AMZN US · Amazon.com, Inc.MW GOBLIN RESEARCH
Amazon: The Lag Between AWS Growth and Cash Recovery
Analysis date
Published
As of 2026-10-03, the business growth outlook is positive, but the price attractiveness at $251.37 is neutral. Despite AWS profit growth, capital expenditures and additional investment in OpenAI are increasing the cash burden, so confirmation of investment recovery is needed.
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Read the full reportWhat this report covers
- AWS drove 78% of the increase in operating income
- Equity investments are separate from the deficit after capital expenditures
- Account for additional borrowing and OpenAI investment outflows together