Amazon.com, Inc. (NASDAQ: AMZN) today announced financial
results for its fourth quarter ended December 31, 2024.
Fourth Quarter 2024
- Net sales increased 10% to $187.8 billion in the fourth
quarter, compared with $170.0 billion in fourth quarter 2023.
Excluding the $0.9 billion unfavorable impact from year-over-year
changes in foreign exchange rates throughout the quarter, net sales
increased 11% compared with fourth quarter 2023.
- North America segment sales increased 10% year-over-year to
$115.6 billion.
- International segment sales increased 8% year-over-year to
$43.4 billion, or increased 9% excluding changes in foreign
exchange rates.
- AWS segment sales increased 19% year-over-year to $28.8
billion.
- Operating income increased to $21.2 billion in the
fourth quarter, compared with $13.2 billion in fourth quarter 2023.
- North America segment operating income was $9.3 billion,
compared with operating income of $6.5 billion in fourth quarter
2023.
- International segment operating income was $1.3 billion,
compared with an operating loss of $0.4 billion in fourth quarter
2023.
- AWS segment operating income was $10.6 billion, compared with
operating income of $7.2 billion in fourth quarter 2023.
- Net income increased to $20.0 billion in the fourth
quarter, or $1.86 per diluted share, compared with $10.6 billion,
or $1.00 per diluted share, in fourth quarter 2023.
Full Year 2024
- Net sales increased 11% to $638.0 billion in 2024,
compared with $574.8 billion in 2023. Excluding the $2.3 billion
unfavorable impact from year-over-year changes in foreign exchange
rates throughout the year, net sales increased 11% compared with
2023.
- North America segment sales increased 10% year-over-year to
$387.5 billion.
- International segment sales increased 9% year-over-year to
$142.9 billion, or increased 10% excluding changes in foreign
exchange rates.
- AWS segment sales increased 19% year-over-year to $107.6
billion.
- Operating income increased to $68.6 billion in 2024,
compared with $36.9 billion in 2023.
- North America segment operating income was $25.0 billion,
compared with operating income of $14.9 billion in 2023.
- International segment operating income was $3.8 billion,
compared with an operating loss of $2.7 billion in 2023.
- AWS segment operating income was $39.8 billion, compared with
operating income of $24.6 billion in 2023.
- Net income increased to $59.2 billion in 2024, or $5.53
per diluted share, compared with $30.4 billion, or $2.90 per
diluted share, in 2023.
- Operating cash flow increased 36% to $115.9 billion for
the trailing twelve months, compared with $84.9 billion for the
trailing twelve months ended December 31, 2023.
- Free cash flow increased to $38.2 billion for the
trailing twelve months, compared with $36.8 billion for the
trailing twelve months ended December 31, 2023.
- Free cash flow less principal repayments of finance leases
and financing obligations increased to $35.5 billion for the
trailing twelve months, compared with $32.2 billion for the
trailing twelve months ended December 31, 2023.
- Free cash flow less equipment finance leases and principal
repayments of all other finance leases and financing
obligations increased to $36.2 billion for the trailing twelve
months, compared with $35.5 billion for the trailing twelve months
ended December 31, 2023.
“The holiday shopping season was the most successful yet for
Amazon and we appreciate the support of our customers, selling
partners, and employees who helped make it so,” said Andy Jassy,
President and CEO, Amazon. “When we look back on this quarter
several years from now, I suspect what we’ll most remember is the
remarkable innovation delivered across all of our businesses, none
more so than in AWS where we introduced our new Trainium2 AI chip,
our own foundation models in Amazon Nova, a plethora of new models
and features in Amazon Bedrock that give customers flexibility and
cost savings, liberating transformations in Amazon Q to migrate
from old platforms, and the next edition of Amazon SageMaker to
pull data, analytics, and AI together more concertedly. These
benefits are often realized by customers (and the business) several
months down the road, but these are substantial enablers in this
emerging technology environment and we’re excited to see what
customers build.”
Some other highlights since the company’s last earnings
announcement include that Amazon:
- Delivered at its fastest speeds ever for Prime members in
2024.
- Delivered over 65% more items to U.S. Prime members the same
day or overnight than in Q4 2023.
- Held a record-breaking Black Friday Week and Cyber Monday deal
event that was also the largest ever for independent sellers in
Amazon’s store.
- Was named lowest-priced U.S. retailer by Profitero for the
eighth year in a row. The study found Amazon’s online prices were
an average of 14% less than other major U.S. retailers.
- Launched Amazon Haul, a new shopping experience in Amazon’s
U.S. shopping app and mobile site, with ultra-low prices.
- Drew 50 million worldwide viewers to Red One in its first four
days, making it Amazon MGM Studios’ most-watched film debut ever on
Prime Video.
- Finished third season of Thursday Night Football on Prime Video
with a full-season average of 13.2 million viewers according to
Nielsen—an 11% increase over 2023—and a peak of 24.7 million during
the Wild Card playoff game between the Steelers and Ravens.
- Had the biggest Q4 for Kindle device sales in over a decade,
with a new lineup of Kindles driving a 30% year-over-year increase
in devices sold.
- Held 13th AWS re:Invent, with 55,000+ in-person attendees and
1.8 million livestream viewers.
- Announced a plethora of new AWS capabilities, including:
- Amazon Nova: Amazon’s own family of foundation models that
compare favorably in intelligence against the leading models in the
world, but offer lower latency, lower price, and integration with
key Bedrock features like fine-tuning, model distillation,
knowledge bases, and agentic capabilities. Thousands of customers
are already using Nova, including Deloitte, SAP, Robinhood,
Palantir Technologies, Dentsu Digital, AppFolio, Fortinet, Trellix,
123RF, Envato, Pattern, and Ativion.
- General Availability of Trainium2: EC2 Trn2 instances, powered
by Trainium2 AI chips, offer 30-40% better price-performance than
current generations of GPU-based instances.
- Trainium2 UltraServers: A new type of EC2 Trn2 offering using
ultra-fast networking to connect four Trn2 servers into an extra
large server, enabling even faster training and inference on
AWS.
- Project Rainier: A collaboration with Anthropic using hundreds
of thousands of Trainium2 chips to build the world’s largest AI
compute cluster.
- New leading foundation models in Amazon Bedrock from DeepSeek,
Luma AI, and poolside.
- Amazon Bedrock Marketplace, where customers can choose from
over 100 popular models.
- New features for Amazon Bedrock, including Prompt Caching,
Intelligent Prompt Routing, and Model Distillation, all of which
help customers achieve lower cost and latency in their
inference.
- New Amazon SageMaker AI features, including the ability to
manage costs and prioritize which workloads should receive capacity
when budgets are reached.
- New Amazon Q Transformations that make it easy to move from
Windows .NET applications to Linux, VMware to EC2, and accelerates
mainframe migrations from multi-year to multi-quarter efforts.
- Amazon Aurora DSQL: The fastest distributed database with
99.999% multi-Region availability, virtually unlimited scalability,
strong consistency, zero infrastructure management, PostgreSQL
compatibility, and 4x faster reads and writes vs. other popular
distributed SQL databases.
- S3 Tables, making S3 the first cloud object store with
fully-managed support for Apache Iceberg.
- S3 Metadata, automatically generating queryable metadata,
simplifying data discovery, business analytics, and real-time
inference to help customers unlock the value of their data in
S3.
- The next generation of Amazon SageMaker, which brings together
all of the data, analytics services and AI services into one
interface to do analytics and AI more easily at scale.
- Signed new AWS agreements with the U.S. Army, Intuit, PayPal,
Norwegian Cruise Line Holdings Ltd., Northrop Grumman, Medtronic,
The Guardian Life Insurance Company of America, Reddit, Japan
Airlines, Baker Hughes, The Hertz Corporation, Redfin, Chime, and
Asana.
- Announced GROW with SAP on AWS to help customers rapidly deploy
SAP’s enterprise resource planning.
- Launched AWS Asia Pacific (Thailand) and AWS Mexico (Central)
Regions.
- Supported California wildfire relief efforts with over 500,000
essential items delivered through Disaster Relief by Amazon, AWS
cloud technology to help emergency responders, and $10 million in
donations.
- Supported communities hit by flooding in southern Spain by
donating and delivering more than 265,000 essential items.
- Ranked No. 3 on Fortune magazine’s World’s Most Admired
Companies list.
- Won awards for advancement in workplace health and safety from
Brandon Hall Group, the Network of Employers for Traffic Safety,
and Verdantix.
- Was named the world’s largest corporate purchaser of renewable
energy by Bloomberg NEF for the fifth straight year, with more than
600 wind and solar projects globally.
Visit
aboutamazon.com/news/company-news/amazon-earnings-q4-2024-report.
Financial Guidance The following forward-looking
statements reflect Amazon.com’s expectations as of February 6,
2025, and are subject to substantial uncertainty. Our results are
inherently unpredictable and may be materially affected by many
factors, such as fluctuations in foreign exchange rates, changes in
global economic and geopolitical conditions and customer demand and
spending (including the impact of recessionary fears), 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, and the various
factors detailed below.
First Quarter 2025 Guidance
- Net sales are expected to be between $151.0 billion and $155.5
billion, or to grow between 5% and 9% compared with first quarter
2024. This guidance anticipates an unusually large, unfavorable
impact of approximately $2.1 billion, or 150 basis points, from
foreign exchange rates. Also, as a reminder, in first quarter 2024
the impact from Leap Year added approximately $1.5 billion in net
sales.
- Operating income is expected to be between $14.0 billion and
$18.0 billion, compared with $15.3 billion in first quarter
2024.
- This guidance assumes, among other things, that no additional
business acquisitions, restructurings, or legal settlements are
concluded.
Conference Call Information A conference call will be
webcast live today at 2:00 p.m. PT/5:00 p.m. ET, and will be
available for at least three months at amazon.com/ir. This call
will contain forward-looking statements and other material
information regarding the Company’s financial and operating
results.
Forward-Looking Statements These forward-looking
statements are inherently difficult to predict. Actual results and
outcomes could differ materially for a variety of reasons,
including, in addition to the factors discussed above, 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 Our investor relations website is
amazon.com/ir and we encourage investors to use it as a way of
easily finding information about us. We promptly make available on
this website, free of charge, the reports that we file or furnish
with the SEC, corporate governance information (including our Code
of Business Conduct and Ethics), and select press releases, which
may contain material information about us, and you may subscribe to
be notified of new information posted to this site.
About Amazon Amazon is guided by four principles:
customer obsession rather than competitor focus, passion for
invention, commitment to operational excellence, and long-term
thinking. Amazon strives to be Earth’s Most Customer-Centric
Company, Earth’s Best Employer, and Earth’s Safest Place to Work.
Customer reviews, 1-Click shopping, personalized recommendations,
Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing,
Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa,
Just Walk Out technology, Amazon Studios, and The Climate Pledge
are some of the things pioneered by Amazon. For more information,
visit amazon.com/about and follow @AmazonNews.
AMAZON.COM, INC.
Consolidated Statements of
Cash Flows
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2024
2023
2024
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH, BEGINNING OF PERIOD
$
50,081
$
78,677
$
54,253
$
73,890
OPERATING ACTIVITIES:
Net income
10,624
20,004
30,425
59,248
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization of property
and equipment and capitalized content costs, operating lease
assets, and other
13,820
15,631
48,663
52,795
Stock-based compensation
6,319
4,995
24,023
22,011
Non-operating expense (income), net
(339
)
(486
)
(748
)
2,012
Deferred income taxes
(1,464
)
(1,608
)
(5,876
)
(4,648
)
Changes in operating assets and
liabilities:
Inventories
2,643
934
1,449
(1,884
)
Accounts receivable, net and other
(7,447
)
(4,023
)
(8,348
)
(3,249
)
Other assets
(2,802
)
(4,190
)
(12,265
)
(14,483
)
Accounts payable
10,888
8,726
5,473
2,972
Accrued expenses and other
6,594
4,042
(2,428
)
(2,904
)
Unearned revenue
3,629
1,611
4,578
4,007
Net cash provided by (used in) operating
activities
42,465
45,636
84,946
115,877
INVESTING ACTIVITIES:
Purchases of property and equipment
(14,588
)
(27,834
)
(52,729
)
(82,999
)
Proceeds from property and equipment sales
and incentives
1,235
1,782
4,596
5,341
Acquisitions, net of cash acquired,
non-marketable investments, and other
(381
)
(2,535
)
(5,839
)
(7,082
)
Sales and maturities of marketable
securities
1,568
3,677
5,627
16,403
Purchases of marketable securities
(435
)
(12,533
)
(1,488
)
(26,005
)
Net cash provided by (used in) investing
activities
(12,601
)
(37,443
)
(49,833
)
(94,342
)
FINANCING ACTIVITIES:
Proceeds from short-term debt, and
other
734
2,554
18,129
5,142
Repayments of short-term debt, and
other
(6,338
)
(2,607
)
(25,677
)
(5,060
)
Repayments of long-term debt
(290
)
(2,500
)
(3,676
)
(9,182
)
Principal repayments of finance leases
(779
)
(333
)
(4,384
)
(2,043
)
Principal repayments of financing
obligations
(73
)
(422
)
(271
)
(669
)
Net cash provided by (used in) financing
activities
(6,746
)
(3,308
)
(15,879
)
(11,812
)
Foreign currency effect on cash, cash
equivalents, and restricted cash
691
(1,250
)
403
(1,301
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
23,809
3,635
19,637
8,422
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH, END OF PERIOD
$
73,890
$
82,312
$
73,890
$
82,312
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of
capitalized interest
$
787
$
643
$
2,608
$
1,858
Cash paid for operating leases
2,766
3,225
10,453
12,341
Cash paid for interest on finance
leases
74
70
308
287
Cash paid for interest on financing
obligations
46
58
196
219
Cash paid for income taxes, net of
refunds
4,197
4,146
11,179
12,308
Assets acquired under operating leases
2,977
4,189
14,052
15,424
Property and equipment acquired under
finance leases, net of remeasurements and modifications
211
445
642
854
Property and equipment recognized during
the construction period of build-to-suit lease arrangements
49
8
357
97
Property and equipment derecognized after
the construction period of build-to-suit lease arrangements, with
the associated leases recognized as operating
162
—
1,374
—
AMAZON.COM, INC.
Consolidated Statements of
Operations
(in millions, except per share
data)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2024
2023
2024
Net product sales
$
76,703
$
82,226
$
255,887
$
272,311
Net service sales
93,258
105,566
318,898
365,648
Total net sales
169,961
187,792
574,785
637,959
Operating expenses:
Cost of sales
92,553
98,893
304,739
326,288
Fulfillment
26,095
27,962
90,619
98,505
Technology and infrastructure
22,038
23,571
85,622
88,544
Sales and marketing
12,902
13,124
44,370
43,907
General and administrative
3,010
2,863
11,816
11,359
Other operating expense (income), net
154
176
767
763
Total operating expenses
156,752
166,589
537,933
569,366
Operating income
13,209
21,203
36,852
68,593
Interest income
901
1,248
2,949
4,677
Interest expense
(713
)
(570
)
(3,182
)
(2,406
)
Other income (expense), net
289
468
938
(2,250
)
Total non-operating income
477
1,146
705
21
Income before income taxes
13,686
22,349
37,557
68,614
Provision for income taxes
(3,062
)
(2,325
)
(7,120
)
(9,265
)
Equity-method investment activity, net of
tax
—
(20
)
(12
)
(101
)
Net income
$
10,624
$
20,004
$
30,425
$
59,248
Basic earnings per share
$
1.03
$
1.90
$
2.95
$
5.66
Diluted earnings per share
$
1.00
$
1.86
$
2.90
$
5.53
Weighted-average shares used in
computation of earnings per share:
Basic
10,356
10,552
10,304
10,473
Diluted
10,610
10,771
10,492
10,721
AMAZON.COM, INC.
Consolidated Statements of
Comprehensive Income
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2024
2023
2024
Net income
$
10,624
$
20,004
$
30,425
$
59,248
Other comprehensive income (loss):
Foreign currency translation adjustments,
net of tax of $(59), $183, $(55), and $226
1,765
(3,511
)
1,027
(3,333
)
Available-for-sale debt securities:
Change in net unrealized gains (losses),
net of tax of $(58), $(1,804), $(110), and $(2,086)
192
5,395
366
6,339
Less: reclassification adjustment for
losses (gains) included in “Other income (expense), net,” net of
tax of $0, $(1), $(15), and $(2)
2
1
50
5
Net change
194
5,396
416
6,344
Other, net of tax of $(1), $0, $(1), and
$1
4
(1
)
4
(5
)
Total other comprehensive income
(loss)
1,963
1,884
1,447
3,006
Comprehensive income
$
12,587
$
21,888
$
31,872
$
62,254
AMAZON.COM, INC.
Segment Information
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2024
2023
2024
North America
Net sales
$
105,514
$
115,586
$
352,828
$
387,497
Operating expenses
99,053
106,330
337,951
362,530
Operating income
$
6,461
$
9,256
$
14,877
$
24,967
International
Net sales
$
40,243
$
43,420
$
131,200
$
142,906
Operating expenses
40,662
42,105
133,856
139,114
Operating income (loss)
$
(419
)
$
1,315
$
(2,656
)
$
3,792
AWS
Net sales
$
24,204
$
28,786
$
90,757
$
107,556
Operating expenses
17,037
18,154
66,126
67,722
Operating income
$
7,167
$
10,632
$
24,631
$
39,834
Consolidated
Net sales
$
169,961
$
187,792
$
574,785
$
637,959
Operating expenses
156,752
166,589
537,933
569,366
Operating income
13,209
21,203
36,852
68,593
Total non-operating income
477
1,146
705
21
Provision for income taxes
(3,062
)
(2,325
)
(7,120
)
(9,265
)
Equity-method investment activity, net of
tax
—
(20
)
(12
)
(101
)
Net income
$
10,624
$
20,004
$
30,425
$
59,248
Segment Highlights:
Y/Y net sales growth:
North America
13
%
10
%
12
%
10
%
International
17
8
11
9
AWS
13
19
13
19
Consolidated
14
10
12
11
Net sales mix:
North America
62
%
62
%
61
%
61
%
International
24
23
23
22
AWS
14
15
16
17
Consolidated
100
%
100
%
100
%
100
%
AMAZON.COM, INC.
Consolidated Balance
Sheets
(in millions, except per share
data)
(unaudited)
December 31, 2023
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
73,387
$
78,779
Marketable securities
13,393
22,423
Inventories
33,318
34,214
Accounts receivable, net and other
52,253
55,451
Total current assets
172,351
190,867
Property and equipment, net
204,177
252,665
Operating leases
72,513
76,141
Goodwill
22,789
23,074
Other assets
56,024
82,147
Total assets
$
527,854
$
624,894
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
84,981
$
94,363
Accrued expenses and other
64,709
66,965
Unearned revenue
15,227
18,103
Total current liabilities
164,917
179,431
Long-term lease liabilities
77,297
78,277
Long-term debt
58,314
52,623
Other long-term liabilities
25,451
28,593
Commitments and contingencies
Stockholders’ equity:
Preferred stock ($0.01 par value; 500
shares authorized; no shares issued or outstanding)
—
—
Common stock ($0.01 par value; 100,000
shares authorized; 10,898 and 11,108 shares issued; 10,383 and
10,593 shares outstanding)
109
111
Treasury stock, at cost
(7,837
)
(7,837
)
Additional paid-in capital
99,025
120,864
Accumulated other comprehensive income
(loss)
(3,040
)
(34
)
Retained earnings
113,618
172,866
Total stockholders’ equity
201,875
285,970
Total liabilities and stockholders’
equity
$
527,854
$
624,894
AMAZON.COM, INC.
Supplemental Financial
Information and Business Metrics
(in millions, except per share
data)
(unaudited)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Y/Y %
Change
Cash Flows and Shares
Operating cash flow -- trailing twelve
months (TTM)
$
71,654
$
84,946
$
99,147
$
107,952
$
112,706
$
115,877
36
%
Operating cash flow -- TTM Y/Y growth
81
%
82
%
82
%
75
%
57
%
36
%
N/A
Purchases of property and equipment, net
of proceeds from sales and incentives -- TTM
$
50,220
$
48,133
$
48,998
$
54,979
$
64,959
$
77,658
61
%
Principal repayments of finance leases --
TTM
$
5,245
$
4,384
$
3,774
$
3,092
$
2,489
$
2,043
(53
)%
Principal repayments of financing
obligations -- TTM
$
260
$
271
$
304
$
306
$
320
$
669
147
%
Equipment acquired under finance leases --
TTM (1)
$
239
$
310
$
306
$
425
$
492
$
572
84
%
Principal repayments of all other finance
leases -- TTM (2)
$
694
$
683
$
761
$
794
$
785
$
767
12
%
Free cash flow -- TTM (3)
$
21,434
$
36,813
$
50,149
$
52,973
$
47,747
$
38,219
4
%
Free cash flow less principal repayments
of finance leases and financing obligations -- TTM (4)
$
15,929
$
32,158
$
46,071
$
49,575
$
44,938
$
35,507
10
%
Free cash flow less equipment finance
leases and principal repayments of all other finance leases and
financing obligations -- TTM (5)
$
20,241
$
35,549
$
48,778
$
51,448
$
46,150
$
36,211
2
%
Common shares and stock-based awards
outstanding
10,792
10,788
10,788
10,871
10,872
10,876
1
%
Common shares outstanding
10,330
10,383
10,403
10,490
10,511
10,593
2
%
Stock-based awards outstanding
462
406
385
381
361
283
(30
)%
Stock-based awards outstanding -- % of
common shares outstanding
4.5
%
3.9
%
3.7
%
3.6
%
3.4
%
2.7
%
N/A
Results of Operations
Worldwide (WW) net sales
$
143,083
$
169,961
$
143,313
$
147,977
$
158,877
$
187,792
10
%
WW net sales -- Y/Y growth, excluding
F/X
11
%
13
%
13
%
11
%
11
%
11
%
N/A
WW net sales -- TTM
$
554,028
$
574,785
$
590,740
$
604,334
$
620,128
$
637,959
11
%
WW net sales -- TTM Y/Y growth, excluding
F/X
12
%
12
%
12
%
12
%
12
%
11
%
N/A
Operating income
$
11,188
$
13,209
$
15,307
$
14,672
$
17,411
$
21,203
61
%
F/X impact -- favorable
$
132
$
85
$
72
$
29
$
16
$
14
N/A
Operating income -- Y/Y growth, excluding
F/X
338
%
379
%
219
%
91
%
55
%
60
%
N/A
Operating margin -- % of WW net sales
7.8
%
7.8
%
10.7
%
9.9
%
11.0
%
11.3
%
N/A
Operating income -- TTM
$
26,380
$
36,852
$
47,385
$
54,376
$
60,599
$
68,593
86
%
Operating income -- TTM Y/Y growth,
excluding F/X
99
%
197
%
252
%
205
%
129
%
86
%
N/A
Operating margin -- TTM % of WW net
sales
4.8
%
6.4
%
8.0
%
9.0
%
9.8
%
10.8
%
N/A
Net income
$
9,879
$
10,624
$
10,431
$
13,485
$
15,328
$
20,004
88
%
Net income per diluted share
$
0.94
$
1.00
$
0.98
$
1.26
$
1.43
$
1.86
85
%
Net income -- TTM
$
20,079
$
30,425
$
37,684
$
44,419
$
49,868
$
59,248
95
%
Net income per diluted share -- TTM
$
1.93
$
2.90
$
3.56
$
4.18
$
4.67
$
5.53
91
%
(1)
For the twelve months ended December 31,
2023 and 2024, this amount relates to equipment included in
“Property and equipment acquired under finance leases, net of
remeasurements and modifications” of $642 million and $854
million.
(2)
For the twelve months ended December 31,
2023 and 2024, this amount relates to property included in
“Principal repayments of finance leases” of $4,384 million and
$2,043 million.
(3)
Free cash flow is cash flow from
operations reduced by “Purchases of property and equipment, net of
proceeds from sales and incentives.”
(4)
Free cash flow less principal repayments
of finance leases and financing obligations is free cash flow
reduced by “Principal repayments of finance leases” and “Principal
repayments of financing obligations.”
(5)
Free cash flow less equipment finance
leases and principal repayments of all other finance leases and
financing obligations is free cash flow reduced by equipment
acquired under finance leases, which is included in “Property and
equipment acquired under finance leases, net of remeasurements and
modifications,” principal repayments of all other finance lease
liabilities, which is included in “Principal repayments of finance
leases,” and “Principal repayments of financing obligations.”
AMAZON.COM, INC.
Supplemental Financial
Information and Business Metrics
(in millions)
(unaudited)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Y/Y %
Change
Segments
North America Segment:
Net sales
$
87,887
$
105,514
$
86,341
$
90,033
$
95,537
$
115,586
10
%
Net sales -- Y/Y growth, excluding F/X
11
%
13
%
12
%
9
%
9
%
10
%
N/A
Net sales -- TTM
$
340,677
$
352,828
$
362,288
$
369,775
$
377,425
$
387,497
10
%
Operating income
$
4,307
$
6,461
$
4,983
$
5,065
$
5,663
$
9,256
43
%
F/X impact -- favorable (unfavorable)
$
(27
)
$
(13
)
$
8
$
8
$
(28
)
$
(49
)
N/A
Operating income -- Y/Y growth, excluding
F/X
N/A
N/A
454
%
58
%
32
%
44
%
N/A
Operating margin -- % of North America net
sales
4.9
%
6.1
%
5.8
%
5.6
%
5.9
%
8.0
%
N/A
Operating income -- TTM
$
8,176
$
14,877
$
18,962
$
20,816
$
22,172
$
24,967
68
%
Operating margin -- TTM % of North America
net sales
2.4
%
4.2
%
5.2
%
5.6
%
5.9
%
6.4
%
N/A
International Segment:
Net sales
$
32,137
$
40,243
$
31,935
$
31,663
$
35,888
$
43,420
8
%
Net sales -- Y/Y growth, excluding F/X
11
%
13
%
11
%
10
%
12
%
9
%
N/A
Net sales -- TTM
$
125,420
$
131,200
$
134,012
$
135,978
$
139,729
$
142,906
9
%
Operating income (loss)
$
(95
)
$
(419
)
$
903
$
273
$
1,301
$
1,315
N/A
F/X impact -- favorable (unfavorable)
$
228
$
160
$
(3
)
$
(94
)
$
43
$
6
N/A
Operating income (loss) -- Y/Y growth
(decline), excluding F/X
(87
)%
(74
)%
N/A
N/A
N/A
N/A
N/A
Operating margin -- % of International net
sales
(0.3
)%
(1.0
)%
2.8
%
0.9
%
3.6
%
3.0
%
N/A
Operating income (loss) -- TTM
$
(4,465
)
$
(2,656
)
$
(506
)
$
662
$
2,058
$
3,792
N/A
Operating margin -- TTM % of International
net sales
(3.6
)%
(2.0
)%
(0.4
)%
0.5
%
1.5
%
2.7
%
N/A
AWS Segment:
Net sales
$
23,059
$
24,204
$
25,037
$
26,281
$
27,452
$
28,786
19
%
Net sales -- Y/Y growth, excluding F/X
12
%
13
%
17
%
19
%
19
%
19
%
N/A
Net sales -- TTM
$
87,931
$
90,757
$
94,440
$
98,581
$
102,974
$
107,556
19
%
Operating income
$
6,976
$
7,167
$
9,421
$
9,334
$
10,447
$
10,632
48
%
F/X impact -- favorable (unfavorable)
$
(69
)
$
(62
)
$
67
$
115
$
1
$
57
N/A
Operating income -- Y/Y growth, excluding
F/X
30
%
39
%
83
%
72
%
50
%
48
%
N/A
Operating margin -- % of AWS net sales
30.3
%
29.6
%
37.6
%
35.5
%
38.1
%
36.9
%
N/A
Operating income -- TTM
$
22,669
$
24,631
$
28,929
$
32,898
$
36,369
$
39,834
62
%
Operating margin -- TTM % of AWS net
sales
25.8
%
27.1
%
30.6
%
33.4
%
35.3
%
37.0
%
N/A
AMAZON.COM, INC.
Supplemental Financial
Information and Business Metrics
(in millions, except employee
data)
(unaudited)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Y/Y %
Change
Net Sales
Online stores (1)
$
57,267
$
70,543
$
54,670
$
55,392
$
61,411
$
75,556
7
%
Online stores -- Y/Y growth, excluding
F/X
6
%
8
%
7
%
6
%
8
%
8
%
N/A
Physical stores (2)
$
4,959
$
5,152
$
5,202
$
5,206
$
5,228
$
5,579
8
%
Physical stores -- Y/Y growth, excluding
F/X
6
%
4
%
6
%
4
%
5
%
8
%
N/A
Third-party seller services (3)
$
34,342
$
43,559
$
34,596
$
36,201
$
37,864
$
47,485
9
%
Third-party seller services -- Y/Y growth,
excluding F/X
18
%
19
%
16
%
13
%
10
%
9
%
N/A
Advertising services (4)
$
12,060
$
14,654
$
11,824
$
12,771
$
14,331
$
17,288
18
%
Advertising services -- Y/Y growth,
excluding F/X
25
%
26
%
24
%
20
%
19
%
18
%
N/A
Subscription services (5)
$
10,170
$
10,488
$
10,722
$
10,866
$
11,278
$
11,508
10
%
Subscription services -- Y/Y growth,
excluding F/X
13
%
13
%
11
%
11
%
11
%
10
%
N/A
AWS
$
23,059
$
24,204
$
25,037
$
26,281
$
27,452
$
28,786
19
%
AWS -- Y/Y growth, excluding F/X
12
%
13
%
17
%
19
%
19
%
19
%
N/A
Other (6)
$
1,226
$
1,361
$
1,262
$
1,260
$
1,313
$
1,590
17
%
Other -- Y/Y growth (decline), excluding
F/X
(3
)%
8
%
23
%
(6
)%
5
%
17
%
N/A
Stock-based Compensation
Expense
Cost of sales
$
193
$
227
$
174
$
266
$
193
$
205
(10
)%
Fulfillment
$
732
$
823
$
636
$
944
$
696
$
697
(15
)%
Technology and infrastructure
$
3,284
$
3,533
$
2,772
$
3,670
$
2,961
$
2,747
(22
)%
Sales and marketing
$
1,111
$
1,216
$
932
$
1,224
$
1,012
$
916
(25
)%
General and administrative
$
509
$
520
$
447
$
618
$
471
$
430
(17
)%
Total stock-based compensation expense
$
5,829
$
6,319
$
4,961
$
6,722
$
5,333
$
4,995
(21
)%
Other
WW shipping costs
$
21,799
$
27,326
$
21,834
$
21,965
$
23,501
$
28,549
4
%
WW shipping costs -- Y/Y growth
9
%
11
%
10
%
8
%
8
%
4
%
N/A
WW paid units -- Y/Y growth (7)
9
%
12
%
12
%
11
%
12
%
11
%
N/A
WW seller unit mix -- % of WW paid units
(7)
60
%
61
%
61
%
61
%
60
%
62
%
N/A
Employees (full-time and part-time;
excludes contractors & temporary personnel)
1,500,000
1,525,000
1,521,000
1,532,000
1,551,000
1,556,000
2
%
Employees (full-time and part-time;
excludes contractors & temporary personnel) -- Y/Y growth
(decline)
(3
)%
(1
)%
4
%
5
%
3
%
2
%
N/A
(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.
(7)
Excludes the impact of Whole Foods
Market.
Amazon.com, Inc. Certain
Definitions
Customer Accounts
- References to customers mean customer accounts established when
a customer places an order through one of our stores. Customer
accounts exclude certain customers, including customers associated
with certain of our acquisitions, Amazon Payments customers, AWS
customers, and the customers of select companies with whom we have
a technology alliance or marketing and promotional relationship.
Customers are considered active when they have placed an order
during the preceding twelve-month period.
Seller Accounts
- References to sellers means seller accounts, which are
established when a seller receives an order from a customer
account. Sellers are considered active when they have received an
order from a customer during the preceding twelve-month
period.
AWS Customers
- References to AWS customers mean unique AWS customer accounts,
which are unique customer account IDs that are eligible to use AWS
services. This includes AWS accounts in the AWS free tier. Multiple
users accessing AWS services via one account ID are counted as a
single account. Customers are considered active when they have had
AWS usage activity during the preceding one-month period.
Units
- References to units mean physical and digital units sold (net
of returns and cancellations) by us and sellers in our stores as
well as Amazon-owned items sold in other stores. Units sold are
paid units and do not include units associated with AWS, certain
acquisitions, certain subscriptions, rental businesses, or
advertising businesses, or Amazon gift cards.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250205727633/en/
Amazon Investor Relations amazon-ir@amazon.com amazon.com/ir
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