As of Q4'25, Amazon's EV/EBITDA ratio surged dramatically to 101.61, marking a significant spike compared to previous quarters. This latest data point represents an abrupt and substantial increase from Q3'25, where the ratio was 17.06. From Q1'23 to Q3'25, the EV/EBITDA ratio generally trended downward, declining from 23.37 in Q1'23 to a low of 15.44 in Q1'25, with minor fluctuations along the way. The ratio remained relatively stable in the mid-to-high teens before the extraordinary jump in Q4'25, which stands out as a major outlier and may indicate a significant shift in market valuation or underlying company fundamentals during that quarter.