AMZN Amazon.com, Inc.

The 2026 filing added 'energy prices,' 'tariff and trade policies,' and 'resource and supply volatility, including for memory chips,' as new specific risk factors which were not mentioned in the 2025 filing.

Current filing includes expanded detail under disruptions from geopolitical events including 'political conflicts, including those involving China,' labor or trade disputes 'including restrictive governmental actions impacting us in China or other foreign countries,' tariff policy changes including retaliatory actions, and climate change impacts such as increased operating costs due to frequent extreme weather events, increased compliance costs due to more extensive regulations, and reputational damage from environmental impact perceptions. Prior filing mentioned these risks but in less detail.

Current filing elaborates on risks from adding fulfillment and data center capabilities or new businesses with different requirements, and on staffing challenges driven by labor market constraints increasing payroll costs and difficult hiring conditions. Also, mentions risks related to tracking inventory for other companies under some commercial agreements. Prior filing had less detailed description of these risks.

Current filing highlights use of third-party technology including AI technologies and acknowledges past security incidents and potential for material adverse effects. Also notes that AI and developing technologies may circumvent existing measures, posing security challenges. Prior filing contained a less detailed version and did not specifically mention AI in this context.

Current filing describes system interruptions, causes, potential damages, lack of full redundancy, and sufficiency of disaster recovery planning and insurance in more detail than prior filing.

Current filing includes specific mention of reliance on limited suppliers for semiconductor products related to AI infrastructure such as graphics processing units, and details risks from supplier limitations, violations, and unethical practices potentially exposing the company to claims and reputational damage. Prior filing mentioned semiconductor products but did not highlight AI infrastructure specifically.

Current filing discusses complexity of arrangements, infrastructure capacity, potential lower compensation, and risks including loss of management focus, impairment of relationships, revenue variability, and integration difficulties in more detail than prior filing.

Current filing lists a broader set of risks associated with acquisitions and investments, including detailed risks related to integration challenges, regulatory approvals, valuation impairments, and foreign transaction risks such as cultural integration and economic, political, and regulatory risks associated with specific countries.

Current filing adds mention of 'adopting and utilizing artificial intelligence and machine learning technologies' as a factor increasing strain on management and operations (was not present in prior filing). Prior filing only discussed 'increasing our product and service offerings and scaling our infrastructure.' This reflects a broader technological complexity and operational risk.

Current filing includes additional detailed factors influencing sales fluctuations and growth rate, such as 'factors affecting our reputation or brand image,' 'public perceptions regarding AI and ML development and use,' 'availability of and increases in prices of transportation, resources, commodities, technology infrastructure,' 'constrained labor markets,' and 'operators of networks charging fees to access our stores.' These factors are more specific and comprehensive compared to prior filing's more general list.