Amazon.com Prime Deep Dive Suggests 10x Value Potential for Members, 370M+ Subs Ending 2026, & Agentic Advantages; Prime Day Shifts ~$7B-$8B Incremental Revenue Into 2Q26

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Amazon.com Prime Deep Dive Suggests 10x Value Potential for Members, 370M+ Subs Ending 2026, & Agentic Advantages; Prime Day Shifts ~$7B-$8B Incremental Revenue Into 2Q26

Doug Anmuth AC North America Equity Research

(1-212) 622-6571 23 June 2026 J P M O R G A N

douglas.anmuth@jpmorgan.com

acquisition, or other parts of the Prime ecosystem, but we believe Prime Day’s financial

benefits extend well beyond the 4-day event period. SD delivery, everyday essentials

strength, 3P growth & the expansion of the Prime ecosystem have increased purchase

consideration & frequency. Cost to serve reductions position Amazon to better handle the

elevated demand of Prime Day, while also rationalizing inventory levels ahead of the

busy 2H shopping period. Our growth embeds some ongoing pressure from a volatile

macro environment & softer consumer sentiment, though Prime Day’s expansive

discounts and duration should support demand trends as consumers increasingly hunt for

deals. There is also an increased focus on agentic shopping during Prime Day, w/Alexa

for Shopping offering features such as personalized deals guides, deal & pricing alerts,

auto-buys, price history analysis, & other offerings.

• Prime Members at ~370M+ in 2026; Int’l still represents strong growth opportunity.

We project Prime will have 370M+ subscribers by the end of 2026, comprised of ~139M

US Members & ~231M Int’l Members — including Prime Business accounts —

strengthening Prime’s positioning as one of the most scaled & fastest growing global

subscription offerings. We estimate that Prime Member Net Adds will modestly decline

Y/Y in 2026 to 23M (vs. 25M in 2025). Prime is available in 27 int’l markets, which we

estimate combined represent a TAM of 1.1M online households. We estimate Prime is