Provide a detailed financial analysis of $AMZN: income statement trends, balance sheet strength, cas

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Provide a detailed financial analysis of $AMZN: income statement trends, balance sheet strength, cash flow generation, segment revenue breakdown, profitability metrics and ratios across recent quarters and fiscal years. Put your analysis in an Excel.

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Income statement metrics for last 8 quarters

Input

{
  "ticker": "AMZN",
  "metrics": [
    "Revenues",
    "Gross Profit",
    "Operating Income",
    "EBIT",
    "EBITDA",
    "Net Income - (IS)",
    "Diluted EPS - Continuing Operations",
    "Gross Profit Margin %",
    "EBIT Margin %",
    "EBITDA Margin %",
    "Net Income Margin %"
  ],
  "period_type": "quarter",
  "relative_periods": [
    0,
    -1,
    -2,
    -3,
    -4,
    -5,
    -6,
    -7
  ],
  "description": "Income statement metrics for last 8 quarters"
}

Output

{
  "ticker": "AMZN",
  "currency": "USD",
  "data": {
    "Revenues": {
      "Q3 2025": {
        "value": 180169000000.0,
        "citation": "[3:28]"
      },
      "Q2 2025": {
        "value": 167702000000.0,
        "citation": "[1:24]"
      },
      "Q1 2025": {
        "value": 155667000000.0,
        "citation": "[6:22]"
      },
      "Q4 2024": {
        "value": 187792000000.0,
        "citation": "[8:8]"
      },
      "Q3 2024": {
        "value": 158877000000.0,
        "citation": "[9:28]"
      },
      "Q2 2024": {
        "value": 147977000000.0,
        "citation": "[11:26]"
      },
      "Q1 2024": {
        "value": 143313000000.0,
        "citation": "[7:22]"
      },
      "Q4 2023": {
        "value": 169961000000.0,
        "citation": "[12:14]"
      }
    },
    "Gross Profit": {
      "Q3 2025": {
        "value": 91499000000.0
      },
      "Q2 2025": {
        "value": 86893000000.0
      },
      "Q1 2025": {
        "value": 78691000000.0
      },
      "Q4 2024": {
        "value": 88899000000.0
      },
      "Q3 2024": {
        "value": 77900000000.0
      },
      "Q2 2024": {
        "value": 74192000000.0
      },
      "Q1 2024": {
        "value": 70680000000.0
      },
      "Q4 2023": {
        "value": 77408000000.0
      }
    },
    "Operating Income": {
      "Q3 2025": {
        "value": 19922000000.0
      },
      "Q2 2025": {
        "value": 19171000000.0,
        "citation": "[1:3]"
      },
      "Q1 2025": {
        "value": 18405000000.0,
        "citation": "[6:3]"
      },
      "Q4 2024": {
        "value": 21203000000.0,
        "citation": "[8:7]"
      },
      "Q3 2024": {
        "value": 17411000000.0,
        "citation": "[9:3]"
      },
      "Q2 2024": {
        "value": 14672000000.0,
        "citation": "[11:3]"
      },
      "Q1 2024": {
        "value": 15307000000.0,
        "citation": "[7:3]"
      },
      "Q4 2023": {
        "value": 13209000000.0,
        "citation": "[12:14]"
      }
    },
    "EBIT": {
      "Q3 2025": {
        "value": 19922000000.0
      },
      "Q2 2025": {
        "value": 19171000000.0,
        "citation": "[1:3]"
      },
      "Q1 2025": {
        "value": 18405000000.0,
        "citation": "[6:3]"
      },
      "Q4 2024": {
        "value": 21203000000.0,
        "citation": "[8:7]"
      },
      "Q3 2024": {
        "value": 17411000000.0,
        "citation": "[9:3]"
      },
      "Q2 2024": {
        "value": 14672000000.0,
        "citation": "[11:3]"
      },
      "Q1 2024": {
        "value": 15307000000.0,
        "citation": "[7:3]"
      },
      "Q4 2023": {
        "value": 13209000000.0,
        "citation": "[12:13]"
      }
    },
    "EBITDA": {
      "Q3 2025": {
        "value": 36718000000.0
      },
      "Q2 2025": {
        "value": 34398000000.0
      },
      "Q1 2025": {
        "value": 32667000000.0
      },
      "Q4 2024": {
        "value": 35914000000.0
      },
      "Q3 2024": {
        "value": 30853000000.0
      },
      "Q2 2024": {
        "value": 26710000000.0
      },
      "Q1 2024": {
        "value": 26991000000.0
      },
      "Q4 2023": {
        "value": 27029000000.0
      }
    },
    "Net Income - (IS)": {
      "Q3 2025": {
        "value": 21187000000.0,
        "citation": "[3:4]"
      },
      "Q2 2025": {
        "value": 18164000000.0,
        "citation": "[1:4]"
      },
      "Q1 2025": {
        "value": 17127000000.0,
        "citation": "[6:4]"
      },
      "Q4 2024": {
        "value": 20004000000.0,
        "citation": "[2:55]"
      },
      "Q3 2024": {
        "value": 15328000000.0,
        "citation": "[9:4]"
      },
      "Q2 2024": {
        "value": 13485000000.0,
        "citation": "[11:4]"
      },
      "Q1 2024": {
        "value": 10431000000.0,
        "citation": "[7:4]"
      },
      "Q4 2023": {
        "value": 10624000000.0,
        "citation": "[4:90]"
      }
    },
    "Diluted EPS - Continuing Operations": {
      "Q3 2025": {
        "value": 1.95,
        "citation": "[3:3]"
      },
      "Q2 2025": {
        "value": 1.68,
        "citation": "[1:3]"
      },
      "Q1 2025": {
        "value": 1.59,
        "citation": "[6:3]"
      },
      "Q4 2024": {
        "value": 1.856817,
        "citation": "[8:7]"
      },
      "Q3 2024": {
        "value": 1.43,
        "citation": "[9:3]"
      },
      "Q2 2024": {
        "value": 1.26,
        "citation": "[11:3]"
      },
      "Q1 2024": {
        "value": 0.98,
        "citation": "[7:3]"
      },
      "Q4 2023": {
        "value": 1.005892,
        "citation": "[9:75]"
      }
    },
    "Gross Profit Margin %": {
      "Q3 2025": {
        "value": 50.785
      },
      "Q2 2025": {
        "value": 51.8139
      },
      "Q1 2025": {
        "value": 50.5508
      },
      "Q4 2024": {
        "value": 47.339
      },
      "Q3 2024": {
        "value": 49.0316
      },
      "Q2 2024": {
        "value": 50.1375
      },
      "Q1 2024": {
        "value": 49.3186
      },
      "Q4 2023": {
        "value": 45.5445
      }
    },
    "EBIT Margin %": {
      "Q3 2025": {
        "value": 11.0573
      },
      "Q2 2025": {
        "value": 11.4315
      },
      "Q1 2025": {
        "value": 11.8233
      },
      "Q4 2024": {
        "value": 11.2906
      },
      "Q3 2024": {
        "value": 10.9587
      },
      "Q2 2024": {
        "value": 9.915
      },
      "Q1 2024": {
        "value": 10.6808
      },
      "Q4 2023": {
        "value": 7.7717
      }
    },
    "EBITDA Margin %": {
      "Q3 2025": {
        "value": 20.3797
      },
      "Q2 2025": {
        "value": 20.5113
      },
      "Q1 2025": {
        "value": 20.9851
      },
      "Q4 2024": {
        "value": 19.1243
      },
      "Q3 2024": {
        "value": 19.4194
      },
      "Q2 2024": {
        "value": 18.0501
      },
      "Q1 2024": {
        "value": 18.8336
      },
      "Q4 2023": {
        "value": 15.903
      }
    },
    "Net Income Margin %": {
      "Q3 2025": {
        "value": 11.7595
      },
      "Q2 2025": {
        "value": 10.8311
      },
      "Q1 2025": {
        "value": 11.0023
      },
      "Q4 2024": {
        "value": 10.6522
      },
      "Q3 2024": {
        "value": 9.6477
      },
      "Q2 2024": {
        "value": 9.1129
      },
      "Q1 2024": {
        "value": 7.2784
      },
      "Q4 2023": {
        "value": 6.2508
      }
    }
  },
  "periods": [
    "Q3 2025",
    "Q2 2025",
    "Q1 2025",
    "Q4 2024",
    "Q3 2024",
    "Q2 2024",
    "Q1 2024",
    "Q4 2023"
  ]
}

Balance sheet metrics for last 8 quarters

Input

{
  "ticker": "AMZN",
  "metrics": [
    "Total Assets",
    "Total Equity",
    "Total Debt",
    "Net Debt",
    "Cash And Equivalents",
    "Working Capital",
    "Total Debt/Equity",
    "Net Debt / EBITDA"
  ],
  "period_type": "quarter",
  "relative_periods": [
    0,
    -1,
    -2,
    -3,
    -4,
    -5,
    -6,
    -7
  ],
  "description": "Balance sheet metrics for last 8 quarters"
}

Output

{
  "ticker": "AMZN",
  "currency": "USD",
  "data": {
    "Total Assets": {
      "Q3 2025": {
        "value": 727921000000.0,
        "citation": "[3:5]"
      },
      "Q2 2025": {
        "value": 682170000000.0,
        "citation": "[1:5]"
      },
      "Q1 2025": {
        "value": 643256000000.0,
        "citation": "[6:5]"
      },
      "Q4 2024": {
        "value": 624894000000.0,
        "citation": "[2:60]"
      },
      "Q3 2024": {
        "value": 584626000000.0,
        "citation": "[9:5]"
      },
      "Q2 2024": {
        "value": 554818000000.0,
        "citation": "[11:5]"
      },
      "Q1 2024": {
        "value": 530969000000.0,
        "citation": "[7:5]"
      },
      "Q4 2023": {
        "value": 527854000000.0,
        "citation": "[4:58]"
      }
    },
    "Total Equity": {
      "Q3 2025": {
        "value": 369631000000.0,
        "citation": "[3:24]"
      },
      "Q2 2025": {
        "value": 333775000000.0,
        "citation": "[1:20]"
      },
      "Q1 2025": {
        "value": 305867000000.0,
        "citation": "[6:5]"
      },
      "Q4 2024": {
        "value": 285970000000.0,
        "citation": "[2:61]"
      },
      "Q3 2024": {
        "value": 259151000000.0,
        "citation": "[9:24]"
      },
      "Q2 2024": {
        "value": 236447000000.0,
        "citation": "[11:22]"
      },
      "Q1 2024": {
        "value": 216661000000.0,
        "citation": "[7:5]"
      },
      "Q4 2023": {
        "value": 201875000000.0,
        "citation": "[4:59]"
      }
    },
    "Total Debt": {
      "Q3 2025": {
        "value": 160438000000.0
      },
      "Q2 2025": {
        "value": 159570000000.0
      },
      "Q1 2025": {
        "value": 157953000000.0,
        "citation": "[6:4]"
      },
      "Q4 2024": {
        "value": 155401000000.0
      },
      "Q3 2024": {
        "value": 158535000000.0
      },
      "Q2 2024": {
        "value": 157842000000.0
      },
      "Q1 2024": {
        "value": 160560000000.0
      },
      "Q4 2023": {
        "value": 161574000000.0
      }
    },
    "Net Debt": {
      "Q3 2025": {
        "value": 66241000000.0
      },
      "Q2 2025": {
        "value": 66390000000.0
      },
      "Q1 2025": {
        "value": 63388000000.0
      },
      "Q4 2024": {
        "value": 54199000000.0
      },
      "Q3 2024": {
        "value": 70484000000.0
      },
      "Q2 2024": {
        "value": 68750000000.0
      },
      "Q1 2024": {
        "value": 75486000000.0
      },
      "Q4 2023": {
        "value": 74794000000.0
      }
    },
    "Cash And Equivalents": {
      "Q3 2025": {
        "value": 66922000000.0,
        "citation": "[3:5]"
      },
      "Q2 2025": {
        "value": 57741000000.0,
        "citation": "[1:5]"
      },
      "Q1 2025": {
        "value": 66207000000.0,
        "citation": "[6:5]"
      },
      "Q4 2024": {
        "value": 78779000000.0,
        "citation": "[2:60]"
      },
      "Q3 2024": {
        "value": 75091000000.0,
        "citation": "[9:5]"
      },
      "Q2 2024": {
        "value": 71178000000.0,
        "citation": "[11:5]"
      },
      "Q1 2024": {
        "value": 72852000000.0,
        "citation": "[7:5]"
      },
      "Q4 2023": {
        "value": 73387000000.0,
        "citation": "[4:58]"
      }
    },
    "Working Capital": {
      "Q3 2025": {
        "value": 1670000000.0
      },
      "Q2 2025": {
        "value": 4499000000.0,
        "citation": "[1:32]"
      },
      "Q1 2025": {
        "value": 8474000000.0
      },
      "Q4 2024": {
        "value": 11436000000.0
      },
      "Q3 2024": {
        "value": 14315000000.0,
        "citation": "[14:2]"
      },
      "Q2 2024": {
        "value": 15135000000.0
      },
      "Q1 2024": {
        "value": 11024000000.0,
        "citation": "[7:30]"
      },
      "Q4 2023": {
        "value": 7434000000.0
      }
    },
    "Total Debt/Equity": {
      "Q3 2025": {
        "value": 43.4049
      },
      "Q2 2025": {
        "value": 47.8076
      },
      "Q1 2025": {
        "value": 51.641
      },
      "Q4 2024": {
        "value": 54.3417
      },
      "Q3 2024": {
        "value": 61.1747
      },
      "Q2 2024": {
        "value": 66.7557
      },
      "Q1 2024": {
        "value": 74.1065
      },
      "Q4 2023": {
        "value": 80.0366
      }
    },
    "Net Debt / EBITDA": {
      "Q3 2025": {
        "value": 0.404421
      },
      "Q2 2025": {
        "value": 0.431294
      },
      "Q1 2025": {
        "value": 0.432943
      },
      "Q4 2024": {
        "value": 0.342854
      },
      "Q3 2024": {
        "value": 0.510532
      },
      "Q2 2024": {
        "value": 0.568689
      },
      "Q1 2024": {
        "value": 0.619652
      },
      "Q4 2023": {
        "value": 0.618997
      }
    }
  },
  "periods": [
    "Q3 2025",
    "Q2 2025",
    "Q1 2025",
    "Q4 2024",
    "Q3 2024",
    "Q2 2024",
    "Q1 2024",
    "Q4 2023"
  ]
}

Cash flow metrics for last 8 quarters

Input

{
  "ticker": "AMZN",
  "metrics": [
    "Cash from Operations",
    "Capital Expenditure",
    "Levered Free Cash Flow"
  ],
  "period_type": "quarter",
  "relative_periods": [
    0,
    -1,
    -2,
    -3,
    -4,
    -5,
    -6,
    -7
  ],
  "description": "Cash flow metrics for last 8 quarters"
}

Output

{
  "ticker": "AMZN",
  "currency": "USD",
  "data": {
    "Cash from Operations": {
      "Q3 2025": {
        "value": 35525000000.0,
        "citation": "[3:35]"
      },
      "Q2 2025": {
        "value": 32515000000.0,
        "citation": "[1:31]"
      },
      "Q1 2025": {
        "value": 17015000000.0,
        "citation": "[6:29]"
      },
      "Q4 2024": {
        "value": 45636000000.0,
        "citation": "[8:6]"
      },
      "Q3 2024": {
        "value": 25971000000.0,
        "citation": "[9:32]"
      },
      "Q2 2024": {
        "value": 25281000000.0,
        "citation": "[11:30]"
      },
      "Q1 2024": {
        "value": 18989000000.0,
        "citation": "[7:26]"
      },
      "Q4 2023": {
        "value": 42465000000.0,
        "citation": "[12:12]"
      }
    },
    "Capital Expenditure": {
      "Q3 2025": {
        "value": -35095000000.0,
        "citation": "[3:2]"
      },
      "Q2 2025": {
        "value": -32183000000.0,
        "citation": "[1:2]"
      },
      "Q1 2025": {
        "value": -25019000000.0,
        "citation": "[6:2]"
      },
      "Q4 2024": {
        "value": -27834000000.0,
        "citation": "[8:6]"
      },
      "Q3 2024": {
        "value": -22620000000.0,
        "citation": "[9:2]"
      },
      "Q2 2024": {
        "value": -17620000000.0,
        "citation": "[11:2]"
      },
      "Q1 2024": {
        "value": -14925000000.0,
        "citation": "[7:2]"
      },
      "Q4 2023": {
        "value": -14588000000.0,
        "citation": "[12:12]"
      }
    },
    "Levered Free Cash Flow": {
      "Q3 2025": {
        "value": 3121000000.0
      },
      "Q2 2025": {
        "value": 3004375000.0
      },
      "Q1 2025": {
        "value": 215000000.0
      },
      "Q4 2024": {
        "value": 19739625000.0
      },
      "Q3 2024": {
        "value": 8065000000.0
      },
      "Q2 2024": {
        "value": 11253875000.0
      },
      "Q1 2024": {
        "value": 5577375000.0
      },
      "Q4 2023": {
        "value": 29432000000.0
      }
    }
  },
  "periods": [
    "Q3 2025",
    "Q2 2025",
    "Q1 2025",
    "Q4 2024",
    "Q3 2024",
    "Q2 2024",
    "Q1 2024",
    "Q4 2023"
  ]
}

Return metrics for last 8 quarters

Input

{
  "ticker": "AMZN",
  "metrics": [
    "Return On Equity %",
    "Return on Assets"
  ],
  "period_type": "quarter",
  "relative_periods": [
    0,
    -1,
    -2,
    -3,
    -4,
    -5,
    -6,
    -7
  ],
  "description": "Return metrics for last 8 quarters"
}

Output

{
  "ticker": "AMZN",
  "currency": "USD",
  "data": {
    "Return On Equity %": {
      "Q3 2025": {
        "value": 24.0964
      },
      "Q2 2025": {
        "value": 22.7176,
        "citation": "[1:19]"
      },
      "Q1 2025": {
        "value": 23.1508
      },
      "Q4 2024": {
        "value": 29.3568
      },
      "Q3 2024": {
        "value": 24.7424,
        "citation": "[5:11]"
      },
      "Q2 2024": {
        "value": 23.8088
      },
      "Q1 2024": {
        "value": 19.938,
        "citation": "[7:32]"
      },
      "Q4 2023": {
        "value": 22.0844
      }
    },
    "Return on Assets": {
      "Q3 2025": {
        "value": 7.064
      },
      "Q2 2025": {
        "value": 7.232
      },
      "Q1 2025": {
        "value": 7.2564
      },
      "Q4 2024": {
        "value": 8.7648
      },
      "Q3 2024": {
        "value": 7.64
      },
      "Q2 2024": {
        "value": 6.756
      },
      "Q1 2024": {
        "value": 7.228
      },
      "Q4 2023": {
        "value": 6.5084
      }
    }
  },
  "periods": [
    "Q3 2025",
    "Q2 2025",
    "Q1 2025",
    "Q4 2024",
    "Q3 2024",
    "Q2 2024",
    "Q1 2024",
    "Q4 2023"
  ]
}

Annual financial metrics for last 4 fiscal years
Input
{ "ticker": "AMZN", "metrics": [ "Revenues", "Gross Profit", "Operating Income", "EBIT", "EBITDA", "Net Income - (IS)", "Diluted EPS - Continuing Operations", "Gross Profit Margin %", "EBIT Margin %", "EBITDA Margin %", "Net Income Margin %", "Total Assets", "Total Equity", "Total Debt", "Net Debt", "Cash And Equivalents", "Working Capital", "Total Debt/Equity", "Net Debt / EBITDA", "Cash from Operations", "Capital Expenditure", "Levered Free Cash Flow", "Return On Equity %", "Return on Assets" ], "period_type": "year", "relative_periods": [ 0, -1, -2, -3 ], "description": "Annual financial metrics for last 4 fiscal years" }
Output
{ "ticker": "AMZN", "currency": "USD", "data": { "Revenues": { "FY 2024": { "value": 637959000000.0, "citation": "[2:98]" }, "FY 2023": { "value": 574785000000.0, "citation": "[4:97]" }, "FY 2022": { "value": 513983000000.0, "citation": "[10:93]" }, "FY 2021": { "value": 469822000000.0, "citation": "[13:92]" } }, "Gross Profit": { "FY 2024": { "value": 311671000000.0 }, "FY 2023": { "value": 270046000000.0 }, "FY 2022": { "value": 225152000000.0 }, "FY 2021": { "value": 197478000000.0 } }, "Operating Income": { "FY 2024": { "value": 68593000000.0, "citation": "[2:59]" }, "FY 2023": { "value": 36852000000.0, "citation": "[4:57]" }, "FY 2022": { "value": 13348000000.0 }, "FY 2021": { "value": 24879000000.0, "citation": "[13:55]" } }, "EBIT": { "FY 2024": { "value": 68593000000.0, "citation": "[2:59]" }, "FY 2023": { "value": 36852000000.0, "citation": "[4:57]" }, "FY 2022": { "value": 13348000000.0, "citation": "[15:16]" }, "FY 2021": { "value": 24879000000.0, "citation": "[13:55]" } }, "EBITDA": { "FY 2024": { "value": 120468000000.0 }, "FY 2023": { "value": 85515000000.0 }, "FY 2022": { "value": 55269000000.0 }, "FY 2021": { "value": 59312000000.0 } }, "Net Income - 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Segment revenue breakdown for recent quarters
Input
+segment +revenue AWS North America International breakdown sales --QDF=4
Output
[Total chunks returned: 24 across 8 fiscal periods] ## FISCAL PERIOD: Q1 2024 [Chunks for this period: 3] <chunk> [Document ID: Index]: [7:30] Ticker: AMZN Publication Date: 2024-05-01 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q1 2024 Highlighted Text: Overview Macroeconomic factors, including inflation, increased interest rates, significant capital market and supply chain volatility, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations that are difficult to isolate and quantify. In addition, changes in fuel, utility, and food costs, interest rates, and economic outlook may impact customer demand and our ability to forecast consumer spending patterns. We expect some or all of these factors to continue to impact our operations into Q2 2024. Net Sales Net sales include product and service sales. Product sales represent revenue from the sale of products and related shipping fees and digital media content where we record revenue gross. Service sales primarily represent third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions. Net sales information is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2023,2024 Net Sales:,, North America,"$ 76,881","$ 86,341" International,"29,123","31,935" AWS,"21,354","25,037" Consolidated,"$ 127,358","$ 143,313" Year-over-year Percentage Growth:,, North America,11 %,12 % International,1,10 AWS,16,17 Consolidated,9,13 "Year-over-year Percentage Growth, excluding the effect of foreign exchange rates:",, North America,11 %,12 % International,9,11 AWS,16,17 Consolidated,11,13 Net Sales Mix:,, North America,60 %,60 % International,23,22 AWS,17,18 Consolidated,100 %,100 % ``` Sales increased 13% in Q1 2024 compared to the comparable prior year period. Changes in foreign exchange rates reduced net sales by $164 million for Q1 2024. For a discussion of the effect of foreign exchange rates on sales growth, see “Effect of Foreign Exchange Rates” below. North America sales increased 12% in Q1 2024 compared to the comparable prior year period. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. International sales increased 10% in Q1 2024 compared to the comparable prior year period. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales 25 were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates reduced International net sales by $248 million for Q1 2024. AWS sales increased 17% in Q1 2024 compared to the comparable prior year period. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts. Operating Income (Loss) </chunk> <chunk> [Document ID: Index]: [7:22] Ticker: AMZN Publication Date: 2024-05-01 Section: Legal Proceedings Doc Type: 10-Q Period: Q1 2024 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2023,2024 North America,, Net sales,"$ 76,881","$ 86,341" Operating expenses,"75,983","81,358" Operating income,$ 898,"$ 4,983" International,, Net sales,"$ 29,123","$ 31,935" Operating expenses,"30,370","31,032" Operating income (loss),"$ (1,247)",$ 903 AWS,, Net sales,"$ 21,354","$ 25,037" Operating expenses,"16,231","15,616" Operating income,"$ 5,123","$ 9,421" Consolidated,, Net sales,"$ 127,358","$ 143,313" Operating expenses,"122,584","128,006" Operating income,"4,774","15,307" Total non-operating expense,(655),"(2,324)" Provision for income taxes,(948),"(2,467)" "Equity-method investment activity, net of tax",1,(85) Net income,"$ 3,172","$ 10,431" ``` 20 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2023,2024 Net Sales:,, Online stores (1),"$ 51,096","$ 54,670" Physical stores (2),"4,895","5,202" Third-party seller services (3),"29,820","34,596" Advertising services (4),"9,509","11,824" Subscription services (5),"9,657","10,722" AWS,"21,354","25,037" Other (6),"1,027","1,262" Consolidated,"$ 127,358","$ 143,313" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings, such as health care services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements. 21 Item 2. </chunk> <chunk> [Document ID: Index]: [7:31] Ticker: AMZN Publication Date: 2024-05-01 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q1 2024 Highlighted Text: Operating income (loss) by segment is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2023,2024 Operating Income (Loss),, North America,$ 898,"$ 4,983" International,"(1,247)",903 AWS,"5,123","9,421" Consolidated,"$ 4,774","$ 15,307" ``` Operating income increased from $4.8 billion in Q1 2023 to $15.3 billion in Q1 2024. We believe that operating income is a more meaningful measure than gross profit and gross margin due to the diversity of our product categories and services. The increase in North America operating income in Q1 2024, compared to the comparable prior year period, is primarily due to increased unit sales and increased advertising sales, partially offset by increased shipping and fulfillment costs and increased technology and infrastructure costs. The International operating income in Q1 2024, as compared to the operating loss in the comparable prior year period, is primarily due to increased unit sales and increased advertising sales, partially offset by increased shipping and fulfillment costs. Changes in foreign exchange rates did not significantly impact operating income for Q1 2024. The increase in AWS operating income in Q1 2024, compared to the comparable prior year period, is primarily due to increased sales, decreased payroll and related expenses, and a reduction in depreciation and amortization expense from our change in the estimated useful lives of our servers, partially offset by spending on technology infrastructure that was primarily driven by additional investments to support AWS business growth. Changes in foreign exchange rates positively impacted operating income by $67 million for Q1 2024. 26 Operating Expenses Information about operating expenses is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2023,2024 Operating Expenses:,, Cost of sales,"$ 67,791","$ 72,633" Fulfillment,"20,905","22,317" Technology and infrastructure,"20,450","20,424" Sales and marketing,"10,172","9,662" General and administrative,"3,043","2,742" "Other operating expense (income), net",223,228 Total operating expenses,"$ 122,584","$ 128,006" Year-over-year Percentage Growth (Decline):,, Cost of sales,2 %,7 % Fulfillment,3,7 Technology and infrastructure,38,0 Sales and marketing,22,(5) General and administrative,17,(10) "Other operating expense (income), net",(11),2 Percent of Net Sales:,, Cost of sales,53.2 %,50.7 % Fulfillment,16.4,15.6 Technology and infrastructure,16.1,14.3 Sales and marketing,8.0,6.7 General and administrative,2.4,1.9 "Other operating expense (income), net",0.2,0.2 ``` </chunk> ## FISCAL PERIOD: Q1 2025 [Chunks for this period: 3] <chunk> [Document ID: Index]: [6:22] Ticker: AMZN Publication Date: 2025-05-02 Section: Legal Proceedings Doc Type: 10-Q Period: Q1 2025 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2024,2025 North America,, Net sales,"$ 86,341","$ 92,887" Operating expenses,"81,358","87,046" Operating income,"$ 4,983","$ 5,841" International,, Net sales,"$ 31,935","$ 33,513" Operating expenses,"31,032","32,496" Operating income,$ 903,"$ 1,017" AWS,, Net sales,"$ 25,037","$ 29,267" Operating expenses,"15,616","17,720" Operating income,"$ 9,421","$ 11,547" Consolidated,, Net sales,"$ 143,313","$ 155,667" Operating expenses,"128,006","137,262" Operating income,"15,307","18,405" Total non-operating income (expense),"(2,324)","3,274" Provision for income taxes,"(2,467)","(4,553)" "Equity-method investment activity, net of tax",(85),1 Net income,"$ 10,431","$ 17,127" ``` 19 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2024,2025 Net Sales:,, Online stores (1),"$ 54,670","$ 57,407" Physical stores (2),"5,202","5,533" Third-party seller services (3),"34,596","36,512" Advertising services (4),"11,824","13,921" Subscription services (5),"10,722","11,715" AWS,"25,037","29,267" Other (6),"1,262","1,312" Consolidated,"$ 143,313","$ 155,667" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings (such as shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements. Total segment assets exclude corporate assets, such as cash and cash equivalents, marketable securities, other long-term investments, corporate facilities, goodwill and other acquired intangible assets, and tax assets. Technology infrastructure assets are allocated among the segments based on usage, with the majority allocated to the AWS segment. Total segment assets reconciled to consolidated amounts are as follows (in millions): ```csv ,"December 31, 2024","March 31, 2025" North America (1),"$ 210,120","$ 210,198" International (1),"69,487","70,231" AWS (2),"155,953","179,386" Corporate,"189,334","183,441" Consolidated,"$ 624,894","$ 643,256" ``` (1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, accounts receivable, and digital video and music content. </chunk> <chunk> [Document ID: Index]: [6:33] Ticker: AMZN Publication Date: 2025-05-02 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q1 2025 Highlighted Text: Overview Macroeconomic factors, including changes in inflation and interest rates, global economic and geopolitical developments, including unpredictable shifts in global tariff and trade policies, and the development and adoption of technologies and services, including artificial intelligence, have direct and indirect impacts on our results of operations that are difficult to predict, isolate, and quantify. These could affect customer demand for our products and services, our ability to forecast growth needs, expenses, and benefits from new technologies. We expect some or all of them to continue to impact our operations into Q2 2025. Net Sales Net sales include product and service sales. Product sales represent revenue from the sale of products and related shipping fees and digital media content where we record revenue gross. Service sales primarily represent third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions. Net sales information is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2024,2025 Net Sales:,, North America,"$ 86,341","$ 92,887" International,"31,935","33,513" AWS,"25,037","29,267" Consolidated,"$ 143,313","$ 155,667" Year-over-year Percentage Growth:,, North America,12 %,8 % International,10,5 AWS,17,17 Consolidated,13,9 "Year-over-year Percentage Growth, excluding the effect of foreign exchange rates:",, North America,12 %,8 % International,11,8 AWS,17,17 Consolidated,13,10 Net Sales Mix:,, North America,60 %,60 % International,22,21 AWS,18,19 Consolidated,100 %,100 % ``` Sales increased 9% in Q1 2025 compared to the comparable prior year period. Changes in foreign exchange rates reduced net sales by $1.4 billion for Q1 2025. For a discussion of the effect of foreign exchange rates on sales growth, see “Effect of Foreign Exchange Rates” below. North America sales increased 8% in Q1 2025 compared to the comparable prior year period. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates reduced North America net sales by $413 million for Q1 2025. International sales increased 5% in Q1 2025 compared to the comparable prior year period. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales 25 were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates reduced International net sales by $1.0 billion for Q1 2025. AWS sales increased 17% in Q1 2025 compared to the comparable prior year period. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts. Operating Expenses </chunk> <chunk> [Document ID: Index]: [6:22] Ticker: AMZN Publication Date: 2025-05-02 Section: Legal Proceedings Doc Type: 10-Q Period: Q1 2025 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2024,2025 North America,, Net sales,"$ 86,341","$ 92,887" Operating expenses,"81,358","87,046" Operating income,"$ 4,983","$ 5,841" International,, Net sales,"$ 31,935","$ 33,513" Operating expenses,"31,032","32,496" Operating income,$ 903,"$ 1,017" AWS,, Net sales,"$ 25,037","$ 29,267" Operating expenses,"15,616","17,720" Operating income,"$ 9,421","$ 11,547" Consolidated,, Net sales,"$ 143,313","$ 155,667" Operating expenses,"128,006","137,262" Operating income,"15,307","18,405" Total non-operating income (expense),"(2,324)","3,274" Provision for income taxes,"(2,467)","(4,553)" "Equity-method investment activity, net of tax",(85),1 Net income,"$ 10,431","$ 17,127" ``` 19 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv "Three Months Ended March 31,","Three Months Ended March 31,", ,2024,2025 Net Sales:,, Online stores (1),"$ 54,670","$ 57,407" Physical stores (2),"5,202","5,533" Third-party seller services (3),"34,596","36,512" Advertising services (4),"11,824","13,921" Subscription services (5),"10,722","11,715" AWS,"25,037","29,267" Other (6),"1,262","1,312" Consolidated,"$ 143,313","$ 155,667" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings (such as shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements. Total segment assets exclude corporate assets, such as cash and cash equivalents, marketable securities, other long-term investments, corporate facilities, goodwill and other acquired intangible assets, and tax assets. Technology infrastructure assets are allocated among the segments based on usage, with the majority allocated to the AWS segment. Total segment assets reconciled to consolidated amounts are as follows (in millions): ```csv ,"December 31, 2024","March 31, 2025" North America (1),"$ 210,120","$ 210,198" International (1),"69,487","70,231" AWS (2),"155,953","179,386" Corporate,"189,334","183,441" Consolidated,"$ 624,894","$ 643,256" ``` (1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, accounts receivable, and digital video and music content. </chunk> ## FISCAL PERIOD: Q2 2024 [Chunks for this period: 3] <chunk> [Document ID: Index]: [11:34] Ticker: AMZN Publication Date: 2024-08-02 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q2 2024 Highlighted Text: Overview Macroeconomic factors, including inflation, increased interest rates, significant capital market and supply chain volatility, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations that are difficult to isolate and quantify. In addition, changes in fuel, utility, and food costs, interest rates, and economic outlook may impact customer demand and our ability to forecast consumer spending patterns. We expect some or all of these factors to continue to impact our operations into Q3 2024. Net Sales Net sales include product and service sales. Product sales represent revenue from the sale of products and related shipping fees and digital media content where we record revenue gross. Service sales primarily represent third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions. Net sales information is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2023,2024,2023,2024 Net Sales:,,,, North America,"$ 82,546","$ 90,033","$ 159,427","$ 176,374" International,"29,697","31,663","58,820","63,598" AWS,"22,140","26,281","43,494","51,318" Consolidated,"$ 134,383","$ 147,977","$ 261,741","$ 291,290" Year-over-year Percentage Growth:,,,, North America,11 %,9 %,11 %,11 % International,10,7,5,8 AWS,12,19,14,18 Consolidated,11,10,10,11 "Year-over-year Percentage Growth, excluding the effect of foreign exchange rates:",,,, North America,11 %,9 %,11 %,11 % International,10,10,10,10 AWS,12,19,14,18 Consolidated,11,11,11,12 Net Sales Mix:,,,, North America,61 %,61 %,61 %,60 % International,22,21,22,22 AWS,17,18,17,18 Consolidated,100 %,100 %,100 %,100 % ``` Sales increased 10% in Q2 2024, and 11% for the six months ended June 30, 2024 compared to the comparable prior year periods. Changes in foreign exchange rates reduced net sales by $1.0 billion for Q2 2024, and by $1.2 billion for the six months ended June 30, 2024. For a discussion of the effect of foreign exchange rates on sales growth, see “Effect of Foreign Exchange Rates” below. North America sales increased 9% in Q2 2024, and 11% for the six months ended June 30, 2024 compared to the comparable prior year periods. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. 24 International sales increased 7% in Q2 2024, and 8% for the six months ended June 30, 2024 compared to the comparable prior year periods. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates reduced International net sales by $974 million for Q2 2024, and by $1.2 billion for the six months ended June 30, 2024. AWS sales increased 19% in Q2 2024, and 18% for the six months ended June 30, 2024 compared to the comparable prior year periods. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts. Operating Income (Loss) </chunk> <chunk> [Document ID: Index]: [11:35] Ticker: AMZN Publication Date: 2024-08-02 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q2 2024 Highlighted Text: Operating income (loss) by segment is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2023,2024,2023,2024 Operating Income (Loss),,,, North America,"$ 3,211","$ 5,065","$ 4,109","$ 10,048" International,(895),273,"(2,142)","1,176" AWS,"5,365","9,334","10,488","18,755" Consolidated,"$ 7,681","$ 14,672","$ 12,455","$ 29,979" ``` Operating income increased from $7.7 billion in Q2 2023 to $14.7 billion in Q2 2024, and increased from $12.5 billion for the six months ended June 30, 2023 to $30.0 billion for the six months ended June 30, 2024. We believe that operating income is a more meaningful measure than gross profit and gross margin due to the diversity of our product categories and services. The increase in North America operating income in Q2 2024 and for the six months ended June 30, 2024, compared to the comparable prior year periods, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment and shipping costs. The International operating income in Q2 2024 and for the six months ended June 30, 2024, as compared to the operating loss in the comparable prior year periods, is primarily due to increased unit sales and increased advertising sales, partially offset by increased shipping and fulfillment costs. Changes in foreign exchange rates did not significantly impact operating income for Q2 2024 or for the six months ended June 30, 2024. The increase in AWS operating income in Q2 2024 and for the six months ended June 30, 2024, compared to the comparable prior year periods, is primarily due to increased sales, decreased payroll and related expenses, and a reduction in depreciation and amortization expense from our change in the estimated useful lives of our servers, partially offset by spending on technology infrastructure that was primarily driven by additional investments to support AWS business growth. Changes in foreign exchange rates positively impacted operating income by $115 million for Q2 2024, and by $182 million for the six months ended June 30, 2024. 25 Operating Expenses Information about operating expenses is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2023,2024,2023,2024 Operating Expenses:,,,, Cost of sales,"$ 69,373","$ 73,785","$ 137,164","$ 146,418" Fulfillment,"21,305","23,566","42,210","45,883" Technology and infrastructure,"21,931","22,304","42,381","42,728" Sales and marketing,"10,745","10,512","20,917","20,174" General and administrative,"3,202","3,041","6,245","5,783" "Other operating expense (income), net",146,97,369,325 Total operating expenses,"$ 126,702","$ 133,305","$ 249,286","$ 261,311" Year-over-year Percentage Growth (Decline):,,,, Cost of sales,4 %,6 %,3 %,7 % Fulfillment,5,11,4,9 Technology and infrastructure,21,2,29,1 Sales and marketing,7,(2),14,(4) General and administrative,10,(5),14,(7) "Other operating expense (income), net",63,(34),9,(12) Percent of Net Sales:,,,, Cost of sales,51.6 %,49.9 %,52.4 %,50.3 % Fulfillment,15.9,15.9,16.1,15.8 Technology and infrastructure,16.3,15.1,16.2,14.7 Sales and marketing,8.0,7.1,8.0,6.9 General and administrative,2.4,2.1,2.4,2.0 "Other operating expense (income), net",0.1,0.1,0.1,0.1 ``` </chunk> <chunk> [Document ID: Index]: [11:26] Ticker: AMZN Publication Date: 2024-08-02 Section: Legal Proceedings Doc Type: 10-Q Period: Q2 2024 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2023,2024,2023,2024 North America,,,, Net sales,"$ 82,546","$ 90,033","$ 159,427","$ 176,374" Operating expenses,"79,335","84,968","155,318","166,326" Operating income,"$ 3,211","$ 5,065","$ 4,109","$ 10,048" International,,,, Net sales,"$ 29,697","$ 31,663","$ 58,820","$ 63,598" Operating expenses,"30,592","31,390","60,962","62,422" Operating income (loss),$ (895),$ 273,"$ (2,142)","$ 1,176" AWS,,,, Net sales,"$ 22,140","$ 26,281","$ 43,494","$ 51,318" Operating expenses,"16,775","16,947","33,006","32,563" Operating income,"$ 5,365","$ 9,334","$ 10,488","$ 18,755" Consolidated,,,, Net sales,"$ 134,383","$ 147,977","$ 261,741","$ 291,290" Operating expenses,"126,702","133,305","249,286","261,311" Operating income,"7,681","14,672","12,455","29,979" Total non-operating income (expense),(118),573,(773),"(1,751)" Provision for income taxes,(804),"(1,767)","(1,752)","(4,234)" "Equity-method investment activity, net of tax",(9),7,(8),(78) Net income,"$ 6,750","$ 13,485","$ 9,922","$ 23,916" ``` 19 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2023,2024,2023,2024 Net Sales:,,,, Online stores (1),"$ 52,966","$ 55,392","$ 104,062","$ 110,062" Physical stores (2),"5,024","5,206","9,919","10,408" Third-party seller services (3),"32,332","36,201","62,152","70,797" Advertising services (4),"10,683","12,771","20,192","24,595" Subscription services (5),"9,894","10,866","19,551","21,588" AWS,"22,140","26,281","43,494","51,318" Other (6),"1,344","1,260","2,371","2,522" Consolidated,"$ 134,383","$ 147,977","$ 261,741","$ 291,290" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings, such as health care services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements. 20 Item 2. </chunk> ## FISCAL PERIOD: Q2 2025 [Chunks for this period: 3] <chunk> [Document ID: Index]: [1:41] Ticker: AMZN Publication Date: 2025-08-01 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q2 2025 Highlighted Text: Operating income by segment is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2024,2025,2024,2025 Operating Income,,,, North America,"$ 5,065","$ 7,517","$ 10,048","$ 13,358" International,273,"1,494","1,176","2,511" AWS,"9,334","10,160","18,755","21,707" Consolidated,"$ 14,672","$ 19,171","$ 29,979","$ 37,576" ``` Operating income increased from $14.7 billion in Q2 2024 to $19.2 billion in Q2 2025, and increased from $30.0 billion for the six months ended June 30, 2024 to $37.6 billion for the six months ended June 30, 2025. We believe that operating income is a more meaningful measure than gross profit and gross margin due to the diversity of our product categories and services. For more information on the operating expenses that impact segment operating income, see “Operating Expenses” and the descriptions of operating expense line item changes on pages 26 to 28, and “Note 8 — Segment Information” on page 18. The increase in North America operating income in Q2 2025 and for the six months ended June 30, 2025, compared to the comparable prior year periods, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment, technology and infrastructure, and shipping costs. The increase in International operating income in Q2 2025 and for the six months ended June 30, 2025, compared to the comparable prior year periods, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment and shipping costs. Changes in foreign exchange rates positively impacted operating income by $338 million for Q2 2025, and by $282 million for six months ended June 30, 2025. The increase in AWS operating income in Q2 2025, compared to the comparable prior year period, is primarily due to increased sales, partially offset by spending on technology infrastructure that was primarily driven by additional investments to support AWS business growth. The increase in AWS operating income for the six months ended June 30, 2025, compared to the comparable prior year period, is primarily due to increased sales and decreased payroll and related expenses, partially offset by spending on technology infrastructure that was primarily driven by additional investments to support AWS business growth. Changes in foreign exchange rates negatively impacted operating income by $139 million for Q2 2025, but did not significantly impact operating income for the six months ended June 30, 2025. 28 Interest Income and Expense Our interest income was $1.2 billion and $1.1 billion during Q2 2024 and Q2 2025, and $2.2 billion for the six months ended June 30, 2024 and 2025, primarily due to a higher average balance of invested funds at prevailing rates. We generally invest our excess cash in investment grade short- to intermediate-term marketable debt securities and AAA-rated money market funds. Our interest income corresponds with the average balance of invested funds based on the prevailing rates, which vary depending on the geographies and currencies in which they are invested. Interest expense was $589 million and $516 million during Q2 2024 and Q2 2025, and $1.2 billion and $1.1 billion for the six months ended June 30, 2024 and 2025, and was primarily related to debt and finance leases. See Item 1 of Part I, “Financial Statements — Note 3 — Leases and Note 5 — Debt” for additional information. </chunk> <chunk> [Document ID: Index]: [1:24] Ticker: AMZN Publication Date: 2025-08-01 Section: Legal Proceedings Doc Type: 10-Q Period: Q2 2025 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2024,2025,2024,2025 North America,,,, Net sales,"$ 90,033","$ 100,068","$ 176,374","$ 192,955" Operating expenses,"84,968","92,551","166,326","179,597" Operating income,"$ 5,065","$ 7,517","$ 10,048","$ 13,358" International,,,, Net sales,"$ 31,663","$ 36,761","$ 63,598","$ 70,274" Operating expenses,"31,390","35,267","62,422","67,763" Operating income,$ 273,"$ 1,494","$ 1,176","$ 2,511" AWS,,,, Net sales,"$ 26,281","$ 30,873","$ 51,318","$ 60,140" Operating expenses,"16,947","20,713","32,563","38,433" Operating income,"$ 9,334","$ 10,160","$ 18,755","$ 21,707" Consolidated,,,, Net sales,"$ 147,977","$ 167,702","$ 291,290","$ 323,369" Operating expenses,"133,305","148,531","261,311","285,793" Operating income,"14,672","19,171","29,979","37,576" Total non-operating income (expense),573,"1,686","(1,751)","4,960" Provision for income taxes,"(1,767)","(2,678)","(4,234)","(7,231)" "Equity-method investment activity, net of tax",7,(15),(78),(14) Net income,"$ 13,485","$ 18,164","$ 23,916","$ 35,291" ``` 19 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2024,2025,2024,2025 Net Sales:,,,, Online stores (1),"$ 55,392","$ 61,485","$ 110,062","$ 118,892" Physical stores (2),"5,206","5,595","10,408","11,128" Third-party seller services (3),"36,201","40,348","70,797","76,860" Advertising services (4),"12,771","15,694","24,595","29,615" Subscription services (5),"10,866","12,208","21,588","23,923" AWS,"26,281","30,873","51,318","60,140" Other (6),"1,260","1,499","2,522","2,811" Consolidated,"$ 147,977","$ 167,702","$ 291,290","$ 323,369" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings (such as shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements. </chunk> <chunk> [Document ID: Index]: [1:3] Ticker: AMZN Publication Date: 2025-08-01 Section: Financial Statements Doc Type: 10-Q Period: Q2 2025 Highlighted Text: CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) ```csv ,"Three Months Ended June 30,","Three Months Ended June 30,","Six Months Ended June 30,","Six Months Ended June 30," ,2024,2025,2024,2025 Net product sales,"$ 61,569","$ 68,246","$ 122,484","$ 132,216" Net service sales,"86,408","99,456","168,806","191,153" Total net sales,"147,977","167,702","291,290","323,369" Operating expenses:,,,, Cost of sales,"73,785","80,809","146,418","157,785" Fulfillment,"23,566","25,976","45,883","50,569" Technology and infrastructure,"22,304","27,166","42,728","50,160" Sales and marketing,"10,512","11,416","20,174","21,179" General and administrative,"3,041","2,965","5,783","5,593" "Other operating expense (income), net",97,199,325,507 Total operating expenses,"133,305","148,531","261,311","285,793" Operating income,"14,672","19,171","29,979","37,576" Interest income,"1,180","1,085","2,173","2,151" Interest expense,(589),(516),"(1,233)","(1,057)" "Other income (expense), net",(18),"1,117","(2,691)","3,866" Total non-operating income (expense),573,"1,686","(1,751)","4,960" Income before income taxes,"15,245","20,857","28,228","42,536" Provision for income taxes,"(1,767)","(2,678)","(4,234)","(7,231)" "Equity-method investment activity, net of tax",7,(15),(78),(14) Net income,"$ 13,485","$ 18,164","$ 23,916","$ 35,291" Basic earnings per share,$ 1.29,$ 1.71,$ 2.30,$ 3.32 Diluted earnings per share,$ 1.26,$ 1.68,$ 2.24,$ 3.27 Weighted-average shares used in computation of earnings per share:,,,, Basic,"10,447","10,637","10,420","10,620" Diluted,"10,708","10,806","10,689","10,800" ``` See accompanying notes to consolidated financial statements. 4 AMAZON.COM, INC. </chunk> ## FISCAL PERIOD: Q3 2024 [Chunks for this period: 3] <chunk> [Document ID: Index]: [9:37] Ticker: AMZN Publication Date: 2024-11-01 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q3 2024 Highlighted Text: Operating income (loss) by segment is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2023,2024,2023,2024 Operating Income (Loss),,,, North America,"$ 4,307","$ 5,663","$ 8,416","$ 15,711" International,(95),"1,301","(2,237)","2,477" AWS,"6,976","10,447","17,464","29,202" Consolidated,"$ 11,188","$ 17,411","$ 23,643","$ 47,390" ``` Operating income increased from $11.2 billion in Q3 2023 to $17.4 billion in Q3 2024, and increased from $23.6 billion for the nine months ended September 30, 2023 to $47.4 billion for the nine months ended September 30, 2024. We believe that operating income is a more meaningful measure than gross profit and gross margin due to the diversity of our product categories and services. The increase in North America operating income in Q3 2024 and for the nine months ended September 30, 2024, compared to the comparable prior year periods, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment and shipping costs. The International operating income in Q3 2024 and for the nine months ended September 30, 2024, as compared to the operating loss in the comparable prior year periods, is primarily due to increased unit sales and increased advertising sales, partially offset by increased shipping and fulfillment costs. Changes in foreign exchange rates did not significantly impact operating income for Q3 2024 or for the nine months ended September 30, 2024. The increase in AWS operating income in Q3 2024 and for the nine months ended September 30, 2024, compared to the comparable prior year periods, is primarily due to increased sales, decreased payroll and related expenses, and a reduction in depreciation and amortization expense from our change in the estimated useful lives of our servers, partially offset by spending on technology infrastructure that was primarily driven by additional investments to support AWS business growth. Changes in foreign exchange rates did not significantly impact operating income for Q3 2024, but positively impacted operating income by $183 million for the nine months ended September 30, 2024. 26 Operating Expenses Information about operating expenses is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2023,2024,2023,2024 Operating Expenses:,,,, Cost of sales,"$ 75,022","$ 80,977","$ 212,186","$ 227,395" Fulfillment,"22,314","24,660","64,524","70,543" Technology and infrastructure,"21,203","22,245","63,584","64,973" Sales and marketing,"10,551","10,609","31,468","30,783" General and administrative,"2,561","2,713","8,806","8,496" "Other operating expense (income), net",244,262,613,587 Total operating expenses,"$ 131,895","$ 141,466","$ 381,181","$ 402,777" Year-over-year Percentage Growth (Decline):,,,, Cost of sales,7 %,8 %,4 %,7 % Fulfillment,8,11,5,9 Technology and infrastructure,9,5,21,2 Sales and marketing,(4),1,7,(2) General and administrative,(16),6,3,(4) "Other operating expense (income), net",48,8,22,(4) Percent of Net Sales:,,,, Cost of sales,52.4 %,51.0 %,52.4 %,50.5 % Fulfillment,15.6,15.5,15.9,15.7 Technology and infrastructure,14.8,14.0,15.7,14.4 Sales and marketing,7.4,6.7,7.8,6.8 General and administrative,1.8,1.7,2.2,1.9 "Other operating expense (income), net",0.2,0.2,0.2,0.1 ``` </chunk> <chunk> [Document ID: Index]: [9:28] Ticker: AMZN Publication Date: 2024-11-01 Section: Legal Proceedings Doc Type: 10-Q Period: Q3 2024 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2023,2024,2023,2024 North America,,,, Net sales,"$ 87,887","$ 95,537","$ 247,314","$ 271,911" Operating expenses,"83,580","89,874","238,898","256,200" Operating income,"$ 4,307","$ 5,663","$ 8,416","$ 15,711" International,,,, Net sales,"$ 32,137","$ 35,888","$ 90,957","$ 99,486" Operating expenses,"32,232","34,587","93,194","97,009" Operating income (loss),$ (95),"$ 1,301","$ (2,237)","$ 2,477" AWS,,,, Net sales,"$ 23,059","$ 27,452","$ 66,553","$ 78,770" Operating expenses,"16,083","17,005","49,089","49,568" Operating income,"$ 6,976","$ 10,447","$ 17,464","$ 29,202" Consolidated,,,, Net sales,"$ 143,083","$ 158,877","$ 404,824","$ 450,167" Operating expenses,"131,895","141,466","381,181","402,777" Operating income,"11,188","17,411","23,643","47,390" Total non-operating income (expense),"1,001",626,228,"(1,125)" Provision for income taxes,"(2,306)","(2,706)","(4,058)","(6,940)" "Equity-method investment activity, net of tax",(4),(3),(12),(81) Net income,"$ 9,879","$ 15,328","$ 19,801","$ 39,244" ``` 20 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2023,2024,2023,2024 Net Sales:,,,, Online stores (1),"$ 57,267","$ 61,411","$ 161,329","$ 171,473" Physical stores (2),"4,959","5,228","14,878","15,636" Third-party seller services (3),"34,342","37,864","96,494","108,661" Advertising services (4),"12,060","14,331","32,252","38,926" Subscription services (5),"10,170","11,278","29,721","32,866" AWS,"23,059","27,452","66,553","78,770" Other (6),"1,226","1,313","3,597","3,835" Consolidated,"$ 143,083","$ 158,877","$ 404,824","$ 450,167" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings, such as health care services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements. 21 Item 2. </chunk> <chunk> [Document ID: Index]: [9:36] Ticker: AMZN Publication Date: 2024-11-01 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q3 2024 Highlighted Text: Overview Macroeconomic factors, including changes in inflation and interest rates, as well as global economic and geopolitical developments, have direct and indirect impacts on our results of operations that are difficult to isolate and quantify. These may impact customer demand for our products and services and our ability to forecast spending patterns. We expect some or all of these factors to continue to impact our operations into Q4 2024. Net Sales Net sales include product and service sales. Product sales represent revenue from the sale of products and related shipping fees and digital media content where we record revenue gross. Service sales primarily represent third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions. Net sales information is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2023,2024,2023,2024 Net Sales:,,,, North America,"$ 87,887","$ 95,537","$ 247,314","$ 271,911" International,"32,137","35,888","90,957","99,486" AWS,"23,059","27,452","66,553","78,770" Consolidated,"$ 143,083","$ 158,877","$ 404,824","$ 450,167" Year-over-year Percentage Growth:,,,, North America,11 %,9 %,11 %,10 % International,16,12,9,9 AWS,12,19,13,18 Consolidated,13,11,11,11 "Year-over-year Percentage Growth, excluding the effect of foreign exchange rates:",,,, North America,11 %,9 %,11 %,10 % International,11,12,10,11 AWS,12,19,13,18 Consolidated,11,11,11,12 Net Sales Mix:,,,, North America,61 %,60 %,61 %,60 % International,23,23,23,22 AWS,16,17,16,18 Consolidated,100 %,100 %,100 %,100 % ``` Sales increased 11% in Q3 2024, and 11% for the nine months ended September 30, 2024 compared to the comparable prior year periods. Changes in foreign exchange rates reduced net sales by $233 million for Q3 2024, and by $1.4 billion for the nine months ended September 30, 2024. For a discussion of the effect of foreign exchange rates on sales growth, see “Effect of Foreign Exchange Rates” below. North America sales increased 9% in Q3 2024, and 10% for the nine months ended September 30, 2024 compared to the comparable prior year periods. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchanges rates reduced North America net sales by $168 million for Q3 2024, and by $143 million for the nine months ended September 30, 2024. 25 International sales increased 12% in Q3 2024, and 9% for the nine months ended September 30, 2024 compared to the comparable prior year periods. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates did not significantly impact International net sales for Q3 2024, but reduced International net sales by $1.3 billion for the nine months ended September 30, 2024. AWS sales increased 19% in Q3 2024, and 18% for the nine months ended September 30, 2024 compared to the comparable prior year periods. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts. Operating Income (Loss) </chunk> ## FISCAL PERIOD: Q3 2025 [Chunks for this period: 3] <chunk> [Document ID: Index]: [3:28] Ticker: AMZN Publication Date: 2025-10-31 Section: Legal Proceedings Doc Type: 10-Q Period: Q3 2025 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2024,2025,2024,2025 North America,,,, Net sales,"$ 95,537","$ 106,267","$ 271,911","$ 299,222" Operating expenses,"89,874","101,478","256,200","281,075" Operating income,"$ 5,663","$ 4,789","$ 15,711","$ 18,147" International,,,, Net sales,"$ 35,888","$ 40,896","$ 99,486","$ 111,170" Operating expenses,"34,587","39,697","97,009","107,460" Operating income,"$ 1,301","$ 1,199","$ 2,477","$ 3,710" AWS,,,, Net sales,"$ 27,452","$ 33,006","$ 78,770","$ 93,146" Operating expenses,"17,005","21,572","49,568","60,005" Operating income,"$ 10,447","$ 11,434","$ 29,202","$ 33,141" Consolidated,,,, Net sales,"$ 158,877","$ 180,169","$ 450,167","$ 503,538" Operating expenses,"141,466","162,747","402,777","448,540" Operating income,"17,411","17,422","47,390","54,998" Total non-operating income (expense),626,"10,748","(1,125)","15,708" Provision for income taxes,"(2,706)","(6,910)","(6,940)","(14,141)" "Equity-method investment activity, net of tax",(3),(73),(81),(87) Net income,"$ 15,328","$ 21,187","$ 39,244","$ 56,478" ``` 20 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2024,2025,2024,2025 Net Sales:,,,, Online stores (1),"$ 61,411","$ 67,407","$ 171,473","$ 186,299" Physical stores (2),"5,228","5,578","15,636","16,706" Third-party seller services (3),"37,864","42,486","108,661","119,346" Advertising services (4),"14,331","17,703","38,926","47,318" Subscription services (5),"11,278","12,574","32,866","36,497" AWS,"27,452","33,006","78,770","93,146" Other (6),"1,313","1,415","3,835","4,226" Consolidated,"$ 158,877","$ 180,169","$ 450,167","$ 503,538" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings (such as shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements. </chunk> <chunk> [Document ID: Index]: [3:40] Ticker: AMZN Publication Date: 2025-10-31 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q3 2025 Highlighted Text: Net Sales Net sales include product and service sales. Product sales represent revenue from the sale of products and related shipping fees and digital media content where we record revenue gross. Service sales primarily represent third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions. Net sales information is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2024,2025,2024,2025 Net Sales:,,,, North America,"$ 95,537","$ 106,267","$ 271,911","$ 299,222" International,"35,888","40,896","99,486","111,170" AWS,"27,452","33,006","78,770","93,146" Consolidated,"$ 158,877","$ 180,169","$ 450,167","$ 503,538" Year-over-year Percentage Growth:,,,, North America,9 %,11 %,10 %,10 % International,12,14,9,12 AWS,19,20,18,18 Consolidated,11,13,11,12 "Year-over-year Percentage Growth, excluding the effect of foreign exchange rates:",,,, North America,9 %,11 %,10 %,10 % International,12,10,11,10 AWS,19,20,18,18 Consolidated,11,12,12,12 Net Sales Mix:,,,, North America,60 %,59 %,60 %,59 % International,23,23,22,22 AWS,17,18,18,19 Consolidated,100 %,100 %,100 %,100 % ``` Sales increased 13% in Q3 2025, and 12% for the nine months ended September 30, 2025 compared to the comparable prior year periods. Changes in foreign exchange rates increased net sales by $1.5 billion for Q3 2025, and by $1.6 billion for the nine months ended September 30, 2025. For a discussion of the effect of foreign exchange rates on sales growth, see “Effect of Foreign Exchange Rates” below. North America sales increased 11% in Q3 2025, and 10% for the nine months ended September 30, 2025 compared to the comparable prior year periods. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates did not significantly impact North America net sales for Q3 2025, but reduced North America net sales by $611 million for the nine months ended September 30, 2025. 26 International sales increased 14% in Q3 2025, and 12% for the nine months ended September 30, 2025 compared to the comparable prior year periods. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates increased International net sales by $1.5 billion for Q3 2025, and by $2.2 billion for the nine months ended September 30, 2025. AWS sales increased 20% in Q3 2025, and 18% for the nine months ended September 30, 2025 compared to the comparable prior year periods. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts. Operating Expenses </chunk> <chunk> [Document ID: Index]: [3:45] Ticker: AMZN Publication Date: 2025-10-31 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-Q Period: Q3 2025 Highlighted Text: Operating income by segment is as follows (in millions): ```csv ,"Three Months Ended September 30,","Three Months Ended September 30,","Nine Months Ended September 30,","Nine Months Ended September 30," ,2024,2025,2024,2025 Operating Income,,,, North America,"$ 5,663","$ 4,789","$ 15,711","$ 18,147" International,"1,301","1,199","2,477","3,710" AWS,"10,447","11,434","29,202","33,141" Consolidated,"$ 17,411","$ 17,422","$ 47,390","$ 54,998" ``` Operating income was $17.4 billion in Q3 2024 and Q3 2025, and $47.4 billion for the nine months ended September 30, 2024 and $55.0 billion for the nine months ended September 30, 2025. Operating income in Q3 2025 includes charges of $2.5 billion related to the settlement of a lawsuit with the FTC and $1.8 billion of estimated severance costs primarily related to planned role eliminations. We believe that operating income is a more meaningful measure than gross profit and gross margin due to the diversity of our product categories and services. For more information on the operating expenses that impact segment operating income, see “Operating Expenses” and the descriptions of operating expense line item changes on pages 27 to 29, and “Note 8 — Segment Information” on page 19. The decrease in North America operating income in Q3 2025, compared to the comparable prior year period, is primarily due to increased other operating, fulfillment, technology and infrastructure, and shipping costs, inclusive of the FTC settlement and severance costs, partially offset by increased unit sales and increased advertising sales. The increase in North America operating income for the nine months ended September 30, 2025, compared to the comparable prior year period, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment, technology and infrastructure, other operating, and shipping costs. Changes in foreign exchange rates did not significantly impact operating income for Q3 2025, but negatively impacted operating income by $131 million for the nine months ended September 30, 2025. The decrease in International operating income in Q3 2025, compared to the comparable prior year period, is primarily due to increased shipping and fulfillment costs, inclusive of severance costs, partially offset by increased unit sales and increased advertising sales. The increase in International operating income for the nine months ended September 30, 2025, compared to the comparable prior year period, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment and shipping costs. Changes in foreign exchange rates positively impacted operating income by $302 million for Q3 2025, and by $584 million for nine months ended September 30, 2025. The increase in AWS operating income in Q3 2025, compared to the comparable prior year period, is primarily due to increased sales, partially offset by spending on technology infrastructure that was primarily driven by additional investments to support AWS business growth and severance costs. The increase in AWS operating income for the nine months ended September 29 30, 2025, compared to the comparable prior year period, is primarily due to increased sales, partially offset by spending on technology infrastructure that was primarily driven by additional investments to support AWS business growth. Changes in foreign exchange rates negatively impacted operating income by $120 million for Q3 2025, and by $118 million for the nine months ended September 30, 2025. </chunk> ## FISCAL PERIOD: Q4 2023 [Chunks for this period: 3] <chunk> [Document ID: Index]: [4:97] Ticker: AMZN Publication Date: 2024-02-02 Section: Legal Proceedings Doc Type: 10-K Period: FY 2023 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income (loss) is as follows (in millions): ```csv ,"Year Ended December 31,","Year Ended December 31,","Year Ended December 31," ,2021,2022,2023 North America,,, Net sales,"$ 279,833","$ 315,880","$ 352,828" Operating expenses,"272,562","318,727","337,951" Operating income (loss),"$ 7,271","$ (2,847)","$ 14,877" International,,, Net sales,"$ 127,787","$ 118,007","$ 131,200" Operating expenses,"128,711","125,753","133,856" Operating loss,$ (924),"$ (7,746)","$ (2,656)" AWS,,, Net sales,"$ 62,202","$ 80,096","$ 90,757" Operating expenses,"43,670","57,255","66,126" Operating income,"$ 18,532","$ 22,841","$ 24,631" Consolidated,,, Net sales,"$ 469,822","$ 513,983","$ 574,785" Operating expenses,"444,943","501,735","537,933" Operating income,"24,879","12,248","36,852" Total non-operating income (expense),"13,272","(18,184)",705 Benefit (provision) for income taxes,"(4,791)","3,217","(7,120)" "Equity-method investment activity, net of tax",4,(3),(12) Net income (loss),"$ 33,364","$ (2,722)","$ 30,425" ``` 68 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv ,"Year Ended December 31,","Year Ended December 31,","Year Ended December 31," ,2021,2022,2023 Net Sales:,,, Online stores (1),"$ 222,075","$ 220,004","$ 231,872" Physical stores (2),"17,075","18,963","20,030" Third-party seller services (3),"103,366","117,716","140,053" Advertising services (4),"31,160","37,739","46,906" Subscription services (5),"31,768","35,218","40,209" AWS,"62,202","80,096","90,757" Other (6),"2,176","4,247","4,958" Consolidated,"$ 469,822","$ 513,983","$ 574,785" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings, such as certain licensing and distribution of video content, health care services, and shipping services, and our co-branded credit card agreements. </chunk> <chunk> [Document ID: Index]: [4:44] Ticker: AMZN Publication Date: 2024-02-02 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-K Period: FY 2023 Highlighted Text: Overview Macroeconomic factors, including inflation, increased interest rates, significant capital market and supply chain volatility, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations that are difficult to isolate and quantify. In addition, changes in fuel, utility, and food costs, interest rates, and economic outlook may impact customer demand and our ability to forecast consumer spending patterns. We also expect the current macroeconomic environment and enterprise customer cost optimization efforts to impact our AWS revenue growth rates. We expect some or all of these factors to continue to impact our operations into Q1 2024. Net Sales Net sales include product and service sales. Product sales represent revenue from the sale of products and related shipping fees and digital media content where we record revenue gross. Service sales primarily represent third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions. Net sales information is as follows (in millions): ```csv ,"Year Ended December 31,","Year Ended December 31," ,2022,2023 Net Sales:,, North America,"$ 315,880","$ 352,828" International,"118,007","131,200" AWS,"80,096","90,757" Consolidated,"$ 513,983","$ 574,785" Year-over-year Percentage Growth (Decline):,, North America,13 %,12 % International,(8),11 AWS,29,13 Consolidated,9,12 "Year-over-year Percentage Growth, excluding the effect of foreign exchange rates:",, North America,13 %,12 % International,4,11 AWS,29,13 Consolidated,13,12 Net Sales Mix:,, North America,61 %,61 % International,23,23 AWS,16,16 Consolidated,100 %,100 % ``` Sales increased 12% in 2023, compared to the prior year. Changes in foreign exchange rates reduced net sales by $71 million in 2023. For a discussion of the effect of foreign exchange rates on sales growth, see “Effect of Foreign Exchange Rates” below. North America sales increased 12% in 2023, compared to the prior year. The sales growth primarily reflects increased unit sales, primarily by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our shipping offers. International sales increased 11% in 2023, compared to the prior year. The sales growth primarily reflects increased unit sales, primarily by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our shipping offers. Changes in foreign exchange rates increased International net sales by $88 million in 2023. 24 AWS sales increased 13% in 2023, compared to the prior year. The sales growth primarily reflects increased customer usage, partially offset by pricing changes, primarily driven by long-term customer contracts. Operating Income (Loss) </chunk> <chunk> [Document ID: Index]: [4:53] Ticker: AMZN Publication Date: 2024-02-02 Section: Quantitative and Qualitative Disclosures About Market Risk Doc Type: 10-K Period: FY 2023 Highlighted Text: Foreign Exchange Risk During 2023, net sales from our International segment accounted for 23% of our consolidated revenues. Net sales and related expenses generated from our internationally-focused stores, including within Canada and Mexico (which are included in our North America segment), are primarily denominated in the functional currencies of the corresponding stores and primarily include Euros, British Pounds, and Japanese Yen. The results of operations of, and certain of our intercompany balances associated with, our internationally-focused stores and AWS are exposed to foreign exchange rate fluctuations. Upon consolidation, as foreign exchange rates vary, net sales and other operating results may differ materially from expectations, and we may record significant gains or losses on the remeasurement of intercompany balances. For example, as a result of fluctuations in foreign exchange rates throughout the year compared to rates in effect the prior year, International segment net sales increased by $88 million in comparison with the prior year. We have foreign exchange risk related to foreign-denominated cash, cash equivalents, and marketable securities (“foreign funds”). Based on the balance of foreign funds as of December 31, 2023, of $23.5 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $1.2 billion, $2.3 billion, and $4.7 billion. We also have foreign exchange risk related to our intercompany balances denominated in various currencies. Based on the intercompany balances as of December 31, 2023, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $320 million, $640 million, and $1.3 billion, recorded to “Other income (expense), net.” See Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Effect of Foreign Exchange Rates” for additional information on the effect on reported results of changes in foreign exchange rates. Equity Investment Risk As of December 31, 2023, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $9.6 billion. Our equity and equity warrant investments in publicly traded companies, which include our equity investment in Rivian, represent $5.7 billion of our investments as of December 31, 2023, and are recorded at fair value, which is subject to market price volatility. We record our equity warrant investments in private companies at fair value and adjust our equity investments in private companies for observable price changes or impairments. Valuations of private companies are inherently more complex due to the lack of readily available market data. The current global economic conditions provide additional uncertainty. As such, we believe that market sensitivities are not practicable. See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 1 — Description of Business, Accounting Policies, and Supplemental Disclosures” for additional information. 33 Item 8. </chunk> ## FISCAL PERIOD: Q4 2024 [Chunks for this period: 3] <chunk> [Document ID: Index]: [2:45] Ticker: AMZN Publication Date: 2025-02-07 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-K Period: FY 2024 Highlighted Text: Overview Macroeconomic factors, including changes in inflation and interest rates, global economic and geopolitical developments, and the development and adoption of technologies and services, including artificial intelligence, have direct and indirect impacts on our results of operations that are difficult to isolate and quantify. These could affect customer demand for our products and services, our ability to predict growth needs, expenses, and the benefits we gain from new technologies. We expect some or all of them to continue to impact our operations into Q1 2025. Net Sales Net sales include product and service sales. Product sales represent revenue from the sale of products and related shipping fees and digital media content where we record revenue gross. Service sales primarily represent third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions. Net sales information is as follows (in millions): ```csv ,"Year Ended December 31,","Year Ended December 31," ,2023,2024 Net Sales:,, North America,"$ 352,828","$ 387,497" International,"131,200","142,906" AWS,"90,757","107,556" Consolidated,"$ 574,785","$ 637,959" Year-over-year Percentage Growth:,, North America,12 %,10 % International,11,9 AWS,13,19 Consolidated,12,11 "Year-over-year Percentage Growth, excluding the effect of foreign exchange rates:",, North America,12 %,10 % International,11,10 AWS,13,19 Consolidated,12,11 Net Sales Mix:,, North America,61 %,61 % International,23,22 AWS,16,17 Consolidated,100 %,100 % ``` Sales increased 11% in 2024, compared to the prior year. Changes in foreign exchange rates reduced net sales by $2.3 billion in 2024. For a discussion of the effect of foreign exchange rates on sales growth, see “Effect of Foreign Exchange Rates” below. North America sales increased 10% in 2024, compared to the prior year. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates reduced North America net sales by $462 million in 2024. International sales increased 9% in 2024, compared to the prior year. The sales growth primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services. Increased unit sales were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers. Changes in foreign exchange rates reduced International net sales by $1.8 billion in 2024. 24 AWS sales increased 19% in 2024, compared to the prior year. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts. Operating Expenses </chunk> <chunk> [Document ID: Index]: [2:98] Ticker: AMZN Publication Date: 2025-02-07 Section: Legal Proceedings Doc Type: 10-K Period: FY 2024 Highlighted Text: Information on reportable segments and reconciliation to consolidated net income (loss) is as follows (in millions): ```csv ,"Year Ended December 31,","Year Ended December 31,","Year Ended December 31," ,2022,2023,2024 North America,,, Net sales,"$ 315,880","$ 352,828","$ 387,497" Operating expenses,"318,727","337,951","362,530" Operating income (loss),"$ (2,847)","$ 14,877","$ 24,967" International,,, Net sales,"$ 118,007","$ 131,200","$ 142,906" Operating expenses,"125,753","133,856","139,114" Operating income (loss),"$ (7,746)","$ (2,656)","$ 3,792" AWS,,, Net sales,"$ 80,096","$ 90,757","$ 107,556" Operating expenses,"57,255","66,126","67,722" Operating income,"$ 22,841","$ 24,631","$ 39,834" Consolidated,,, Net sales,"$ 513,983","$ 574,785","$ 637,959" Operating expenses,"501,735","537,933","569,366" Operating income,"12,248","36,852","68,593" Total non-operating income (expense),"(18,184)",705,21 Benefit (provision) for income taxes,"3,217","(7,120)","(9,265)" "Equity-method investment activity, net of tax",(3),(12),(101) Net income (loss),"$ (2,722)","$ 30,425","$ 59,248" ``` 66 Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions): ```csv ,"Year Ended December 31,","Year Ended December 31,","Year Ended December 31," ,2022,2023,2024 Net Sales:,,, Online stores (1),"$ 220,004","$ 231,872","$ 247,029" Physical stores (2),"18,963","20,030","21,215" Third-party seller services (3),"117,716","140,053","156,146" Advertising services (4),"37,739","46,906","56,214" Subscription services (5),"35,218","40,209","44,374" AWS,"80,096","90,757","107,556" Other (6),"4,247","4,958","5,425" Consolidated,"$ 513,983","$ 574,785","$ 637,959" ``` (1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.” (2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.” (3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services. (4)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. (5)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services. (6)Includes sales related to various other offerings, such as healthcare services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements. </chunk> <chunk> [Document ID: Index]: [2:99] Ticker: AMZN Publication Date: 2025-02-07 Section: Legal Proceedings Doc Type: 10-K Period: FY 2024 Highlighted Text: Net sales are attributed to countries primarily based on country-focused online and physical stores or, for AWS purposes, the selling entity. Net sales attributed to countries that represent a significant portion of consolidated net sales are as follows (in millions): ```csv ,"Year Ended December 31,","Year Ended December 31,","Year Ended December 31," ,2022,2023,2024 United States,"$ 356,113","$ 395,637","$ 438,015" Germany,"33,598","37,588","40,856" United Kingdom,"30,074","33,591","37,855" Japan,"24,396","26,002","27,401" Rest of world,"69,802","81,967","93,832" Consolidated,"$ 513,983","$ 574,785","$ 637,959" ``` 67 Total segment assets exclude corporate assets, such as cash and cash equivalents, marketable securities, other long-term investments, corporate facilities, goodwill and other acquired intangible assets, and tax assets. Technology infrastructure assets are allocated among the segments based on usage, with the majority allocated to the AWS segment. Total segment assets reconciled to consolidated amounts are as follows (in millions): ```csv ,"December 31,","December 31,","December 31," ,2022,2023,2024 North America (1),"$ 185,268","$ 196,029","$ 210,120" International (1),"64,666","69,718","69,487" AWS (2),"88,491","108,533","155,953" Corporate,"124,250","153,574","189,334" Consolidated,"$ 462,675","$ 527,854","$ 624,894" ``` (1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, accounts receivable, and digital video and music content. (2)AWS segment assets primarily consist of property and equipment, accounts receivable, and operating leases. </chunk>

Now I have all the data needed. Let me create a comprehensive Excel file with multiple sheets for the financial analysis.

Create Python script for Amazon financial analysis Excel

Create Amazon financial analysis Excel file
Input
cd /home/user && python amzn_analysis.py
Output
stdout: Excel file created successfully! exit_code: 0
Recalculate formulas in the Excel file
Input
python /public/skills/document-skills/xlsx/recalc.py /private/artifacts/AMZN_Financial_Analysis.xlsx
Output
stdout: { "status": "success", "total_errors": 0, "error_summary": {}, "total_formulas": 16 } exit_code: 0

I've created a comprehensive Amazon financial analysis in Excel with 5 detailed sheets:

Amazon (AMZN) Financial Analysis

Sheet 1: Income Statement

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($MM)	169,961	143,313	147,977	158,877	187,792	155,667	167,702	180,169
Operating Income ($MM)	13,209	15,307	14,672	17,411	21,203	18,405	19,171	19,922
Net Income ($MM)	10,624	10,431	13,485	15,328	20,004	17,127	18,164	21,187
Diluted EPS ($)	$1.01	$0.98	$1.26	$1.43	$1.86	$1.59	$1.68	$1.95
EBITDA Margin	15.9%	18.8%	18.1%	19.4%	19.1%	21.0%	20.5%	20.4%

Sheet 2: Balance Sheet Strength

Total Assets: Grew from $528B (Q4 2023) to $728B (Q3 2025)
Total Equity: Expanded from $202B to $370B, reflecting strong earnings retention
Debt/Equity: Improved significantly from 80% to 43% over the period
Net Debt/EBITDA: Healthy leverage at 0.4x (Q3 2025)

Sheet 3: Cash Flow Generation

Cash from Operations: $35.5B in Q3 2025 , with CFO/Revenue ratio of ~20%
Capital Expenditure: Accelerating to $35.1B in Q3 2025 driven by AWS infrastructure investments
Free Cash Flow: Compressed in recent quarters due to elevated capex for AI/cloud capacity

Sheet 4: Segment Revenue Breakdown

Segment	Q3 2025 Revenue	YoY Growth	Operating Income
North America	$106,267M	+11%	$4,789M
International	$40,896M	+14%	$1,199M
AWS	$33,006M	+20%	$11,434M

Key revenue drivers by product :

Third-party seller services: $42.5B (+12% YoY)
Advertising services: $17.7B (+24% YoY)
Subscription services: $12.6B (+11% YoY)

Sheet 5: Summary Dashboard

FY 2024 Revenue: $638B (+11% YoY)
FY 2024 Operating Income: $68.6B (+86% YoY)
FY 2024 Net Income: $59.2B (+95% YoY)
Year-over-year comparison tables with growth calculations

Values retrieved from S&P Global*

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