> **来源：[研报客](https://pc.yanbaoke.cn)** # Amazon (AMZN US) Summary ## Core Content and Key Highlights Amazon reported its 1Q26 financial results, showing continued growth momentum across its business segments. The company's revenue reached **US$181.5 billion**, up **16.6% YoY** (12.1% on a constant-currency basis), surpassing both the analyst forecast and the Bloomberg consensus. The total operating profit was **US$23.9 billion**, representing a **30% YoY increase**, which was **12% to 15% above** the forecast and consensus. AWS, a key driver of Amazon's growth, saw its revenue increase by **28.4% YoY** to **US$37.6 billion**, further accelerating its growth compared to 4Q25 (23.6%) and 1Q25 (16.9%). AWS's operating profit margin (OPM) was **37.7%**, slightly lower than the previous year due to capital expenditures, but **3.8% ahead of the consensus**. Management guided for AWS to maintain a strong growth trajectory with an expected **31% YoY revenue growth in 2Q26**. ## Business Segment Performance - **North America (NA) Business**: - Revenue: **US$104.1 billion**, up **12.1% YoY**, **2% above consensus** - OPM: **9.0%**, up **1.6% YoY**, **1.3% ahead of consensus** - **International Business**: - Revenue: **US$39.8 billion**, up **18.7% YoY**, **3% above consensus** - OPM: **3.6%**, up **0.6% YoY**, **0.3% ahead of consensus** ## AI and Chip Business Developments - **Amazon's Chip Business** (Graviton, Trainium, Nitro): - Achieved **40% QoQ revenue growth** in 1Q26 - Combined annual revenue run rate now exceeds **US$20 billion**, reflecting **triple-digit YoY growth** - Graviton has over **US$225 billion in revenue commitments** - **Rufus, the AI-powered shopping assistant**: - MAUs grew by **115% YoY** - Engagement increased by approximately **400% YoY** ## Financial Forecasts and Valuation - **Revised Revenue Forecasts** for FY26E-FY28E: - Revenue: **US$837.2 billion**, **US$960.8 billion**, **US$1,075.5 billion** - Gross profit: **US$428.9 billion**, **US$497.1 billion**, **US$561.8 billion** - Operating profit: **US$101.6 billion**, **US$133.0 billion**, **US$166.5 billion** - Net profit: **US$96.3 billion**, **US$105.9 billion**, **US$130.6 billion** - **Valuation Adjustments**: - Target price: **US$305.00** (up from **US$292.00**) - Based on **17.6x EV/EBITDA** (vs. 17.3x previously) - Current price: **US$263.04** - Up/downside: **16.0%** ## Analyst Ratings and Forecast - **Analyst Rating**: **BUY** (maintained) - **Reasoning**: - Strong demand and improving operating efficiency in AWS and core retail business - Expected **27% YoY operating profit growth in 2026E** - The company's growth trajectory and performance are expected to be key drivers for stock price ## Shareholding and Stock Data - **Market Cap**: **US$2.88 trillion** - **Average 3-Month Trading Volume**: **US$7.39 billion** - **52-Week High/Low**: **US$263.99 / US$185.01** - **Total Issued Shares**: **10,959.7 million** ## Shareholding Structure - **Jeffrey P. Bezos**: **8.3%** - **The Vanguard Group, Inc.**: **7.9%** ## Key Financial Metrics | Metric | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |--------|------|------|------|------|------|------| | Revenue (US$ billion) | 155.7 | 167.7 | 180.2 | 181.5 | 194.0 | 200.0 | | YoY Growth (%) | 8.6% | 13.3% | 13.4% | 16.6% | 19.0% | 16.8% | | Net Profit (US$ billion) | 17.1 | 18.2 | 21.2 | 23.9 | 27.0 | 30.0 | | YoY Growth (%) | 94.7% | 31.1% | 24.0% | 29.6% | 30.0% | 25.2% | | EPS (Reported) | 5.61 | 7.28 | 8.95 | 9.75 | 11.92 | 13.00 | | P/E (x) | 46.9 | 36.1 | 29.4 | 27.0 | 22.1 | 20.0 | | P/B (x) | 10.0 | 7.0 | 5.4 | 4.4 | 3.6 | 3.0 | ## Changes in Forecast and Valuation | Metric | Current Forecast | Previous Forecast | Change (%) | |--------|------------------|------------------|-----------| | Revenue (USD billion) | 837.2 | 808.3 | 3.6% | | Gross Profit (USD billion) | 428.9 | 405.7 | 5.7% | | Operating Profit (USD billion) | 101.6 | 97.8 | 3.9% | | Net Profit (USD billion) | 96.3 | 82.7 | 16.5% | | GPM (%) | 51.2% | 50.2% | 1.0ppt | | OPM (%) | 12.1% | 12.1% | 0.0ppt | | NPM (%) | 11.5% | 10.2% | 1.3ppt | ## Valuation Metrics | Metric | 2026E | |--------|-------| | GAAP EBITDA | US$187,907 million | | GAAP EBITDA Margin % | 22.4% | | Target EV/EBITDA | 17.6x | | Enterprise Value | US$3,307,167 million | | Shares Outstanding (mn) | 10,960 | | Valuation (USD per share) | 305.0 | ## Summary of Key Points - **AWS Growth**: Accelerated to **28.4% YoY** in 1Q26, with expectations of **31% YoY growth in 2Q26** - **Operating Profit**: Increased **30% YoY** to **US$23.9 billion**, with **27% YoY growth expected for 2026** - **Financial Metrics**: Continued margin expansion in both NA and international businesses - **Valuation**: Target price raised to **US$305.00**, reflecting improved EV/EBITDA multiple - **Analyst Outlook**: Maintain **BUY** rating due to strong growth prospects and improved operating efficiency - **AI Initiatives**: Strong growth in AI-related applications and chip business, with **Rufus** showing significant user engagement increases