> **来源：[研报客](https://pc.yanbaoke.cn)** # Amazon (AMZN US) Summary ## Core Financial Performance Amazon reported its second-quarter 2026 results, showing strong revenue growth and margin expansion: - **Revenue**: US\$200.6 billion, up 19.6% YoY, exceeding both the forecast and Visible Alpha (VA) consensus by 2%. - **Operating Profit (OP)**: Rose 43% YoY to US\$27.5 billion, surpassing the consensus of US\$23.7 billion. - **AWS Revenue**: Grew by 37% YoY to US\$42.2 billion, with operating margin (OPM) at 39.4%, up 6.5 percentage points YoY. - **AWS OPM**: Even after excluding a US\$600 million benefit from energy contract fair-value changes, it still exceeded the consensus by 4.2 percentage points. - **Management Guidance**: For 3Q26, revenue is expected to be in the range of US\$197-202 billion (+9-12% YoY), and OP is expected to be US\$22.5-26.5 billion (consensus: US\$25.4 billion). ## Segment Analysis ### North America - **Revenue**: US\$116.2 billion, up 16.1% YoY, exceeding consensus by 2%. - **OPM**: Increased by 0.4 percentage points YoY to 7.9%. - **OP**: US\$9.1 billion, up 6.6% YoY, slightly ahead of consensus (US\$8.6 billion). ### International - **Revenue**: US\$42.2 billion, up 14.8% YoY, in line with consensus. - **OPM**: Remained flat at 4.1% YoY. - **OP**: US\$1.7 billion, up 3.7% YoY, slightly below consensus (US\$1.8 billion). ## Key Highlights - **AWS Growth**: AWS revenue growth accelerated to 37% YoY, driven by strong demand and efficiency gains. - **Capital Expenditure (Capex)**: AWS cash capex reached US\$53.1 billion, up 69% YoY and 23% QoQ. Management raised 2026E capex guidance to US\$220 billion due to higher memory costs. - **AI and Silicon Initiatives**: Amazon's chip business (Graviton, Trainium, Nitro) achieved a combined annual revenue run-rate of over US\$25 billion, up from US\$20 billion in 1Q26. AWS's AI business surpassed a US\$25 billion annual revenue run-rate, also showing triple-digit YoY growth. - **Backlog**: AWS backlog reached US\$496 billion, up 36% QoQ, indicating continued strong demand. - **Margin Expansion**: AWS margin expansion was stronger than expected, contributing significantly to overall OP growth. ## Financial Forecasts and Valuation - **Revenue Forecast (2026-2028E)**: - 2026E: US\$831.6 billion - 2027E: US\$958.6 billion - 2028E: US\$1,085.4 billion - **Operating Profit Forecast**: - 2026E: US\$108.2 billion (up 6.5% YoY) - 2027E: US\$143.7 billion - 2028E: US\$183.4 billion - **Net Profit Forecast**: - 2026E: US\$137.9 billion - 2027E: US\$113.3 billion - 2028E: US\$144.2 billion - **Target Price**: US\$301.00, based on 17.2x EV/EBITDA, down from the previous target of US\$305.00. - **Valuation Metrics**: - P/E: 21.2x (2026E) - P/B: 4.9x (2026E) - EV/EBITDA: 17.2x (2026E) ## Analyst Recommendations - **Rating**: BUY (Maintain) - **Reasoning**: Strong AWS performance and margin expansion, along with better-than-expected results across segments, support the BUY rating. - **Return Potential**: The stock is expected to deliver over 15% return over the next 12 months. ## Shareholding and Stock Performance - **Shareholding Structure**: - Jeffrey P. Bezos: 8.2% - The Vanguard Group, Inc.: 8.0% - **Stock Data**: - Market Cap: US\$2,988,471.1 million - 52-Week High/Low: US\$274.99/US\$198.79 - Total Issued Shares: 11,004 million ## Share Performance - **1-Month Return**: 13.9% - **3-Month Return**: 2.5% - **6-Month Return**: 13.5% ## Key Financials - **Revenue Growth**: - 2Q26: 19.6% - 2Q25: 13.3% - **Net Profit Growth**: - 2Q26: 31.2% (up from 16.6% in 2025) - **Operating Profit Growth**: - 2Q26: 43.2% YoY - 2Q25: 30.7% YoY ## Changes in Forecast and Valuation - **Revenue Forecast Adjustments**: - 2026E: -0.7% from previous - 2027E: -0.2% from previous - 2028E: +0.9% from previous - **Operating Profit Forecast Adjustments**: - 2026E: +6.5% from previous - 2027E: +8.1% - 2028E: +10.1% - **Net Profit Forecast Adjustments**: - 2026E: +43.2% - 2027E: +7.0% - 2028E: +10.4% - **Margin Adjustments**: - OPM: 13.0% (2026E), up 0.9 percentage points from previous - NPM: 16.6% (2026E), up 5.1 percentage points from previous ## Analyst Certification and Disclaimers - **Analyst Certification**: The analyst certifies that the views expressed accurately reflect their personal views and that no compensation was directly or indirectly related to the report. - **Disclosure**: CMBIGM is not liable for any loss or damage resulting from reliance on the report. The report is not an offer to buy or sell securities and is for informational purposes only. ## CMBIGM Ratings - **BUY**: Stock with potential return of over 15% over next 12 months - **HOLD**: Stock with potential return of +15% to -10% over next 12 months - **SELL**: Stock with potential loss of over 10% over next 12 months - **NOT RATED**: Stock not rated - **OUTPERFORM**: Industry expected to outperform the market - **MARKET-PERFORM**: Industry expected to perform in-line with the market - **UNDERPERFORM**: Industry expected to underperform the market ## Legal and Regulatory Disclosures - **United Kingdom**: The report is only for persons falling within Article 19(5) or Article 49(2) of the Financial Promotion Order 2005. - **United States**: CMBIGM is not a registered broker-dealer in the US, and the report is only for major US institutional investors. - **Singapore**: The report is distributed by CMBI (Singapore) Pte. Limited, an Exempt Financial Adviser regulated by the Monetary Authority of Singapore.