Aslan Research · Cloud & platforms
AMAZON COM INC (AMZN)
Data as of 2026-09-03 · 28 quarters · filed in USD
Committed obligations are growing faster than the business: commitments rose 21% per year versus 15% annual revenue growth. Trailing-year revenue was $737.7 billion, against $432.4 billion of expenses.
Earned, collected early, and merely signed
Reports $129B of debt; has promised $244B
Total committed money is 1.9x reported debt. The gap reflects $96.3 billion of lease commitments and $18.4 billion of purchase commitments beyond $129.2 billion of reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $322.8 billion of commitments against $138.0 billion of future revenue promised for that period. That makes due commitments 2.3x the revenue promised over the same period. Another $45.0 billion falls after year five without a stated due date.
The rates that matter
Expenses as filed vs after cited reconciliation
10 patterns worth a second look
The sharpest disclosure flag is a scope change: future-service commitments broadened beyond primarily AWS contracts, while the reported amount rose from $155.7 billion to $244 billion. Filings also report financing and equity investments in OpenAI and Anthropic while identifying both as sources of future AWS commitments, alongside leases not yet commenced and build-to-suit amounts outside current lease liabilities.
circular financing · 1
The March 2026 filing reports financing and equity investments in OpenAI and Anthropic while also reporting those counterparties as sources of future AWS commercial commitments.
off balance sheet · 1
The filings repeatedly report large commitments for leases not yet commenced and build-to-suit-related amounts outside currently commenced lease liabilities.
one time dressing · 1
The FY2025 filing separately identifies substantial one-time or unusual expenses, including an FTC settlement, severance, impairments, and a useful-life change, alongside reported operating results.
redefinition · 1
The filings change the scope and presentation of future-service commitments from primarily AWS contracts with terms exceeding one year to broader future-service commitments, while the reported amount rises from $155.7 billion to $244 billion.
regulator challenge · 3
A reply to SEC staff was filed on 2021-10-21, answering a staff comment letter dated 2021-09-23; it quotes 1 staff comment.
A reply to SEC staff was filed on 2021-12-07, answering a staff comment letter dated 2021-11-08; it quotes 3 staff comments.
A reply to SEC staff was filed on 2022-02-18, answering a staff comment letter dated 2022-01-25; it quotes 1 staff comment.
related party exposure · 1
The filings report increasing investment and commercial commitments with Anthropic and OpenAI, with both counterparties identified as related parties in the March 2026 filing.
subsequent event · 1
The March 2026 filing reports post-period investments and commitments with OpenAI and Anthropic that materially recontextualize the March 31, 2026 obligations and commercial relationships.
value revision · 1
The cataloged weighted-average diluted share and diluted EPS revisions for 2020–2022 are substantive rather than clerical because the reported values differ materially across filings.