Amazon.com (AMZN) sum-of-the-parts on FY2027E segment operating income after Q2 2026. The 10-Q reports three segments with unlike economics: AWS (Q2 $16.6B operating income, 39.4% margin, 37% sales growth), North America ($9.1B, 7.9% margin, ads/3P/Prime inside retail), and International ($1.7B, 4.1% margin). Each part is capitalized at an EV/operating-income multiple; cash and marketable securities are added and long-term debt subtracted; a haircutted stub is credited for Anthropic and other non-operating investments. GAAP P/E is not used because Q2 diluted EPS of $5.75 includes $53.4B of non-operating pre-tax other income, primarily Anthropic. FCF yield is not used because TTM FCF is an outflow of $7.6B on $169.0B of net PP&E purchases and FY2026 cash capex guidance is about $220B. Advertising is not a fourth segment: Amazon discloses $19.8B of advertising services sales but not advertising operating income, so ads stay inside North America / International and lift the NA multiple versus a pure retailer. This is not an Intel/Micron FCF yield, not a bank P/TBV, not Lyondell EV/EBITDA, not SharkNinja Adj. EBITDA, not STIM EV/Sales, not AMD FY27 EPS, not NVIDIA NTM nGAAP P/E, not Apple Products/Services SOTP, and not Alphabet Services-P/E plus Cloud-revenue SOTP.
as of 2026-08-26
Built with Modeledge MCP
Connect your MCP client to research filings and earnings calls, then build a living financial model like this one.