Amazon posted $716.9 billion in full-year sales versus $713.2 billion at Walmart, marking its emergence as the top U.S. retailer by revenue. Annual operating cash flow rose 20% to $139.5 billion, while trailing-twelve-month free cash flow amounted to $11.2 billion.

In the fourth quarter, Amazon recorded $213.4 billion in revenue, a 12% increase year-over-year excluding currency effects, with operating income of $25.0 billion. Power capacity additions totaled over 1 gigawatt in the period, contributing to efficient monetization of its 3.99 gigawatt installed base.

AI services accelerated, with Bedrock achieving a multibillion-dollar annualized run rate and customer AI spending up 60% sequentially; developer use of Curo grew over 150% quarter-on-quarter. The company plans roughly $200 billion in capital expenditures this year, largely for expanding cloud infrastructure.

Wells Fargo maintained an overweight rating while trimming its price target to $304, forecasting hyperscaler compute capacity to double to 98 GW by 2027 with $860 billion annual industry capex. Benchmark held its buy rating with a $275 target, noting AWS revenue growth of 24% year-over-year and sustained margin strength.