Amazon: Contracted Revenue

Metric

RPO · Segment

Contracted balance

$496B

Denominator

AWS segment net sales for the four quarters to June 30, 2026: $33.0bn (Q3 2025) plus $35.6bn (Q4 2025) plus $37.6bn (Q1 2026) plus $42.2bn (Q2 2026). Note this is trailing revenue, not the $169bn annualised run rate Amazon quotes off the latest quarter; against the run rate the same backlog is 2.9x rather than 3.3x.

Coverage

3.34x (scopes match)

Scope

Presented by management as AWS contracted commitments. Amazon's remaining performance obligation note is company-wide, but it is overwhelmingly AWS long-term cloud contracts, and the figure was disclosed on the call as the AWS backlog. The denominator here is therefore AWS segment revenue, not Amazon's total net sales.

Duration

No duration and no 12-month split disclosed. Andy Jassy said most planned 2027 capacity is already reserved and a significant portion of 2028 capacity has commitments against it, which is a delivery statement rather than a recognition schedule.

Concentration · largest customer Anthropic

No ex largest customer figure disclosed. Amazon's own multi-billion investment in Anthropic, and Anthropic's compute commitment to AWS, sit on both sides of this backlog, which is the circularity the ledger flags on the deal rows.

Notes

A $132bn single-quarter increase, from $364bn to $496bn, on the back of AWS growth accelerating to 36.7% and capex guidance rising to about $220bn. The scale of the jump is the point: a third of this backlog did not exist three months earlier. Against total Amazon net sales of $775.6bn the same number is only 0.64x, which is why the denominator has to be named. Amazon discloses less about this figure than any other hyperscaler in the table: no growth rate, no duration, no recognition schedule.

Sources: company filing or release · tier-1 report · company filing or release