1、USA|InternetA,IncEquity ResearchJuly 1,2025 BrentThill*|Equity Analyst(415)229-1559|JohnColantuoni*|Equity Analyst1(212)778-8634|JohnByun*|Equity Analyst(415)229-1558|CoreyTarlowe*|Equity Analyst(212)323-7541|RayyanaMatraji*|Equity Associate+1(212)707-6329|ManteroMoreno-Cheek*|Equity Associate(212)7

2、78-8407|FY(Dec)2023A2024A2025E2026ERev.(MM)574,785.0637,959.0684,707.0749,721.0EV/Rev4.0 x3.6x3.4x3.1xP/Rev4.1x3.7x3.5x3.2xCons.Rev.-694,939.0762,090.0Consumer Survey:700 AMZN ShoppersResilient(visual deck embedded)Our proprietary survey of 700 U.S.consumers shows:1)Stable spend bymajority of AMZN s

3、hoppers(62%spent same/more in past 3 mos)despite 80%concerned about prices;2)some cost-conscious behavior-31%spent less inpast 3 mos;3)Prime membership very popular(73%of sample vs.Walmart+26%);4)superior positioning on fast/free shipping,selection and low prices.AMZN trades at 13x NTM EV/EBITDA,30%

4、discount to 19x 10-yr avg;Buy.AMZN shoppers resilient despite price/tariff concerns.While 80%of respondents are concernedabout rising prices due to tariffs on imported goods,the majority of Amazon shoppers haventmeaningfully changed their spending in the past 3 months-47%are spending about the same

5、and15%are spending more.Only 3%stopped shopping on Amazon.But not immune as some consumers turn cautious.Some are shopping less-31%are spendingless in past 3 months,and 34%are shopping less frequently.If inflation were to worsen,45%would shop less instead of shopping around at other retailers.Consum

6、ers are also looking forbetter prices-25%are waiting for deals(and 65%are more likely to wait for big sales events likeAMZN Prime Days or Black Friday),and 11%are switching to cheaper brands.This cautiousnessis already reflected in our estimates,where we model a decel in Core Retail sales from 5%y/y