The company operates online and physical stores that sell a wide variety of products directly and through third-party sellers, along with a subscription program offering shipping, media, and other benefits. It manufactures and sells electronic devices and produces media content, and it operates a cloud computing business that provides on-demand computing, storage, database, analytics, and machine learning services to developers and enterprises. The company also offers programs for content creators to publish and sell works, and it provides advertising services to sellers, vendors, publishers, and other businesses.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 716,924 | 637,959 | 574,785 | 3 |
| · Online stores | 269,287 | 247,029 | 231,872 | |
| · Third-party seller services | 172,162 | 156,146 | 140,053 | |
| · AWS | 128,725 | 107,556 | 90,757 | |
| · Advertising services | 68,635 | 56,214 | 46,906 | |
| · Subscription services | 49,619 | 44,374 | 40,209 | |
| · Physical stores | 22,561 | 21,215 | 20,030 | |
| · Other | 5,935 | 5,425 | 4,958 | |
| Cost of revenue | 356,414 | 326,288 | 304,739 | 1 |
| Selling, general and administrative | 11,172 | 11,359 | 11,816 | |
| Depreciation, depletion and amortization | 65,756 | 52,795 | 48,663 | |
| Impairments | 1,300 | — | — | |
| Total operating expenses | 636,949 | 569,366 | 537,933 | |
| Operating income | 79,975 | 68,593 | 36,852 | 1 |
| Interest expense | — | — | 3,182 | |
| Other income (expense), net | 17,336 | 21 | 705 | |
| Income before income taxes | 97,311 | 68,614 | 37,557 | |
| Income tax provision | 19,087 | 9,265 | 7,120 | 2 |
| Net income attributable to common | 77,670 | 59,248 | 30,425 | 2 |
| Diluted earnings per share | $7.17 | $5.53 | $2.90 | |
| Weighted-average diluted shares | 10,827 | 10,721 | 10,492 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 77,670 | 59,248 | 30,425 | |
| Depreciation, depletion and amortization | 65,756 | 52,795 | 48,663 | |
| Share-based compensation | 19,467 | 22,011 | 24,023 | |
| Deferred income taxes | 11,470 | (4,648) | (5,876) | |
| Change in inventories | 3,002 | 1,884 | (1,449) | |
| Change in payables | 11,231 | 2,972 | 5,473 | |
| Net cash provided by operating activities | 139,514 | 115,877 | 84,946 | 3 |
| Net cash used in investing activities | (142,545) | (94,342) | (49,833) | |
| Repurchases of common stock | — | 0 | 0 | |
| Debt issued | 15,673 | 0 | 0 | |
| Debt repaid | 5,021 | 9,182 | 3,676 | |
| Net cash used in financing activities | 9,661 | (11,812) | (15,879) | 1 |
| Cash and equivalents at end of period | 90,106 | 82,312 | 73,890 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 86,810 | 78,779 | |
| Short-term investments | 36,219 | 22,423 | |
| Receivables, net | 67,729 | 55,451 | 1 |
| Inventories | 38,325 | 34,214 | 1 |
| Total current assets | 229,083 | 190,867 | |
| Property, plant and equipment, net | 357,025 | 252,665 | |
| Goodwill | 23,273 | 23,074 | 1 |
| Intangible assets, net | 8,034 | 7,439 | |
| Total assets | 818,042 | 624,894 | 1 |
| Accounts payable | 121,909 | 94,363 | |
| Current debt | 2,748 | 5,017 | |
| Total current liabilities | 218,005 | 179,431 | |
| Long-term debt | 65,648 | 52,623 | |
| Stockholders' equity | 411,065 | 285,970 | |
| Total equity | 411,065 | 285,970 |
| Segments · as filed in the segment note · $ millions | North America | International | AWS | Corporate / other | Consolidated |
|---|---|---|---|---|---|
| Net sales | 426,305 | 161,894 | 128,725 | — | 716,924 |
| Operating income | 29,619 | 4,750 | 45,606 | — | 79,975 |
| · operating margin | 6.9% | 2.9% | 35.4% | — | 11.2% |
| Assets | 235,652 | 81,984 | 252,588 | 247,818 | 818,042 |
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Online stores | 269,287 | 37.6% |
| Third-party seller services | 172,162 | 24.0% |
| AWS | 128,725 | 18.0% |
| Advertising services | 68,635 | 9.6% |
| Subscription services | 49,619 | 6.9% |
| Physical stores | 22,561 | 3.1% |
| Other | 5,935 | 0.8% |
| Total revenues, as filed | 716,924 | 100.0% |
Product lines sum to the filed total.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 489,657 | 68.3% |
| Rest of world | 107,467 | 15.0% |
| Germany | 45,900 | 6.4% |
| United Kingdom | 43,212 | 6.0% |
| Japan | 30,688 | 4.3% |
| Total revenues, as filed | 716,924 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 818,042 | 624,894 | +193,148 | +30.9% | — |
| Stockholders' equity · BS | 411,065 | 285,970 | +125,095 | +43.7% | — |
| Total equity · BS | 411,065 | 285,970 | +125,095 | +43.7% | — |
| Property, plant and equipment, net · BS | 357,025 | 252,665 | +104,360 | +41.3% | — |
| Total revenues · IS | 716,924 | 637,959 | +78,965 | +12.4% | — |
| Total operating expenses · IS | 636,949 | 569,366 | +67,583 | +11.9% | — |
| Net cash used in investing activities · CF | (142,545) | (94,342) | −48,203 | -51.1% | ◐ outsized |
| Total current liabilities · BS | 218,005 | 179,431 | +38,574 | +21.5% | — |
| Total current assets · BS | 229,083 | 190,867 | +38,216 | +20.0% | — |
| Cost of revenue · IS | 356,414 | 326,288 | +30,126 | +9.2% | — |
| Income before income taxes · IS | 97,311 | 68,614 | +28,697 | +41.8% | — |
| Accounts payable · BS | 121,909 | 94,363 | +27,546 | +29.2% | — |
| Net cash provided by operating activities · CF | 139,514 | 115,877 | +23,637 | +20.4% | — |
| · Online stores · IS | 269,287 | 247,029 | +22,258 | +9.0% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 22.3% sector median 19.8% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +1.3% sector median -2.5% | diluting |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.17 sector median 0.26 | low |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 3 of 5 | volatile |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 13.6% sector median 11.7% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 155,667 | 167,702 | 180,169 | 181,519 | 200,606 |
| Cost of revenue | 76,976 | 80,809 | 88,670 | 87,463 | 95,778 |
| Selling, general and administrative | 2,628 | 2,965 | 2,875 | 2,587 | 2,788 |
| Depreciation, depletion and amortization | 14,262 | 15,227 | 16,796 | 18,945 | 19,988 |
| Total operating expenses | 137,262 | 148,531 | 162,747 | 157,667 | 173,145 |
| Operating income | 18,405 | 19,171 | 17,422 | 23,852 | 27,461 |
| Interest expense | 541 | 516 | 538 | 800 | 1,314 |
| Other income (expense), net | 3,274 | 1,686 | 10,748 | 15,982 | 53,396 |
| Income before income taxes | 21,679 | 20,857 | 28,170 | 39,834 | 80,857 |
| Income tax provision | 4,553 | 2,678 | 6,910 | 9,560 | 18,199 |
| Net income attributable to common | 17,127 | 18,164 | 21,187 | 30,255 | 62,647 |
| Diluted earnings per share | $1.59 | $1.68 | $1.95 | $2.78 | $5.75 |
| Weighted-average diluted shares | 10,793 | 10,806 | 10,845 | 10,874 | 10,903 |
| Net cash provided by operating activities | 17,015 | 32,515 | 35,525 | 26,032 | 45,387 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Income before income taxes | 39,834 | 80,857 | +41,023 | +103.0% |
| Other income (expense), net | 15,982 | 53,396 | +37,414 | +234.1% |
| Net income attributable to common | 30,255 | 62,647 | +32,392 | +107.1% |
| Net cash provided by operating activities | 26,032 | 45,387 | +19,355 | +74.4% |
| Total revenues | 181,519 | 200,606 | +19,087 | +10.5% |
| Total operating expenses | 157,667 | 173,145 | +15,478 | +9.8% |
| Income tax provision | 9,560 | 18,199 | +8,639 | +90.4% |
| Cost of revenue | 87,463 | 95,778 | +8,315 | +9.5% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $2,118,061M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 15 filings · 0 buys / 27 sells | net selling · −$365,022,213 |
| · Bezos Jeffrey P | SELL $346,453,514 | Form 4 filed 2026-08-05 · open market |
| · Zapolsky David | SELL $2,404,951 | Form 4 filed 2026-08-25 · open market |
| · Jassy Andrew R | SELL $1,950,685 | Form 4 filed 2026-08-25 · open market |
| · Jassy Andrew R | SELL $1,934,300 | Form 4 filed 2026-08-25 · open market |
| · Olsavsky Brian T | SELL $1,606,633 | Form 4 filed 2026-08-25 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | David A. Zapolsky, Senior Vice President, Chief Global Affairs and Legal Officer | November 3, 2025 · 64,059 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Douglas J. Herrington, CEO Worldwide Amazon Stores | November 10, 2025 · 132,937 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Keith B. Alexander, a member of our Board of Directors | November 11, 2025 · 1,800 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Shelley L. Reynolds, Vice President, Worldwide Controller | November 11, 2025 · 9,744 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Andrew R. Jassy, President and Chief Executive Officer | November 14, 2025 · 142,224 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Jeffrey P. Bezos, our founder and Executive Chair | November 14, 2025 · 15,000,000 shares · 10-K insider trading arrangements |
| · 10b5-1 terminated | Brian T. Olsavsky, Senior Vice President and Chief Financial Officer | November 19, 2025 · 53,249 shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Amazon's Form 10-K for FY2025 (accession 0001018724-26-000004), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. AMZN is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.