Slides
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Q3 2025 Financial Results Conference Call Slides
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2 This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in foreign exchange rates, changes in global economic conditions, tariff and trade policies, and customer demand and spending, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security incidents, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission ("SEC"), including its most recent Annual Report on Form 10-K and subsequent filings. Additional information relating to certain of our financial measures contained herein, including non- GAAP financial measures, is available in the appendix to our presentation, our most recent earnings release and at our website at www.amazon.com/ir. 2
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3 Net Sales MM 3 $158,877 $180,169 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $140,000 $280,000 Net Sales (MM) $106,267 59% $40,896 23% $33,006 18% North America International AWS 18% Up 13% Y/Y; Up 12% F/X Adjusted (1) (1) Information throughout this presentation regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our net sales and operating income is provided to show reported period operating results had the foreign exchange rates remained the same as those in effect in the comparable prior year periods.
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4 Net Sales – TTM (1) MM 4 $620,128 $691,330 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $500,000 $1,000,000 Net Sales - TTM (MM) $414,808 60% $154,590 22% $121,932 18% North America International AWS 22% (1) Trailing twelve-month period. Up 11% Y/Y
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5 Operating Income (1) 5 $17,411 $17,422 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025$0 $15,000 $30,000 MM Flat Y/Y; Down 1% F/X Adjusted (1) Q3 2025 operating income includes two special charges which reduced operating income: the first charge of $2.5 billion relates to a legal settlement with the Federal Trade Commission, which impacts the North America segment and is recorded in other operating expense (income), net. The second charge of $1.8 billion relates to estimated severance costs primarily from planned role eliminations, which impacts all three segments and is recorded primarily in technology and infrastructure, sales and marketing, and general and administrative expense lines. Without these charges, operating income would have been $21.7 billion. Up —% Y/Y; Down 1% F/X Adjusted
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6 6 $60,599 $76,201 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025$0 $50,000 $100,000 Up 26% Y/Y; Up 25% F/X Adjusted Operating Income – TTM (1) MM (1) TTM Q3 2025 operating income includes two special charges taken in Q3, which reduced operating income: the first charge of $2.5 billion relates to a legal settlement with the Federal Trade Commission, which impacts the North America segment and is recorded in other operating expense (income), net. The second charge of $1.8 billion relates to estimated severance costs primarily from planned role eliminations, which impacts all three segments and is recorded primarily in technology and infrastructure, sales and marketing, and general and administrative expense lines.
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7 $15,328 $21,187 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025$0 $15,000 $30,000 Up 38% Y/Y 7 MM Net Income (1) (1) Q3 2025 net income includes pre-tax gains of $9.5 billion included in non-operating income (expense) from our investments in Anthropic, PBC.
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8 $49,868 $76,482 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025$0 $45,000 $90,000 8 MM Up 53% Y/Y Net Income – TTM (1) (1) TTM Q3 2025 net income includes pre-tax gains of $12.8 billion included in non-operating income (expense) from our investments in Anthropic, PBC.
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9 [Down 31%] Y/Y; [Down 32%] F/X Adjusted Segment Results – North America MM MM 9 $95,537 $106,267 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $90,000 $180,000 $5,663 $4,789 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $7,500 $15,000 Net Sales Operating Income (1) TTM Net Sales $414.8B; TTM Operating Income $27.4B Up 11% Y/Y Down 15% Y/Y; Down 14% F/X Adjusted (1) Q3 2025 North America segment operating income was $4.8 billion. Excluding the $2.5 billion charge related to a legal settlement with the Federal Trade Commission, North America operating income would have been $7.3 billion. These results also include estimated severance costs primarily related to planned role eliminations.
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10 Segment Results – International MM MM 10 $35,888 $40,896 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $35,000 $70,000 Up 14% Y/Y; Up 10% F/X Adjusted $1,301 $1,199 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $1,250 $2,500 Net Sales Operating Income (1) [Down N/A] Y/Y; [Down N/A] F/X Adjusted TTM Net Sales $154.6B; TTM Operating Income $5.0B Down 8% Y/Y; Down 31% F/X Adjusted (1) Q3 2025 International segment operating income was $1.2 billion. These results also include estimated severance costs primarily related to planned role eliminations.
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11 Segment Results – AWS MM MM 11 $27,452 $33,006 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $25,000 $50,000 Up 20% Y/Y $10,447 $11,434 Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025$0 $9,000 $18,000 Net Sales Operating Income (1) Up 9% Y/Y; Up 11% F/X Adjusted TTM Net Sales $121.9B; TTM Operating Income $43.8B Up 50% Y/Y; Up 50% F/X Adjusted (1) Q3 2025 AWS segment operating income was $11.4 billion. These results also include estimated severance costs primarily related to planned role eliminations.
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12 Free Cash Flow – TTM (1) (1) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.” See Appendix for a reconciliation of operating cash flow to free cash flow. (2) Operating cash flow increased 16% Y/Y. Long-Term Goal – Optimize Free Cash Flows MM 12 Up 101% Y/Y $47,747 $14,788 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025$0 $40,000 $80,000Down 69% Y/Y (2)
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13 Shares 13 10,511 10,687 361 268 Common Shares OutstandingStock-Based Awards Outstanding Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 20250 8,000 16,000 10,872 10,955 MM Long-Term Goal – Efficiently Managing Dilution
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Appendix 14
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15 Free Cash Flow Reconciliation – TTM MM Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Operating Cash Flow $112,706 $115,877 $113,903 $121,137 $130,691 Purchases of property and equipment, net of proceeds from sales and incentives (64,959) (77,658) (87,978) (102,953) (115,903) Free Cash Flow $47,747 $38,219 $25,925 $18,184 $14,788 15