10-KPeriod: FY2025

AMAZON COM INC Annual Report, Year Ended Dec 31, 2025

Filed February 6, 2026For Securities:AMZN

Summary

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 billion. This growth was driven by a 10% increase in North America sales to $426.3 billion, 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 billion, providing ample liquidity. Key investments continue in technology and infrastructure, including AI initiatives, underscoring Amazon's commitment to long-term growth and innovation.

Financial Highlights

53 data points
Beta

Revenue

$716.92B

50.3% Gross Margin

Net Income

$65.94B

9.2% Net Margin

EPS (Diluted)

$7.17

Total Assets

$818.04B

Cash & Equivalents

$86.81B

Free Cash Flow

$113.90B

Financial Statements
Beta
Revenue$716.92B
Cost of Revenue$356.41B
Gross Profit$360.51B
Operating Expenses$636.95B
Operating Income$79.97B
Net Income$65.94B
EPS (Basic)$7.29
EPS (Diluted)$7.17
Shares Outstanding (Basic)10.66B
Shares Outstanding (Diluted)10.83B

Key Highlights

  • 1Consolidated net sales increased 12% year-over-year to $716.9 billion in 2025.
  • 2AWS segment sales grew 20% to $128.7 billion, demonstrating continued strong demand for cloud services.
  • 3North America segment sales increased 10% to $426.3 billion, driven by unit sales and advertising.
  • 4International segment sales increased 13% to $161.9 billion, also supported by unit sales and advertising.
  • 5Operating income increased to $79.9 billion, up from $68.6 billion in 2024, despite a significant rise in technology and infrastructure costs.
  • 6Cash, cash equivalents, and marketable securities totaled $123.0 billion as of December 31, 2025, indicating strong liquidity.
  • 7Significant investments continue in technology and infrastructure, particularly for AI initiatives, with technology and infrastructure costs growing 23% to $108.5 billion.

Frequently Asked Questions

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.

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.

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.

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.