Unveiling the Real Worth of Amazon’s E-commerce and AWS Divisions

Last updated Sep 1, 2026

Unveiling the Hidden Worth of Amazon’s E-Commerce Empire

Amazon’s e-commerce division (NASDAQ: AMZN | AMZN Price Prediction) is a formidable contender amongst the world’s most influential corporations. However, it’s often overlooked by investors who fail to recognize its true worth. Once you grasp the value of each division, your perception of Amazon’s stock will significantly change.

Exploring Amazon’s Revenue Streams

Amazon’s e-commerce sector is projected to generate over $750 billion in revenue, considering its impressive first-half revenue and the traditionally strong fourth quarter. This figure places it in direct competition with global giants such as Exxon (NYSE: XOM) and Microsoft (NASDAQ: MSFT). Furthermore, with the contributions from AWS, Amazon has propelled to the top of the Fortune 500 list, surpassing Walmart (NYSE: WMT).

International vs. North America E-Commerce Revenues

Amazon’s e-commerce revenue is predominantly derived from North America, which contributes approximately $35 billion, while international operations bring in about $7 billion. AWS revenue, on the other hand, is predicted to reach $180 billion in 2026 with an operating income of around $70 billion.

Growth Rates: E-Commerce vs. AWS

Despite the sizeable contribution of the e-commerce division, its growth rate is significantly dwarfed by AWS, as the former grows at roughly 18% while the latter boasts an impressive 40% growth rate.

Deciphering Amazon’s Market Value

Amazon’s current market capitalization stands at a staggering $3 trillion. While it’s challenging to pinpoint the precise contribution of the e-commerce sector, a comparison with Walmart’s $832 billion market cap suggests an estimated value of $1 trillion for Amazon’s e-commerce, given its higher growth rate.

Amazon’s AWS and AI Investments

This valuation implies that Amazon’s AWS is worth a whopping $2 trillion, surpassing AI company Anthropic’s market value of $1.8 billion. Amazon’s AI businesses, housed primarily within AWS, represent the company’s future and its greatest risk. The value of AI as an investment could drastically influence AWS’s worth.

The Debate of Amazon’s Possible Split

Finally, discussions are ongoing about the potential benefits of splitting Amazon into two distinct public companies due to the minimal overlap between its e-commerce and cloud services. This move could potentially offer investors the opportunity to choose more wisely between the two.

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