EX-99.1 2 amzn-20241231xex991.htm EX-99.1 Document

Exhibit 99.1
 amazonlogorgba09a.jpg
AMAZON.COM ANNOUNCES FOURTH QUARTER RESULTS

SEATTLE—(BUSINESS WIRE) February 6, 2025—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,
 2023202420232024
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD$50,081 $78,677 $54,253 $73,890 
OPERATING ACTIVITIES:
Net income10,624 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 other13,820 15,631 48,663 52,795 
Stock-based compensation6,319 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:
Inventories2,643 934 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 payable10,888 8,726 5,473 2,972 
Accrued expenses and other6,594 4,042 (2,428)(2,904)
Unearned revenue3,629 1,611 4,578 4,007 
Net cash provided by (used in) operating activities42,465 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 incentives1,235 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 securities1,568 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 other734 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 cash691 (1,250)403 (1,301)
Net increase (decrease) in cash, cash equivalents, and restricted cash23,809 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 leases2,766 3,225 10,453 12,341 
Cash paid for interest on finance leases74 70 308 287 
Cash paid for interest on financing obligations46 58 196 219 
Cash paid for income taxes, net of refunds4,197 4,146 11,179 12,308 
Assets acquired under operating leases2,977 4,189 14,052 15,424 
Property and equipment acquired under finance leases, net of remeasurements and modifications211 445 642 854 
Property and equipment recognized during the construction period of build-to-suit lease arrangements49 8 357 97 
Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating162 — 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,
2023202420232024
Net product sales$76,703 $82,226 $255,887 $272,311 
Net service sales93,258 105,566 318,898 365,648 
Total net sales169,961 187,792 574,785 637,959 
Operating expenses:
Cost of sales92,553 98,893 304,739 326,288 
Fulfillment26,095 27,962 90,619 98,505 
Technology and infrastructure22,038 23,571 85,622 88,544 
Sales and marketing12,902 13,124 44,370 43,907 
General and administrative3,010 2,863 11,816 11,359 
Other operating expense (income), net154 176 767 763 
Total operating expenses156,752 166,589 537,933 569,366 
Operating income13,209 21,203 36,852 68,593 
Interest income901 1,248 2,949 4,677 
Interest expense(713)(570)(3,182)(2,406)
Other income (expense), net289 468 938 (2,250)
Total non-operating income477 1,146 705 21 
Income before income taxes13,686 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:
Basic10,356 10,552 10,304 10,473 
Diluted10,610 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,
 2023202420232024
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 $2261,765 (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 change194 5,396 416 6,344 
Other, net of tax of $(1), $0, $(1), and $14 (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,
2023202420232024
North America
Net sales$105,514 $115,586 $352,828 $387,497 
Operating expenses99,053 106,330 337,951 362,530 
Operating income$6,461 $9,256 $14,877 $24,967 
International
Net sales$40,243 $43,420 $131,200 $142,906 
Operating expenses40,662 42,105 133,856 139,114 
Operating income (loss)$(419)$1,315 $(2,656)$3,792 
AWS
Net sales$24,204 $28,786 $90,757 $107,556 
Operating expenses17,037 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 expenses156,752 166,589 537,933 569,366 
Operating income13,209 21,203 36,852 68,593 
Total non-operating income477 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 America13 %10 %12 %10 %
International17 8 11 9 
AWS13 19 13 19 
Consolidated14 10 12 11 
Net sales mix:
North America62 %62 %61 %61 %
International24 23 23 22 
AWS14 15 16 17 
Consolidated100 %100 %100 %100 %


AMAZON.COM, INC.
Consolidated Balance Sheets
(in millions, except per share data)
 (unaudited)
December 31, 2023December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents$73,387 $78,779 
Marketable securities13,393 22,423 
Inventories33,318 34,214 
Accounts receivable, net and other52,253 55,451 
Total current assets172,351 190,867 
Property and equipment, net204,177 252,665 
Operating leases72,513 76,141 
Goodwill22,789 23,074 
Other assets56,024 82,147 
Total assets$527,854 $624,894 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$84,981 $94,363 
Accrued expenses and other64,709 66,965 
Unearned revenue15,227 18,103 
Total current liabilities164,917 179,431 
Long-term lease liabilities77,297 78,277 
Long-term debt58,314 52,623 
Other long-term liabilities25,451 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 capital99,025 120,864 
Accumulated other comprehensive income (loss)(3,040)(34)
Retained earnings113,618 172,866 
Total stockholders’ equity201,875 285,970 
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 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Y/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 growth81 %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 outstanding10,792 10,788 10,788 10,871 10,872 10,876 1 %
Common shares outstanding10,330 10,383 10,403 10,490 10,511 10,593 2 %
Stock-based awards outstanding462 406 385 381 361 283 (30)%
Stock-based awards outstanding -- % of common shares outstanding4.5 %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/X11 %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/X12 %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/X338 %379 %219 %91 %55 %60 %N/A
Operating margin -- % of WW net sales7.8 %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/X99 %197 %252 %205 %129 %86 %N/A
Operating margin -- TTM % of WW net sales4.8 %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 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Y/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/X11 %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/XN/AN/A454 %58 %32 %44 %N/A
  Operating margin -- % of North America net sales4.9 %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 sales2.4 %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/X11 %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 $6 N/A
  Operating income (loss) -- Y/Y growth (decline), excluding F/X(87)%(74)%N/AN/AN/AN/AN/A
  Operating margin -- % of International net sales(0.3)%(1.0)%2.8 %0.9 %3.6 %3.0 %N/A
  Operating income (loss) -- TTM$(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/X12 %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/X30 %39 %83 %72 %50 %48 %N/A
  Operating margin -- % of AWS net sales30.3 %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 sales25.8 %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 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Y/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/X6 %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/X6 %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/X18 %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/X25 %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/X13 %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/X12 %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 growth9 %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.

Contacts:
Amazon Investor Relations Amazon Public Relations
amazon-ir@amazon.com amazon-pr@amazon.com
amazon.com/ir amazon.com/pr