Amazon.com Announces Third Quarter Results

Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its third quarter ended September 30, 2025.

• Net sales increased 13% to $180.2 billion in the third quarter, compared with $158.9 billion in third 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 third quarter 2024.
  • North America segment sales increased 11% year-over-year to $106.3 billion.
  • International segment sales increased 14% year-over-year to $40.9 billion, or increased 10% excluding changes in foreign exchange rates.
  • AWS segment sales increased 20% year-over-year to $33.0 billion.
• Operating income was $17.4 billion in the third quarter, compared with $17.4 billion in third quarter 2024. Third quarter 2025 operating income includes two special charges—$2.5 billion related to a legal settlement with the Federal Trade Commission and $1.8 billion in estimated severance costs primarily related to planned role eliminations. Without these charges, operating income would have been $21.7 billion.
  • North America segment operating income was $4.8 billion, compared with $5.7 billion in third quarter 2024. Excluding the $2.5 billion charge related to a legal settlement with the Federal Trade Commission, North America operating income would have been $7.3 billion. These results also include estimated severance costs primarily related to planned role eliminations.
  • International segment operating income was $1.2 billion, compared with $1.3 billion in third quarter 2024. These results also include estimated severance costs primarily related to planned role eliminations.
  • AWS segment operating income was $11.4 billion, compared with $10.4 billion in third quarter 2024. These results also include estimated severance costs primarily related to planned role eliminations.
• Net income increased to $21.2 billion in the third quarter, or $1.95 per diluted share, compared with $15.3 billion, or $1.43 per diluted share, in third quarter 2024.
  • Third quarter 2025 net income includes pre-tax gains of $9.5 billion included in non-operating income (expense) from our investments in Anthropic, PBC.
• Operating cash flow increased 16% to $130.7 billion for the trailing twelve months, compared with $112.7 billion for the trailing twelve months ended September 30, 2024.
• Free cash flow decreased to $14.8 billion for the trailing twelve months, driven primarily by a year-over-year increase of $50.9 billion in purchases of property and equipment, net of proceeds from sales and incentives. This compares to free cash flow of $47.7 billion for the trailing twelve months ended September 30, 2024.

�We continue to see strong momentum and growth across Amazon as AI drives meaningful improvements in every corner of our business," said Andy Jassy, President and CEO, Amazon. "AWS is growing at a pace we haven't seen since 2022, re-accelerating to 20.2% YoY. We continue to see strong demand in AI and core infrastructure, and we've been focused on accelerating capacity adding more than 3.8 gigawatts in the past 12 months. In Stores, we continue to realize the benefits of innovating in our fulfillment network, and we're on track to deliver to Prime members at the fastest speeds ever again this year, expand same-day delivery of perishable groceries to over 2,300 communities by end of year, and double the number of rural communities with access to Amazon's Same-Day and Next-Day Delivery."

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

• Saw continued strong adoption of Trainium2, its custom AI chip, which is fully subscribed and a multi-billion-dollar business that grew 150% quarter over quarter.
• Launched Project Rainier, a massive AI compute cluster containing nearly 500,000 Trainium2 chips, to build and deploy Anthropic's leading Claude AI models.
• Announced new Amazon EC2 P6e-GB200 UltraServers using NVIDIA Grace Blackwell Superchips, designed for training and deploying the largest, most sophisticated AI models.
• Added 3.8 gigawatts of power capacity in the past 12 months – more than any other cloud provider.
• Added new foundation models in Amazon Bedrock, including open weight models from OpenAI, DeepSeek-V3.1, and Qwen3, as well as Anthropic's Claude Sonnet 4.5, Claude Opus 4.1, and Claude Haiku 4.5.
• Announced a number of new Amazon EC2 instances for general purpose computing, including AWS Graviton4 chips for fast networking and custom Intel Xeon 6 processors for heavy computing tasks–both only available on AWS, as well as AMD EPYC processors for a wide range of applications, and Apple M4 chips for building iPhone and Mac apps.
• Expanded access to Kiro, an agentic coding integrated development environment that brings clarity through spec-driven development, with more than 100,000+ developers jumping in during the first days of preview and more than doubling since.
• Launched Quick Suite agentic AI app that acts as an AI teammate – connecting to business data and apps, and letting employees interact with AI agents that can find insights, conduct research, and take actions across systems. Quick Suite helps turn month-long projects into days, get 80%+ time savings on complex tasks, and realize 90%+ cost savings.
• Saw strong adoption of Transform, an AI agent that makes it easy for customers to migrate to AWS. Transform has saved 700,000 hours of manual migration effort—equivalent of 335 developer years of work—year to date.
• Grew Connect—an AI solution that enables contact centers to provide consistent, personalized customer experiences—to a $1 billion annualized revenue run rate business in recent weeks, with 12 billion minutes of customer interactions being handled by AI in the last year.
• Announced general availability of AgentCore, a set of infrastructure building blocks for developers and companies to build secure, scalable agents.
• Released Nova Multimodal Embeddings, the first unified model that enables search results with leading accuracy across text, documents, images, video, and audio. In addition, Web Grounding is a new built-in tool for Nova models to retrieve and incorporate publicly available information in responses.
• Announced general availability of Elastic VMware Service, the fastest and easiest path for customers to run VMware workloads on AWS.
• Added AWS Region in New Zealand, with plans for 10 more Availability Zones and three more Regions.
• Signed new AWS agreements with Delta Air Lines, Volkswagen Group, Fox Corporation, ServiceNow, Qantas Airways Limited, U.S. General Services Administration, SAP, lululemon athletica inc., Live Nation, AXA, BT Group, Vonage, Upstage, Arm, Fundamental, Periodic Labs, Cursor, Perplexity, and Lila Sciences.
• Increased number of rural communities with access to Amazon's Same-Day and Next-Day Delivery by 60% in past four months.
• Expanded Same-Day Delivery of perishable groceries to 1,000+ cities and towns in the U.S., with plans to reach 2,300+ locations by end of 2025.
• Saw strong usage of Rufus (AI-powered assistant in Amazon's store), with 250 million customers using it this year. Shoppers using Rufus are 60% more likely to complete a purchase.
• Launched Help Me Decide, an AI feature to help customers zero in on the right product using browsing activity, searches, shopping history, and preferences.
• Empowered sellers with genAI tools, with over 1.3 million independent sellers using these tools to easily create high quality, engaging product listings and bring even more selection to customers.
• Expanded Multi-Channel Fulfillment to sellers using Walmart, Shopify, and SHEIN, so brands can reach customers wherever they shop while leveraging Amazon's fast, reliable fulfillment network.
• Announced partnerships that allow advertisers to buy ad space on Netflix, Spotify, and SiriusXM Media through Amazon Ads.
• Drew 70 million+ viewers globally for The Summer I Turned Pretty Season 3 (through 7 days post finale), delivered global viewership growth for second consecutive season (exceeding Season 2 by 65%), and announced feature film.
• Kicked off fourth season of Thursday Night Football on Prime Video, averaging 15.3 million viewers (the best for TNF on any network in a decade) according to Nielsen, which is a 16% increase over last season's seven-game average.
• Debuted NBA on Prime in more than 200 countries, delivering average audience of 1.25 million viewers in the U.S. during season-opening double header, according to Nielsen.
• Added Peacock Premium Plus and Fox One to Prime Video add-on subscription offering of 100+ channels in the U.S.
• Launched the reimagined Luna cloud gaming service, including GameNight, a new collection of living room games, at no additional cost to Prime members.
• Continued rolling out Alexa+, which customers engage with two times more than the original Alexa, have longer conversations, cover a broader range of topics, and complete more tasks. Customers are using Alexa+ on Fire TV 2.5 times more than the original, using natural conversation to discover audio content 4 times more, engaging with photos 4 times more, and completing 4 times more shopping conversations that end in a purchase.
• Launched four AI-powered Echo devices built for Alexa+, expanded Alexa+ to new Fire TV device lineup for fast content discovery, and launched Alexa+ features for Ring devices that act as an intelligent doorbell attendant.
• Expanded Project Kuiper fleet to 150+ satellites, demonstrated industry-leading downlink speeds of 1+ Gbps, and announced commercial agreements with JetBlue, Australia's National Broadband Network, and Kazakhtelecom (leading telecommunications provider in Kazakhstan).
• Began offering Zoox's robotaxi service to customers in Las Vegas—becoming first fully autonomous ride-hailing service in a purpose-built robotaxi—and announced Washington D.C. as eighth testing location.
• Announced $1 billion investment in U.S. employee pay and benefits, bringing average hourly wage to $30+ per hour including elected benefits. Amazon also increased wages for hourly fulfillment and transportation employees in Canada, the Czech Republic, Poland, and the UK.
• Announced Future Ready 2030, a $2.5 billion commitment to expand access to education and skills training for at least 50 million people, empowering both employees and the broader workforce.
• Announced plans to add hundreds of thousands of seasonal jobs this holiday season, including 250,000 in the U.S., 150,000 in India, and thousands across Australia, Canada, France, Spain, and Central Europe.
• Announced planned $1.9 billion investment in Delivery Service Partner program in North America, adding to total investment of $16.7 billion over last seven years, supporting safety programs, training, and new technology.

Financial Guidance
The following forward-looking statements reflect Amazon.com's expectations as of October 30, 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.

Fourth Quarter 2025 Guidance

• Net sales are expected to be between $206.0 billion and $213.0 billion, or to grow between 10% and 13% compared with fourth quarter 2024. This guidance anticipates a favorable impact of approximately 190 basis points from foreign exchange rates.
• Operating income is expected to be between $21.0 billion and $26.0 billion, compared with $21.2 billion in fourth quarter 2024.
• This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.

Conference Call Information
A conference call will be webcast live today at 2:00 p.m. PT/5:00 p.m. ET, and will be available for at least three months at Amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company's financial and operating results.

Forward-Looking Statements
These forward-looking statements are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security incidents, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com's financial results is included in Amazon.com's filings with the Securities and Exchange Commission ("SEC"), including its most recent Annual Report on Form 10-K and subsequent filings.

Additional Information
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About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's Most Customer-Centric Company, Earth's Best Employer, and Earth's Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit Amazon.com/about and follow @AmazonNews.