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| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brian Nowak | Morgan Stanley | 9 (11%) |
| Doug Anmuth | JPMorgan | 7 (0%) |
| Justin Post | Bank of America | 6 (0%) |
| Colin Sebastian | Robert W. Baird | 6 (0%) |
| Eric Sheridan | Goldman Sachs | 6 (0%) |
| Mark Mahaney | Evercore ISI | 4 (0%) |
| Shweta Khajuria | Wolfe Research | 2 (0%) |
| John Blackledge | TD Cowen | 2 (0%) |
| Michael Morton | MoffettNathanson | 2 (0%) |
| Ross Sandler | Barclays | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 9 (11%) |
| JPMorgan | 1 | 7 (0%) |
| Robert W. Baird | 1 | 6 (0%) |
| Goldman Sachs | 1 |
| 6 (0%) |
| Bank of America | 1 | 6 (0%) |
| Evercore ISI | 1 | 4 (0%) |
| Wolfe Research | 1 | 2 (0%) |
| Barclays | 1 | 2 (0%) |
Amazon delivered record Q4 revenue of $213.4 billion up 12% ex-FX with operating income of $25 billion as AWS accelerated to 24% growth, the fastest in thirteen quarters on a $142 billion annualized run rate. The custom silicon business exceeded $10 billion in ARR with Trainium fully subscribed and Trainium 3 in development, establishing Amazon as a major AI chip player. Operating cash flow reached $139.5 billion on a trailing twelve-month basis.
Cloud & AI | Demand | Competitive Dynamics | Innovation & R&D | Cost Pressure | Capex Investment | Margin | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 1 | 1 | 2 | 2 | 1 | 1 | |
| 2025Q1 | 4 | 2 | 2 | 1 | 2 | |||
| 2025Q2 | 4 | 2 | 1 | 1 | 1 | 2 | ||
| 2025Q3 | 5 | 1 | 2 | 2 | 2 | |||
| 2025Q4 | 4 | 1 | 2 | 1 | 2 | 1 | ||
| 2026Q1 | 5 | 2 | 1 | 4 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 4 | 4 | 4 | 5 | 4 | 5 |
| Demand | 1 | 2 | 2 | 1 | 1 | 2 |
| Competitive Dynamics | 1 | 2 | 1 | 2 | 2 | 1 |
| Innovation & R&D | 2 | 1 | 2 | 4 | ||
| Cost Pressure | 2 | 2 | 1 | |||
| Capex Investment | 1 | 2 | 2 | |||
| Margin | 1 | 1 | 1 | 1 | ||
| Trade Tariffs | 2 | 2 |
What AMZN and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Snowflake Inc. has already surpassed $2,000,000,000 in sales through AWS Marketplace in a single calendar year and was just recognized with 14 AWS partner award wins”
Snowflake surpassed $2 billion in AWS Marketplace sales in a single year with 14 AWS partner awards, a positive signal on AWS marketplace scale.
“AWS, Google Cloud, Microsoft Azure, and OCI have boosted AI inference performance for enterprise cloud customers.”
AWS (Amazon) is cited as adopting NVIDIA Dynamo to boost AI inference for cloud customers.
“it was only 1 year ago that we announced with AWS a warrant and strategic arrangement with them.”
Marvell expanded its warrant/strategic arrangement with AWS to add a photonic-fabric 'swim lane,' and AWS publicly supported the Celestial AI acquisition, reinforcing AWS as a key custom-silicon customer.
“AWS selected Falcon NextGen SIEM as the default SIEM for all their customers.”
AWS made CrowdStrike's Falcon NextGen SIEM the default SIEM in its Security Hub console for millions of AWS customers, a major distribution partnership win for CrowdStrike and a security-content expansion for AWS.
“our growth with AWS is very strong, and it's going as expected.”
Flex reports strong, on-plan growth with hyperscale customer AWS (tied to an Amazon warrant deal), signaling continued AWS data center hardware buildout.
“AWS launched its fifth-generation Graviton processor with 192 cores, doubling the core count from Graviton four and delivering 25% higher performance and up to 33% lower latency versus Graviton four.”
AWS's fifth-generation Arm-based Graviton processor doubles core count, a positive royalty signal for Arm's data center business.
“We're also seeing strong activity with AWS. Closing nine joint agreements in the quarter and hosting multiple C-suite level events that help drive a 172% year over year increase in joint qualified pipeline.”
C3.ai closed nine joint agreements with AWS and grew joint pipeline 172% year-over-year, a positive signal for Amazon's AWS enterprise AI partnerships.
“And in Amazon, FSx for NetApp ONTAP, we announced support for Amazon Elastic VMware service, enabling secure, efficient migration of VMware workloads to AWS.”
NetApp expanded its Amazon FSx for NetApp ONTAP first-party AWS service to support VMware workload migration.
“In Germany, Amazon sold out the Jack Daniel's Blackberry in the preorder shop.”
Amazon's German store sold out of Jack Daniel's Blackberry in preorder, a positive signal for Amazon as a spirits retail channel in Europe.
“So you can buy the Oracle database at Google or Amazon, that it's available at Microsoft Azure.”
Oracle Database is available multi-cloud inside Amazon (AWS); multi-cloud consumption up 817% YoY.
“The onboarding of our new Amazon business, which is focused on large and heavyweight shipments, is also going well.”
FedEx is onboarding new Amazon volume in large/heavyweight shipments, a customer signal for Amazon's parcel logistics.
“Amazon. You know, our data is showing that it's driving a disproportionate amount of the growth in your categories depending on category anywhere from 60 to 80% or so.”
An analyst notes Amazon is driving a disproportionate share (60-80%) of category growth for P&G's US business; management frames e-commerce as a channel where strong core items and premium innovation win, underscoring Amazon's growing importance as a retail customer.
“Mean you only have to look at L'Oreal as an example too of just how fast that business is growing and how happy our partners have been”
Amazon holds up L'Oreal as an example of a luxury brand growing quickly on the Amazon store, a positive signal on L'Oreal's Amazon partnership.
“You mentioned Project Rainier Anthropic is building their next they're training the next Claude model on top of Tranium two.”
Amazon says Anthropic is training its next Claude model on AWS Trainium chips via Project Rainier, a signal on Anthropic's deep compute partnership with AWS.
“I think we announced an agreement with OpenAI in November.”
Amazon frames its November agreement with OpenAI as a significant AWS win, a signal that OpenAI is now an AWS customer.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $187.79B | +10.5% | $1.86 | +86.0% | 47.3% | 11.3% | 10.7% | $17.80B |
| FY2025 Q1 | $155.67B | +8.6% | $1.59 | +62.2% | 50.6% | 11.8% | 11.0% | $-8.00B |
| FY2025 Q2 | $167.70B | +13.3% | $1.68 | +33.3% | 51.8% | 11.4% | 10.8% | $332M |
| FY2025 Q3 | $180.17B | +13.4% | $1.95 | +36.4% | 50.8% | 9.7% | 11.8% | $430M |
| FY2025 Q4 | $213.39B | +13.6% | $1.95 | +4.8% | 48.5% | 11.7% | 9.9% | $14.94B |
| FY2026 Q1 | $181.52B | +16.6% | $2.78 | +74.8% | 51.8% | 13.1% | 16.7% | $-18.17B |
| FY2026 Q2 | $200.61B | +19.6% | $5.75 | +242.3% | 52.3% | 13.7% | 31.2% | $-8.82B |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2022 | $513.98B | — | $-0.27 | — | 43.8% | 2.4% | -0.5% | $-16.89B |
| FY2023 | $574.78B | +11.8% | $2.90 | +1174.1% | 47.0% | 6.4% | 5.3% | $32.22B |
| FY2024 | $637.96B | +11.0% | $5.53 | +90.7% | 48.9% | 10.8% | 9.3% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q4 2025Earnings call Feb 5, 2026
FY2025 Q4 in brief
Amazon delivered record Q4 revenue of $213.4 billion up 12% ex-FX with operating income of $25 billion as AWS accelerated to 24% growth, the fastest in thirteen quarters on a $142 billion annualized run rate.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Amazon.com, Inc. (AMZN), FY2025 Q4: 7/10. Scores: Amazon.com, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: AMZN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
| $32.88B |
| FY2025 | $716.92B | +12.4% | $7.17 | +29.7% | 50.3% | 11.2% | 10.8% | $7.70B |
GAAP revenue YoY +13.6% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMZN Amazon.com, Inc. | 7 | +13.6% | |
| AZO AutoZone | 6 | +8.2% | |
| BABA Alibaba Group Holding Limited | 6 | +1.7% | |
| BBY Best Buy | 7 | +2.4% | |
| CASY Casey's General Stores, Inc. | 7 | +14.2% | |
| EBAY eBay | 8 | +15.0% | |
| GME GameStop Corp. | 5 | -4.6% | |
| GPC Genuine Parts Company | 6 | +4.2% | |
| MELI MercadoLibre | 7 | +44.6% | |
| ORLY O'Reilly Automotive | 7 | +7.8% | |
| PDD PDD Holdings | 7 | +10.5% | |
| TSCO Tractor Supply | 6 | +3.3% | |
| ULTA Ulta Beauty | 8 | +12.9% | |
| WSM Williams-Sonoma | 6 | +4.6% |