Rating Assignment
Fitch Ratings assigned Amazon.com, Inc. a long‑term issuer default rating of AA‑ with a Stable outlook for its proposed USD‑denominated unsecured notes issuance.
Financial Profile
Amazon reported EBITDA of $162 billion for 2025, up from $48 billion in 2020, and EBITDAR leverage of 0.9×, comfortably below the 2.5× threshold. Revenue has grown at a 13 % compound annual growth rate over the past five years, while its AWS segment expanded at a 23 % CAGR. Fitch projects revenue growth of 13 % in 2026 and roughly 10 % thereafter, with EBITDA expected to rise in the mid‑to‑high‑teens percentage range.
Capital Expenditure and Strategic Investments
Amazon plans to raise capital expenditures to $200 billion in 2026 from $132 billion in 2025. The increase supports the rapid AI expansion of AWS, including a strategic partnership with OpenAI involving up to $50 billion of investment announced in February, and a $5 billion investment in Anthropic announced in April, with an option for an additional $20 billion on top of the $8 billion already committed. Fitch notes that the heightened capex could generate negative free cash flow of approximately $40 billion in each of 2026 and 2027.
Liquidity and Debt Position
As of 31 March 2026, Amazon held $101.8 billion in cash and cash equivalents and $41.3 billion in marketable securities. Unsecured notes outstanding amounted to about $121.8 billion, up from $68 billion at 31 December 2025. On 8 June 2026 the company entered into a three‑year $17.5 billion senior unsecured delayed‑draw term‑loan facility.