Amazon.com Inc (AMZN · NASDAQ)

Amazon reported June-quarter revenue of $200.61B, up 19.6% year over year on a TTM basis, with net income of $62.65B and a 13.7% operating margin, and it has beaten EPS estimates in all four of the last quarters, including $1.88 versus $1.83 expected in the most recent print. Free cash flow turned negative at -$8.82B for the quarter as capex of $54.21B exceeded $45.39B in operating cash flow, though leverage remains modest at 1.3x debt/EBITDA with $78.21B in cash. The stock closed at $251.52, down 2.9% over the past month but 4.2% above its 200-day moving average, and trades at a P/E of 19.96 against an analyst target of $330.59. Recent news flow skews constructive, with Adobe forecasting a 130% rise in AI-driven retail referrals this holiday season and several institutions adding to positions.