01—Abstract
Summary
Summary of the 10-K filed February 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Amazon.com, Inc. (AMZN) reported strong financial results for the fiscal year ending December 31, 2025, with consolidated net sales growing by 12% to $716.9 billiona.
This growth was driven by a 10% increase in North America sales to $426.3 billionb, a 13% increase in International sales to $161.9 billion, and a significant 20% surge in Amazon Web Services (AWS) sales to $128.7 billion. Despite a substantial increase in operating expenses, particularly in technology and infrastructure which grew by 23%, Amazon maintained robust operating income, reaching $79.9 billion. This performance was bolstered by a strong increase in AWS operating income, which grew to $45.6 billion.
The company's financial position remains solid, with cash, cash equivalents, and marketable securities totaling $123.0 billionc, providing ample liquidity. Key investments continue in technology and infrastructure, including AI initiatives, underscoring Amazon's commitment to long-term growth and innovation.
02—Key points
Key Highlights
- Consolidated net sales increased 12% year-over-year to $716.9 billion in 2025.
- AWS segment sales grew 20% to $128.7 billion, demonstrating continued strong demand for cloud services.
- North America segment sales increased 10% to $426.3 billion, driven by unit sales and advertising.
- International segment sales increased 13% to $161.9 billion, also supported by unit sales and advertising.
- Operating income increased to $79.9 billion, up from $68.6 billion in 2024, despite a significant rise in technology and infrastructure costs.
- Cash, cash equivalents, and marketable securities totaled $123.0 billion as of December 31, 2025, indicating strong liquidity.
- Significant investments continue in technology and infrastructure, particularly for AI initiatives, with technology and infrastructure costs growing 23% to $108.5 billion.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Amazon.com Inc kept $0.09.
- Revenue$716.92B100.0%
- Cost of revenue−$356.41B49.7%
- Gross profit$360.51B50.3%
- Operating costs−$280.54B39.1%
- Operating income$79.97B11.2%
- Interest, other & tax−$14.03B2.0%
- Net income$65.94B9.2%
Where FY2025 revenue went
$716.92B- Cost of revenue: $356.41B, 50% of revenue
- Operating costs: $280.54B, 39% of revenue
- Net income: $65.94B, 9.2% of revenue
- Interest, other & tax: $14.03B, 2.0% of revenue
Kept 9.2% as net incomeNet income $65.94B · 9.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 6, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $716.92B$637.96B | +12.4% |
| Cost of Revenue | $356.41B$326.29B | +9.2% |
| Gross Profit | $360.51B$311.67B | +15.7% |
| Operating Expenses | $636.95B$569.37B | +11.9% |
| Operating Income | $79.97B$68.59B | +16.6% |
| Net Income | $65.94B$59.25B | +11.3% |
| EPS (Basic) | $7.29$5.66 | +28.8% |
| EPS (Diluted) | $7.17$5.53 | +29.7% |
| Shares Outstanding (Basic) | 10.66B10.47B | +1.7% |
| Shares Outstanding (Diluted) | 10.83B10.72B | +1.0% |
05—Questions
Frequently Asked Questions
How did Amazon's revenue grow in 2025?
Amazon's consolidated net sales grew by 12% in 2025, reaching $716.9 billion. This growth was primarily driven by increases in its North America, International, and AWS segments, with AWS showing a particularly strong 20% growth.
What are the key drivers of Amazon's increased operating expenses?
Operating expenses saw a notable increase, particularly in technology and infrastructure, which grew by 23% to $108.5 billion. This is largely attributed to investments in infrastructure to support AWS growth and ongoing initiatives, including artificial intelligence and machine learning.
What is the company's financial health and liquidity position?
Amazon maintains a strong financial position, with cash, cash equivalents, and marketable securities totaling $123.0 billion as of December 31, 2025. This substantial liquidity provides flexibility for ongoing investments and operations.
Are there any significant legal or regulatory issues impacting the company?
The company is involved in various ongoing legal proceedings and regulatory investigations, including antitrust and competition claims in multiple jurisdictions, patent infringement lawsuits, and data protection matters. While Amazon disputes these allegations and defends itself vigorously, the outcomes are inherently unpredictable and could potentially have a material impact on financial results.
06—Continue