Amazon Com Inc

Company facts

Industry

Retail-Catalog & Mail-Order Houses

Headquarters

Seattle, Washington

Most recent report

10-Q, filed Oct 30, 2026

Incorporated

Delaware

Filings on record

1,002+ filings

On EDGAR

CIK 1018724

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 5 of 13 sections worth reading, with 1 positive, 17 notable, and 6 negative flags.

• Financial Statements (Item 1)

  Massive Anthropic/OpenAI investments, huge debt issuance, and $883B in commitments.
  Notable

  • Energy derivative contracts cover 690 million megawatt-hours with 18-year average duration, net unrealized gain of $690 million.
  • Unearned revenue of $578 billion in long-term AWS commitments as of September 30, 2026, with 6.1-year weighted-average life.
  • Anthropic convertible notes and preferred stock valued at $238.7 billion by September 30, 2026, up from $60.6 billion.
  • Agreed to acquire Globalstar for ~$10.9 billion in cash and stock, expected to close in 2027.
  • Entered a $17.5 billion term loan in September 2026, plus an $80 billion secured loan facility for tech infrastructure.
  • Income tax provision was $33.9 billion for nine months 2026, including $15.2 billion discrete tax on Anthropic gains.

• Management's Discussion (Item 2)

  Massive capex surge, $50B OpenAI investment, negative FCF, and AWS growth details.
  Positive

  • Consolidated operating income rose to $28.1B in Q3 2026, up from $17.4B a year ago.
  Notable

  • Expects 2026 cash capex of ~$220B, and a 'meaningful increase' in 2027 for tech infra.
  • Invested $50.0B in OpenAI Series C Preferred Stock in the nine months ended Sep 2026.
  • Proceeds from debt were $53.4B in Q3 2026, up from $3.2B a year ago, fueling investments.
  • Interest expense tripled to $1.7B in Q3 2026 from $538M a year ago, due to new debt.
  Negative

  • Cash capex surged to $172.2B for nine months ended Sep 2026, up from $89.9B a year ago.

• Market Risk (Item 3)

  Quantified FX impact on sales ($927M) and $298.8B equity investment risk, including Anthropic and OpenAI.
  Notable

  • $16.5B in foreign cash; a 5% adverse FX move would lose $825M. Intercompany balances add $350M loss at 5%.
  • $21.9B of foreign-currency notes designated as net investment hedges to offset FX translation risk on foreign operations.
  • $298.8B in equity and convertible debt investments as of Sep 30, 2026, mostly in private companies like Anthropic and OpenAI.
  Negative

  • FX cut International net sales by $927M in Q3 2026 vs Q3 2025, a real and quantified hit to reported revenue.

• Risk Factors (Item 1A)

  Company-specific risks: China seller/supplier concentration, AI chip supply, FTC/state antitrust litigation, tax disputes.
  Negative

  • China-based sellers account for significant portions of third-party seller and ad revenue; trade disputes could hit results.
  • Relies on limited group for semiconductor supply, including GPUs for AI; constraints could hurt AI development.
  • Faces open investigations into competition and consumer protection rules, including Prime and AWS cloud services.
  • Faces antitrust litigation from state attorneys general and FTC; outcome could force business practice changes.

• Other Information (Item 5)

  New $15B and $5B credit lines, $17.5B term loan amendment, and CFO's 10b5-1 plan.
  Notable

  • New $15B five-year revolver replaces prior $15B facility; same capacity, no financial covenants.
  • New $5B 364-day revolver replaces prior $5B facility; same capacity, no financial covenants.
  • $17.5B term loan fully drawn and outstanding; amendment aligns covenants with new revolvers.
  • CFO Olsavsky adopted a 10b5-1 plan to sell up to 46,827 shares through August 20, 2027.

What changed: Sep 2026 vs. Jun 2026

About 5% of AMZN's Sep 2026 10-Q is new information. 19 paragraphs were added, 124 changed, and 22 removed. Below are the most important lines SECSift identified.

• Item 1 56
• Item 2 35
• Item 5 11
• Item 3 5
• Item 1A 1