Amazon's Cloud Business Value Estimated at $1.33-1.99 Trillion

Amazon's cloud business, Amazon Web Services (AWS), is a significant contributor to its overall revenue and profit. In the second quarter of 2026, AWS generated $42.2 billion in revenue and $16.6 billion in operating income, with an approximately 39% operating margin.

The company's market capitalization was around $2.69 trillion at the end of September, while its enterprise value was $2.82 trillion. The trailing P/E ratio near 20 looked lower than the operating-earnings multiple.

To estimate AWS' value, analysts can apply hypothetical enterprise-value-to-operating-profit multiples of 20, 25, and 30. This produces AWS values of $1.33 trillion, $1.66 trillion, and $1.99 trillion, respectively.

Against Amazon's total enterprise value, these assumptions leave approximately $1.49 trillion, $1.16 trillion, and $828 billion for the other businesses and corporate adjustments.