Amazon (AMZN) Stock Today, November 20, 2025: FTC Refunds, EU Cloud Probe and Black Friday Week Test Investor Nerves

Amazon (NASDAQ: AMZN) is trading around $222–223 per share today (Nov. 20, 2025), leaving the stock roughly 14% below its early‑November all‑time high near $258.60 but still massively higher over the past decade — up about 567% since 2015. ^[1]

Despite strong Q3 2025 earnings, accelerating AWS growth and robust advertising revenue, investor sentiment around Amazon stock has turned cautious in recent sessions. Heavy AI data‑center spending, fresh bond issuance, regulatory overhang from a record FTC settlement, and a new EU cloud investigation are all in focus as Black Friday Week officially kicks off today. ^[2]

Quick snapshot: Amazon stock on November 20, 2025

Latest price: about $222.69 per share, essentially flat versus yesterday’s close. ^[3]
Market cap: roughly $2.38 trillion. ^[4]
Valuation:
- P/E ratio: ~33.9
- PEG ratio: ~1.5
- Beta: ~1.29 (moderately more volatile than the market) ^[5]
52‑week range: about $161.38 (low) to $258.60 (high) — the high was set earlier this month. ^[6]
Trend: After hitting that record, AMZN has given back close to 14%, as investors digest regulatory risks and massive AI capex. ^[7]

Valuation‑oriented analysis from Simply Wall St pegs fair value at around $234.75, implying AMZN trades at roughly a 5% discount to their estimate, even though its P/E of ~31x still sits above the broader retail sector’s ~19x. ^[8]

1. FTC settlement: automatic Prime refunds arrive — but the overhang lingers

One of today’s biggest Amazon headlines isn’t strictly about earnings — it’s about trust and regulation.

As of today, Amazon has begun sending automatic refunds to millions of U.S. Prime customers as part of a record $2.5 billion settlement with the Federal Trade Commission (FTC). ^[9]

Key points from the settlement and today’s refund rollout:

The FTC alleged Amazon used misleading sign‑up flows to nudge users into paid Prime memberships and made cancellation unnecessarily difficult. ^[10]
The $2.5 billion total includes about $1 billion in civil penalties and $1.5 billion earmarked for customer refunds. ^[11]
Eligible customers who signed up or tried to cancel between June 23, 2019 and June 23, 2025, and who barely used Prime, can receive refunds up to $51. ^[12]
Customers have 15 days to claim refunds via PayPal or Venmo; otherwise, a paper check will be mailed automatically. ^[13]

Financially, the hit from the settlement is already baked into Q3 results – Amazon booked a $2.5 billion charge that, along with severance costs, reduced Q3 operating income from what would have been about $21.7 billion to $17.4 billion. ^[14]

But from a stock‑market narrative standpoint, the refund rollout keeps regulatory risk front and center. Investors are now asking:

Will this be a one‑off clean‑up, or
Is it chapter one of a longer, more expensive regulatory story around Amazon’s marketplace and subscription practices?

That question is part of why some commentary today frames Amazon’s recent weakness as a reaction not to fundamentals, but to “AI capex, bond sales, regulation and a shaky tech market” weighing on the shares. ^[15]

2. EU cloud investigation puts AWS under the DMA microscope

Alongside U.S. regulatory actions, Amazon is now facing new scrutiny in Europe.

Earlier this week — with coverage continuing into today — the European Commission launched a market investigation under the Digital Markets Act (DMA) into Amazon Web Services (AWS) and Microsoft Azure. ^[16]

According to reporting on the probe: ^[17]

AWS and Azure could be designated as “gatekeepers” for cloud services, which would trigger stricter obligations.
The EU is examining issues such as:
- Interoperability barriers
- Access to user data for competitors
- Bundling and switching fees that might lock customers in
The inquiry follows a series of high‑profile AWS outages, plus Azure disruptions, that highlighted how dependent businesses have become on a handful of providers.

Markets reacted with caution, with Amazon’s stock slipping nearly 1% on the day the investigation was announced. ^[18]

This comes on top of upcoming European rules like the Data Act, which will force large cloud providers to eliminate switching charges by January 2027 and improve data portability — potentially raising costs and complexity for AWS. ^[19]

In parallel, a report from Euractiv today highlights that Amazon is making a fresh bid to restore its lobby access to the European Parliament after prior access was restricted, underlining how contentious its EU relationship remains. ^[20]

For AMZN shareholders, the takeaway is clear:

AWS is still the profit engine, but regulation is becoming a structural risk, not just a headline risk.

3. Q3 2025 earnings: fundamentals are surprisingly strong

The irony of today’s more cautious mood is that Amazon’s underlying numbers look better than they have in years.

Headline Q3 2025 results

From Amazon’s Q3 release and earnings call: ^[21]

Revenue: $180.2 billion, +12–13% YoY, and above consensus (~$177.7B).
EPS: $1.95, beating estimates by roughly 25%.
Operating income: $17.4 billion, but would have been $21.7 billion without the FTC settlement and severance charges.
AWS:
- ~20% YoY revenue growth, fastest clip in nearly three years. ^[22]
- Annualized revenue run rate around $132 billion. ^[23]
- Roughly 60% of total operating income. ^[24]
Advertising: about $17.6–17.7 billion in quarterly revenue, 20–24% YoY growth, reinforcing Amazon’s position as a top digital ad platform. ^[25]

For Q4 2025, Amazon has guided to: ^[26]

Net sales: $206–213 billion, 10–13% YoY growth.
Operating income: $21–26 billion.
Full‑year capex: about $125 billion, with even higher investment expected in 2026, mostly for AI and cloud infrastructure.

In other words, the business is firing on most cylinders. Post‑earnings commentary from outlets like Reuters and the Wall Street Journal emphasized that AWS growth has re‑accelerated, Amazon’s North America retail arm is solid, and the company is leaning heavily into AI, robotics and faster delivery to drive the next leg of growth. ^[27]

4. Massive bond sale: how Amazon is funding its AI ambitions

One of the more technical, but important, developments around Amazon stock this week is its new multi‑tranche bond offering.

According to the company’s Form 424B5 prospectus supplement, Amazon is issuing roughly $15 billion in new debt, spread across five note maturities: 2030, 2033, 2035, 2055 and 2065. ^[28]

Highlights:

Total principal: about $14.96 billion. ^[29]
Coupons range roughly from 4.10% (2030 notes) to 5.55% (2065 notes), with interest paid semi‑annually. ^[30]
Settlement is expected around November 20, 2025, with interest accruing from that date. ^[31]

This offering helps explain why some analysts and traders today point to “bond sales” and “AI capex” as reasons Amazon shares have cooled off despite strong Q3 numbers: investors are trying to gauge how much leverage and spending is “too much”, even though Amazon’s debt‑to‑equity ratio remains low at around 0.15. ^[32]

5. Black Friday Week starts today — a key real‑time demand test

From a revenue standpoint, today is a big day: Amazon’s official Black Friday Week and Cyber Monday deal eventskick off November 20 at 12:01 a.m. PST and run through December 1. ^[33]

According to Amazon’s press release and syndicated coverage: ^[34]

The event features “millions of deals” across more than 35 product categories, including electronics, home, beauty, fashion, toys, kitchen and grocery.
Discounts reach 40–55% on selected top brands and categories.
Amazon is pairing the shopping push with heavy Prime Video sports programming on Black Friday itself to keep customers engaged on‑platform.

Zacks notes that the retail sector overall is having a strong Q3 earnings season, with companies it tracks seeing +18.5% earnings growth on +8.4% revenue growth, and highlights Amazon as one of the anchors of that trend. ^[35]

For AMZN stock, Black Friday Week matters less for the headline discount percentages and more for what it signals about consumer demand and margins:

Strong top‑line performance with decent margins could reinforce the bullish narrative that Amazon can grow through the cycle.
Aggressive discounting that boosts sales but compresses margins might re‑ignite worries that retail is being sacrificed to fund AI and AWS.

Investors will be listening for holiday sales commentary in January’s Q4 earnings call (currently projected around late January 2026). ^[36]

6. Institutional flows & Wall Street sentiment today

Several 13F‑style filings and institutional notes published today give a mixed but mostly constructive picture of how big money is treating Amazon stock.

Who’s trimming

Oppenheimer Asset Management cut its AMZN stake by 8.3% in Q2, selling about 66,500 shares and ending with 739,511 shares, still its third‑largest holding at about 1.9% of the portfolio. ^[37]
Lane Generational LLC reduced its position by 19.9%, to around 18,383 shares, though Amazon still accounts for roughly 3.8% of its portfolio. ^[38]

These moves support the idea that some managers are taking profits or de‑risking mega‑cap tech after a powerful multi‑year run.

Who’s adding

Nisa Investment Advisors increased its Amazon stake slightly, up 0.3% to just under 2.0 million shares, worth about $439 million and now its 6th‑largest holding. ^[39]
A MarketBeat summary notes that Wall Street expects Amazon to earn about $6.31 per share in 2025, rising to $7.44 in 2026, implying ~18% EPS growth next year. ^[40]

Valuation & rating backdrop

Today’s pieces from Simply Wall St and 24/7 Wall St add color on where the Street thinks Amazon goes from here: ^[41]

Simply Wall St estimates Amazon is about 5.1% undervalued at current prices, with an intrinsic value around $234.75 and a 31x P/E vs a fair multiple closer to 36x.
24/7 Wall St notes that after a recent 10.98% slide over five sessions, AMZN is up only about 1% year‑to‑date and roughly 10% over the past year, but still sees:
- Street median 12‑month target: around $294.97 (≈32% upside).
- Its own year‑end 2025 target: $250.85 (~13% upside).
- A 2030 price target: about $524.67, implying more than 135% upside over five years if growth and margins evolve as modeled.

Meanwhile, some cautionary notes have appeared:

A recent Rothschild Redburn downgrade cited AWS growth concerns, adding to the sense that Amazon could face stiffer cloud competition from Microsoft and Google. ^[42]
Articles from outlets like The Motley Fool and others earlier this week linked a 3–4% single‑day drop in Amazon shares to a mix of regulatory worries and analyst downgrades. ^[43]

7. How strong is Amazon’s long‑term story after the recent pullback?

From a fundamental, multi‑year perspective, the case for Amazon remains built on three pillars: e‑commerce, AWS, and advertising, with AI running across all of them.

Recent analysis across major outlets highlights: ^[44]

E‑commerce: growth is steadier, not spectacular, but Amazon’s logistics scale, same‑day delivery expansion and extended holiday return window through Jan. 31, 2026, keep it highly competitive. ^[45]
AWS: back to ~20% growth, with AI workloads and “Project Rainier” – a next‑generation AI data center that came online in late October – expected to support strong cloud demand into 2026.
Advertising: now a tens‑of‑billions‑per‑year business growing in the low‑to‑mid‑20% range, with high margins that help offset heavy capex. ^[46]
AI & automation: leaks and commentary suggest Amazon aims to replace hundreds of thousands of warehouse roles with robots over time, cutting per‑item fulfillment costs and supporting margin expansion. ^[47]

At the same time, investors need to balance those strengths against several non‑trivial risks:

Regulation: FTC actions in the U.S., DMA and data rules in Europe, and broader scrutiny of marketplace power and labor practices. ^[48]
Capex burden: full‑year $125B+ capex for 2025, with more to come, funded in part by new long‑dated bonds. ^[49]
Cloud competition: AWS is growing again, but both Azure and Google Cloud are also investing aggressively, and some analysts worry about market share erosion if AWS can’t keep pace. ^[50]
Tech rotation: with the broader market near highs, periodic rotations out of expensive mega‑caps can hit stocks like Amazon disproportionately hard – as seen in recent sessions. ^[51]

8. What today’s setup means if you own — or are watching — AMZN

Nothing in this article is investment advice, but zooming out from the noise, today’s picture for Amazon stock looks something like this:

Bullish factors (supporting the long‑term “buy the dip” narrative):

Q3 showed double‑digit revenue growth, EPS 25% above estimates, and AWS +20% YoY. ^[52]
Advertising and cloud — two of Amazon’s most profitable lines — are both growing faster than the core retail business. ^[53]
The stock trades below most published 12‑month targets and modestly below certain fair‑value estimates, even after a decade‑long 500%+ rally. ^[54]

Bearish / cautious factors (supporting a “wait and see” or “trim” stance):

Regulatory momentum is clearly building on both sides of the Atlantic. The FTC settlement and EU cloud probe could be signs of more to come. ^[55]
Capex + debt: $125B+ a year in capex and a fresh ~$15B bond sale raise questions about future free cash flow if macro growth slows or AI returns disappoint. ^[56]
Sentiment: recent downgrades and a double‑digit pullback from the all‑time high suggest that perfection is no longer priced in – and that further disappointments on AWS or margins could spark more volatility. ^[57]

For long‑term investors, today looks like one of those inflection points where fundamentals and headlines diverge:

The numbers (earnings, revenue, AWS growth) remain strong.
The narrative (regulation, capex, competition) has clearly become more challenging.

For short‑term traders, the main question into the close and tomorrow’s session will be whether the stock can stabilize near the $220–225 range or whether newsflow around the FTC refunds, EU probe and bond sale leads to another leg down. ^[58]

Either way, November 20, 2025 is shaping up as a key date in the ongoing tug‑of‑war between Amazon’s impressive fundamentals and its mounting external risks.

This article is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Always do your own research or consult a licensed financial advisor before making investment decisions.

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