Amazon (AMZN) Reports Q4 Revenue Surpass and EPS Miss Amid $200B 2026 Capex

Amazon (Nasdaq: AMZN) reported Q4 net sales of $213.4B, up 14% YoY, and net income of $21.2B ($1.95 EPS), topping revenue estimates but missing EPS. North America sales rose 10% to $127.1B, and operating income climbed to $25B, supported by faster last-mile delivery and fulfillment network efficiency. Same-day and next-day Prime deliveries reached over 8B items in 2025, up over 30% YoY, with groceries and essentials accounting for about half the volume. The company forecasts Q1 2026 sales of $173.5B–$178.5B (11%–15% YoY, including +180 bps FX) and operating income of $16.5B–$21.5B. However, $200B in 2026 capital expenditures, driven by data centers, fulfillment, delivery and automation, including about $1B in Amazon Leo-related costs, pressured shares, sending AMZN down over 8% in after-hours trading.