180.38
- 2024 Q2: USD 22,526,120,093 · 27 holders · USD 193.25
- 2024 Q3: USD 19,664,181,118 · 28 holders · USD 186.33
- 2024 Q4: USD 20,598,084,836 · 29 holders · USD 219.39
- 2025 Q1: USD 17,385,153,707 · 27 holders · USD 190.26
- 2025 Q2: USD 23,240,736,227 · 30 holders · USD 219.39
- 2025 Q3: USD 21,723,344,571 · 28 holders · USD 219.57
- 2025 Q4: USD 22,456,538,416 · 34 holders · USD 230.82
- 2026 Q1: USD 18,300,133,457 · 34 holders · USD 208.27
- 2026 Q2: USD 20,776,720,705 · 34 holders · USD 238.34
- 2026 Q3: USD 34,231,000 · 1 holder · USD 249.15