Substantial brand recognition, size, and dominant market position in the expanding online retail and web services segments, both of which have well-funded competitors; Broad geographic diversity and low customer concentration risk; and Consistent track record of growth, but also volatile profitability in the online retail segment with costs related to fulfillment network expansion, technology spending, and marketing constraining margins. Solid credit protection measures over the next two years, amid rising lease commitments and spending to support profitable growth; Exceptional liquidity; and Strong and consistent free operating cash flow (FOCF) generation. No dividends or significant share buybacks. S&P Global Ratings' stable rating outlook on Amazon.com Inc. reflects our expectation for strong cash flow generation, continued investment in growth, and that business
