Analysts expect Amazon to report fourth-quarter 2025 revenue of $211.3 billion and earnings per share of $1.97, representing year-over-year growth of 13% in revenue and 6% in EPS. Consensus forecasts suggest that a beat or miss relative to these figures could significantly influence the stock’s near-term performance, given its current valuation at 34 times this year’s expected EPS multiple and 20 times cash-flow multiple.

If consensus estimates are met, Amazon would close out fiscal 2025 with 12% revenue growth and 29% EPS growth. Those results would cap a year in which AWS sustained higher capital expenditures—adding over 1 gigawatt of data-center capacity in Q4 alone—while corporate head count was reduced by approximately 10% through successive rounds of layoffs, bolstering free-cash-flow conversion despite ongoing investment in logistics and entertainment.

Investors will be watching AWS’s operating margin closely, as tough year-ago comparables from December 2024 and March 2025 could compress profitability this quarter. For calendar 2026, analysts have penciled in EPS of around $8.00—just 12% growth—and revenue growth of approximately 11%. Several research teams have held back on raising 2026 forecasts further, citing uncertainty over the pace of cost leverage in cloud infrastructure and the cadence of new AI-driven product rollouts.