AWS's nearly $500B backlog supports my expectation of sustained growth above 30% YoY, while its rising revenue share could lift Amazon.com, Inc.'s overall EBIT margins. Robotics and automation could offset higher shipping costs, while resilient US retail spending supports my expectation of mid-teens commerce revenue growth at constant exchange rates. Amazon's $220B capital spending outlook for FY26 pressures cash generation, but I expect the full-year FCF margin erosion to be contained to above -5%.
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