Amazon: growth far beyond its economy.

1. It outgrew its own economy many times over. Revenue rose from $136 billion in 2016 to $717 billion in 2025: 5.3 times as much. The US economy, counted the same way in money terms, grew about 60%. Whatever drove it, the economy around it does not account for growth of that size.
2. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 427% in US dollars; the median among 52 large retailers grew 74%. It outgrew 96% of them.
3. A steady bench. Amazon filed 17 leadership changes since 2016, fewer than 76% of large retailers (the median is 25). The day after each, its shares moved a median 0.3 points against its sector. The news was rarely news.
4. 15 decisions on record. Stratrix has verified 15 of Amazon's big decisions, each with what happened next. The hardest year after: "Amazon picked its CEO from the one unit earning $13.5B while retail earned $9.4B", with its shares 35 points behind the S&P 500 over the next three years. The best: "The Fire Phone Left a $170M Writedown, $83M of Unsold Phones, and a Blindsided Alexa Team", 158 points ahead of the S&P 500 over the next three years.

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2022Amazon Tried to Build Healthcare Twice. Then It Started Writing Checks.Stood
• 2021Amazon's 'Day 2 Is Death' Line Was a 1997 Throwaway About the Internet — Gospel Came in 2016Too early to call · shares −20 pts vs the S&P 500 over 3 years
• 2021Amazon picked its CEO from the one unit earning $13.5B while retail earned $9.4BToo early to call · shares −35 pts vs the S&P 500 over 3 years
• 2014The Fire Phone Left a $170M Writedown, $83M of Unsold Phones, and a Blindsided Alexa TeamReversed · shares +158 pts vs the S&P 500 over 3 years
• 2014Amazon Raised Prime's Price 76% and Almost Nobody Left. Here's the Trick.Stood · shares +99 pts vs the S&P 500 over 3 years
• 2014Amazon Sold Alexa at a Loss to Win a Sale That Never CameHeld in part
• 2013Amazon Opened Its Delivery Network to Outside Firms in 2026 — and UPS and FedEx Fell Nearly 10%Stood
• 2007The First Kindle Sold at a Premium $399 — the Razor Amazon Gives Away Is on Your PhoneStood · shares +115 pts vs the S&P 500 over 3 years
• 2006Marketplace, Prime, and AWS All Started as Retail Plumbing Rented Out at a MarginToo early to call · shares +127 pts vs the S&P 500 over 3 years
• 2003AWS Began When a Retailer Decided It Was a Technology Company FirstStood
• 2003What AWS's 37% Margins Buy Amazon: The Freedom to Run Retail Thin on PurposeStood
• 2003Amazon's Stack Grew One Bottleneck Fix at a Time — Now AWS Out-Earns the Retail ArmStood
• 2003Amazon's $108B Cloud Grew Out of an Infrastructure Crisis — and One Habit Rivals Failed to CopyStood
• 2000Amazon Failed at Auctions and zShops Before Marketplace — Which Now Moves 60% of Units SoldStood · shares +72 pts vs the S&P 500 over 3 years
• 2000Amazon Signed a 10-Year Toy Exclusive With Toys R Us in 2000, Then Fought in Court to Break ItReversed · shares +59 pts vs the S&P 500 over 3 years