SEATTLE — Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its fourth quarter ended December 31, 2025.
Fourth Quarter 2025
- Net sales increased 14% to $213.4 billion in the fourth quarter, compared with $187.8 billion in fourth quarter 2024. Excluding the $2.8 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12% compared with fourth quarter 2024.
- North America segment sales increased 10% year-over-year to $127.1 billion.
- International segment sales increased 17% year-over-year to $50.7 billion, or increased 11% excluding changes in foreign exchange rates.
- AWS segment sales increased 24% year-over-year to $35.6 billion.
- Operating income increased to $25.0 billion in the fourth quarter, compared with $21.2 billion in fourth quarter 2024. Fourth quarter 2025 operating income includes three special charges—$1.1 billion for the resolution of tax disputes associated with our stores business in Italy, and the settlement of a lawsuit, $730 million in estimated severance costs, and $610 million in asset impairments primarily related to physical stores. Without these charges, operating income would have been $27.4 billion.
- North America segment operating income was $11.5 billion, compared with $9.3 billion in fourth quarter 2024.
- International segment operating income was $1.0 billion, compared with $1.3 billion in fourth quarter 2024.
- AWS segment operating income was $12.5 billion, compared with $10.6 billion in fourth quarter 2024.
- Net income increased to $21.2 billion in the fourth quarter, or $1.95 per diluted share, compared with $20.0 billion, or $1.86 per diluted share, in fourth quarter 2024.
Full Year 2025
- Net sales increased 12% to $716.9 billion in 2025, compared with $638.0 billion in 2024. Excluding the $4.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 12% compared with 2024.
- North America segment sales increased 10% year-over-year to $426.3 billion.
- International segment sales increased 13% year-over-year to $161.9 billion, or increased 10% excluding changes in foreign exchange rates.
- AWS segment sales increased 20% year-over-year to $128.7 billion.
- Operating income increased to $80.0 billion in 2025, compared with $68.6 billion in 2024.
- North America segment operating income was $29.6 billion, compared with operating income of $25.0 billion in 2024.
- International segment operating income was $4.7 billion, compared with an operating income of $3.8 billion in 2024.
- AWS segment operating income was $45.6 billion, compared with operating income of $39.8 billion in 2024.
- Net income increased to $77.7 billion in 2025, or $7.17 per diluted share, compared with $59.2 billion, or $5.53 per diluted share, in 2024.
- Operating cash flow increased 20% to $139.5 billion for the trailing twelve months, compared with $115.9 billion for the trailing twelve months ended December 31, 2024.
- Free cash flow decreased to $11.2 billion for the trailing twelve months, driven primarily by a year-over-year increase of $50.7 billion in purchases of property and equipment, net of proceeds from sales and incentives. This increase primarily reflects investments in artificial intelligence. This compares to free cash flow of $38.2 billion for the trailing twelve months ended December 31, 2024.
“AWS growing 24% (our fastest growth in 13 quarters), Advertising growing 22%, Stores growing briskly across North America and International, our chips business growing triple digit percentages year-over-year—this growth is happening because we’re continuing to innovate at a rapid rate, and identify and knock down customer problems,” said Andy Jassy, President and CEO, Amazon. “With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital.”
Read the full fourth quarter report here.
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