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Amazon.com (AMZN) FY2025 results: revenue $716.9 billion, up 12.4% on the year

Amazon.com Inc. (AMZN) reported revenue of $716.9 billion for fiscal 2025, the year ended 31 December 2025, up 12.4% on the year before. Net income was $77.7 billion, up 31.1%, and diluted earnings per share $7.17. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue
$716.9 billion
+12.4% on the year
FY2018FY2025
Operating margin
11.2%
10.8% a year earlier
FY2018FY2025
Net income
$77.7 billion
+31.1% on the year
FY2018FY2025
Diluted EPS
$7.17
+29.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new.

  • Net sales grew 14% in quarter: Net sales were $213.4 billion. Excluding a $2.8 billion favorable foreign exchange effect, growth was 12%.
  • Operating income rose to $25.0B: Operating income included three special charges. Without them, operating income would have been $27.4 billion.
  • AWS sales grew 24%: AWS operating income was $12.5 billion, compared with $10.6 billion a year earlier.
  • Severance and impairment charges booked: Severance was an estimated $730 million, and asset impairments of $610 million were mainly for physical stores.
  • Italy tax and lawsuit charge: A $1.1 billion charge covered resolving tax disputes linked to the Italy stores business and settling a lawsuit.
Read the Q4 FY2025 earnings call summary

From this 10-K

The filing states that Amazon seeks to be Earth's most customer-centric company, guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. It serves several customer sets at once: consumers, sellers, developers, enterprises, content creators, advertisers and employees. Operations are organised into three segments, North America, International and Amazon Web Services, which is how management evaluates performance and runs the business.

Amazon.com Inc., the 10-K for 2025

The filing states that Amazon seeks to be Earth's most customer-centric company, guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. It serves several customer sets at once: consumers, sellers, developers, enterprises, content creators, advertisers and employees. Operations are organised into three segments, North America, International and Amazon Web Services, which is how management evaluates performance and runs the business.

Consumers

Consumers are served through online and physical stores built around selection, price and convenience, with the stores designed so that hundreds of millions of unique products can be sold both by Amazon and by third parties across dozens of categories. Customers reach those offerings through websites, mobile apps, Alexa, devices, streaming and by walking into a store. The company also makes and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, Ring, Blink and eero, and it develops and produces media content. The stated aim is low prices, fast and free delivery, easy-to-use functionality and timely customer service. Subscriptions include Amazon Prime, a membership giving fast free shipping on tens of millions of items along with access to movies and series, live sports and other benefits. Orders are filled through the North America and International fulfilment networks the company operates, through co-sourced and outsourced arrangements in certain countries, by digital delivery and through the physical stores, with customer service centres run globally and supplemented by co-sourced arrangements.

Sellers, developers and creators

Seller programmes let third parties grow their businesses, sell in Amazon's stores and fulfil orders using Amazon's services, and in those transactions Amazon is not the seller of record; it earns fixed fees, a percentage of sales, per-unit activity fees, interest, or some combination. Amazon Web Services serves developers and enterprises of all sizes, including start-ups, government agencies and academic institutions, with on-demand technology services covering compute, storage, database, analytics, artificial intelligence and machine learning and more. Other programmes let authors, independent publishers, musicians, filmmakers, Twitch streamers and skill and app developers publish and sell content. Advertising services, including sponsored ads, display and video, are sold to sellers, vendors, publishers, authors and others.

Competition

The worldwide marketplace the company competes in is described as evolving rapidly and intensely competitive, with rivals from many industry sectors. They include physical, e-commerce and omnichannel retailers, publishers, vendors, distributors, manufacturers and producers; producers and distributors of physical, digital and interactive media; web search engines, comparison shopping sites, social networks, portals and virtual assistants; companies providing e-commerce services such as website development and hosting, inventory and supply chain management, advertising, fulfilment, customer service and payment processing; fulfilment and logistics providers; information technology and cloud infrastructure providers, including in artificial intelligence; consumer electronics makers; online and physical grocers; advertising services; and providers of virtual or in-person healthcare. The company names selection, price and convenience, including fast and reliable fulfilment, as the principal competitive factors in retail, with quality, speed and reliability of services and tools and customers' willingness to change business practices mattering for seller and enterprise services. Some competitors have greater resources, longer histories, more customers and greater control over critical inputs, and the internet and technologies including artificial intelligence make it easier for new and smaller businesses to enter and for shoppers to compare.

Intellectual property, seasons and people

Trademarks, service marks, copyrights, patents, domain names, trade dress, trade secrets and proprietary technologies are treated as critical, protected through law, trade-secret protection and confidentiality and licence agreements, with domain names, trademarks and copyrights registered and patent applications filed in the United States and abroad. Sales volume has historically been higher in the fourth quarter. At 31 December 2025 the company employed approximately 1,576,000 full-time and part-time people, supplemented by independent contractors and temporary personnel, and it describes competition for qualified staff as intense, particularly for software engineers, computer scientists and other technical roles. Over 300,000 employees worldwide have taken part in Amazon Career Choice, its education funding programme.

From Amazon.com's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue716,924637,959574,785+12.4%
Cost of revenue356,414326,288304,739+9.2%
Gross profit360,510311,671270,046+15.7%
Gross margin50.3%48.9%47.0%
Operating income79,97568,59336,852+16.6%
Operating margin11.2%10.8%6.4%
Interest expense2,2742,4063,182-5.5%
Pre-tax income97,31168,61437,557+41.8%
Income tax19,0879,2657,120+106.0%
Effective tax rate19.6%13.5%19.0%
Net income77,67059,24830,425+31.1%
Net margin10.8%9.3%5.3%
Diluted EPS$7.17$5.53$2.90+29.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow139,514115,87784,946+20.4%
Capital expenditure131,81982,99952,729+58.8%
Free cash flow7,69532,87832,217-76.6%
Free cash flow margin1.1%5.2%5.6%
Cash from investing-142,545-94,342-49,833
Cash from financing9,661-11,812-15,879
Depreciation and amortisation65,75652,79548,663+24.5%
Share-based compensation19,46722,01124,023-11.6%
Buybacksn/a0.00.0
Diluted shares, weighted10,827m10,721m10,492m+1.0%
Shares outstanding at period end10,731m10,593m10,383m+1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity411,065285,970201,875+43.7%
Short-term borrowings455151147+201.3%
Debt68,83658,00067,182+18.7%
Operating lease liabilities76,59769,05067,220+10.9%
Finance lease liabilities10,7429,22710,077+16.4%
Other liabilities250,347202,496181,353+23.6%
Total liabilities and equity818,042624,894527,854+30.9%
Fixed assets357,025252,665n/a+41.3%
Goodwill23,27323,07422,789+0.9%
Intangible assets9,1978,6027,687+6.9%
Investments36,21922,42313,393+61.5%
Cash and equivalents86,81078,77973,387+10.2%
Receivables67,72955,45152,253+22.1%
Inventory38,32534,21433,318+12.0%
Other assets199,464149,686325,027+33.3%
Total assets818,042624,894527,854+30.9%

10-K for the year ended 31 December 2025, filed 6 February 2026: the filing.