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Amazon.com Announces Second Quarter Results image

Amazon.com Announces Second Quarter Results

 Amazon.com, Inc.  announced financial results for its second quarter ended June 30, 2025.

  • Net sales increased 13% to $167.7 billion in the second quarter, compared with $148.0 billion in second quarter 2024. Excluding the $1.5 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12% compared with second quarter 2024.
    • North America segment sales increased 11% year-over-year to $100.1 billion.
    • International segment sales increased 16% year-over-year to $36.8 billion, or increased 11% excluding changes in foreign exchange rates.
    • AWS segment sales increased 17.5% year-over-year to $30.9 billion.
  • Operating income increased to $19.2 billion in the second quarter, compared with $14.7 billion in second quarter 2024.
    • North America segment operating income was $7.5 billion, compared with $5.1 billion in second quarter 2024.
    • International segment operating income was $1.5 billion, compared with $0.3 billion in second quarter 2024.
    • AWS segment operating income was $10.2 billion, compared with $9.3 billion in second quarter 2024.
  • Net income increased to $18.2 billion in the second quarter, or $1.68 per diluted share, compared with $13.5 billion, or $1.26 per diluted share, in second quarter 2024.
  • Operating cash flow increased 12% to $121.1 billion for the trailing twelve months, compared with $108.0 billion for the trailing twelve months ended June 30, 2024.
  • Free cash flow decreased to $18.2 billion for the trailing twelve months, compared with $53.0 billion for the trailing twelve months ended June 30, 2024.

“Our conviction that AI will change every customer experience is starting to play out as we’ve expanded Alexa+ to millions of customers, continue to see our shopping agent used by many millions of customers, launched AI models like DeepFleet that optimize productivity paths for our 1M+ robots, made it much easier for software developers to write code with Kiro (our new agentic IDE), launched Strands to make it easier to build AI agents, and released Bedrock AgentCore to enable agents to be operated securely and scalably,” said Andy Jassy, President and CEO, Amazon. “Our AI progress across the board continues to improve our customer experiences, speed of innovation, operational efficiency, and business growth, and I’m excited for what lies ahead.”

Some other highlights since the company’s last earnings announcement include that Amazon:

  • Held its biggest Prime Day event ever, with customers saving billions of dollars and independent sellers achieving record sales.
  • Announced expansion of Same-Day and Next-Day Delivery to tens of millions of U.S. customers in 4,000+ smaller cities, towns, and rural communities by end of 2025.
  • Expanded selection with brands like Away, Aveda, Marc Jacobs Fragrances, Milk Makeup, and Origins.
  • Announced a Nike storefront on Amazon.com where U.S. customers will be able to shop a range of footwear, apparel, and accessories.
  • Launched generative AI tools to enhance shopping experience, including “Hear the highlights” to turn product summaries and reviews into audio clips, and “Enhance My Listing” to keep listings current and compelling.
  • Expanded Alexa+ Early Access to millions of customers.
  • Increased Project Kuiper’s satellite internet fleet in low earth orbit with two successful launches.
  • Announced Prime Video’s NBA broadcast team, including Stan Van Gundy, Kevin Harlan, Dwyane Wade, Taylor Rooks, Blake Griffin, Dirk Nowitzki, Steve Nash, and Candace Parker.
  • Drew approximately 2 million viewers per race and youngest audience among NASCAR broadcasters in more than a decade to Prime Video’s NASCAR Cup Series coverage.
  • Announced Denis Villeneuve as director of next James Bond film.
  • Announced integration with Roku that gives advertisers access to largest authenticated Connected TV footprint in the U.S., reaching an estimated 80 million households.
  • Innovated across Amazon Nova, including:
    • The most comprehensive suite of model customization capabilities.
    • Launched Nova Act, which makes it much easier for customers to build agents that can take automated actions across websites.
    • Expanded languages for Nova Sonic voice AI to include Spanish, French, Italian, and German.
  • Signed new AWS agreements with PepsiCo, Airbnb, Peloton, London Stock Exchange, Nissan Motor Co., GitLab Inc., SAP, Warner Bros. Discovery Sports, TwelveLabs, FICO, Iberia Airlines, SK Telecom, and NatWest Group.
  • Announced “AI Zones” in the Kingdom of Saudi Arabia (with HUMAIN) and Korea (with SK Group).
  • Announced multi-billion dollar investments to expand cloud infrastructure and advance AI innovation in North Carolina, Pennsylvania, and Australia.
  • Announced new AWS offerings, including:
    • Kiro, an agentic integrated development environment that transforms software development through innovations like spec-driven development, intelligent agent hooks, and a purpose-built interface for developer workflows.
    • Bedrock AgentCore for deploying and operating highly capable agents securely at enterprise scale.
    • General availability of AWS Transform, an AWS agent that cuts mainframe modernization timelines from years to months, completes VMware network conversions up to 80x faster, and reduces operating costs for .NET applications by up to 40%.
    • Strands Agents, an open source tool that enables developers to more easily build new agents, offering support for popular open source frameworks like A2A and MCP.
    • AI agents and tools in AWS Marketplace, with listings from leading providers including Anthropic, Accenture, PwC, Salesforce, and IBM, so customers can easily discover and deploy agents.
    • New foundation models in Amazon Bedrock, including Anthropic’s Claude 4 and TwelveLabs’ Marengo and Pegasus.
    • General availability of Amazon EC2 instances powered by NVIDIA Grace Blackwell Superchips, AWS’s most powerful GPU-accelerated instance for training and deploying the largest, most sophisticated AI models.
    • General availability of Oracle Database@AWS for seamless migration of Oracle Exadata and RAC workloads, zero-ETL integration with Amazon Redshift, and ability to build powerful ML and AI applications.
    • Amazon S3 Vectors, which delivers vector storage for AI agents, AI inference, and semantic search, reducing the cost of uploading, storing, and querying vectors by up to 90%.
  • Introduced DeepFleet, an AI model that makes Amazon’s one million+ robots work smarter by coordinating movements to find optimal paths and reduce bottlenecks, improving robot travel efficiency by 10%.
  • Enhanced inventory management with AI-powered demand forecasting, improving regional accuracy by 20%, and optimizing inventory placement and delivery speeds for millions of popular items.
  • Introduced Vulcan, Amazon’s first robot to combine sight and touch to navigate cluttered spaces like humans do, making jobs safer and easier.
  • Announced 700,000+ employees participated in upskilling programs to date.
  • Launched new robotics and engineering apprenticeships for U.S. employees.
  • Announced 134,000+ employees in 55 countries participated in Amazon’s Global Month of Volunteering, supporting 2,500+ organizations and communities.
  • Announced expansion of water recycling to 120+ AWS U.S. data centers by 2030, expected to preserve over 530 million gallons of drinking water annually.
  • Supported communities impacted by flooding in central Texas by donating 68,000+ relief items.

Financial Guidance
The following forward-looking statements reflect Amazon.com’s expectations as of July 31, 2025, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions, tariff and trade policies, and customer demand and spending (including the impact of recessionary fears), inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed below.

Third Quarter 2025 Guidance

  • Net sales are expected to be between $174.0 billion and $179.5 billion, or to grow between 10% and 13% compared with third quarter 2024. This guidance anticipates a favorable impact of approximately 130 basis points from foreign exchange rates.
  • Operating income is expected to be between $15.5 billion and $20.5 billion, compared with $17.4 billion in third quarter 2024.
  • This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.

 

AMAZON.COM, INC.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

Twelve Months Ended

June 30,

2024

2025

2024

2025

2024

2025

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD

$

73,332

$

69,893

$

73,890

$

82,312

$

50,067

$

71,673

OPERATING ACTIVITIES:

Net income

13,485

18,164

23,916

35,291

44,419

70,623

Adjustments to reconcile net income to net cash from operating activities:

Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other

12,038

15,227

23,722

29,489

49,673

58,562

Stock-based compensation

6,722

6,534

11,683

10,223

23,831

20,551

Non-operating expense (income), net

(95

)

(1,258

)

2,639

(4,075

)

1,310

(4,702

)

Deferred income taxes

(785

)

11

(1,723

)

518

(4,383

)

(2,407

)

Changes in operating assets and liabilities:

Inventories

(3,085

)

(4,054

)

(1,309

)

(5,276

)

2,142

(5,851

)

Accounts receivable, net and other

(2,209

)

(1,125

)

1,475

122

(9,556

)

(4,602

)

Other assets

(3,055

)

(2,971

)

(5,756

)

(6,373

)

(11,692

)

(15,100

)

Accounts payable

6,005

7,058

(5,277

)

(1,985

)

8,431

6,264

Accrued expenses and other

(4,147

)

(4,952

)

(7,075

)

(9,013

)

(1,802

)

(4,842

)

Unearned revenue

407

(119

)

1,975

609

5,579

2,641

Net cash provided by (used in) operating activities

25,281

32,515

44,270

49,530

107,952

121,137

INVESTING ACTIVITIES:

Purchases of property and equipment

(17,620

)

(32,183

)

(32,545

)

(57,202

)

(59,612

)

(107,656

)

Proceeds from property and equipment sales and incentives

1,227

815

2,217

1,579

4,633

4,703

Acquisitions, net of cash acquired, non-marketable investments, and other, net

(571

)

(1,700

)

(3,925

)

(1,652

)

(5,935

)

(4,809

)

Sales and maturities of marketable securities

3,265

11,441

4,657

19,178

7,618

30,924

Purchases of marketable securities

(8,439

)

(17,797

)

(10,404

)

(31,130

)

(11,058

)

(46,731

)

Net cash provided by (used in) investing activities

(22,138

)

(39,424

)

(40,000

)

(69,227

)

(64,354

)

(123,569

)

FINANCING ACTIVITIES:

Proceeds from short-term debt, and other

525

2,093

863

3,908

1,813

8,187

Repayments of short-term debt, and other

(229

)

(1,392

)

(633

)

(3,474

)

(15,066

)

(7,901

)

Proceeds from long-term debt

746

746

Repayments of long-term debt

(4,169

)

(2,751

)

(4,499

)

(2,751

)

(4,789

)

(7,434

)

Principal repayments of finance leases

(538

)

(411

)

(1,308

)

(821

)

(3,092

)

(1,556

)

Principal repayments of financing obligations

(79

)

(78

)

(169

)

(194

)

(306

)

(694

)

Net cash provided by (used in) financing activities

(4,490

)

(2,539

)

(5,746

)

(2,586

)

(21,440

)

(8,652

)

Foreign currency effect on cash, cash equivalents, and restricted cash

(312

)

1,008

(741

)

1,424

(552

)

864

Net increase (decrease) in cash, cash equivalents, and restricted cash

(1,659

)

(8,440

)

(2,217

)

(20,859

)

21,606

(10,220

)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

$

71,673

$

61,453

$

71,673

$

61,453

$

71,673

$

61,453

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for interest on debt, net of capitalized interest

$

680

$

523

$

949

$

759

$

2,201

$

1,668

Cash paid for operating leases

2,844

3,758

6,176

7,320

11,634

13,485

Cash paid for interest on finance leases

72

72

146

143

296

284

Cash paid for interest on financing obligations

50

52

114

107

210

212

Cash paid for income taxes, net of refunds

5,700

4,761

6,158

5,638

12,983

11,788

Assets acquired under operating leases

3,911

4,621

7,664

8,942

13,986

16,702

Property and equipment acquired under finance leases, net of remeasurements and modifications

181

937

223

991

617

1,622

Increase (decrease) in property and equipment acquired but not yet paid

2,760

(1,600

)

3,171

1,508

3,791

5,376

AMAZON.COM, INC.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2024

2025

2024

2025

Net product sales

$

61,569

$

68,246

$

122,484

$

132,216

Net service sales

86,408

99,456

168,806

191,153

Total net sales

147,977

167,702

291,290

323,369

Operating expenses:

Cost of sales

73,785

80,809

146,418

157,785

Fulfillment

23,566

25,976

45,883

50,569

Technology and infrastructure

22,304

27,166

42,728

50,160

Sales and marketing

10,512

11,416

20,174

21,179

General and administrative

3,041

2,965

5,783

5,593

Other operating expense (income), net

97

199

325

507

Total operating expenses

133,305

148,531

261,311

285,793

Operating income

14,672

19,171

29,979

37,576

Interest income

1,180

1,085

2,173

2,151

Interest expense

(589

)

(516

)

(1,233

)

(1,057

)

Other income (expense), net

(18

)

1,117

(2,691

)

3,866

Total non-operating income (expense)

573

1,686

(1,751

)

4,960

Income before income taxes

15,245

20,857

28,228

42,536

Provision for income taxes

(1,767

)

(2,678

)

(4,234

)

(7,231

)

Equity-method investment activity, net of tax

7

(15

)

(78

)

(14

)

Net income

$

13,485

$

18,164

$

23,916

$

35,291

Basic earnings per share

$

1.29

$

1.71

$

2.30

$

3.32

Diluted earnings per share

$

1.26

$

1.68

$

2.24

$

3.27

Weighted-average shares used in computation of earnings per share:

Basic

10,447

10,637

10,420

10,620

Diluted

10,708

10,806

10,689

10,800

AMAZON.COM, INC.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2024

2025

2024

2025

Net income

$

13,485

$

18,164

$

23,916

$

35,291

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax of $58, $(142), $88, and $(208)

(637

)

3,314

(1,733

)

4,849

Available-for-sale debt securities:

Change in net unrealized gains (losses), net of tax of $(69), $(12), $(227), and $(23)

241

40

777

77

Less: reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $(1), $5, $(1), and $814

3

(17

)

4

(2,471

)

Net change

244

23

781

(2,394

)

Other, net of tax of $(1), $(1), $(2), and $0

(2

)

(3

)

(1

)

(1

)

Total other comprehensive income (loss)

(395

)

3,334

(953

)

2,454

Comprehensive income

$

13,090

$

21,498

$

22,963

$

37,745

AMAZON.COM, INC.

Segment Information

(in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2024

2025

2024

2025

North America

Net sales

$

90,033

$

100,068

$

176,374

$

192,955

Operating expenses

84,968

92,551

166,326

179,597

Operating income

$

5,065

$

7,517

$

10,048

$

13,358

International

Net sales

$

31,663

$

36,761

$

63,598

$

70,274

Operating expenses

31,390

35,267

62,422

67,763

Operating income

$

273

$

1,494

$

1,176

$

2,511

AWS

Net sales

$

26,281

$

30,873

$

51,318

$

60,140

Operating expenses

16,947

20,713

32,563

38,433

Operating income

$

9,334

$

10,160

$

18,755

$

21,707

Consolidated

Net sales

$

147,977

$

167,702

$

291,290

$

323,369

Operating expenses

133,305

148,531

261,311

285,793

Operating income

14,672

19,171

29,979

37,576

Total non-operating income (expense)

573

1,686

(1,751

)

4,960

Provision for income taxes

(1,767

)

(2,678

)

(4,234

)

(7,231

)

Equity-method investment activity, net of tax

7

(15

)

(78

)

(14

)

Net income

$

13,485

$

18,164

$

23,916

$

35,291

Segment Highlights:

Y/Y net sales growth:

North America

9

%

11

%

11

%

9

%

International

7

16

8

10

AWS

19

17

18

17

Consolidated

10

13

11

11

Net sales mix:

North America

61

%

60

%

60

%

60

%

International

21

22

22

22

AWS

18

18

18

18

Consolidated

100

%

100

%

100

%

100

%

AMAZON.COM, INC.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

December 31, 2024

June 30, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

78,779

$

57,741

Marketable securities

22,423

35,439

Inventories

34,214

40,825

Accounts receivable, net and other

55,451

57,415

Total current assets

190,867

191,420

Property and equipment, net

252,665

297,616

Operating leases

76,141

82,125

Goodwill

23,074

23,155

Other assets

82,147

87,854

Total assets

$

624,894

$

682,170

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

94,363

$

98,285

Accrued expenses and other

66,965

66,974

Unearned revenue

18,103

21,662

Total current liabilities

179,431

186,921

Long-term lease liabilities

78,277

83,221

Long-term debt

52,623

50,718

Other long-term liabilities

28,593

27,535

Commitments and contingencies

Stockholders’ equity:

Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)

Common stock ($0.01 par value; 100,000 shares authorized; 11,108 and 11,175 shares issued; 10,593 and 10,660 shares outstanding)

111

112

Treasury stock, at cost

(7,837

)

(7,837

)

Additional paid-in capital

120,864

130,923

Accumulated other comprehensive income (loss)

(34

)

2,420

Retained earnings

172,866

208,157

Total stockholders’ equity

285,970

333,775

Total liabilities and stockholders’ equity

$

624,894

$

682,170

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except per share data)

(unaudited)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Y/Y %

Change

Cash Flows and Shares

Operating cash flow — trailing twelve months (TTM)

$

99,147

$

107,952

$

112,706

$

115,877

$

113,903

$

121,137

12

%

Operating cash flow — TTM Y/Y growth

82

%

75

%

57

%

36

%

15

%

12

%

N/A

Purchases of property and equipment, net of proceeds from sales and incentives — TTM

$

48,998

$

54,979

$

64,959

$

77,658

$

87,978

$

102,953

87

%

Free cash flow — TTM (1)

$

50,149

$

52,973

$

47,747

$

38,219

$

25,925

$

18,184

(66

)%

Common shares and stock-based awards outstanding

10,788

10,871

10,872

10,876

10,876

10,952

1

%

Common shares outstanding

10,403

10,490

10,511

10,593

10,613

10,660

2

%

Stock-based awards outstanding

385

381

361

283

263

292

(23

)%

Stock-based awards outstanding — % of common shares outstanding

3.7

%

3.6

%

3.4

%

2.7

%

2.5

%

2.7

%

N/A

Results of Operations

Worldwide (WW) net sales

$

143,313

$

147,977

$

158,877

$

187,792

$

155,667

$

167,702

13

%

WW net sales — Y/Y growth, excluding F/X

13

%

11

%

11

%

11

%

10

%

12

%

N/A

WW net sales — TTM

$

590,740

$

604,334

$

620,128

$

637,959

$

650,313

$

670,038

11

%

WW net sales — TTM Y/Y growth, excluding F/X

12

%

12

%

12

%

11

%

11

%

11

%

N/A

Operating income

$

15,307

$

14,672

$

17,411

$

21,203

$

18,405

$

19,171

31

%

F/X impact — favorable

$

72

$

29

$

16

$

14

$

53

$

153

N/A

Operating income — Y/Y growth, excluding F/X

219

%

91

%

55

%

60

%

20

%

30

%

N/A

Operating margin — % of WW net sales

10.7

%

9.9

%

11.0

%

11.3

%

11.8

%

11.4

%

N/A

Operating income — TTM

$

47,385

$

54,376

$

60,599

$

68,593

$

71,691

$

76,190

40

%

Operating income — TTM Y/Y growth, excluding F/X

252

%

205

%

129

%

86

%

51

%

40

%

N/A

Operating margin — TTM % of WW net sales

8.0

%

9.0

%

9.8

%

10.8

%

11.0

%

11.4

%

N/A

Net income

$

10,431

$

13,485

$

15,328

$

20,004

$

17,127

$

18,164

35

%

Net income per diluted share

$

0.98

$

1.26

$

1.43

$

1.86

$

1.59

$

1.68

33

%

Net income — TTM

$

37,684

$

44,419

$

49,868

$

59,248

$

65,944

$

70,623

59

%

Net income per diluted share — TTM

$

3.56

$

4.18

$

4.67

$

5.53

$

6.13

$

6.55

57

%

(1)

Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions)

(unaudited)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Y/Y %

Change

Segments

North America Segment:

Net sales

$

86,341

$

90,033

$

95,537

$

115,586

$

92,887

$

100,068

11

%

Net sales — Y/Y growth, excluding F/X

12

%

9

%

9

%

10

%

8

%

11

%

N/A

Net sales — TTM

$

362,288

$

369,775

$

377,425

$

387,497

$

394,043

$

404,078

9

%

Operating income

$

4,983

$

5,065

$

5,663

$

9,256

$

5,841

$

7,517

48

%

F/X impact — favorable (unfavorable)

$

8

$

8

$

(28

)

$

(49

)

$

(32

)

$

(46

)

N/A

Operating income — Y/Y growth, excluding F/X

454

%

58

%

32

%

44

%

18

%

49

%

N/A

Operating margin — % of North America net sales

5.8

%

5.6

%

5.9

%

8.0

%

6.3

%

7.5

%

N/A

Operating income — TTM

$

18,962

$

20,816

$

22,172

$

24,967

$

25,825

$

28,277

36

%

Operating margin — TTM % of North America net sales

5.2

%

5.6

%

5.9

%

6.4

%

6.6

%

7.0

%

N/A

International Segment:

Net sales

$

31,935

$

31,663

$

35,888

$

43,420

$

33,513

$

36,761

16

%

Net sales — Y/Y growth, excluding F/X

11

%

10

%

12

%

9

%

8

%

11

%

N/A

Net sales — TTM

$

134,012

$

135,978

$

139,729

$

142,906

$

144,484

$

149,582

10

%

Operating income

$

903

$

273

$

1,301

$

1,315

$

1,017

$

1,494

448

%

F/X impact — favorable (unfavorable)

$

(3

)

$

(94

)

$

43

$

6

$

(56

)

$

338

N/A

Operating income — Y/Y growth, excluding F/X

N/A

N/A

N/A

N/A

19

%

324

%

N/A

Operating margin — % of International net sales

2.8

%

0.9

%

3.6

%

3.0

%

3.0

%

4.1

%

N/A

Operating income (loss) — TTM

$

(506

)

$

662

$

2,058

$

3,792

$

3,906

$

5,127

674

%

Operating margin — TTM % of International net sales

(0.4

)%

0.5

%

1.5

%

2.7

%

2.7

%

3.4

%

N/A

AWS Segment:

Net sales

$

25,037

$

26,281

$

27,452

$

28,786

$

29,267

$

30,873

17

%

Net sales — Y/Y growth, excluding F/X

17

%

19

%

19

%

19

%

17

%

17

%

N/A

Net sales — TTM

$

94,440

$

98,581

$

102,974

$

107,556

$

111,786

$

116,378

18

%

Operating income

$

9,421

$

9,334

$

10,447

$

10,632

$

11,547

$

10,160

9

%

F/X impact — favorable (unfavorable)

$

67

$

115

$

1

$

57

$

141

$

(139

)

N/A

Operating income — Y/Y growth, excluding F/X

83

%

72

%

50

%

48

%

21

%

10

%

N/A

Operating margin — % of AWS net sales

37.6

%

35.5

%

38.1

%

36.9

%

39.5

%

32.9

%

N/A

Operating income — TTM

$

28,929

$

32,898

$

36,369

$

39,834

$

41,960

$

42,786

30

%

Operating margin — TTM % of AWS net sales

30.6

%

33.4

%

35.3

%

37.0

%

37.5

%

36.8

%

N/A

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except employee data)

(unaudited)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Y/Y %

Change

Net Sales

Online stores (1)

$

54,670

$

55,392

$

61,411

$

75,556

$

57,407

$

61,485

11

%

Online stores — Y/Y growth, excluding F/X

7

%

6

%

8

%

8

%

6

%

10

%

N/A

Physical stores (2)

$

5,202

$

5,206

$

5,228

$

5,579

$

5,533

$

5,595

7

%

Physical stores — Y/Y growth, excluding F/X

6

%

4

%

5

%

8

%

6

%

7

%

N/A

Third-party seller services (3)

$

34,596

$

36,201

$

37,864

$

47,485

$

36,512

$

40,348

11

%

Third-party seller services — Y/Y growth, excluding F/X

16

%

13

%

10

%

9

%

7

%

10

%

N/A

Advertising services (4)

$

11,824

$

12,771

$

14,331

$

17,288

$

13,921

$

15,694

23

%

Advertising services — Y/Y growth, excluding F/X

24

%

20

%

19

%

18

%

19

%

22

%

N/A

Subscription services (5)

$

10,722

$

10,866

$

11,278

$

11,508

$

11,715

$

12,208

12

%

Subscription services — Y/Y growth, excluding F/X

11

%

11

%

11

%

10

%

11

%

11

%

N/A

AWS

$

25,037

$

26,281

$

27,452

$

28,786

$

29,267

$

30,873

17

%

AWS — Y/Y growth, excluding F/X

17

%

19

%

19

%

19

%

17

%

17

%

N/A

Other (6)

$

1,262

$

1,260

$

1,313

$

1,590

$

1,312

$

1,499

19

%

Other — Y/Y growth (decline), excluding F/X

23

%

(6

)%

5

%

17

%

4

%

18

%

N/A

Stock-based Compensation Expense

Cost of sales

$

174

$

266

$

193

$

205

$

148

$

250

(6

)%

Fulfillment

$

636

$

944

$

696

$

697

$

497

$

880

(7

)%

Technology and infrastructure

$

2,772

$

3,670

$

2,961

$

2,747

$

2,060

$

3,655

%

Sales and marketing

$

932

$

1,224

$

1,012

$

916

$

653

$

1,207

(1

)%

General and administrative

$

447

$

618

$

471

$

430

$

331

$

542

(12

)%

Total stock-based compensation expense

$

4,961

$

6,722

$

5,333

$

4,995

$

3,689

$

6,534

(3

)%

Other

WW shipping costs

$

21,834

$

21,965

$

23,501

$

28,549

$

22,495

$

23,370

6

%

WW shipping costs — Y/Y growth

10

%

8

%

8

%

4

%

3

%

6

%

N/A

WW paid units — Y/Y growth (7)

12

%

11

%

12

%

11

%

8

%

12

%

N/A

WW seller unit mix — % of WW paid units (7)

61

%

61

%

60

%

62

%

61

%

62

%

N/A

Employees (full-time and part-time; excludes contractors & temporary personnel)

1,521,000

1,532,000

1,551,000

1,556,000

1,560,000

1,546,000

1

%

Employees (full-time and part-time; excludes contractors & temporary personnel) — Y/Y growth

4

%

5

%

3

%

2

%

3

%

1

%

N/A

(1)

Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.”

(2)

Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.”

(3)

Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.

(4)

Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising.

(5)

Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.

(6)

Includes sales related to various other offerings (such as shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements.

(7)

Excludes the impact of Whole Foods Market.

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