According to its Form 10-K for 2025, Amazon runs online and physical stores, provides services to third-party sellers, sells subscriptions such as Amazon Prime, sells advertising, makes electronic devices and media content, and through AWS sells compute, storage, database, analytics and AI services to developers and enterprises.

What was Amazon's revenue in 2025?

Amazon reported total net sales of $716,924 million for 2025, the year ended December 31, 2025, in its Form 10-K filed on February 6, 2026. Operating income was $79,975 million and net income was $77,670 million.

How much revenue does AWS make?

AWS segment net sales were $128,725 million in 2025, with segment operating income of $45,606 million, according to Amazon's 2025 Form 10-K. For the six months ended June 30, 2026, AWS net sales were $79,819 million (unaudited), according to its Form 10-Q for that quarter.

What segments does Amazon report?

Three: North America, International, and Amazon Web Services (AWS). Its Form 10-Q for the quarter ended June 30, 2026 uses the same three segments.

How much does Amazon make from advertising?

Amazon reported advertising services net sales of $68,635 million in 2025, according to its Form 10-K. These are sales of advertising services to sellers, vendors, publishers, authors and others, through sponsored ads, display and video advertising.

Does Amazon own stakes in Anthropic and OpenAI?

Yes. Amazon's filings say it holds convertible notes and nonvoting preferred stock of Anthropic and, from 2026, Series C preferred stock of OpenAI. Its Form 10-Q for the quarter ended June 30, 2026 says it invested $28.7 billion in OpenAI Series C preferred stock in the first half of 2026 and the remaining $21.3 billion of its commitment after June 30, 2026.

Andy Jassy (Andrew R. Jassy) has been President and Chief Executive Officer since July 2021. Jeff Bezos (Jeffrey P. Bezos), who founded Amazon in 1994, has been Executive Chair since July 2021. Matt Garman (Matthew S. Garman) has been CEO of Amazon Web Services since June 2024. All according to Amazon's Form 10-K for 2025.

Does Amazon buy back its stock?

Amazon's board authorized a program in March 2022 to repurchase up to $10.0 billion of its common stock. Amazon says it made no repurchases in 2023, 2024 or 2025, nor in the first six months of 2026, and had $6.1 billion remaining under the program as of June 30, 2026.

Where is Amazon headquartered?

Amazon's principal executive offices are at 410 Terry Avenue North, Seattle, Washington. Its 10-K says it owns and leases corporate headquarters in Washington's Puget Sound region and in Arlington, Virginia.

DalsnaFinance Account

Amazon $AMZN

Consumer Discretionary · Broadline Retail · NASDAQ

Profile updated Oct 13, 2026 Figures as of Oct 11, 2026

S&P 500 Nasdaq-100 Dow Jones Russell 1000 Washington Hot

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$262.78

+0.15 (+0.06%)

As of Oct 21, 2026, 12:13 PM EDT

Price history

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Today's analyst average Analyst average over timeIndividual analyst targets Analyst history starts Jul 15, 2026, the first target we tracked for AMZN.

Key facts

52-week range (closes): $198.79 – $284.02 Lowest close Feb 13, 2026, highest Aug 3, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Next earnings: Oct 29, 2026, after the close · EPS forecast $2.02 Nasdaq earnings calendar, as of Oct 21, 2026
Fiscal year ends: December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since: Nov 18, 2005 · All S&P 500 changes
In the Nasdaq-100 since: before 2007 · All Nasdaq-100 changes
In the Dow since: Feb 26, 2024, replacing Walgreens Boots Alliance (WBA) · All Dow changes
Analyst coverage: 28 open price targets from 21 firms: Wells Fargo, Evercore ISI, Goldman Sachs, KeyBanc Capital Markets, Mizuho, Rosenblatt Securities, Barclays, BMO Capital Markets, Cantor Fitzgerald, Citizens JMP, HSBC, Jefferies, Morgan Stanley, Scotiabank, TD Cowen, Telsey Advisory Group, Tigress Financial Partners, Truist Securities, UBS, Wedbush, Wolfe Research Approved targets tracked here; see the analyst section below

Amazon (AMZN) is trading up at $262.78 (+0.06%) on NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Consumer Discretionary sector.

Analyst price targets on AMZN

Current price targets from 21 firms average $336, median $330, ranging from $305 to $385 — the average is 28% above the current $263. Each is tracked to its date and scored the same way a member's call is.

Cantor Fitzgerald $260 → $310 by Oct 2027 Overweight Oct 12, 2026 via MarketBeat · Cantor Fitzgerald's track record
Wells Fargo $260 → $329 by Oct 2027 Overweight Oct 12, 2026 via Investing.com UK · Wells Fargo's track record
Telsey Advisory Group $261 → $335 by Oct 2027 Outperform Oct 9, 2026 via Investing.com Canada · Telsey Advisory Group's track record
Tigress Financial Partners $256 → $385 by Oct 2027 Buy Oct 6, 2026 via Stocks Down Under · Tigress Financial Partners's track record
Goldman Sachs $248 → $375 by Oct 2027 Buy Oct 1, 2026 via qz.com · Goldman Sachs's track record
Rosenblatt Securities $249 → $360 by Sep 2027 Buy Sep 30, 2026 via marketbeat.com · Rosenblatt Securities's track record
Wells Fargo $259 → $338 by Sep 2027 Sep 3, 2026 via GuruFocus · Wells Fargo's track record
Evercore ISI $266 → $355 by Aug 2027 Outperform Aug 28, 2026 via Investing.com Canada · Evercore ISI's track record
Rosenblatt Securities $266 → $335 by Aug 2027 Buy Aug 19, 2026 via Investing.com · Rosenblatt Securities's track record
Citizens JMP $263 → $315 by Aug 2027 Market Outperform Aug 14, 2026 via Investing.com · Citizens JMP's track record
TD Cowen $272 → $350 by Jul 2027 Buy Jul 31, 2026 via Investing.com · TD Cowen's track record
KeyBanc Capital Markets $272 → $350 by Jul 2027 Overweight Jul 31, 2026 via Investing.com · KeyBanc Capital Markets's track record

Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.

Amazon revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

Amazon annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Dec 2018	FY2019Dec 2019	FY2020Dec 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Dec 2024	FY2025Dec 2025
Income statement
Revenue	$136.0B	$177.9B	$232.9B	$280.5B	$386.1B	$469.8B	$514.0B	$574.8B	$638.0B	$716.9B
Growth (year over year)	+27.1%	+30.8%	+30.9%	+20.5%	+37.6%	+21.7%	+9.4%	+11.8%	+11.0%	+12.4%
Gross profit	$47.7B	$65.9B	$93.7B	$115.0B	$152.8B	$197.5B	$225.2B	$270.0B	$311.7B	$360.5B
Gross margin	35.1%	37.1%	40.2%	41.0%	39.6%	42.0%	43.8%	47.0%	48.9%	50.3%
Operating income	$4.19B	$4.11B	$12.4B	$14.5B	$22.9B	$24.9B	$12.2B	$36.9B	$68.6B	$80.0B
Operating margin	3.1%	2.3%	5.3%	5.2%	5.9%	5.3%	2.4%	6.4%	10.8%	11.2%
Net income	$2.37B	$3.03B	$10.1B	$11.6B	$21.3B	$33.4B	−$2.72B	$30.4B	$59.2B	$77.7B
Net margin	1.7%	1.7%	4.3%	4.1%	5.5%	7.1%	−0.5%	5.3%	9.3%	10.8%
EPS (diluted)	$0.24	$0.31	$1.01	$1.15	$2.09	$3.24	−$0.27	$2.90	$5.53	$7.17
Balance sheet
Cash and equivalents	$19.3B	$20.5B	$31.8B	$36.1B	$42.1B	$36.2B	$53.9B	$73.4B	$78.8B	$86.8B
Total assets	$83.4B	$131.3B	$162.6B	$225.2B	$321.2B	$420.5B	$462.7B	$527.9B	$624.9B	$818.0B
Total liabilities	$64.1B	$103.6B	$119.1B	$163.2B	$227.8B	$282.3B	$316.6B	$326.0B	$338.9B	$407.0B
Long-term debt	$7.69B	$24.7B	$23.5B	$23.4B	$31.8B	$48.7B	$67.2B	$58.3B	$52.6B	$65.6B
Shareholders' equity	$19.3B	$27.7B	$43.5B	$62.1B	$93.4B	$138.2B	$146.0B	$201.9B	$286.0B	$411.1B
Cash flow
Operating cash flow	$17.2B	$18.4B	$30.7B	$38.5B	$66.1B	$46.3B	$46.8B	$84.9B	$115.9B	$139.5B
Capital expenditure	$6.74B	$12.0B	$13.4B	$16.9B	$40.1B	$61.1B	$63.6B	$52.7B	$83.0B	$131.8B
Free cash flow	$10.5B	$6.41B	$17.3B	$21.7B	$25.9B	−$14.7B	−$16.9B	$32.2B	$32.9B	$7.70B
Share buybacks	—	—	—	—	$0	$0	$6.00B	$0	$0	—

RevenueNet incomeNet margin (right axis, %)

Amazon quarterly financial statements
	Q3 FY24Sep 2024	Q4 FY24^†Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25^†Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Income statement
Revenue	$158.9B	$187.8B	$155.7B	$167.7B	$180.2B	$213.4B	$181.5B	$200.6B
Growth (year over year)	+11.0%	+10.5%	+8.6%	+13.3%	+13.4%	+13.6%	+16.6%	+19.6%
Gross profit	$77.9B	$88.9B	$78.7B	$86.9B	$91.5B	$103.4B	$94.1B	$104.8B
Gross margin	49.0%	47.3%	50.6%	51.8%	50.8%	48.5%	51.8%	52.3%
Operating income	$17.4B	$21.2B	$18.4B	$19.2B	$17.4B	$25.0B	$23.9B	$27.5B
Operating margin	11.0%	11.3%	11.8%	11.4%	9.7%	11.7%	13.1%	13.7%
Net income	$15.3B	$20.0B	$17.1B	$18.2B	$21.2B	$21.2B	$30.3B	$62.6B
Net margin	9.6%	10.7%	11.0%	10.8%	11.8%	9.9%	16.7%	31.2%
EPS (diluted)	$1.43	$1.86	$1.59	$1.68	$1.95	$1.95	$2.78	$5.75
Balance sheet
Cash and equivalents	$75.1B	$78.8B	$66.2B	$57.7B	$66.9B	$86.8B	$101.8B	$78.2B
Total assets	$584.6B	$624.9B	$643.3B	$682.2B	$727.9B	$818.0B	$916.6B	$1.10T
Total liabilities	$325.5B	$338.9B	$337.4B	$348.4B	$358.3B	$407.0B	$474.7B	$544.1B
Long-term debt	$54.9B	$52.6B	$53.4B	$50.7B	$50.7B	$65.6B	$119.1B	$128.9B
Shareholders' equity	$259.2B	$286.0B	$305.9B	$333.8B	$369.6B	$411.1B	$441.9B	$551.6B
Cash flow
Operating cash flow	$26.0B	$45.6B	$17.0B	$32.5B	$35.5B	$54.5B	$26.0B	$45.4B
Capital expenditure	$22.6B	$27.8B	$25.0B	$32.2B	$35.1B	$39.5B	$44.2B	$54.2B
Free cash flow	$3.35B	$17.8B	−$8.00B	$332.0M	$430.0M	$14.9B	−$18.2B	−$8.82B

From Amazon's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

Amazon vs the Consumer Discretionary sector and the S&P 500

Amazon's latest reported figures next to the median of the other 46 S&P 500 Consumer Discretionary companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

Amazon compared with the median Consumer Discretionary company and the median S&P 500 company
Measure	Amazon	Consumer Discretionary (46 other S&P 500 companies)	S&P 500 (502 other companies)
Revenue growth, latest fiscal year	+12.4%	+4.9%	+7.0%
Net margin, latest fiscal year	10.8%	9.7%	13.0%
Share price change, 1 year	+17.1%	−12.1%	+6.8%

Amazon: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 21, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Amazon included, were fetched between 10:06 and 10:15 ET on October 21, 2026; the 1-year change compares that price with each company's last close on or before October 21, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 46/496, net margin 46/496, 1-year price change 45/490; the reasons below can overlap. 12 are left out of the price figure because our archive holds no comparable close for them. The S&P 500 price figure is the middle company's change, not the index's return.

About Amazon

Amazon.com, Inc. is an American multinational conglomerate engaged in e-commerce, retail, cloud computing, online advertising, digital streaming, entertainment, and artificial intelligence. Founded in 1994 by Jeff Bezos in Bellevue, Washington, the company started as an online book marketplace that gradually expanded to include virtually all consumer products as well as many other categories, positioned as "The Everything Store".

Source: Wikipedia — Amazon (company)

Headquarters: Seattle, Washington From SEC filings, Oct 2026

Company profile

Amazon.com, Inc. says in its Form 10-K for 2025 that it seeks to be Earth's most customer-centric company, serving consumers, sellers, developers, enterprises, content creators, advertisers and employees. It runs online and physical stores, offers programs that let third-party sellers sell in its stores and use its fulfillment services, sells subscriptions such as Amazon Prime, sells advertising, makes devices such as Kindle, Fire TV, Echo and Ring, and through Amazon Web Services (AWS) offers on-demand technology services including compute, storage, database, analytics, and artificial intelligence and machine learning. The 10-K also describes investments in a satellite network for global broadband service and in autonomous vehicles for ride-hailing services.

Amazon's fiscal year is the calendar year, ending December 31. It reports three segments: North America, International and AWS. Its Form 10-Q for the quarter ended June 30, 2026 still reports the same three segments. Jeff Bezos founded Amazon in 1994; the company is incorporated in Delaware, and its principal executive offices are at 410 Terry Avenue North in Seattle, Washington.

Amazon holds large investments in two private AI companies, both of which also have commercial arrangements with AWS. Its 10-K for 2025 says it holds convertible notes and nonvoting preferred stock of Anthropic, PBC, and that its 2025 other income (expense), net, a gain of $15.2 billion, was primarily from adjustments relating to its Anthropic investments. Its Form 10-Q for the second quarter of 2026 says that in 2026 it invested $15.0 billion in OpenAI Series C preferred stock and agreed to buy $35.0 billion more, investing the last $21.3 billion of that commitment after June 30, 2026; that it invested $10.0 billion in Anthropic nonvoting preferred stock in the second quarter; and that AWS expanded its commercial commitments with OpenAI (by $100.0 billion over 8.0 years) and with Anthropic (by more than $100.0 billion over 10.0 years).

On April 13, 2026, Amazon agreed to acquire Globalstar, Inc. for a mix of cash and stock. The 10-Q says the deal implied a value for Globalstar of approximately $10.9 billion including its debt, and that it is expected to close in 2027, subject to regulatory approvals and Globalstar meeting certain satellite replacement milestones.

Summary sources:¹²

$716,924 million¹

Total net sales, 2025 (year ended December 31, 2025)

$79,975 million¹

Operating income, 2025

$77,670 million¹

Net income, 2025

$7.17¹

Diluted earnings per share, 2025

$128,725 million¹

AWS segment net sales, 2025

$45,606 million¹

AWS segment operating income, 2025

$68,635 million¹

Advertising services net sales, 2025

$139,514 million¹

Net cash provided by operating activities, 2025

$128,320 million¹

Purchases of property and equipment, net of proceeds from sales and incentives, 2025

$11,194 million¹

Free cash flow, 2025 (a non-GAAP measure, as Amazon defines it)

approximately 1,576,000¹

Full-time and part-time employees, December 31, 2025

$382,125 million²

Total net sales, six months ended June 30, 2026 (unaudited)

$79,819 million²

AWS segment net sales, six months ended June 30, 2026 (unaudited)

approximately $496 billion²

Contracted commitments not yet recognized as revenue (contracts over one year, primarily AWS), June 30, 2026

10,734,920,870¹

Shares of common stock outstanding, January 28, 2026

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2022	$513,983 million³	Form 10-K for fiscal year 2022 (year ended December 31, 2022), total net sales	Feb 3, 2023
2023	$574,785 million⁴	Form 10-K for fiscal year 2023 (year ended December 31, 2023), total net sales	Feb 2, 2024
2024	$637,959 million⁵	Form 10-K for fiscal year 2024 (year ended December 31, 2024), total net sales	Feb 7, 2025
2025	$716,924 million¹	Form 10-K for fiscal year 2025 (year ended December 31, 2025), total net sales	Feb 6, 2026

Products

Consumers

Name	Released	What it is
Amazon online and physical stores	—	Amazon serves consumers through its online and physical stores and focuses on selection, price and convenience. Customers reach its offerings through its websites, mobile apps, Alexa, devices, streaming and its stores. 2025 net sales: online stores $269,287 million; physical stores $22,561 million.¹
Amazon Prime	—	A membership program that includes fast, free shipping on tens of millions of items, access to movies and series, live sports and other benefits. Prime fees are reported in subscription services, which had net sales of $49,619 million in 2025.¹
Kindle, Fire tablet, Fire TV, Echo, Ring, Blink and eero	—	Electronic devices that Amazon manufactures and sells, as listed in its Form 10-K for 2025. Amazon also develops and produces media content.¹
Alexa+	—	Amazon said on July 30, 2026 that it had expanded Alexa+ to Germany, Austria, France and Brazil, with hundreds of millions of customers now using new Alexa experiences.⁶
Alexa for Shopping	—	An agentic AI shopping assistant that brings together Rufus and Alexa+, offering personalized recommendations, product comparisons, price history, and features such as Price Alerts and Auto-Buy, as described in Amazon's July 30, 2026 results release.⁶
Amazon Now	—	An ultra-fast delivery service offering delivery in 30 minutes or less on thousands of everyday essentials. Amazon said on July 30, 2026 that it is available in nine countries and over 250 cities and towns.⁶
Amazon Pharmacy	—	Amazon said on July 30, 2026 that new Amazon Pharmacy customers grew more than 2x in the first six months of the year and same-day prescription deliveries grew nearly 5x.⁶
Prime Video	—	Amazon's July 30, 2026 results release reports the inaugural season of the NBA on Prime Video, the second season of NASCAR on Prime Video, and the premiere of the series Off Campus.⁶

Sellers

Name	Released	What it is
Seller programs (third-party seller services)	—	Programs that let sellers grow their businesses, sell their products in Amazon's stores and fulfill orders using its services. Amazon is not the seller of record; it earns fixed fees, a percentage of sales, per-unit activity fees, interest, or a combination. 2025 net sales: $172,162 million.¹
Amazon Supply Chain Services	—	Launched so any business can move, store and deliver goods, from raw materials to finished products, using the same supply chain that supports Amazon. Procter & Gamble, 3M, Lands' End and American Eagle Outfitters are among the first customers, per the July 30, 2026 release.⁶

Developers and Enterprises

Name	Released	What it is
Amazon Web Services (AWS)	—	Serves developers and enterprises of all sizes, including start-ups, government agencies and academic institutions, with on-demand technology services including compute, storage, database, analytics, and AI and machine learning. AWS segment net sales were $128,725 million in 2025.¹
Amazon S3 (Simple Storage Service)	Mar 13, 2006	Storage for the internet, designed to make web-scale computing easier for developers. AWS announced Amazon S3 on March 13, 2006.⁷
Amazon EC2 (Elastic Compute Cloud)	Aug 24, 2006	A web service that provides resizable compute capacity in the cloud. AWS announced Amazon EC2 as a beta on August 24, 2006.⁸
Amazon Bedrock	Sep 28, 2023	A fully managed service for building and scaling generative AI applications with foundation models from Amazon and other AI companies (AI21 Labs, Anthropic, Cohere, Meta and Stability AI at launch). AWS announced general availability on September 28, 2023.⁹
Amazon Nova	Dec 3, 2024	Amazon's own family of foundation models in Amazon Bedrock. AWS said on December 3, 2024 that Nova Micro, Nova Lite and Nova Pro (text and multimodal), Nova Canvas (image generation) and Nova Reel (video generation) were available that day.¹⁰
Amazon Nova 2	Dec 2, 2025	Second-generation Nova models in Amazon Bedrock. AWS said on December 2, 2025 that Nova 2 Lite, a reasoning model for everyday workloads, was available, and that Nova 2 Pro was in preview.¹¹
AWS Trainium2 (Amazon EC2 Trn2 instances)	Dec 3, 2024	EC2 instances powered by AWS Trainium2 chips, 16 per Trn2 instance. AWS announced general availability of Trn2 instances, and a preview of Trn2 UltraServers, on December 3, 2024.¹²
AWS Trainium3 (Trn3 UltraServers)	Dec 2, 2025	Amazon announced general availability of Trn3 UltraServers on December 2, 2025. They use Trainium3, which it calls AWS's first 3nm AI chip, and scale up to 144 Trainium3 chips.¹³
AWS Graviton5	—	Amazon said on July 30, 2026 that it had released Graviton5 into general availability.⁶
Amazon Bedrock AgentCore	Oct 13, 2025	An agentic platform to build, deploy and operate agents securely at scale. AWS announced general availability on October 13, 2025.¹⁴
Kiro	Nov 2025	An AI coding tool built around spec-driven development. The AWS News Blog said on November 24, 2025 that Kiro had become generally available the previous week.¹⁵
Amazon Quick	—	An AI work companion that helps manage, search and automate work across email, calendar, files and custom workflows. Amazon said on July 30, 2026 it had added background agents, an activity feed and 16 new integrations.⁶
AWS Continuum (preview)	—	Previewed, per Amazon's July 30, 2026 results release: a service that discovers, prioritizes, validates and remediates code vulnerabilities, using agents and each company's own business context, and validates vulnerabilities in a sandbox.⁶
AWS Secret Cloud for Industry	—	Amazon said on July 30, 2026 that it had announced general availability of AWS Secret Cloud for Industry for defense contractors, with Northrop Grumman first to run classified workloads on the platform.⁶

Content Creators

Name	Released	What it is
Publishing programs for authors, musicians, filmmakers and Twitch streamers	—	Programs that allow authors, independent publishers, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content.¹

Advertisers

Name	Released	What it is
Sponsored ads, display and video advertising	—	Advertising services for sellers, vendors, publishers, authors and others, through programs such as sponsored ads, display and video advertising. Advertising services net sales were $68,635 million in 2025.¹
Ads Agent	—	An AI-powered tool for planning, launching and managing advertising campaigns. Amazon said on July 30, 2026 that it had expanded Ads Agent to 11 new countries so far that year.⁶

Segments and products

North America: Reportable segment that primarily consists of amounts earned from retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores, including export sales from these online stores. Segment net sales were $426,305 million and segment operating income was $29,619 million in 2025.¹
International: Reportable segment that primarily consists of amounts earned from retail sales of consumer products (including from sellers) and advertising and subscription services through internationally-focused online stores, including export sales from those stores but not from the North America-focused stores. Segment net sales were $161,894 million and segment operating income was $4,750 million in 2025.¹
AWS: Reportable segment that consists of amounts earned from global sales of compute, storage, database, and other services for start-ups, enterprises, government agencies, and academic institutions. Segment net sales were $128,725 million and segment operating income was $45,606 million in 2025. Amazon says the majority of the infrastructure costs it records in technology and infrastructure are allocated to AWS based on usage.¹
Net sales by groups of similar products and services, 2025: Not segments. Online stores $269,287 million; third-party seller services $172,162 million; AWS $128,725 million; advertising services $68,635 million; subscription services (including Amazon Prime fees) $49,619 million; physical stores $22,561 million; other $5,935 million.¹
Net sales by country, 2025: United States $489,657 million; Germany $45,900 million; United Kingdom $43,212 million; Japan $30,688 million; rest of world $107,467 million. Amazon attributes sales to countries primarily based on country-focused online and physical stores or, for AWS, the selling entity.¹
Segments in the first half of 2026 (unaudited): For the six months ended June 30, 2026, North America net sales were $220,320 million with operating income of $17,390 million, International net sales were $81,986 million with operating income of $3,141 million, and AWS net sales were $79,819 million with operating income of $30,782 million.²

Risks

Competition: Amazon says its businesses are rapidly evolving and intensely competitive across retail, e-commerce services, cloud computing, devices, digital content, advertising, grocery, healthcare, communications and logistics, and that some current and potential competitors have greater resources, longer histories, more customers or greater brand recognition. It says new technologies, including practical applications of artificial intelligence and satellites, continue to increase competition.¹
Fulfillment network and data centers: Amazon says failures to predict customer demand or to optimize and operate its fulfillment network and data centers have from time to time resulted in excess or insufficient capacity, service interruptions, increased costs and impairment charges, and that these networks become more complex to operate as it adds capacity.¹
Suppliers of AI chips: Amazon says it relies on a limited group of suppliers for semiconductor products, including products related to artificial intelligence infrastructure such as graphics processing units, and that constraints on their availability could hurt its ability to develop and operate artificial intelligence technologies, products or services.¹
Regulation and competition investigations: Amazon says it faces a number of open investigations based on claims that aspects of its operations infringe competition-related or consumer protection rules, including aspects of how it runs its stores, fulfillment network and Prime and certain aspects of how AWS offers cloud services, which it strongly disputes. It also says regulators are increasingly focused on companies they characterize as online gatekeepers.¹
Antitrust and consumer protection lawsuits: Amazon's 10-K describes cases filed since March 2020 by private litigants, state attorneys general and the Federal Trade Commission in the U.S., Canada and the United Kingdom alleging price fixing, monopolization and consumer protection violations, which seek billions of dollars of alleged damages as well as other relief. Amazon disputes the allegations. Separately, it recorded $2.5 billion of expense in the third quarter of 2025 for the settlement of a lawsuit with the FTC.¹
China and India: Amazon says China and India regulate its businesses there through rules and license requirements that may restrict foreign investment and operation, and that its structures in those countries carry unique risks. It also says China-based sellers account for significant portions of its third-party seller services and advertising revenues, so trade restrictions, tariff changes or other factors affecting them could hurt its results.¹
Investments in private companies: Amazon says its recorded value in equity, equity warrant and convertible debt investments in public and private companies was $229.7 billion as of June 30, 2026, with its private-company investments primarily in Anthropic and OpenAI, and that valuations of private companies are inherently more complex because of the lack of readily available market data. It also says investees may have different strategic priorities and that it does not control their decisions.²
Tax disputes: Amazon says it is subject to tax controversies in several jurisdictions. Its 10-K cites the Indian tax authority's position that tax applies to cloud services fees paid to Amazon in the U.S., and the Luxembourg tax authority's denial of the tax basis of certain intangible assets distributed to the U.S. in 2021, both of which Amazon contests. It reported approximately $6.6 billion of income tax contingencies as of December 31, 2025.¹
Data security: Amazon says it collects, processes, stores and transmits large amounts of data, that some of its systems have experienced past security incidents that did not have a material adverse effect on its results, and that its protective measures cannot provide absolute security and may be circumvented, including by use of developing technologies such as artificial intelligence.¹

Frequently asked questions

What does Amazon do?: According to its Form 10-K for 2025, Amazon runs online and physical stores, provides services to third-party sellers, sells subscriptions such as Amazon Prime, sells advertising, makes electronic devices and media content, and through AWS sells compute, storage, database, analytics and AI services to developers and enterprises.
What was Amazon's revenue in 2025?: Amazon reported total net sales of $716,924 million for 2025, the year ended December 31, 2025, in its Form 10-K filed on February 6, 2026. Operating income was $79,975 million and net income was $77,670 million.
How much revenue does AWS make?: AWS segment net sales were $128,725 million in 2025, with segment operating income of $45,606 million, according to Amazon's 2025 Form 10-K. For the six months ended June 30, 2026, AWS net sales were $79,819 million (unaudited), according to its Form 10-Q for that quarter.
What segments does Amazon report?: Three: North America, International, and Amazon Web Services (AWS). Its Form 10-Q for the quarter ended June 30, 2026 uses the same three segments.
How much does Amazon make from advertising?: Amazon reported advertising services net sales of $68,635 million in 2025, according to its Form 10-K. These are sales of advertising services to sellers, vendors, publishers, authors and others, through sponsored ads, display and video advertising.
Does Amazon own stakes in Anthropic and OpenAI?: Yes. Amazon's filings say it holds convertible notes and nonvoting preferred stock of Anthropic and, from 2026, Series C preferred stock of OpenAI. Its Form 10-Q for the quarter ended June 30, 2026 says it invested $28.7 billion in OpenAI Series C preferred stock in the first half of 2026 and the remaining $21.3 billion of its commitment after June 30, 2026.
Who runs Amazon?: Andy Jassy (Andrew R. Jassy) has been President and Chief Executive Officer since July 2021. Jeff Bezos (Jeffrey P. Bezos), who founded Amazon in 1994, has been Executive Chair since July 2021. Matt Garman (Matthew S. Garman) has been CEO of Amazon Web Services since June 2024. All according to Amazon's Form 10-K for 2025.
Does Amazon buy back its stock?: Amazon's board authorized a program in March 2022 to repurchase up to $10.0 billion of its common stock. Amazon says it made no repurchases in 2023, 2024 or 2025, nor in the first six months of 2026, and had $6.1 billion remaining under the program as of June 30, 2026.
Where is Amazon headquartered?: Amazon's principal executive offices are at 410 Terry Avenue North, Seattle, Washington. Its 10-K says it owns and leases corporate headquarters in Washington's Puget Sound region and in Arlington, Virginia.