Core Insights - Amazon.com, Inc. (AMZN) reported mixed results for Q4 2025, with revenues of $213.4 billion, a 14% year-over-year increase, but earnings per share of $1.95 fell short of expectations by 1.52% [1] - The announcement of a $200 billion capital expenditure plan for 2026 raised concerns among investors about the impact on near-term returns, despite the strong revenue performance [1] Financial Performance - Q4 2025 revenues reached $213.4 billion, exceeding expectations and reflecting a 14% increase year over year [1] - Earnings per share were $1.95, which narrowly missed the consensus estimate [1] - Free cash flow declined 71% year over year to $11.2 billion, raising concerns about future returns [5] AWS and AI Developments - Amazon Web Services (AWS) generated $35.6 billion in Q4 revenues, marking a 24% year-over-year growth, the fastest in 13 quarters [3] - AWS order backlog increased by 40% year over year to $244 billion, indicating strong demand [3] - The custom silicon strategy is gaining traction, with Trainium and Graviton chips achieving a combined annual revenue run rate exceeding $10 billion [4] Strategic Guidance - For Q1 2026, Amazon projected net sales between $173.5 billion and $178.5 billion, representing 11-15% year-over-year growth [6] - Operating income guidance is set between $16.5 billion and $21.5 billion, factoring in increased costs from various investments [6] Advertising and Operational Efficiency - Q4 advertising revenues reached $21.3 billion, up 23% year over year [7] - Amazon announced 16,000 corporate layoffs in January 2026 to streamline operations and improve efficiency [7] - Prime delivery speeds improved significantly, with over eight billion items delivered same-day or next-day, a 30% increase from the previous year [7] Valuation and Competitive Landscape - AMZN stock is currently trading at a forward 12-month price/earnings ratio of 25.67X, higher than the industry average of 22.23X, indicating potential overvaluation [8] - Amazon's stock has underperformed compared to competitors, with a 9.6% decline over the past year, while Microsoft and Alphabet have seen positive returns [12] Competitive Threats - Competitors like Alphabet's Google Cloud and Microsoft Azure reported higher growth rates than AWS, indicating increasing competitive pressure [16] - The narrowing competitive gap in the cloud market is a concern, with significant investments from rivals in AI and cloud infrastructure [16]

证券研究报告 | 公司点评报告 2026 年 02 月 10 日 亚马逊（AMZN.O）25Q4 点评 收入及利润基本符合预期，26 年资本开支指引高于预期 消费品/商业 亚马逊发布 2025Q4 季报及 2025 年报，25Q4 实现营收 2134 亿美元，同比 +14%，实现经营利润 250 亿美元，同比+18%，实现净利润 212 亿美元， YOY+6%，整体基本符合预期；AWS 收入 356 亿美元，YOY+24%，高于一致 预期。2026 年公司指引资本开支预计约 2000 亿美元，远超市场预期，关注后 续需求与产能平衡情况。长期看，亚马逊电商履约配送效率和价格竞争力持续 优化，云业务加速增长，持续加大 AI 投入潜力广阔，维持强烈推荐评级。 投资建议：预计 2026-2028 年集团净利润为 823、994、1187 亿美元，长期 看好公司电商主业稳固竞争力及云业务增长潜力，维持"强烈推荐"评级。 风险提示：宏观经济风险；行业竞争加剧、AI 技术发展不及预期。 财务数据与估值 | 会计年度 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | ...

Core Insights - U.S. telecom companies are aggressively expanding fiber networks and forming cloud partnerships to leverage network scale as a strategic advantage [1] - AT&T has partnered with Amazon Web Services and Amazon Leo to enhance the nation's connectivity infrastructure [1][2] Partnership Details - The collaboration combines AT&T's extensive fiber network with AWS's security, reliability, performance, and AI capabilities to meet increasing data traffic and enterprise demands [2] - AT&T will connect AWS data centers using high-capacity fiber, enhancing the cloud infrastructure for large-scale customer support [3] - The partnership with Amazon Leo aims to provide fixed broadband services in underserved areas through low-Earth-orbit satellite technology [3] Market Response - Following the announcement, AT&T's stock rose by 1.5% on February 4, indicating positive investor sentiment towards the partnership [4] - Investors are now focused on whether this collaboration can sustain momentum and further increase stock value [4] Company Overview - AT&T, based in Dallas, Texas, is a major global telecom and technology provider with a market capitalization of approximately $192.3 billion [5] - The company offers a range of services including mobile plans, internet access, voice solutions, and managed connectivity, along with retail and digital sales of devices [5] Stock Performance - Over the past 52 weeks, AT&T's stock has increased by 10.96%, with an 11.46% rise in the last month and a 3.5% jump in the most recent five trading sessions [6] - The stock is currently trading at 11.82 times forward adjusted earnings, which is below the industry average, indicating a relative discount [7]

亚马逊AWS业务带动四季度业绩超预期，但一季度经营利润指引偏弱叠加2026年高达2000亿美元的资本开支规划， 正在把市 场关注点从增长转向盈利与自由现金流的可持续性。 公司四季度净销售额2134亿美元，同比增长14%，GAAP经营利润250亿美元。 AWS营收356亿美元，同比增长24%，为13 个季度最快增速，成为本季超预期的核心变量。 公司给出的2026年资本开支展望约2000亿美元，远高于市场此前约1460亿至1490亿美元的预期。机构认为，超预期投入将短 期压制利润率与现金流表现，但AWS需求与订单承诺仍为中长期增长提供支撑。 但管理层对2026年一季度的经营利润展望显著低于市场预期： 指引区间为165亿至215亿美元，中值190亿美元，市场预期为 约225亿美元。公司表示，该指引包含约10亿美元的Amazon Leo成本上升，并计入对电商与国际业务的持续投入。 更令华尔街敏感的是资本开支路径。公司给出的2026年资本开支展望约2000亿美元，远高于市场此前约1460亿至1490亿美元 的预期。机构认为， 超预期投入将短期压制利润率与现金流表现，但AWS需求与订单承诺仍为中长期增长提供支撑。 公司解 ...

亚马逊AWS业务带动四季度业绩超预期，但一季度经营利润指引偏弱叠加2026年高达2000亿美元的资 本开支规划，正在把市场关注点从增长转向盈利与自由现金流的可持续性。 公司四季度净销售额2134亿美元，同比增长14%，GAAP经营利润250亿美元。AWS营收356亿美元，同 比增长24%，为13个季度最快增速，成为本季超预期的核心变量。 但管理层对2026年一季度的经营利润展望显著低于市场预期：指引区间为165亿至215亿美元，中值190 亿美元，市场预期为约225亿美元。公司表示，该指引包含约10亿美元的Amazon Leo成本上升，并计入 对电商与国际业务的持续投入。 更令华尔街敏感的是资本开支路径。公司给出的2026年资本开支展望约2000亿美元，远高于市场此前约 1460亿至1490亿美元的预期。机构认为，超预期投入将短期压制利润率与现金流表现，但AWS需求与 订单承诺仍为中长期增长提供支撑。 AWS增长再加速，利润率企稳但同比承压 据汇丰，亚马逊四季度调整后经营利润为274亿美元，同比增长29.2%，较市场预期高约10%，主要由 AWS推动。AWS四季度销售额356亿美元，同比增长23.7%，较市场 ...

来源：上海证券报 原标题：又一巨头宣布"天量"资本支出 云业务增长强劲 同比大增24% 此次财报中，亚马逊云业务表现亮眼。财报显示，亚马逊四季度AWS业务为356亿美元，同比增长 24%，营业利润为125亿美元，全年AWS实现营收1420亿美元。 谈及AWS表现，亚马逊首席财务官布莱恩·奥尔萨夫斯基表示，这一加速是由核心服务和AI服务共同推 动的，因为客户正继续对其基础设施进行现代化改造并将工作负载迁移到云端。 除了云业务，AI对电商业务的渗透也是重点。安迪称，亚马逊的AI购物助手Rufus已有3亿客户使用，且 使用过Rufus的客户购买转化率高出60%。 当地时间2月5日，亚马逊公布2025财年第四财季报告。财报显示，公司四季度实现营收2134亿美元，同 比增长12%；营业利润为250亿美元。财报发布后，亚马逊盘后股价跌超11%。 未来展望方面，亚马逊预计，第一季度，净销售额将在1735亿美元至1785亿美元；营业利润将在165亿 美元至215亿美元。亚马逊总裁兼首席财务官安迪·贾西预计，公司2026年的资本支出将达2000亿美元， 主要用于AWS业务。 安迪表示，这主要是因为公司有极高的需求，客户确实希望 ...

Group 1 - Amazon reported a 14% increase in net sales for Q4 2025, reaching $213.4 billion, with a net profit of $21.2 billion, up 6% year-over-year [2] - North America sales grew by 10%, while international sales increased by 17% [2] - Amazon Web Services (AWS) achieved $35.6 billion in net sales, marking a 24% year-over-year growth, the fastest in 13 quarters [2] Group 2 - CEO Andy Jassy highlighted significant growth in AWS, advertising (22% growth), physical store sales, and a triple-digit increase in chip business, attributing this to continuous innovation [2] - For 2026, Amazon plans to invest $200 billion, driven by strong demand for existing products and opportunities in AI, chips, robotics, and near-Earth satellites [2] - In 2025, Amazon's total capital expenditure was approximately $131 billion, with a significant increase expected for 2026 [2] Group 3 - Amazon's operating profit for Q4 2025 was $25 billion, an 18% increase year-over-year, impacted by special expenses totaling $1.1 billion related to tax disputes, severance, and asset impairment [3] - The company announced a new round of layoffs affecting 16,000 positions, following a previous announcement of 14,000 layoffs [4] - Amazon's retail business achieved over 13 billion items with same-day or next-day delivery globally in 2025, a 30% increase from the previous year [4] Group 4 - Amazon warned consumers of potential price increases due to the impact of U.S. tariff policies [4] - The company expects Q1 2026 operating profit to be between $16.5 billion and $21.5 billion, compared to $18.4 billion in Q1 2025 [5] - The anticipated increase in costs is attributed to the expansion of Amazon Leo and investments in fast commerce and competitive pricing strategies in international markets [5]

2026.02. 06 当地时间2月5日，亚马逊在盘后公布了2025年第四季度财报。财报显示，2025年第四季度亚马逊净销售额增长14%至2134亿美元；净利润为212亿 美元，同比增长了6%。亚马逊第四季度的北美销售额增速为10%，国际部门营收增速为17%。 该公司核心业务亚马逊云AWS在第四季度实现了356亿美元的净销售额，同比增长24%。 亚马逊首席执行官安迪·贾西（Andy Jassy）表示："AWS业务增长24%（创13个季度以来最快增速），广告业务增长22%，北美和国际市场的实体 店业务快速增长，芯片业务同比增长超过三位数——这些增长得益于我们持续快速创新，并不断发现和解决客户痛点。" 此外，他还公布了2026年的投资计划。他表示，鉴于市场对现有产品和服务的强劲需求，以及人工智能、芯片、机器人和近地轨道卫星等前沿领域的机 遇，亚马逊预计2026年资本支出将达到2000亿美元，并期待获得强劲的长期投资回报。 而在2025年，亚马逊全年的资本支出约为1310亿美元。受2026年资本支出大幅增长影响，亚马逊股价在盘后跌超11%。 北美科技公司都在提高2026年的资本支出。除了亚马逊的大幅投入，谷歌母公司 ...

Core Insights - Amazon reported mixed financial results for the fourth quarter, with revenue exceeding Wall Street estimates but earnings slightly missing projections [1][3] - CEO Andy Jassy highlighted the e-commerce segment's ability to deliver essentials to more customers as a key growth driver [1] - The company's shares fell over 8% in after-hours trading due to a forecasted capital expenditure of about $200 billion for 2026, which was higher than expected [2] Financial Performance - Amazon's net sales for the quarter rose 14% year-over-year to $213.4 billion, surpassing estimates [3] - Net income was $21.2 billion, translating to $1.95 per diluted share, which was an increase from the previous year but missed analyst expectations [3] - In North America, sales increased 10% year-over-year to $127.1 billion, with operating income climbing to $25 billion due to improved fulfillment-network efficiency [4] Delivery and Customer Experience - Prime members in the U.S. received over 8 billion items the same or next day in 2025, a 30% year-over-year increase, with groceries and everyday essentials making up about half of that volume [5] - Same-day delivery is Amazon's fastest-growing delivery option, utilized by nearly 100 million U.S. customers last year [5] - The company has improved local inventory placement, leading to faster delivery at lower costs [6] Future Projections - Amazon expects first-quarter 2026 net sales between $173.5 billion and $178.5 billion, indicating 11% to 15% year-over-year growth, aided by a 180-basis-point benefit from foreign exchange [6] - Operating income is projected to be between $16.5 billion and $21.5 billion, compared to $18.4 billion a year earlier, reflecting increased costs related to Amazon Leo and investments in quick-commerce offerings [7] - The company plans to invest approximately $200 billion in capital expenditures in 2026, a significant increase from about $131 billion in 2025, focusing on data centers, fulfillment operations, delivery infrastructure, and automation [8]

Core Insights - Amazon.com, Inc. has announced a strategic collaboration with AT&T Inc. and Amazon Web Services (AWS) to modernize the connectivity infrastructure in the United States [1] - The partnership aims to create a more resilient connectivity solution by integrating AT&T's fiber network with AWS's cloud and AI capabilities [2] Group 1: Collaboration Details - The collaboration focuses on enhancing AT&T's infrastructure management and accelerating the modernization of its business support systems [2] - Amazon's low Earth orbit satellite network, Amazon Leo, will extend AT&T's reach by providing fixed broadband services in underserved areas [4] - The partnership will be showcased at the Mobile World Congress 2026, highlighting the use of AWS Outposts and AI solutions to streamline AT&T's operations [4] Group 2: Technical Aspects - AT&T will migrate workloads from on-premises technologies to AWS's hybrid cloud offering, AWS Outposts [5] - High-capacity fiber will connect AWS data center locations to enhance cloud services [5] - The collaboration will leverage AT&T's fiber networking expertise to benefit AWS [3]