Amazon reports Q4 earnings Thursday, capping a tech earnings season dominated by a single question: whether the industry's AI spending binge will ultimately be worth it.

Amazon’s shopping cart spilled over in the fourth quarter of 2025: The ecommerce behemoth raked in a record $213.4 billion in revenue that beat Wall Street expectations. The company’s shares fell in after-hours trading Thursday after Amazon said it expected $200 billion in capital spending for 2026 as it races to compete in the AI

Amazon finished up its fiscal year with strong numbers for its revenue, but it failed to meet expectations on earnings per share.

Here’s what could happen to Amazon shares next.

Analysts expect a record-breaking Q4 2025, with revenue projected to hit approximately $211.3B and EPS at $1.97, driving Amazon to surpass $700 billion in annual revenue for the first time.

Amazon's week included a White House screening of the "Melania" documentary and another massive round of layoffs.