Global net revenue of Amazon from 2015 to 2026, by product group
Amazon's revenue structure has undergone a fundamental transformation between 2015 and 2025. In 2015, Online stores (direct retail sales) represented 71.4% of total revenue — Amazon was primarily an online retailer. By 2025, Online stores have fallen to 37.5% of total revenue despite growing in absolute terms from $76.9B to $269.3B. The growth of AWS (7.3%→17.9%), Third-party seller services (15.0%→24.0%), and Advertising services (~1.2%→9.7%) has diversified Amazon into a multi-business technology company where retail commerce is one of several major revenue streams — but no longer the sole defining business. US retail membership fee market context in our US retail membership fee revenue analysis.
This diversification has profound implications for Amazon's profitability. Online stores and physical stores are low-margin businesses — Amazon's retail operations generate operating margins in the low single digits. AWS generates approximately 37% operating margin. Advertising services generate margins estimated at 50%+. Subscription services generate approximately 20-25% margins. As AWS and advertising grow as a share of total revenue, Amazon's blended profitability improves structurally — even if retail continues to grow in absolute terms. The 2022 online stores revenue dip ($220.0B vs $222.1B in 2021) was a rare absolute decline, reflecting both post-COVID demand normalization and aggressive competition from Walmart, Target, and Shopify. The global subscription services comparison in our global SVOD subscriber count analysis.
Amazon's advertising business is perhaps the most remarkable story in the revenue-by-segment data. In 2015, advertising was an immaterial part of Amazon's business at approximately $1.3B (barely visible in segment disclosures). By 2025, advertising services generated $69.4B — growing 30%+ annually for most of the 2019-2025 period. Amazon Advertising is structurally different from Google or Meta advertising: it is commerce-intent advertising — brands pay Amazon to appear in search results on the world's largest product search engine. A consumer searching "running shoes" on Amazon is in buying mode — not browsing mode — making Amazon's ad inventory significantly more valuable (higher conversion rates, higher CPMs) than social media display advertising. The advertising services segment requires almost no incremental capital expenditure — it is layered on top of existing e-commerce infrastructure — giving it estimated operating margins of 50-60%. Amazon Prime membership revenue context in our US retail membership fee revenue analysis.
Amazon total global net revenue 2015-2026 — from $107.5B to estimated $808B in 11 years
The bar chart shows annual total revenue. The 2020 COVID surge (+37.5%), the 2022 deceleration (+9.0%), and the subsequent recovery (+12.4% in 2023, +12.5% in 2025) are all visible. Netflix DTC revenue comparison in our Netflix DTC revenue FY2026 analysis.
Amazon revenue stacked by product group 2015-2026 — AWS and advertising growing fastest, online stores share declining
Amazon 2025 revenue by product group — Online stores 37.5% still largest, 3P services 24.0% second
The 2025 breakdown shows how Amazon's revenue is distributed across its seven product groups. Three segments — Online stores, 3P seller services, and AWS — account for approximately 79.4% of total revenue. Amazon Prime subscription revenue context in our US retail membership fee revenue analysis.
AWS vs advertising services vs subscription revenue growth 2015-2026 — AWS +1,534%, advertising +5,238%
The line chart highlights the three highest-growth Amazon revenue segments. AWS and advertising dwarf subscription services in absolute scale but all three significantly outgrow online stores. The subscription services ARPU comparison in our Disney Plus ARPU worldwide analysis.
Amazon revenue by product group — detailed analysis of all seven segments 2015-2025
- Online Stores — $269.3B (2025) — Largest Segment, Declining Share (71.4%→37.5%): Online stores (direct first-party product sales on Amazon.com, Amazon.co.uk, Amazon.de, Amazon.co.jp, and other international storefronts) generated $269.3 billion in 2025 — still Amazon's largest single revenue segment. However, online stores' share of total Amazon revenue has declined from 71.4% in 2015 to 37.5% in 2025 as other segments grew faster. The segment notably declined in absolute terms in 2022 ($222.1B→$220.0B) — the first absolute annual decline — reflecting post-COVID demand normalization and increasing consumer adoption of third-party marketplace sellers over direct Amazon purchases. Online stores carry the lowest operating margins of all segments (estimated 1-3% for North America). For 2026, eMarketer estimates online stores at approximately $292 billion (+8.4%). The DTC retail comparison in our DTC segment financial analysis.
- Third-Party Seller Services — $172.2B (2025) — Second Largest, Larger Than AWS: Third-party seller services (commissions on marketplace sales, Fulfillment by Amazon (FBA) fees, shipping fees, Amazon Seller Central subscription fees) generated $172.2 billion in 2025 — making it the second-largest Amazon segment and notably larger than AWS. 3PSS grew from $16.1B (2015) to $172.2B (2025) — a CAGR of approximately 27% — as more merchants adopted Amazon marketplace and FBA logistics. 3PSS represents the fees Amazon charges third-party merchants who sell on Amazon's platform but where Amazon is not the seller of record. The 3PSS revenue is essentially Amazon's "tax" on the $400B+ of third-party goods sold through its marketplace annually. Operating margins for 3PSS are estimated at 10-15% — lower than AWS or advertising but higher than direct retail.
- AWS (Amazon Web Services) — $128.7B (2025) — Fastest Compound Growth, Highest Margin: AWS generated $128.7 billion in 2025, growing from $7.88B in 2015 — a CAGR of approximately 32% over 10 years and a total increase of +1,534%. AWS is Amazon's most profitable segment by far, with operating margins of approximately 37% in 2025 — generating approximately $47B in operating profit from $128.7B in revenue. AWS commands approximately 31-33% of the global cloud infrastructure market (ahead of Microsoft Azure at ~24% and Google Cloud at ~13%). Key AWS growth drivers: enterprise digital transformation, AI/ML workloads, government contracts, and international expansion. AWS growth is expected to accelerate in 2026-2028 as AI inference compute demand increases. 2026 estimate: approximately $155B (+20.4%). The cloud computing comparison in our US TV usage share by company analysis.
- Advertising Services — $69.4B (2025) — Third-Largest Digital Advertising Platform Globally: Amazon Advertising generated $69.4 billion in 2025, growing from approximately $1.3B in 2015 and from $14.1B in 2019 (+392% in 6 years). Amazon Advertising is now the third-largest digital advertising platform globally — behind only Google (~$350B) and Meta (~$165B) — having overtaken traditional media companies by a wide margin. Amazon Advertising's primary products: Sponsored Products (search result ads on Amazon), Sponsored Brands (brand logos in search results), Sponsored Display (on/off-Amazon display), Amazon DSP (demand-side programmatic platform), and streaming video ads on Prime Video. Estimated operating margins: 50-60%, making advertising Amazon's highest-margin business and a key contributor to overall company profitability. 2026 estimate: approximately $84B (+21%). Disney DTC ad revenue comparison in our Disney DTC advertising revenue analysis.
- Subscription Services — $49.6B (2025) — Prime, Kindle, Audible Combined: Amazon's subscription services segment generated $49.6 billion in 2025, growing from $4.47B in 2015 (+1,010% over 10 years). This segment includes Amazon Prime membership fees (the largest contributor at approximately 70-75% of segment revenue), Kindle Unlimited, Audible, Amazon Music Unlimited, and Prime Video Channels. Amazon Prime US membership was approximately $139/year as of 2025, with approximately 184 million US members. Subscription services' 6.9% share of total revenue in 2025 understates its strategic importance — Prime members spend approximately 133% more on Amazon than non-Prime members, making Prime the anchor for the entire Amazon commerce ecosystem. Detailed US retail membership context in our US retail membership fee revenue analysis.
- Physical Stores — $22.6B (2025) — Whole Foods Plus Amazon Go and Fresh: Amazon's physical stores segment (Whole Foods Market, Amazon Go, Amazon Fresh, Amazon Books, Amazon 4-star) generated $22.6 billion in 2025. Physical stores were added as a segment in 2017 following Amazon's $13.7 billion acquisition of Whole Foods in August 2017. The segment has grown steadily from $5.8B (2017) to $22.6B (2025) as Whole Foods expanded and Amazon opened additional cashierless Amazon Go convenience stores and Amazon Fresh grocery stores. Physical stores carry some of Amazon's lowest margins — Whole Foods was already a low-margin grocer when acquired. Amazon has experimented with closing some Amazon Go and Amazon Books locations that underperformed. Physical stores = approximately 3.1% of total 2025 revenue.
- Other Segment — $6.1B (2025) — Telecom and Miscellaneous: Amazon's "Other" segment (approximately $6.1B in 2025) includes revenue that doesn't fit neatly into the named categories: co-branded credit card agreements (Amazon Chase Visa), warranty and service revenues, and other miscellaneous income. This segment grew from near-zero in early years to approximately $6.1B in 2025 as Amazon's credit card partnerships became more significant. The "Other" category was much larger in earlier years (2015-2018) when it included advertising services before those were separately disclosed in 2019.
Amazon revenue mix shift — online stores 71.4%→37.5%, AWS 7.3%→17.9%, advertising 1.2%→9.7%
The grouped bar shows the dramatic shift in Amazon's revenue composition from 2015 to 2025. This mix shift is the single most important story in Amazon's financial evolution — from a low-margin retailer to a high-margin technology services company. Netflix revenue comparison in our Netflix DTC revenue FY2026 analysis.
Amazon global net revenue by product group — complete annual data 2015-2026
| Year | Total ($B) | Online Stores | 3P Seller Svc | AWS | Advertising | Subscriptions | Physical | YoY % |
|---|---|---|---|---|---|---|---|---|
| 2015 | $107.5 | $76.86 | $16.09 | $7.88 | ~$1.27 | $4.47 | — | Baseline |
| 2016 | $136.9 | $91.43 | $22.99 | $12.22 | ~$2.95 | $6.39 | — | +27.4% |
| 2017 | $178.8 | $108.35 | $31.88 | $17.46 | ~$4.65 | $9.72 | $5.80 | +30.6% |
| 2018 | $234.6 | $122.99 | $42.75 | $25.66 | ~$10.10 | $14.17 | $17.22 | +31.2% |
| 2019 | $281.8 | $141.25 | $53.76 | $35.03 | $14.09 | $19.21 | $17.19 | +20.1% |
| 2020 | $387.4 | $197.35 | $80.46 | $45.37 | $21.45 | $25.21 | $16.23 | +37.5% |
| 2021 | $469.0 | $222.08 | $103.37 | $62.20 | $31.16 | $31.77 | $17.08 | +21.1% |
| 2022 | $511.0 | $220.00 | $117.72 | $80.10 | $37.74 | $35.22 | $18.96 | +9.0% |
| 2023 | $574.4 | $231.87 | $140.05 | $90.76 | $46.91 | $40.20 | $20.03 | +12.4% |
| 2024 | $638.0 | $247.03 | $156.15 | $107.56 | $56.20 | $44.37 | $21.22 | +11.1% |
| 2025 | $717.9 | $269.29 | $172.16 | $128.73 | $69.38 | $49.62 | $22.56 | +12.5% |
| 2026 | ~$808.3 | ~$292.0 | ~$190.0 | ~$155.0 | ~$84.0 | ~$56.0 | ~$24.1 | +12.6% |
Amazon global net revenue by product group — key statistics 2015-2026
Frequently Asked Questions — Amazon global net revenue by product group 2015-2026
Amazon's total global net revenue in 2025 was approximately $717.9 billion, up from $638.0 billion in 2024 (+12.5%). By segment: Online stores $269.29B (37.5%), Third-party seller services $172.16B (24.0%), AWS $128.73B (17.9%), Advertising services $69.38B (9.7%), Subscription services $49.62B (6.9%), Physical stores $22.56B (3.1%), Other $6.13B (0.9%). Source: Amazon Inc. Annual Report 2025 (10-K filing).
AWS generated $128.73 billion in 2025, up from $107.56B in 2024 (+19.7%) and from $7.88B in 2015 (+1,534% over 10 years). AWS holds approximately 31-33% of global cloud infrastructure market share. Operating margin approximately 37% — generating approximately $47B in operating profit from $128.7B revenue. 2026 estimate: approximately $155B. Source: Amazon 10-K 2025, Synergy Research Group cloud market share data.
Amazon's advertising services generated $69.38 billion in 2025, up from $56.20B in 2024 (+23.5%) and from $14.09B in 2019 (+392% in 6 years). Amazon Advertising is now the world's third-largest digital advertising platform behind Google (~$350B) and Meta (~$165B). Estimated operating margins 50-60%. 2026 estimate: approximately $84B. Source: Amazon 10-K 2025, eMarketer digital advertising forecast 2026.
By CAGR 2015-2025: AWS leads at approximately 32% CAGR ($7.88B→$128.73B). Advertising services, reported separately from 2019: approximately 30% CAGR (2019-2025). Third-party seller services: approximately 27% CAGR (2015-2025). Online stores: approximately 13% CAGR (2015-2025). Subscription services: approximately 27% CAGR (2015-2025). Online stores is the slowest-growing major segment. Source: Amazon annual reports 2015-2025, BusinessStats calculations.
Amazon online stores (direct first-party product sales) generated $269.29 billion in 2025 — still the largest single segment at 37.5% of total revenue, down from 71.4% in 2015. Online stores had the only absolute revenue decline in the dataset in 2022 ($222.1B→$220.0B) due to post-COVID normalization. 2026 estimate: approximately $292B (+8.4%). Online stores carry the lowest operating margins (1-3%) of all major Amazon segments. Source: Amazon 10-K 2015-2025.
Amazon's 7 revenue segments (2025 figures): (1) Online stores $269.29B (37.5%). (2) Third-party seller services $172.16B (24.0%) — FBA, marketplace fees. (3) AWS $128.73B (17.9%) — cloud computing. (4) Advertising services $69.38B (9.7%). (5) Subscription services $49.62B (6.9%) — Prime, Kindle Unlimited, Audible. (6) Physical stores $22.56B (3.1%) — Whole Foods, Amazon Go. (7) Other $6.13B (0.9%). Total: $717.87B. Source: Amazon 10-K 2025.
Amazon's revenue mix changed dramatically 2015→2025: Online stores: 71.4%→37.5% (-33.9pp). AWS: 7.3%→17.9% (+10.6pp). Advertising: ~1.2%→9.7% (+8.5pp). 3P seller services: 15.0%→24.0% (+9.0pp). Subscriptions: 4.2%→6.9% (+2.7pp). The shift toward higher-margin segments (AWS, advertising) has structurally improved Amazon's profitability — blended operating margins have improved from approximately 2-3% (2015-2020) to approximately 10-11% (2024-2025). Source: Amazon annual reports 2015-2025, BusinessStats analysis.
Amazon's estimated global net revenue for 2026 is approximately $808 billion (+12.6% vs 2025). Segment estimates: Online stores ~$292B, 3P seller services ~$190B, AWS ~$155B, Advertising ~$84B, Subscriptions ~$56B, Physical stores ~$24B. AWS and advertising are expected to continue growing at 20%+ in 2026 as cloud AI workloads and commerce intent advertising expand. US retail membership revenue context in our US retail membership fee revenue analysis. Source: eMarketer, Morgan Stanley, Goldman Sachs consensus estimates 2026.
Wall Street Journal — Amazon 2025 Annual Results — Revenue by segment confirmation — wsj.com
