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We seek to be Earth’s most customer-centric company. 10-K, Item 1
1 paragraph in Risk Factors of the 10-K filed Feb 6, 2026 with nothing like it in the 10-K filed Feb 7, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
•conditions or trends in the internet, other technologies including artificial intelligence, and the industry segments we operate in;
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18 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Acquisitions, net of cash acquired, non-marketable investments, and other, net (786) (23,986) (2,438) (63,753) (4,973) (65,156)
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Principal repayments of financing obligations (82) (107) (276) (281) (698) (333)
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(2) Includes unconditional purchase obligations related to long-term agreements to acquire property and equipment that are not reflected on the consolidated balance sheets. For agreements with variable pricing terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date. For certain arrangements that provide us with extended payment terms for up to one year for purchase orders of technology infrastructure assets, amounts outstanding under such purchase orders for assets received are classified as “Accounts payable” on our consolidated balance sheets and are a component of “Increase (decrease) in property and equipment acquired but not yet paid” in “Note 1 - Supplemental Cash Flow Information.” Payments made under these purchase orders are reported as “Purchases of property and equipment” on our consolidated statements of cash flows.
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In August 2026, the Federal Trade Commission and 22 state Attorneys General filed a complaint against Amazon.com, Inc., in the United States District Court for the Western District of Washington and the State of Texas filed a complaint against Amazon.com, Inc., Amazon.com Services LLC, and Amazon Advertising LLC in the District Court for the 471st Judicial District in Collin County, Texas. The complaints allege that Amazon harmed advertisers through, among other things, misrepresentations, omissions, and unfair business practices involving the use of reserve prices in Amazon’s sponsored ad auctions, in violation of the FTC Act and/or state laws. The complaints seek injunctive relief and unspecified amounts of civil penalties, restitution, forfeiture, disgorgement, attorneys’ fees, costs, expenses, and interest. We dispute the allegations of wrongdoing and intend to defend ourselves vigorously in these matters.
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As of September 30, 2026, our total long-term debt obligations are as follows (in millions):
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We enter into supplier financing arrangements that provide for certain purchases of technology infrastructure assets, including a secured loan facility (the “Loan Facility”) providing for borrowings at our discretion, from Q1 2027 through Q3 2028 and subject to variability based on the extent and timing of purchase orders and pricing terms, of up to approximately $ 80.0 billion, which accrue interest at variable rates and mature five years from the date of each borrowing. We will grant a security interest in certain purchased assets in connection with the Loan Facility. Amounts outstanding for assets purchased under the Loan Facility will be classified as “Long-term debt” on our consolidated balance sheets, and principal payments made will be reported as “Repayments of long-term debt” on our consolidated statements of cash flows.
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significantly impact operating income for Q3 2026, but negatively impacted operating income by $330 million for the nine months ended September 30, 2026.
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• We continue to expect 2026 cash capital expenditures to be approximately $220 billion.
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The information set forth below is included for the purpose of providing disclosure under “Item 1.01 - Entry into a Material Definitive Agreement,” “Item 1.02 - Termination of a Material Definitive Agreement,” and “Item 2.03 - Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant” of Form 8-K.
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On October 27, 2026, Amazon.com, Inc. (the “Company”), Citibank, N.A., as administrative agent, and the lenders party thereto entered into a five-year revolving credit agreement (the “2026 Credit Agreement”). The 2026 Credit Agreement replaces the prior $15.0 billion five-year revolving credit agreement entered into by the Company, Citibank, N.A., and other lenders on November 1, 2023, as amended on June 8, 2026, which was terminated on October 27, 2026. The 2026 Credit Agreement provides the Company with an unsecured revolving credit facility with a borrowing capacity of up to $15.0 billion. The term of the 2026 Credit Agreement is five years, but it may be extended for one or more additional one-year terms subject to approval by the lenders.
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In addition, on October 27, 2026, the Company, Citibank, N.A., as administrative agent, and the lenders party thereto entered into a 364-day revolving credit agreement (the “2026 Short-Term Credit Agreement,” and together with the 2026 Credit Agreement, the “2026 Revolving Credit Agreements”). The 2026 Short-Term Credit Agreement replaces the prior $5.0 billion 364-day revolving credit agreement entered into by the Company, Citibank, N.A., and other lenders on October 29, 2025, as amended on June 8, 2026, which was terminated on October 27, 2026. The 2026 Short-Term Credit Agreement provides the Company with an unsecured revolving credit facility with a borrowing capacity of up to $5.0 billion. The term of the 2026 Short-Term Credit Agreement is 364 days, but it may be extended for an additional period of 364 days subject to approval by the lenders.
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The interest rate applicable to outstanding balances under the 2026 Revolving Credit Agreements is the applicable benchmark rate specified in the applicable agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion of the applicable credit facility.
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Borrowings under the 2026 Revolving Credit Agreements will be used for working capital and other general corporate purposes, including backstopping any notes that the Company may issue under its commercial paper programs.
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The 2026 Revolving Credit Agreements contain customary representations and warranties, covenants, and events of default, but do not contain financial covenants. Upon an event of default that is not cured within applicable grace periods or waived, any unpaid amounts under the 2026 Revolving Credit Agreements may be declared immediately due and payable and the commitments may be terminated.
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Also on October 27, 2026, the Company, Citibank, N.A., as administrative agent, and the lenders party thereto entered into a first amendment (the “Term Loan Amendment”) to the term loan agreement entered into by the Company, Citibank, N.A., and other lenders on June 8, 2026 (the “Term Loan Agreement”), which provided the Company with a $17.5 billion senior unsecured delayed draw term loan credit facility, of which $17.5 billion was drawn prior to the expiration of the commitments on September 30, 2026 and remains outstanding. The Term Loan Amendment conforms the limitation on liens covenant and the cross-default and cross-acceleration provisions of the Term Loan Agreement to the corresponding provisions of the 2026 Revolving Credit Agreements.
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The financial institutions party to the 2026 Revolving Credit Agreements and the Term Loan Agreement and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage, and other financial and non-financial activities and services. Certain of these financial institutions
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and their respective affiliates have provided, and may in the future provide, a variety of these services to the Company and to persons and entities with relationships with the Company, for which they received or will receive customary fees and expenses.
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The foregoing descriptions of the 2026 Credit Agreement, the 2026 Short-Term Credit Agreement, and the Term Loan Amendment are qualified in their entirety by the terms of such agreements, which are filed hereto as Exhibit 10.1, Exhibit 10.2, and Exhibit 10.3, respectively, and incorporated herein by reference.
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Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 6, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Work on AMZN in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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