Amazon (AMZN): How Much More Can It Earn From Sellers Before Their Economics Suffer?

Amazon.com, Inc. (NASDAQ:AMZN) increased second-quarter 2026 advertising revenue 26% year over year to $19.8 billion, ahead of total sales growth of 20%. Seller-services revenue rose 16% to $46.8 billion. The investment question is whether merchants are buying better services or sacrificing profitability to remain visible. Amazon.com, Inc. (NASDAQ:AMZN) carries a forward P/E of 24x and a trailing P/E of 20x. Trailing P/E uses the past twelve months' earnings; forward P/E uses forecast earnings. Investment gains boosted historical earnings and help explain the gap: quarterly results included $53.4 billion of pretax nonoperating other income, primarily from AI investments.