How Amazon makes money

Sources

• Amazon.com, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Amazon.com, Inc. (filed with the U.S. SEC), 2025
• Alphabet Inc. Form 10-K for the fiscal year ended December 31, 2025 · Alphabet Inc. (filed with the U.S. SEC), 2025

Every number

• $716.9Bsec.gov ·2025 · Total net sales, 2025 (income statement).
• $80Bsec.gov ·2025 · Operating income, 2025 (income statement).
• $77.7Bsec.gov ·2025 · Net income, 2025 (income statement).
• $426.3Bsec.gov ·2025 · North America segment net sales, 2025 (segment information).
• $29.6Bsec.gov ·2025 · North America segment operating income, 2025 (segment information).
• $161.9Bsec.gov ·2025 · International segment net sales, 2025 (segment information).
• $4.8Bsec.gov ·2025 · International segment operating income, 2025 (segment information).
• $128.7Bsec.gov ·2025 · AWS segment net sales, 2025 (segment information).
• $45.6Bsec.gov ·2025 · AWS segment operating income, 2025 (segment information).
• $291.8Bsec.gov ·2025 · Worked out: online stores plus physical stores, 2025 (net sales by groups of products and services).
• $172.2Bsec.gov ·2025 · Third-party seller services: commissions plus fulfillment and shipping fees, 2025.
• $68.6Bsec.gov ·2025 · Advertising services, 2025 (net sales by groups of products and services).
• $49.6Bsec.gov ·2025 · Subscription services: Prime and other non-AWS subscriptions, 2025.
• $5.9Bsec.gov ·2025 · Other net sales, 2025 (net sales by groups of products and services).
• 57%sec.gov ·2025 · Worked out: AWS operating income ÷ Amazon's operating income, 2025, rounded.
• 35.4%sec.gov ·2025 · Worked out: AWS operating income ÷ AWS net sales, 2025.
• 6.9%sec.gov ·2025 · Worked out: North America operating income ÷ North America net sales, 2025.
• 2.9%sec.gov ·2025 · Worked out: International operating income ÷ International net sales, 2025.
• $96.5Bsec.gov ·2025 · Net additions to property and equipment, AWS segment, 2025.
• $35.9Bsec.gov ·2025 · Net additions to property and equipment, North America segment, 2025.
• $7.6Bsec.gov ·2025 · Net additions to property and equipment, International segment, 2025.
• 18%sec.gov ·2025 · AWS's share of Amazon's net sales, 2025 (MD&A, net sales mix).
• 20%sec.gov ·2025 · Growth in AWS net sales, 2025 vs. 2024 (MD&A).
• $142.4Bsec.gov ·2025 · Net additions to property and equipment, all of Amazon, 2025 (segment note).
• 68%sec.gov ·2025 · Worked out: AWS's net additions ÷ all of Amazon's net additions to property and equipment, 2025, rounded.
• $131.8Bsec.gov ·2025 · Purchases of property and equipment, 2025 (cash flow statement).
• $83Bsec.gov ·2025 · Purchases of property and equipment, 2024 (cash flow statement).
• $11.2Bsec.gov ·2025 · Free cash flow, 2025: cash from operations minus purchases of property and equipment, net of sales and incentives (MD&A).
• $38.2Bsec.gov ·2025 · Free cash flow, 2024 (MD&A).
• $356.4Bsec.gov ·2025 · Cost of sales, 2025 (income statement).
• 49.7%sec.gov ·2025 · Cost of sales as a share of net sales, 2025 (MD&A).
• $19.1Bsec.gov ·2025 · Provision for income taxes, 2025 (income statement).
• $109.1Bsec.gov ·2025 · Fulfillment costs, 2025 (income statement).
• $108.5Bsec.gov ·2025 · Technology and infrastructure costs, 2025 (income statement).
• $47.1Bsec.gov ·2025 · Sales and marketing costs, 2025 (income statement).
• $102.7Bsec.gov ·2025 · Shipping costs, 2025 (MD&A, cost of sales).
• $95.8Bsec.gov ·2025 · Shipping costs, 2024 (MD&A, cost of sales).
• $7.2Bsec.gov ·2025 · Upward adjustment to Amazon's preferred stock in Anthropic, recorded in other income, 2025 (notes to the financial statements).
• 1.6 million peoplesec.gov ·2025 · Full-time and part-time employees at the end of 2025 (Item 1).
• 36%sec.gov ·2025 · Growth in Google Cloud revenue, 2025 vs. 2024 (Alphabet's MD&A).