Amazon is a $717 billion a year business whose profit now comes mainly from the cloud
Quick answer: Amazon.com Inc reported net sales of $716.9 billion for 2025, up 12.4 percent from $638.0 billion in 2024, with operating income of $80.0 billion and net income of $77.7 billion. In the latest published quarter, Q3 2026, sales rose 12 percent to $201.9 billion, AWS sales rose 39 percent to $46.0 billion, operating income reached a record $28.1 billion and the company employed 1,638,000 people. Over the twelve months to 30 September 2026 sales totalled $797.5 billion, and every quarterly figure on this page runs to that date.
Amazon reports through three segments. North America and International are the retail businesses, covering products Amazon sells itself, the marketplace for independent sellers, advertising, Prime and other subscriptions, and stores such as Whole Foods Market. The third segment, Amazon Web Services (AWS), sells computing, storage, databases and AI services to businesses and governments. The split matters because the segments have very different economics: in 2025 AWS produced 18.0 percent of sales but 57.0 percent of operating income.
The rest of this page works through those numbers in order: the long-run sales record, the latest quarter, profit by segment, revenue by business line, AWS, advertising, stores and sellers, Prime, cash flow and capital spending, the unusual net income of 2026, the workforce and the share count. Cloud market share rankings are covered separately in our analysis of how the big three cloud providers hold their lead, and the comparison with Apple, Alphabet, Microsoft and Meta is in our big tech revenue comparison.
Net sales grew more than 100-fold between 2004 and 2025 without a single down year
Amazon reported $6.9 billion of net sales in 2004, when it was mainly an online retailer of books, music and electronics. By 2010 the figure was $34.2 billion, by 2015 it passed $100 billion ($107.0 billion), and in 2020 it jumped 37.6 percent to $386.1 billion as pandemic lockdowns pushed shopping online. Sales have grown every year since at least 2004, a run that includes the 2008 financial crisis, when growth was still 29.2 percent.
Twenty-one years of growth: net sales rose every single year from 2004 to 2025, at a compound rate of 24.7 percent a year. The slowest year was 2022 at 9.4 percent.
Two phases stand out. From 2004 to 2021 growth almost never dropped below 20 percent, and in six years it exceeded 30 percent. Since 2022 the business has been much larger and growth has settled in a band of 9 to 12 percent a year: 9.4 percent in 2022, 11.8 percent in 2023, 11.0 percent in 2024 and 12.4 percent in 2025. Each percentage point is now worth more than $6 billion of extra sales. The first half of 2026 broke out of that band, with sales up 16.6 percent in Q1 and 19.6 percent in Q2, helped by faster AWS growth, a favourable currency effect that Amazon put at about 1.8 points in its Q1 guidance, and Prime Day moving into June. The same Prime Day shift held Q3 growth to 12.1 percent, and sales for the first nine months of 2026 were $584.1 billion, up 16.0 percent.
- 2004 to 2014: online retail and the third-party marketplace, with Prime (launched in 2005) increasing how often members ordered. Operating margins stayed between 0.2 and 6.4 percent.
- 2015 to 2019: AWS turned into a large, highly profitable business. Amazon first reported AWS as a segment in 2015, and by 2019 it earned $9.2 billion, 63 percent of company operating income.
- 2020 and 2021: the pandemic. Sales rose by $189.3 billion in two years and headcount doubled, followed by a costly overbuild of warehouse capacity.
- 2022 to 2025: efficiency and higher margin revenue. Advertising and AWS grew faster than retail and the operating margin rose from 2.4 to 11.2 percent.
- 2026: an AI investment cycle. AWS growth accelerated to 39 percent while capital spending passed $215 billion over twelve months.
Every year from 2004 to 2025: sales, operating income, net income and margin
The table below collects the full annual record from Amazon filings. It shows how thin profits were for most of the company history: as late as 2014 operating income was only $178 million on $89.0 billion of sales, and Amazon reported net losses in 2012, 2014 and 2022. The step change came after 2017. Operating income first passed $10 billion in 2018 and reached $80.0 billion in 2025.
| Year | Net sales | Growth | Operating income | Net income | Operating margin |
|---|---|---|---|---|---|
| 2004 | $6,921 | n/a | $440 | $588 | 6.4% |
| 2005 | $8,490 | +22.7% | $432 | $359 | 5.1% |
| 2006 | $10,711 | +26.2% | $389 | $190 | 3.6% |
| 2007 | $14,835 | +38.5% | $655 | $476 | 4.4% |
| 2008 | $19,166 | +29.2% | $842 | $645 | 4.4% |
| 2009 | $24,509 | +27.9% | $1,129 | $902 | 4.6% |
| 2010 | $34,204 | +39.6% | $1,406 | $1,152 | 4.1% |
| 2011 | $48,077 | +40.6% | $862 | $631 | 1.8% |
| 2012 | $61,093 | +27.1% | $676 | -$39 | 1.1% |
| 2013 | $74,452 | +21.9% | $745 | $274 | 1.0% |
| 2014 | $88,988 | +19.5% | $178 | -$241 | 0.2% |
| 2015 | $107,006 | +20.2% | $2,233 | $596 | 2.1% |
| 2016 | $135,987 | +27.1% | $4,186 | $2,371 | 3.1% |
| 2017 | $177,866 | +30.8% | $4,106 | $3,033 | 2.3% |
| 2018 | $232,887 | +30.9% | $12,421 | $10,073 | 5.3% |
| 2019 | $280,522 | +20.5% | $14,541 | $11,588 | 5.2% |
| 2020 | $386,064 | +37.6% | $22,899 | $21,331 | 5.9% |
| 2021 | $469,822 | +21.7% | $24,879 | $33,364 | 5.3% |
| 2022 | $513,983 | +9.4% | $12,248 | -$2,722 | 2.4% |
| 2023 | $574,785 | +11.8% | $36,852 | $30,425 | 6.4% |
| 2024 | $637,959 | +11.0% | $68,593 | $59,248 | 10.8% |
| 2025 | $716,924 | +12.4% | $79,975 | $77,670 | 11.2% |
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Sources: Amazon Form 10-K selected financial data for 2004 to 2018 and Q4 earnings releases for 2019 to 2025. Growth and margin are BusinessStats calculations. Older years are shown as reported in the 10-K covering that five-year period.
The 2022 loss of $2.7 billion was the first annual net loss since 2014, even though operating income that year was still positive at $12.2 billion; the gap reflects non-operating items, which also explain why net income in 2021 ($33.4 billion) was higher than operating income ($24.9 billion). For a longer, quarter by quarter view of the revenue split by segment, see our page on Amazon net revenue by segment.
Q3 2026: sales up 12 percent to $201.9 billion and the highest operating margin Amazon has reported
Amazon published its third quarter 2026 results on 29 October 2026. Net sales reached $201.9 billion, up 12.1 percent from $180.2 billion a year earlier and at the top of the $197.0 billion to $202.0 billion range Amazon had guided in July. Excluding a $0.9 billion unfavourable currency effect, growth was 13 percent. Operating income rose 61.2 percent to $28.1 billion, above the guided $22.5 billion to $26.5 billion, and the 13.9 percent operating margin is the highest Amazon has reported. Part of the year on year jump reflects $4.3 billion of special charges in Q3 2025.
Retail growth slowed because Prime Day moved. In 2026 the event ran in June, inside Q2, for most large countries, while in 2025 it fell entirely in Q3. Amazon estimates that without the shift Q3 2026 growth would have been about 4 percentage points higher. That explains why North America grew 6.2 percent in Q3 after 16.1 percent in Q2, while AWS, which Prime Day does not affect, accelerated to 39.3 percent. In Q2 2026 net sales had been $200.6 billion, up 19.6 percent, with operating income of $27.5 billion.
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Net sales | $201,944 | $180,169 | +12.1% |
| North America segment sales | $112,852 | $106,267 | +6.2% |
| International segment sales | $43,108 | $40,896 | +5.4% |
| AWS segment sales | $45,984 | $33,006 | +39.3% |
| Operating income | $28,076 | $17,422 | +61.2% |
| Operating margin | 13.9% | 9.7% | +4.2 pp |
| AWS operating income | $17,773 | $11,434 | +55.4% |
| Net income | $20,685 | $21,187 | -2.4% |
| Diluted earnings per share | $1.89 | $1.95 | -3.1% |
| Employees at quarter end | 1,638,000 | 1,578,000 | +3.8% |
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Source: Amazon.com Inc, Q3 2026 earnings release, 29 October 2026. Q3 2025 net income included $9.5 billion of pre-tax gains on investments in Anthropic; Q3 2026 recorded net other expense of $0.7 billion. Q3 2025 operating income carried $4.3 billion of special charges.
Several details in the Q3 release show where the growth came from. AWS sales grew 39.3 percent, which Amazon called its fastest growth in nearly five years, taking the annualised revenue run rate to $184 billion. Fortune 500 spending on Amazon Bedrock grew nearly 7 times year on year and Bedrock token volume nearly 17 times. Prime members got more than 1.5 billion items the same day or overnight in the quarter, and Amazon Now fast delivery reached more than 450 towns and cities. Andy Jassy said he expects AWS revenue growth above 40 percent in both 2027 and 2028.
- Net sales: $240.0 billion to $247.0 billion, growth of 12 to 16 percent compared with Q4 2025, including an unfavourable currency effect of about 0.6 points. Added to the first nine months, that range would put full-year 2026 sales between $824.1 billion and $831.1 billion (BusinessStats calculation).
- Operating income: $28.5 billion to $33.5 billion, compared with $25.0 billion in Q4 2025.
- Advertising: growth in the high teens year on year, after 10.9 percent in Q3.
- Capital spending: Amazon still expects about $220 billion of cash capex for 2026. This page will be updated when Q4 2026 results are published.
The quarterly segment table puts Q3 2026 in context. North America operating income of $8.7 billion was up from $4.8 billion in Q3 2025, a quarter depressed by two one-time items, a $2.5 billion legal settlement with the Federal Trade Commission and $1.8 billion of estimated severance costs. International earned $1.6 billion, and AWS earned $17.8 billion, its highest in the six quarters shown and 63 percent of company operating income in the quarter.
| Segment | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 |
|---|---|---|---|---|---|---|
| North America sales | 100,068 | 106,267 | 127,083 | 104,143 | 116,177 | 112,852 |
| North America operating income | 7,517 | 4,789 | 11,472 | 8,267 | 9,123 | 8,723 |
| International sales | 36,761 | 40,896 | 50,724 | 39,789 | 42,197 | 43,108 |
| International operating income | 1,494 | 1,199 | 1,040 | 1,424 | 1,717 | 1,580 |
| AWS sales | 30,873 | 33,006 | 35,579 | 37,587 | 42,232 | 45,984 |
| AWS operating income | 10,160 | 11,434 | 12,465 | 14,161 | 16,621 | 17,773 |
| Total net sales | 167,702 | 180,169 | 213,386 | 181,519 | 200,606 | 201,944 |
| Total operating income | 19,171 | 17,422 | 24,977 | 23,852 | 27,461 | 28,076 |
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Source: Amazon.com Inc, Q4 2025, Q1 2026, Q2 2026 and Q3 2026 earnings releases. Q3 2025 operating income includes a $2.5 billion charge for a legal settlement with the Federal Trade Commission and $1.8 billion of estimated severance costs.
North America brings in 59 percent of sales, AWS brings in 57 percent of profit
In 2025 the North America segment, which covers the North America-focused stores led by the United States, generated $426.3 billion of sales, 59.5 percent of the total. International, which covers stores focused on other countries such as the United Kingdom, Germany, Japan and India, generated $161.9 billion (22.6 percent), and AWS $128.7 billion (18.0 percent). Profit runs almost the other way. AWS earned operating income of $45.6 billion, North America $29.6 billion and International $4.8 billion.
| Segment | Sales 2024 | Sales 2025 | Growth | Operating income 2024 | Operating income 2025 | Margin 2025 |
|---|---|---|---|---|---|---|
| North America | 387,497 | 426,305 | +10.0% | 24,967 | 29,619 | 6.9% |
| International | 142,906 | 161,894 | +13.3% | 3,792 | 4,750 | 2.9% |
| AWS | 107,556 | 128,725 | +19.7% | 39,834 | 45,606 | 35.4% |
| Total | 637,959 | 716,924 | +12.4% | 68,593 | 79,975 | 11.2% |
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Source: Amazon.com Inc, Q4 2025 earnings release (4 February 2026) and Form 10-K for 2025. Growth and margins are BusinessStats calculations.
AWS carries the profit: the cloud segment earned more than North America and International combined in every year from 2018 to 2025.
The chart shows how unequal the segments have been. International lost money in five of the eight years from 2018 to 2025, with the deepest loss of $7.7 billion in 2022, and only turned consistently profitable in 2024. North America also slipped into a $2.8 billion operating loss in 2022 as Amazon absorbed the cost of warehouses built for pandemic demand. AWS, by contrast, made a profit in every year and more than tripled its operating income from $13.5 billion in 2020 to $45.6 billion in 2025. Our dedicated page on Amazon operating income by segment follows the same split year by year.
AWS margins are five times the retail margins, but the retail gap is closing
Retail margins doubled after 2022: North America rose from minus 0.9 percent in 2022 to 6.9 percent in 2025, and International moved from a loss to a 2.9 percent margin.
AWS has kept an operating margin between 26 and 37 percent throughout, peaking at 37.0 percent in 2024 and reaching 39.4 percent in Q2 2026 and 38.7 percent in Q3 2026. Retail margins are much thinner because Amazon carries the cost of inventory, fulfilment centres, delivery and customer service. Still, North America more than doubled its margin from 2.6 percent in 2021 to 6.9 percent in 2025, and in Q2 2026 it reached 7.9 percent. International reached 4.1 percent in the same quarter, and in Q3 2026 the two retail margins were 7.7 and 3.7 percent. The consolidated margin of 11.2 percent in 2025 was the highest annual figure in the 2004 to 2025 record, and Q2 and Q3 2026 lifted it to 13.7 and 13.9 percent for the quarter.
Higher margin revenue explains a large part of the retail improvement. Advertising and third-party seller fees do not require Amazon to buy inventory, and they grew faster than first-party product sales.
Seven revenue lines: online stores are the largest, advertising grows the fastest
Besides the three segments, Amazon breaks net sales into seven groups of similar products and services. This is the only consistent way to see the size of advertising, subscriptions and the marketplace, because those activities are spread across the North America and International segments.
Retail is still the base: online stores and third-party seller services make up 61.6 percent of sales, while AWS, advertising and subscriptions together add 34.5 percent.
Online stores, $269.3 billion in 2025, are products Amazon buys and resells itself, including digital media such as e-books and downloads. Third-party seller services, $172.2 billion, are the commissions, fulfilment fees and shipping fees that independent sellers pay; the value of the goods those sellers sell is not counted as Amazon revenue, only the fees are. AWS brought in $128.7 billion. Advertising services, $68.6 billion, cover sponsored ads, display and video advertising. Subscription services, $49.6 billion, include Prime membership fees and other subscriptions such as music, audiobooks and video channels. Physical stores, $22.6 billion, are mainly Whole Foods Market and Amazon Fresh shops.
| Business line | 2023 | 2024 | 2025 | Growth 2025 | Share of 2025 sales |
|---|---|---|---|---|---|
| Online stores | 231,872 | 247,029 | 269,287 | +9.0% | 37.6% |
| Third-party seller services | 140,053 | 156,146 | 172,162 | +10.3% | 24.0% |
| AWS | 90,757 | 107,556 | 128,725 | +19.7% | 18.0% |
| Advertising services | 46,906 | 56,214 | 68,635 | +22.1% | 9.6% |
| Subscription services | 40,209 | 44,374 | 49,619 | +11.8% | 6.9% |
| Physical stores | 20,030 | 21,215 | 22,561 | +6.3% | 3.1% |
| Other | 4,958 | 5,425 | 5,935 | +9.4% | 0.8% |
| Total | 574,785 | 637,959 | 716,924 | +12.4% | 100% |
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Annual values are sums of the four quarterly figures in Amazon supplemental disclosures; each year adds up to reported consolidated net sales. Growth and shares are BusinessStats calculations.
Ads and cloud lead: advertising grew 22.1 percent and AWS 19.7 percent in 2025, roughly twice the pace of the retail lines.
Growth rates sort the lines into two groups. Advertising (22.1 percent) and AWS (19.7 percent) grew at roughly twice the rate of the rest in 2025, while subscription services (11.8 percent), seller services (10.3 percent) and online stores (9.0 percent) grew close to the company average and physical stores grew 6.3 percent. Because the fast growing lines also carry higher margins, their rising share of sales lifts Amazon profitability even when total sales growth is steady. In Q2 2026 every line except physical stores grew faster than in 2025. In Q3 2026 the Prime Day shift pulled retail growth down: online stores grew only 1.6 percent and advertising 10.9 percent, while AWS grew 39.3 percent and, at $46.0 billion, almost matched third-party seller services at $46.5 billion.
| Business line | Q3 2025 | Q3 2026 | Growth Q3 2026 | Growth Q2 2026 |
|---|---|---|---|---|
| Online stores | 67,407 | 68,470 | +1.6% | +14.6% |
| Third-party seller services | 42,486 | 46,492 | +9.4% | +15.9% |
| AWS | 33,006 | 45,984 | +39.3% | +36.8% |
| Advertising services | 17,703 | 19,637 | +10.9% | +26.2% |
| Subscription services | 12,574 | 14,006 | +11.4% | +12.5% |
| Physical stores | 5,578 | 5,710 | +2.4% | +3.6% |
| Other | 1,415 | 1,645 | +16.3% | +22.0% |
| Total | 180,169 | 201,944 | +12.1% | +19.6% |
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Source: Amazon.com Inc, Q3 2026 earnings release (29 October 2026) and Q2 2026 earnings release (30 July 2026). Growth rates are in reported US dollars and are BusinessStats calculations.
For the size of Amazon relative to the wider online retail market, our e-commerce statistics hub and the figures on worldwide retail e-commerce growth give the market context.
AWS: $128.7 billion in 2025, growth up to 39 percent and a $496 billion backlog
Amazon Web Services generated net sales of $128.7 billion in 2025, up 19.7 percent, and operating income of $45.6 billion. Growth had slowed to 16.9 percent in Q1 2025, then accelerated in every following quarter: 17.5 percent in Q2 2025, 20.2 percent in Q3, 23.6 percent in Q4, 28.4 percent in Q1 2026, 36.8 percent in Q2 2026 and 39.3 percent in Q3 2026. Amazon described Q3 growth as the fastest in nearly five years and put the AWS annualised revenue run rate at $184 billion, up from $169 billion a quarter earlier.
Growth is accelerating: year on year growth went from 16.9 percent in Q1 2025 to 17.5, 20.2, 23.6, 28.4, 36.8 and 39.3 percent in the next six quarters.
The best indicator of future AWS revenue is the backlog that Amazon reports in its 10-Q filings: commitments in signed customer contracts that have not yet been recognised as revenue. It stood at approximately $364 billion on 31 March 2026 and approximately $496 billion on 30 June 2026, an increase of 36 percent in one quarter. The weighted average remaining life of those long-term contracts lengthened from 5.5 years to 6.4 years. On the Q2 2026 earnings call Jassy said the backlog was growing at a triple digit rate year on year. The Q3 2026 earnings release did not give an updated backlog figure, so 30 June 2026 remains the latest value shown here.
- Q4 2025: Trainium and Graviton chips had a combined annual revenue run rate of over $10 billion; Amazon Bedrock was used by more than 100,000 companies.
- Q1 2026: the chips business passed a $20 billion annual revenue run rate, growing at triple digit rates.
- Q2 2026: the AWS AI business and the chips business each passed $25 billion in annualised run rate. Anthropic and OpenAI made multi-year, multi-gigawatt commitments to Trainium, and Bedrock customers spent more in Q2 than in all prior quarters combined.
- Q3 2026: AWS reached a $184 billion annualised revenue run rate. Fortune 500 spending on Bedrock grew nearly 7 times and Bedrock token volume nearly 17 times year on year, and AWS added TorchNeuron so existing PyTorch code can run on Trainium chips without rewriting.
AWS margin expansion while growth accelerates is unusual, because new data centres depreciate before they fill up. The segment margin dipped to 32.9 percent in Q2 2025, climbed back to 39.4 percent in Q2 2026 and held at 38.7 percent in Q3 2026, when AWS operating income rose 55.4 percent to $17.8 billion. How AWS compares with Microsoft Azure and Google Cloud on market share is covered on the cloud market page linked at the top, and the physical side of the AI build-out is covered in our data centre statistics and AI statistics.
Advertising: $68.6 billion in 2025 and $78.0 billion over the latest twelve months
Advertising is the youngest of the large Amazon businesses, and its ads sit inside product pages and search results that shoppers already visit. Amazon reported advertising services sales of $68.6 billion in 2025, up from $46.9 billion in 2023, a gain of 46 percent in two years. In Q2 2026 advertising revenue rose 26.2 percent to $19.8 billion. In Q3 2026 it rose 10.9 percent to $19.6 billion, or 12 percent excluding currency, because Prime Day advertising moved into Q2; Amazon expects growth in the high teens in Q4 2026. The four quarters to September 2026 add up to $78.0 billion. Amazon does not report advertising profit separately.
Nearly doubled in three years: quarterly ad sales rose from $9.5 billion in Q1 2023 to $19.8 billion in Q2 2026 and $19.6 billion in Q3 2026, and the twelve months to September 2026 add up to $78.0 billion.
| Year | Q1 | Q2 | Q3 | Q4 | Full year |
|---|---|---|---|---|---|
| 2023 | 9,509 | 10,683 | 12,060 | 14,654 | 46,906 |
| 2024 | 11,824 | 12,771 | 14,331 | 17,288 | 56,214 |
| 2025 | 13,921 | 15,694 | 17,703 | 21,317 | 68,635 |
| 2026 | 17,243 | 19,809 | 19,637 | pending | pending |
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Source: Amazon.com Inc, quarterly earnings releases to Q3 2026. Full year values are sums of the quarters; Q4 2026 has not been reported yet.
Growth accelerated from 17.7 percent in Q1 2025 to 22.9, 23.5, 23.3, 23.9 and 26.2 percent in the following five quarters, before the Prime Day shift cut it to 10.9 percent in Q3 2026, and the line is now larger than subscription services and physical stores combined. For the broader market these numbers sit in, see our advertising and marketing statistics and the revenue history of Alphabet, whose Google unit competes for the same advertising budgets.
Stores and sellers: more than 60 percent of store sales come from independent sellers
Amazon states that more than 60 percent of sales in its store come from independent sellers, and that US independent sellers employ about 2 million people. That share explains why third-party seller services revenue ($172.2 billion in 2025) is smaller than online stores revenue ($269.3 billion) even though sellers move more goods: Amazon books only its fees on seller sales, not the full value of the goods.
Physical retail remains small by comparison. Physical stores generated $22.6 billion in 2025, 3.1 percent of total sales, and grew 6.3 percent. Most of the line comes from Whole Foods Market, which Amazon acquired in 2017, and Amazon Fresh stores.
- Worldwide paid units grew 17 percent year on year in Q2 2026, and stores unit growth was 15 percent in Q1 2026.
- Rufus, the AI shopping assistant, was used by more than 300 million customers in 2025 and drove nearly $12 billion of incremental annualised sales, according to the Q4 2025 release.
- Nearly 100 million customers used Same-Day Delivery in 2025 (Q4 2025 release).
- Amazon delivered more than 13 billion items the same day or next day in 2025 (Amazon, April 2026).
- Amazon Business reached $60 billion in annualised gross sales (Q2 2026 release).
- Shipping costs were $27.9 billion in Q2 2026, up 19 percent.
- Prime members received more than 1.5 billion items the same day or overnight in Q3 2026, the fastest Q3 delivery speeds Amazon has recorded (Q3 2026 release).
- Amazon Now fast delivery was available in more than 450 towns and cities, with items ordered up 10 times year on year (Q3 2026 release).
Amazon store sales also feed directly into the advertising line, since brands buy sponsored listings to stand out among the many seller offers on each product page.
Prime and subscriptions: $49.6 billion in 2025, but no new member count since 2021
Amazon does not report Prime membership numbers in its quarterly filings. The most recent count it has published is 200 million paid Prime members worldwide, stated in the 2020 letter to shareholders released in April 2021; in January 2020 it had reported more than 150 million. Since then the company has described membership only in relative terms. On the Q2 2026 earnings call, CFO Brian Olsavsky referred to double digit year on year membership growth. Any current Prime member figure that does not come from Amazon is an outside estimate.
The closest financial proxy is subscription services revenue, which includes Prime fees along with other subscriptions. It was $49.6 billion in 2025, up 11.8 percent, then $13.7 billion in Q2 2026, up 12.5 percent, and $14.0 billion in Q3 2026, up 11.4 percent. Because the line also includes subscriptions that are not Prime, it cannot be turned into a member count.
- $105 billion: what Prime members worldwide saved on fast, free delivery in 2025, an average of $550 per member (Amazon, 29 April 2026).
- 26 countries: Prime Day 2026 ran in 26 countries, from 23 to 26 June in most of them (Amazon, April 2026).
- Nearly 25 percent: customers who tried Alexa+ signed up for Prime at a nearly 25 percent higher rate (Q2 2026 release).
- Third year: 2025 was the third year in a row of record delivery speeds for Prime members globally.
Our Amazon Prime statistics page covers membership surveys and household penetration in the United States, and annual Prime Day sales tracks the event itself.
Cash flow and capital spending: $215 billion of capex in twelve months
Amazon generated record operating cash flow of $168.3 billion in the twelve months to September 2026, up 29 percent from $130.7 billion. But gross purchases of property and equipment rose far faster, to $215.2 billion over the same period from $120.1 billion a year earlier. After proceeds from asset sales and incentives, net capex was $210.7 billion, leaving free cash flow, as Amazon defines it, at an outflow of $42.4 billion, compared with an inflow of $14.8 billion a year earlier. Amazon said the $94.8 billion rise in net capex primarily reflects investment in artificial intelligence.
Capex overtook cash flow: net capital spending of $210.7 billion in the twelve months to September 2026 exceeded operating cash flow of $168.3 billion by $42.4 billion, the first negative free cash flow since 2022.
Spending has stepped up every quarter. Gross purchases of property and equipment were $83.0 billion in 2024 and $131.8 billion in 2025, and $175.7 billion in the first nine months of 2026 alone: $44.2 billion in Q1, $54.2 billion in Q2 and $77.3 billion in Q3. In February 2026 Andy Jassy said Amazon expected to invest about $200 billion in capital expenditures in 2026. On the Q2 2026 call on 30 July he raised that to approximately $220 billion in cash capex, and the Q3 release on 29 October repeated that figure. Long-term debt on the balance sheet rose from $65.6 billion at the end of 2025 to $173.1 billion on 30 September 2026.
| Year | Free cash flow | Context |
|---|---|---|
| 2018 | 19,400 | Before the pandemic build-out |
| 2019 | 25,825 | |
| 2020 | 31,020 | Pandemic surge in online demand |
| 2021 | -9,069 | Record warehouse and logistics expansion |
| 2022 | -11,569 | Net capex $58.3 billion |
| 2023 | 36,813 | Capex cut to $48.1 billion |
| 2024 | 38,219 | Net capex $77.7 billion |
| 2025 | 11,194 | Net capex $128.3 billion, mainly AI |
| TTM Jun 2026 | -7,604 | Net capex $169.0 billion |
| TTM Sep 2026 | -42,357 | Net capex $210.7 billion |
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Sources: Amazon.com Inc, Q4 earnings releases 2019 to 2025 and the Q2 and Q3 2026 earnings releases. Free cash flow is a non-GAAP measure reconciled by Amazon in each release.
The pattern has happened before. In 2021 and 2022 Amazon also posted negative free cash flow while it expanded its fulfilment network, then cut net capex to $48.1 billion in 2023 and returned to $36.8 billion of free cash flow. The difference now is that much of the spending is on AWS data centres and chips, backed by the $496 billion backlog, rather than warehouses built ahead of uncertain demand. How this spending compares with other hyperscalers is reflected in our Nvidia statistics, since AI data centre spending is the main source of demand for its chips.
Net income in the first half of 2026 was inflated by gains on the Anthropic investment
Amazon reported net income of $62.6 billion in Q2 2026, more than the $59.2 billion it earned in the whole of 2024. The reason is not operations. The quarter included $53.4 billion of non-operating pre-tax other income, which Amazon attributes primarily to its investments in Anthropic, the AI company. In Q1 2026 net income of $30.3 billion included pre-tax gains of $16.8 billion from the same investments. Diluted earnings per share were $5.75 in Q2 2026 compared with $1.68 a year earlier.
Q3 2026 shows the other side. Net income fell 2.4 percent to $20.7 billion, or $1.89 per diluted share against $1.95, even though operating income rose 61 percent. Q3 2025 had included $9.5 billion of pre-tax gains on Anthropic, while Q3 2026 recorded a net other expense of $0.7 billion. Net income for the first nine months of 2026 was $113.6 billion, and for the twelve months to September 2026 it was $134.8 billion.
For a like for like view of the business, operating income is the better measure: $27.5 billion in Q2 2026, up 43.2 percent, and $28.1 billion in Q3, bringing the first nine months to $79.4 billion, almost the $80.0 billion earned in all of 2025. Net income figures for 2026 should therefore not be annualised or compared directly with earlier years. In the 10-Q for Q2 2026 Amazon reported upward adjustments to equity investments in private companies of $50.5 billion for the quarter.
Workforce: 1.638 million employees, twice the 2019 level
Amazon employed 1,638,000 full-time and part-time people on 30 September 2026, up 3.8 percent from 1,578,000 a year earlier and up 43,000 from 1,595,000 at the end of June. The count excludes contractors and temporary staff, so it understates the number of people working in Amazon operations during peak seasons. At the end of 2025 the figure was approximately 1,576,000.
From hiring boom to plateau: headcount more than doubled from 798,000 in 2019 to 1.608 million in 2021, then fell slightly and has grown by 1 to 3 percent a year since 2023.
The headcount record shows the pandemic overshoot clearly. Amazon added 500,000 employees in 2020 and another 310,000 in 2021, reaching 1,608,000 at the end of that year. It then cut back to 1,541,000 in 2022 and 1,525,000 in 2023 before resuming slow growth. In 2008 the company had approximately 20,700 employees. Sales per employee reached about $455,000 in 2025 (BusinessStats calculation), compared with about $292,000 in 2021, as revenue grew much faster than staff. Amazon also announced role eliminations in late 2025, which led to the $1.8 billion severance charge in Q3 2025.
Shares and market value: $2.1 trillion held by outside investors in mid 2025
Amazon reports its market value only once a year, in the 10-K, as the aggregate market value of voting stock held by non-affiliates. In the 10-K for 2025 that value was $2,118 billion as of 30 June 2025. Because it excludes shares held by insiders such as founder Jeff Bezos, the total market capitalisation was higher. The share count was 10,734,920,870 on 28 January 2026 and 10,786,313,572 on 22 July 2026, according to the cover pages of the 10-K and the Q2 2026 10-Q.
Amazon stock price moves daily, so for a current ranking of Amazon against Apple, Microsoft, Nvidia and Alphabet use our dated list of the top companies by market capitalization. Total assets on the balance sheet were $1,243.4 billion on 30 September 2026, up from $818.0 billion at the end of 2025.
Methodology and data notes
Every figure on this page comes from Amazon.com Inc documents filed with the US Securities and Exchange Commission or published on its investor relations and company news sites. Annual sales, operating income and net income for 2004 to 2018 come from the selected financial data tables in the 10-K filings for 2008, 2013 and 2018; 2019 to 2025 come from the full-year tables in the Q4 earnings releases and the 10-K for 2025. Quarterly figures for Q1 2023 to Q3 2026 come from the earnings releases for those quarters; Q3 2026 data come from the release of 29 October 2026, also filed with the SEC as an exhibit to Form 8-K. AWS backlog figures come from the 10-Q filings for Q1 and Q2 2026.
- Latest period: Q3 2026, the quarter ended 30 September 2026, published on 29 October 2026. Trailing twelve month figures cover 1 October 2025 to 30 September 2026. The AWS backlog is shown at 30 June 2026 because the Q3 release does not restate it.
- Annual business line values are the sums of the four quarterly disclosures; they add up exactly to reported net sales for 2023, 2024 and 2025.
- Free cash flow follows the Amazon definition: operating cash flow minus purchases of property and equipment net of proceeds from sales and incentives. Amazon also publishes two narrower versions that subtract lease and financing repayments; they are not used here.
- Prime members: only counts stated by Amazon are used. No estimate from outside surveys is shown as a member count.
- Growth rates, margins, shares and trailing twelve month totals are BusinessStats calculations and may differ by 0.1 point from rounded percentages in Amazon releases.
- Market value: Amazon discloses only the non-affiliate value as of the end of its second quarter; it is shown with that date.
Update of 1 November 2026: Q3 2026 results were added to the hero figures, quarterly tables, AWS, advertising, cash flow and employee charts, trailing twelve month totals, the Q4 2026 guidance box and the FAQ.
What changed in this edition: the previous version of this page mixed reported data with analyst projections and third-party estimates, including regional Prime member counts, seller counts and an undated market capitalisation. It also described advertising as a separate reporting segment, which it is not. Those figures have been removed or replaced with reported values and their periods. Market share comparisons with other cloud providers now live on the dedicated cloud market page linked above.
Amazon in eight numbers
Questions about Amazon statistics
Amazon reported net sales of $716.9 billion for 2025, up 12.4 percent from $638.0 billion in 2024. North America contributed $426.3 billion, International $161.9 billion and AWS $128.7 billion.
In Q3 2026, the latest published quarter, Amazon net sales were $201.9 billion, up 12 percent year on year, after $200.6 billion in Q2. The largest quarter so far was Q4 2025 with $213.4 billion, and Amazon expects Q4 2026 sales of $240.0 billion to $247.0 billion.
AWS had net sales of $128.7 billion and operating income of $45.6 billion in 2025. In Q3 2026 its sales grew 39 percent to $46.0 billion and its operating income was $17.8 billion, a 38.7 percent margin. Amazon put the AWS annualised revenue run rate at $184 billion.
Amazon reported AWS commitments not yet recognised as revenue of approximately $496 billion on 30 June 2026, up from $364 billion on 31 March 2026. The weighted average remaining life of the contracts was 6.4 years. The Q3 2026 earnings release did not give an updated backlog figure.
Advertising services generated $68.6 billion in 2025, up 22.1 percent. In Q3 2026 ad revenue grew 10.9 percent to $19.6 billion (12 percent excluding currency), held back by the earlier Prime Day, and the twelve months to September 2026 totalled $78.0 billion. Amazon expects high teens growth in Q4 2026.
The last count Amazon published was 200 million paid Prime members, in its 2020 shareholder letter released in April 2021. Amazon has not reported a newer total; in July 2026 it referred to double digit year on year membership growth.
AWS. In 2025 it earned $45.6 billion of the $80.0 billion company operating income, or 57.0 percent, while accounting for 18.0 percent of sales. North America earned $29.6 billion and International $4.8 billion.
Gross purchases of property and equipment were $131.8 billion in 2025 and $215.2 billion in the twelve months to September 2026, including $77.3 billion in Q3 alone. On 29 October 2026 Amazon repeated that it expects about $220 billion of cash capex in 2026, mainly for AI.
Amazon had 1,638,000 full-time and part-time employees on 30 September 2026, up 3.8 percent from 1,578,000 a year earlier, and approximately 1,576,000 at the end of 2025. Contractors and temporary staff are not included.
Gains on its investment in Anthropic. Q2 2026 net income of $62.6 billion included $53.4 billion of non-operating pre-tax income, primarily from Anthropic, and Q1 included $16.8 billion of such gains. Q3 2026 had no such gain, and net income fell 2.4 percent to $20.7 billion even though operating income rose 61 percent to $28.1 billion.
Amazon.com Inc: Amazon.com Announces Third Quarter Results, 29 October 2026, also filed with the SEC as Exhibit 99.1 to Form 8-K (Q3 2026 net sales, segments, business lines, cash flow, capex, balance sheet, employees, Q4 2026 guidance).
Amazon.com Inc: Amazon.com Announces Second Quarter Results, 30 July 2026, and First Quarter Results, 29 April 2026 (net sales, segments, business lines, cash flow, employees, guidance).
US Securities and Exchange Commission, Amazon.com Inc: Form 10-Q for the quarter ended 30 June 2026 (AWS commitments, share count), and the Form 10-Q for Q1 2026.
US Securities and Exchange Commission, Amazon.com Inc: Form 10-K for fiscal year 2025, filed February 2026 (employees, segment sales, market value held by non-affiliates).
Amazon.com Inc: Amazon.com Announces Fourth Quarter Results, February 2026 (full-year 2025 results, quarterly business lines, 2026 capex statement).
Amazon.com Inc: Third Quarter 2025 Results, October 2025 (special charges, Q3 2025 figures).
Amazon.com Inc: Fourth Quarter 2024 Results and Fourth Quarter 2023 Results (2022 to 2024 annual and quarterly data).
Amazon.com Inc: Fourth Quarter 2021 Results and Fourth Quarter 2019 Results (2018 to 2021 annual and segment data, Prime member statement).
Amazon.com Inc: Form 10-K for 2018, Form 10-K for 2013 and Form 10-K for 2008 (selected financial data 2004 to 2018), plus the 10-K for 2021 and 10-K for 2020 (employees).
Amazon.com Inc: annual reports and letters to shareholders, including the 2020 letter (200 million Prime members), and the Q2 2026 earnings conference call of 30 July 2026 (capex outlook, backlog growth).
Amazon: Prime Day 2026 announcement, 29 April 2026 (Prime savings, delivery volumes, countries), and the Small Business Empowerment Report (independent seller share of store sales).