AMAZON COM INC, 10-Q filed on 8/1/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 000-22513  
Entity Registrant Name AMAZON.COM, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 91-1646860  
Entity Address, Address Line One 410 Terry Avenue North  
Entity Address, City or Town Seattle,  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98109-5210  
City Area Code 206  
Local Phone Number 266-1000  
Title of 12(b) Security Common Stock, par value $.01 per share  
Trading Symbol AMZN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   10,664,912,097
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001018724  
Current Fiscal Year End Date --12-31  
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]            
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD $ 69,893 $ 73,332 $ 82,312 $ 73,890 $ 71,673 $ 50,067
OPERATING ACTIVITIES:            
Net income 18,164 13,485 35,291 23,916 70,623 44,419
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 15,227 12,038 29,489 23,722 58,562 49,673
Stock-based compensation 6,534 6,722 10,223 11,683 20,551 23,831
Non-operating expense (income), net (1,258) (95) (4,075) 2,639 (4,702) 1,310
Deferred income taxes 11 (785) 518 (1,723) (2,407) (4,383)
Changes in operating assets and liabilities:            
Inventories (4,054) (3,085) (5,276) (1,309) (5,851) 2,142
Accounts receivable, net and other (1,125) (2,209) 122 1,475 (4,602) (9,556)
Other assets (2,971) (3,055) (6,373) (5,756) (15,100) (11,692)
Accounts payable 7,058 6,005 (1,985) (5,277) 6,264 8,431
Accrued expenses and other (4,952) (4,147) (9,013) (7,075) (4,842) (1,802)
Unearned revenue (119) 407 609 1,975 2,641 5,579
Net cash provided by (used in) operating activities 32,515 25,281 49,530 44,270 121,137 107,952
INVESTING ACTIVITIES:            
Purchases of property and equipment (32,183) (17,620) (57,202) (32,545) (107,656) (59,612)
Proceeds from property and equipment sales and incentives 815 1,227 1,579 2,217 4,703 4,633
Acquisitions, net of cash acquired, non-marketable investments, and other, net (1,700) (571) (1,652) (3,925) (4,809) (5,935)
Sales and maturities of marketable securities 11,441 3,265 19,178 4,657 30,924 7,618
Purchases of marketable securities (17,797) (8,439) (31,130) (10,404) (46,731) (11,058)
Net cash provided by (used in) investing activities (39,424) (22,138) (69,227) (40,000) (123,569) (64,354)
FINANCING ACTIVITIES:            
Proceeds from short-term debt, and other 2,093 525 3,908 863 8,187 1,813
Repayments of short-term debt, and other (1,392) (229) (3,474) (633) (7,901) (15,066)
Proceeds from long-term debt 0 0 746 0 746 0
Repayments of long-term debt (2,751) (4,169) (2,751) (4,499) (7,434) (4,789)
Principal repayments of finance leases (411) (538) (821) (1,308) (1,556) (3,092)
Principal repayments of financing obligations (78) (79) (194) (169) (694) (306)
Net cash provided by (used in) financing activities (2,539) (4,490) (2,586) (5,746) (8,652) (21,440)
Foreign currency effect on cash, cash equivalents, and restricted cash 1,008 (312) 1,424 (741) 864 (552)
Net increase (decrease) in cash, cash equivalents, and restricted cash (8,440) (1,659) (20,859) (2,217) (10,220) 21,606
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD $ 61,453 $ 71,673 $ 61,453 $ 71,673 $ 61,453 $ 71,673
v3.25.2
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net sales $ 167,702 $ 147,977 $ 323,369 $ 291,290
Operating expenses:        
Cost of sales 80,809 73,785 157,785 146,418
Fulfillment 25,976 23,566 50,569 45,883
Technology and infrastructure 27,166 22,304 50,160 42,728
Sales and marketing 11,416 10,512 21,179 20,174
General and administrative 2,965 3,041 5,593 5,783
Other operating expense (income), net 199 97 507 325
Total operating expenses 148,531 133,305 285,793 261,311
Operating income 19,171 14,672 37,576 29,979
Interest income 1,085 1,180 2,151 2,173
Interest expense (516) (589) (1,057) (1,233)
Other income (expense), net 1,117 (18) 3,866 (2,691)
Total non-operating income (expense) 1,686 573 4,960 (1,751)
Income before income taxes 20,857 15,245 42,536 28,228
Provision for income taxes (2,678) (1,767) (7,231) (4,234)
Equity-method investment activity, net of tax (15) 7 (14) (78)
Net income $ 18,164 $ 13,485 $ 35,291 $ 23,916
Basic earnings per share (in usd per share) $ 1.71 $ 1.29 $ 3.32 $ 2.30
Diluted earnings per share (in usd per share) $ 1.68 $ 1.26 $ 3.27 $ 2.24
Weighted-average shares used in computation of earnings per share:        
Basic (in shares) 10,637 10,447 10,620 10,420
Diluted (in shares) 10,806 10,708 10,800 10,689
Net product sales        
Net sales $ 68,246 $ 61,569 $ 132,216 $ 122,484
Net service sales        
Net sales $ 99,456 $ 86,408 $ 191,153 $ 168,806
v3.25.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 18,164 $ 13,485 $ 35,291 $ 23,916
Other comprehensive income (loss):        
Foreign currency translation adjustments, net of tax of $58, $(142), $88, and $(208) 3,314 (637) 4,849 (1,733)
Available-for-sale debt securities:        
Change in net unrealized gains (losses), net of tax of $(69), $(12), $(227), and $(23) 40 241 77 777
Less: reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $(1), $5, $(1), and $814 (17) 3 (2,471) 4
Net change 23 244 (2,394) 781
Other, net of tax of $(1), $(1), $(2), and $0 (3) (2) (1) (1)
Total other comprehensive income (loss) 3,334 (395) 2,454 (953)
Comprehensive income $ 21,498 $ 13,090 $ 37,745 $ 22,963
v3.25.2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustments, tax $ (142) $ 58 $ (208) $ 88
Unrealized gains (losses), tax (12) (69) (23) (227)
Reclassification adjustment for losses (gains) included in “Other income (expense), net,” 5 (1) 814 (1)
Other comprehensive income, other, tax $ (1) $ (1) $ 0 $ (2)
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 57,741 $ 78,779
Marketable securities 35,439 22,423
Inventories 40,825 34,214
Accounts receivable, net and other 57,415 55,451
Total current assets 191,420 190,867
Property and equipment, net 297,616 252,665
Operating leases 82,125 76,141
Goodwill 23,155 23,074
Other assets 87,854 82,147
Total assets 682,170 624,894
Current liabilities:    
Accounts payable 98,285 94,363
Accrued expenses and other 66,974 66,965
Unearned revenue 21,662 18,103
Total current liabilities 186,921 179,431
Long-term lease liabilities 83,221 78,277
Long-term debt 50,718 52,623
Other long-term liabilities 27,535 28,593
Commitments and contingencies (Note 4)
Stockholders’ equity:    
Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding) 0 0
Common stock ($0.01 par value; 100,000 shares authorized; 11,108 and 11,175 shares issued; 10,593 and 10,660 shares outstanding) 112 111
Treasury stock, at cost (7,837) (7,837)
Additional paid-in capital 130,923 120,864
Accumulated other comprehensive income (loss) 2,420 (34)
Retained earnings 208,157 172,866
Total stockholders’ equity 333,775 285,970
Total liabilities and stockholders’ equity $ 682,170 $ 624,894
v3.25.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 500,000,000 500,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 100,000,000,000 100,000,000,000
Common stock, issued (in shares) 11,175,000,000 11,108,000,000
Common stock, outstanding (in shares) 10,660,000,000 10,593,000,000
v3.25.2
Accounting Policies and Supplemental Disclosures
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Accounting Policies and Supplemental Disclosures ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES
Unaudited Interim Financial Information
We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated cash flows, operating results, and balance sheets for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2025 due to seasonal and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2024 Annual Report on Form 10-K.
Principles of Consolidation
The consolidated financial statements include the accounts of Amazon.com, Inc. and its consolidated entities (collectively, the “Company”), consisting of its wholly-owned subsidiaries and those entities in which we have a variable interest and of which we are the primary beneficiary, including certain entities in India and certain entities that support our healthcare services and production and distribution of video content. Intercompany balances and transactions between consolidated entities are eliminated.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, income taxes, useful lives of equipment, commitments and contingencies, valuation of acquired intangibles and goodwill, stock-based compensation forfeiture rates, vendor funding, inventory valuation, collectability of receivables, impairment of property and equipment and operating leases, valuation and impairment of investments, self-insurance liabilities, viewing patterns of capitalized video content, and the determination of when to capitalize certain costs relating to new products or service offerings. Actual results could differ materially from these estimates. We review the useful lives of equipment on an ongoing basis.
Effective January 1, 2025 we changed our estimate of the useful lives of a subset of our servers and networking equipment from six years to five years. The shorter useful lives are due to the increased pace of technology development, particularly in the area of artificial intelligence and machine learning. The effect of this change in estimate for Q2 2025, based on servers and networking equipment that were included in “Property and equipment, net” as of March 31, 2025 and those acquired during the three months ended June 30, 2025, was an increase in depreciation and amortization expense of $280 million and a reduction in net income of $217 million, or $0.02 per basic share and $0.02 per diluted share, which primarily impacted our AWS segment. The effect of this change in estimate for the six months ended June 30, 2025, based on servers and networking equipment that were included in “Property and equipment, net” as of December 31, 2024 and those acquired during the six months ended June 30, 2025, was an increase in depreciation and amortization expense of $497 million and a reduction in net income of $379 million, or $0.04 per basic share and $0.04 per diluted share, which primarily impacted our AWS segment.
Supplemental Cash Flow Information
The following table shows supplemental cash flow information (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,		Twelve Months Ended
June 30,
202420252024202520242025
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest$680 $523 $949 $759 $2,201 $1,668 
Cash paid for operating leases2,844 3,758 6,176 7,320 11,634 13,485 
Cash paid for interest on finance leases72 72 146 143 296 284 
Cash paid for interest on financing obligations50 52 114 107 210 212 
Cash paid for income taxes, net of refunds5,700 4,761 6,158 5,638 12,983 11,788 
Assets acquired under operating leases3,911 4,621 7,664 8,942 13,986 16,702 
Property and equipment acquired under finance leases, net of remeasurements and modifications181 937 223 991 617 1,622 
Increase (decrease) in property and equipment acquired but not yet paid2,760 (1,600)3,171 1,508 3,791 5,376 
Earnings Per Share
Basic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we have a net loss, stock awards are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.
The following table shows the calculation of diluted shares (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Shares used in computation of basic earnings per share10,447 10,637 10,420 10,620 
Total dilutive effect of outstanding stock awards261 169 269 180 
Shares used in computation of diluted earnings per share10,708 10,806 10,689 10,800 
Other Income (Expense), Net
Other income (expense), net is as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Marketable equity securities valuation gains (losses)$443 $388 $(1,683)$250 
Equity warrant valuation gains (losses)(271)590 (501)212 
Reclassification adjustment for gains (losses) on available-for-sale debt securities (4)22 (5)3,285 
Upward adjustments relating to equity investments in private companies6 49 11 86 
Foreign currency gains (losses)(138)70 (212)68 
Other, net(54)(2)(301)(35)
Total other income (expense), net$(18)$1,117 $(2,691)$3,866 
The marketable equity securities valuation gain (loss) of $443 million and $388 million in Q2 2024 and Q2 2025, and $(1.7) billion and $250 million for the six months ended June 30, 2024 and 2025 is primarily from our equity investment in Rivian Automotive, Inc. (“Rivian”). The reclassification adjustment for the gain on available-for-sale debt securities of $3.3 billion for the six months ended June 30, 2025 is primarily from the portion of our convertible notes investments in Anthropic, PBC (“Anthropic”) that were converted to nonvoting preferred stock during the three months ended March 31, 2025.
Inventories
Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out method, and are valued at the lower of cost and net realizable value. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. The inventory valuation allowance, representing a write-down of inventory, was $3.0 billion and $2.8 billion as of December 31, 2024 and June 30, 2025.
Accounts Receivable, Net and Other
Included in “Accounts receivable, net and other” on our consolidated balance sheets are receivables primarily related to customers, vendors, and prepaid expenses and other current assets. As of December 31, 2024 and June 30, 2025, customer receivables, net, were $34.3 billion and $36.6 billion, vendor receivables, net, were $11.6 billion and $10.6 billion, and other receivables, net, were $3.4 billion and $3.5 billion. Prepaid expenses and other current assets, which include amounts related to non-income taxes and satellite network launch services deposits, were $6.3 billion and $6.7 billion as of December 31, 2024 and June 30, 2025. We currently expense satellite network launch services deposits upon launch to “Technology and infrastructure.”
We estimate losses on receivables based on expected losses, including our historical experience of actual losses. The allowance for doubtful accounts was $2.0 billion and $2.1 billion as of December 31, 2024 and June 30, 2025.
Digital Video and Music Content
Included in “Other assets” on our consolidated balance sheets are the total capitalized costs of video, which is primarily released content, and music, which as of December 31, 2024 and June 30, 2025 were $19.6 billion and $20.4 billion. Total video and music expense was $4.6 billion and $5.1 billion in Q2 2024 and Q2 2025, and $9.2 billion and $10.2 billion for the six months ended June 30, 2024 and 2025.
Unearned Revenue
Unearned revenue is recorded when payments are received or due in advance of performing our service obligations and is recognized over the service period. Unearned revenue primarily relates to prepayments of AWS services and Amazon Prime memberships. Our total unearned revenue as of December 31, 2024 was $24.6 billion, of which $11.4 billion was recognized as revenue during the six months ended June 30, 2025. Included in “Other long-term liabilities” on our consolidated balance sheets was $6.5 billion and $4.3 billion of unearned revenue as of December 31, 2024 and June 30, 2025.
Additionally, we have performance obligations, primarily related to AWS, associated with commitments in customer contracts for future services that have not yet been recognized in our consolidated financial statements. For contracts with original terms that exceed one year, those commitments not yet recognized were approximately $195 billion as of June 30, 2025. The weighted-average remaining life of our long-term contracts is 4.0 years. However, the amount and timing of revenue recognition is largely driven by customer usage, which can extend beyond the original contractual term.
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. We expect to adopt the ASU on a retroactive basis.
In November 2024, the FASB issued an ASU amending existing income statement disclosure guidance, primarily requiring more detailed disclosure for expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments can be applied on either a prospective or retroactive basis. We are currently evaluating the ASU to determine its impact on our disclosures.
v3.25.2
Financial Instruments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities
As of December 31, 2024 and June 30, 2025, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. and foreign government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for identical assets or liabilities. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.
The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):
 December 31, 2024June 30, 2025
  
Total
Estimated
Fair Value		Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Cash$17,055 $16,083 $— $— $16,083 
Level 1 securities:
Money market funds28,282 18,058 — — 18,058 
Equity securities (1)3,318 3,149 
Level 2 securities:
Foreign government and agency securities177 84 — — 84 
U.S. government and agency securities3,401 5,057 5 (32)5,030 
Corporate debt securities50,912 52,634 26 (19)52,641 
Asset-backed securities1,523 1,813 6 (12)1,807 
Other debt securities67 40 — — 40 
$104,735 $93,769 $37 $(63)$96,892 
Less: Restricted cash, cash equivalents, and marketable securities (2)(3,533)(3,712)
Total cash, cash equivalents, and marketable securities$101,202 $93,180 
___________________
(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $443 million and $393 million in Q2 2024 and Q2 2025, and $(1.7) billion and $188 million for the six months ended June 30, 2024 and 2025.
(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”
The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of June 30, 2025 (in millions):
Amortized
Cost		Estimated
Fair Value
Due within one year$68,262 $68,246 
Due after one year through five years7,911 7,928 
Due after five years through ten years610 607 
Due after ten years903 879 
Total$77,686 $77,660 
Actual maturities may differ from the contractual maturities because borrowers may have certain prepayment conditions.
Non-Marketable Investments
From Q3 2023 to Q4 2024, we invested $5.3 billion in convertible notes from Anthropic, which are classified as available-for-sale and reported at fair value with unrealized gains and losses included in “Accumulated other comprehensive income (loss)” and as Level 3 assets, and as of December 31, 2024 had an estimated fair value of approximately $13.8 billion. In making these estimates, we utilized valuation methods based on information available, including the rights and obligations of the convertible notes, other outstanding classes of securities, observable transactions such as new securities offerings, estimates of expected time to and type of liquidity events and anticipated securities offerings, and discounts for lack of marketability. Some of these notes converted to nonvoting preferred stock in Q1 2025. As a result of conversions, a significant portion of the unrealized gain associated with the notes as of December 31, 2024 was reclassified and a gain of approximately $3.3 billion was recorded in “Other income (expense), net” in our consolidated statement of operations. The investment in nonvoting preferred stock was initially recorded at its estimated fair value at the time of the conversion and will be accounted for as a component of our equity investments in private companies not accounted for under the equity-method, with future adjustments for observable changes in prices or impairments recognized in “Other income (expense), net” on our consolidated statements of
operations. In Q2 2025, we invested $1.3 billion in a new convertible note from Anthropic, and will invest an additional $1.4 billion by Q4 2025. As of June 30, 2025, the estimated fair value of our convertible notes and amounts recorded for nonvoting preferred stock investments was approximately $15.1 billion. We also have a commercial arrangement primarily for the provision of AWS cloud services, which includes the use of AWS chips.
As of December 31, 2024 and June 30, 2025, equity investments in private companies not accounted for under the equity-method had a carrying value of $989 million and $6.1 billion, with adjustments for observable changes in prices or impairments recognized in “Other income (expense), net” on our consolidated statements of operations.
As of December 31, 2024 and June 30, 2025, equity investments accounted for under the equity-method of accounting, including investments for which we have elected the fair value option, had a carrying value of $1.2 billion.
We hold equity warrants giving us the right to acquire stock of other companies. As of December 31, 2024 and June 30, 2025, these warrants had a fair value of $2.7 billion and $2.6 billion, with gains and losses recognized in “Other income (expense), net” on our consolidated statements of operations. These warrants are classified as Level 2 and 3 assets.
These non-marketable investments are included within “Other assets” on our consolidated balance sheets.
Certain of our investments represent a variable interest in an entity for which we do not consolidate because we are not the primary beneficiary.
Consolidated Statements of Cash Flows Reconciliation
The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):
December 31, 2024June 30, 2025
Cash and cash equivalents$78,779 $57,741 
Restricted cash included in accounts receivable, net and other247 356 
Restricted cash included in other assets3,286 3,356 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$82,312 $61,453 
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases LEASES
We have entered into non-cancellable operating and finance leases for fulfillment network, data center, office, and physical store facilities as well as server and networking equipment, aircraft, and vehicles. Gross assets acquired under finance leases, including those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $56.5 billion and $56.1 billion as of December 31, 2024 and June 30, 2025. Accumulated amortization associated with finance leases was $41.8 billion and $41.5 billion as of December 31, 2024 and June 30, 2025.
Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202520242025
Operating lease cost$2,921 $3,426 $5,750 $6,666 
Finance lease cost:
Amortization of lease assets948 827 1,889 1,700 
Interest on lease liabilities72 72 145 143 
Finance lease cost1,020 899 2,034 1,843 
Variable lease cost592 659 1,227 1,355 
Total lease cost$4,533 $4,984 $9,011 $9,864 
Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2024June 30, 2025
Weighted-average remaining lease term – operating leases10.6 years10.2 years
Weighted-average remaining lease term – finance leases11.9 years12.2 years
Weighted-average discount rate – operating leases3.5 %3.6 %
Weighted-average discount rate – finance leases3.0 %3.0 %
Our lease liabilities were as follows (in millions):
December 31, 2024
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$95,294 $12,520 $107,814 
Less: imputed interest(15,698)(1,918)(17,616)
Present value of lease liabilities79,596 10,602 90,198 
Less: current portion of lease liabilities(10,546)(1,375)(11,921)
Total long-term lease liabilities$69,050 $9,227 $78,277 
June 30, 2025
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$101,506 $13,324 $114,830 
Less: imputed interest(16,515)(2,121)(18,636)
Present value of lease liabilities84,991 11,203 96,194 
Less: current portion of lease liabilities(11,597)(1,376)(12,973)
Total long-term lease liabilities$73,394 $9,827 $83,221 
Leases LEASES
We have entered into non-cancellable operating and finance leases for fulfillment network, data center, office, and physical store facilities as well as server and networking equipment, aircraft, and vehicles. Gross assets acquired under finance leases, including those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $56.5 billion and $56.1 billion as of December 31, 2024 and June 30, 2025. Accumulated amortization associated with finance leases was $41.8 billion and $41.5 billion as of December 31, 2024 and June 30, 2025.
Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202520242025
Operating lease cost$2,921 $3,426 $5,750 $6,666 
Finance lease cost:
Amortization of lease assets948 827 1,889 1,700 
Interest on lease liabilities72 72 145 143 
Finance lease cost1,020 899 2,034 1,843 
Variable lease cost592 659 1,227 1,355 
Total lease cost$4,533 $4,984 $9,011 $9,864 
Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2024June 30, 2025
Weighted-average remaining lease term – operating leases10.6 years10.2 years
Weighted-average remaining lease term – finance leases11.9 years12.2 years
Weighted-average discount rate – operating leases3.5 %3.6 %
Weighted-average discount rate – finance leases3.0 %3.0 %
Our lease liabilities were as follows (in millions):
December 31, 2024
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$95,294 $12,520 $107,814 
Less: imputed interest(15,698)(1,918)(17,616)
Present value of lease liabilities79,596 10,602 90,198 
Less: current portion of lease liabilities(10,546)(1,375)(11,921)
Total long-term lease liabilities$69,050 $9,227 $78,277 
June 30, 2025
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$101,506 $13,324 $114,830 
Less: imputed interest(16,515)(2,121)(18,636)
Present value of lease liabilities84,991 11,203 96,194 
Less: current portion of lease liabilities(11,597)(1,376)(12,973)
Total long-term lease liabilities$73,394 $9,827 $83,221 
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Commitments
The following summarizes our principal contractual commitments, excluding open orders for purchases that support normal operations and are generally cancellable, as of June 30, 2025 (in millions): 
 Six Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Long-term debt principal and interest$3,166 $4,506 $10,546 $3,686 $4,387 $57,812 $84,103 
Operating lease liabilities7,529 12,741 11,683 10,563 9,735 49,255 101,506 
Finance lease liabilities, including interest838 1,569 1,410 1,267 1,121 7,119 13,324 
Financing obligations, including interest (1)224 529 537 546 554 6,529 8,919 
Leases not yet commenced1,558 4,310 5,047 4,776 4,646 48,547 68,884 
Unconditional purchase obligations (2)8,175 12,621 8,158 6,355 5,756 29,953 71,018 
Other commitments (3)1,841 1,936 1,157 1,002 975 11,810 18,721 
Total commitments$23,331 $38,212 $38,538 $28,195 $27,174 $211,025 $366,475 
___________________
(1)Includes non-cancellable financing obligations for fulfillment network and data center facilities. Excluding interest, current financing obligations of $312 million and $280 million are recorded within “Accrued expenses and other” and $7.1 billion and $7.2 billion are recorded within “Other long-term liabilities” as of December 31, 2024 and June 30, 2025. The weighted-average remaining term of the financing obligations was 16.1 years and 15.5 years and the weighted-average imputed interest rate was 3.1% as of December 31, 2024 and June 30, 2025.
(2)Includes unconditional purchase obligations related to long-term agreements to acquire and license digital media content, procure energy, acquire property and equipment, and license software that are not reflected on the consolidated balance sheets. For those agreements with variable terms, we do not estimate the total obligation beyond any minimum quantities and/or pricing as of the reporting date. Purchase obligations associated with renewal provisions solely at the option of the content provider are included to the extent such commitments are fixed or a minimum amount is specified. Energy agreements based on actual generation without a fixed or minimum volume commitment are not included. Our energy agreements generally provide the right to receive energy certificates for no additional consideration.
(3)Includes asset retirement obligations, the estimated timing and amounts of payments for rent and tenant improvements associated with build-to-suit lease arrangements that are under construction, and liabilities associated with digital media content agreements with initial terms greater than one year. Excludes approximately $5.8 billion of income tax contingencies for which we cannot make a reasonably reliable estimate of the amount and period of payment, if any.
Other Contingencies
We are disputing claims and denials of refunds or credits, and monitoring or evaluating potential claims, related to various non-income taxes (such as sales, value added, consumption, service, and similar taxes), including in jurisdictions in which we already collect and remit these taxes. These non-income tax controversies typically include (i) the taxability of products and services, including cross-border intercompany transactions, (ii) collection and withholding on transactions with third parties, including as a result of evolving requirements imposed on marketplaces with respect to third-party sellers, and (iii) the adequacy of compliance with reporting obligations, including evolving documentation requirements. Due to the inherent complexity and uncertainty of these matters and the judicial and regulatory processes in certain jurisdictions, the final outcome of any such controversies may be materially different from our expectations.
Legal Proceedings
The Company is involved from time to time in claims, proceedings, and litigation, including the matters described in Item 8 of Part II, “Financial Statements and Supplementary Data — Note 7 — Commitments and Contingencies — Legal Proceedings” of our 2024 Annual Report on Form 10-K and in Item 1 of Part I, “Financial Statements — Note 4 — Commitments and Contingencies — Legal Proceedings” of our Quarterly Report on Form 10-Q for the period ended March 31, 2025, as supplemented by the following:
In June 2025, Xockets, Inc. filed two complaints against Amazon.com, Inc. and Amazon Web Services, Inc. in the United States District Court for the Western District of Texas. The complaints allege, among other things, that certain versions of the AWS Nitro System infringe U.S. Patent Nos. 11,080,209; 10,649,924; 11,082,350; 10,223,297; 9,378,161; 9,436,640; and
10,212,092. The complaints seek an unspecified amount of damages, enhanced damages, attorneys’ fees, costs, interest, and injunctive relief. We dispute the allegations of wrongdoing and intend to defend ourselves vigorously in these matters.
In addition, we are regularly subject to claims, litigation, and other proceedings, including potential regulatory proceedings, involving patent and other intellectual property matters, taxes, labor and employment, competition and antitrust, privacy and data protection, consumer protection, commercial disputes, goods and services offered by us and by third parties, and other matters.
The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. We evaluate, on a regular basis, developments in our legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to our accruals and disclosures as appropriate. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies. Until the final resolution of such matters, if any of our estimates and assumptions change or prove to have been incorrect, we may experience losses in excess of the amounts recorded, which could have a material effect on our business, consolidated financial position, results of operations, or cash flows.
See also “Note 7 — Income Taxes.”
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt DEBT
As of June 30, 2025, we had $55.3 billion of unsecured senior notes outstanding (the “Notes”). Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2024June 30, 2025
2014 Notes issuance of $6.0 billion
2034 - 2044
4.80% - 4.95%
4.93% - 5.12%
2,750 2,750 
2017 Notes issuance of $17.0 billion
2025 - 2057
3.15% - 5.20%
3.02% - 4.33%
13,000 13,000 
2020 Notes issuance of $10.0 billion
2027 - 2060
1.20% - 2.70%
1.26% - 2.77%
9,000 7,750 
2021 Notes issuance of $18.5 billion
2026 - 2061
1.00% - 3.25%
1.14% - 3.31%
15,000 15,000 
April 2022 Notes issuance of $12.8 billion
2027 - 2062
3.30% - 4.10%
3.40% - 4.15%
11,250 9,750 
December 2022 Notes issuance of $8.3 billion
2025 - 2032
4.55% - 4.70%
4.61% - 4.74%
7,000 7,000 
Other long-term debt— 832 
Total face value of long-term debt58,000 56,082 
Unamortized discount and issuance costs, net(360)(359)
Less: current portion of long-term debt(5,017)(5,005)
Long-term debt$52,623 $50,718 
___________________
(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 14.9, 14.7, 18.6, 13.7, 14.3, and 4.1 years as of June 30, 2025. The combined weighted-average remaining life of the Notes was 13.6 years as of June 30, 2025.
Interest on the Notes is payable semi-annually in arrears. We may redeem the Notes at any time in whole, or from time to time, in part at specified redemption prices. We are not subject to any financial covenants under the Notes. The estimated fair value of the Notes was approximately $50.2 billion and $48.2 billion as of December 31, 2024 and June 30, 2025, which is based on quoted prices for our debt as of those dates.
As of September 30, 2024, we had repaid outstanding borrowings and terminated the secured revolving credit facility with a lender that was secured by certain seller receivables (the “Credit Facility”). The Credit Facility bore interest based on the daily Secured Overnight Financing Rate plus 1.25%, and had a commitment fee of up to 0.45% on the undrawn portion.
In January 2023, we entered into an $8.0 billion unsecured 364-day term loan with a syndicate of lenders (the “Term Loan”), maturing in January 2024 and bearing interest at the Secured Overnight Financing Rate specified in the Term Loan plus 0.75%. The Term Loan was classified as short-term debt and included within “Accrued expenses and other” on our consolidated balance sheets. As of December 31, 2023, the entire amount of the Term Loan had been repaid.
We have U.S. Dollar and Euro commercial paper programs (the “Commercial Paper Programs”) under which we may from time to time issue unsecured commercial paper up to a total of $30.0 billion (including up to €3.0 billion) at the date of issue, with individual maturities that may vary but will not exceed 397 days from the date of issue. In April 2025, we increased the size of the Commercial Paper Programs from $20.0 billion to $30.0 billion. There were no borrowings outstanding under the Commercial Paper Programs as of December 31, 2024 and June 30, 2025. We use the net proceeds from the issuance of commercial paper for general corporate purposes.
We have a $15.0 billion unsecured revolving credit facility with a syndicate of lenders (the “Credit Agreement”), with a term that extends to November 2028 and may be extended for one or more additional one-year terms subject to approval by the lenders. The interest rate applicable to outstanding balances under the Credit Agreement is the applicable benchmark rate specified in the Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion of the credit facility. There were no borrowings outstanding under the Credit Agreement as of December 31, 2024 and June 30, 2025.
We have a $5.0 billion unsecured 364-day revolving credit facility with a syndicate of lenders (the “Short-Term Credit Agreement”), which matures in October 2025 and may be extended for one additional period of 364 days subject to approval by the lenders. The interest rate applicable to outstanding balances under the Short-Term Credit Agreement is the Secured Overnight Financing Rate specified in the Short-Term Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion. There were no borrowings outstanding under the Short-Term Credit Agreement as of December 31, 2024 and June 30, 2025.
We also utilize other short-term credit facilities for working capital purposes. There were $151 million and $173 million of borrowings outstanding under these facilities as of December 31, 2024 and June 30, 2025, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $9.0 billion of unused letters of credit as of June 30, 2025.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Stock Repurchase Activity
In March 2022, the Board of Directors authorized a program to repurchase up to $10.0 billion of our common stock, with no fixed expiration. There were no repurchases of our common stock during the six months ended June 30, 2024 or 2025. As of June 30, 2025, we have $6.1 billion remaining under the repurchase program.
Stock Award Plans
Employees vest in restricted stock unit awards over the corresponding service term, generally between two and five years. The majority of restricted stock unit awards are granted at the date of hire or in Q2 as part of the annual compensation review and primarily vest quarterly in the relevant compensation year.
Stock Award Activity
Common shares outstanding plus shares underlying outstanding stock awards totaled 10.9 billion and 11.0 billion as of December 31, 2024 and June 30, 2025. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited. Stock-based compensation expense is as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Cost of sales$266 $250 $440 $398 
Fulfillment944 880 1,580 1,377 
Technology and infrastructure3,670 3,655 6,442 5,715 
Sales and marketing1,224 1,207 2,156 1,860 
General and administrative618 542 1,065 873 
Total stock-based compensation expense$6,722 $6,534 $11,683 $10,223 
The following table summarizes our restricted stock unit activity for the six months ended June 30, 2025 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2024283.1 $145 
Units granted94.9 195 
Units vested(67.7)132 
Units forfeited(18.6)148 
Outstanding as of June 30, 2025291.7 164 
Scheduled vesting for outstanding restricted stock units as of June 30, 2025, is as follows (in millions):
 Six Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Scheduled vesting — restricted stock units72.3 114.7 70.5 26.7 5.5 2.0 291.7 
As of June 30, 2025, there was $22.7 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with more than half of the compensation expected to be expensed in the next twelve months, and has a remaining weighted-average recognition period of 1.0 year.
Changes in Stockholders’ Equity
The following table shows changes in stockholders’ equity (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Total beginning stockholders’ equity$216,661 $305,867 $201,875 $285,970 
Beginning common stock109 111 109 111 
Stock-based compensation and issuance of employee benefit plan stock1 1 1 1 
Ending common stock110 112 110 112 
Beginning and ending treasury stock(7,837)(7,837)(7,837)(7,837)
Beginning additional paid-in capital103,938 124,514 99,025 120,864 
Stock-based compensation and issuance of employee benefit plan stock6,695 6,409 11,608 10,059 
Ending additional paid-in capital110,633 130,923 110,633 130,923 
Beginning accumulated other comprehensive income (loss)(3,598)(914)(3,040)(34)
Other comprehensive income (loss)(395)3,334 (953)2,454 
Ending accumulated other comprehensive income (loss)(3,993)2,420 (3,993)2,420 
Beginning retained earnings124,049 189,993 113,618 172,866 
Net income13,485 18,164 23,916 35,291 
Ending retained earnings137,534 208,157 137,534 208,157 
Total ending stockholders’ equity$236,447 $333,775 $236,447 $333,775 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our tax provision or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.
Our quarterly tax provision, and our quarterly estimate of our annual effective tax rate, is subject to significant variation due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, intercompany transactions, the applicability of special tax regimes, changes in how we do business, acquisitions, investments, developments in tax controversies, changes in our stock price, changes in our deferred tax assets and liabilities and their valuation, foreign currency gains (losses), changes in statutes, regulations, case law, and administrative practices, principles, and interpretations related to tax, including changes to the global tax framework, competition, and other laws and accounting rules in various jurisdictions, and relative changes of expenses or losses for which tax benefits are not recognized. Our effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower. In addition, we record valuation allowances against deferred tax assets when there is uncertainty about our ability to generate future income in relevant jurisdictions.
For 2025, we estimate that our effective tax rate will be favorably impacted by the U.S. federal research and development credit and adversely affected by state income taxes.
Our income tax provision for the six months ended June 30, 2024 was $4.2 billion, which included $1.9 billion of net discrete tax benefits primarily attributable to excess tax benefits from stock-based compensation. Our income tax provision for the six months ended June 30, 2025 was $7.2 billion, which included $753 million of net discrete tax benefits primarily attributable to excess tax benefits from stock-based compensation.
Cash paid for income taxes, net of refunds was $5.7 billion and $4.8 billion in Q2 2024 and Q2 2025, and $6.2 billion and $5.6 billion for the six months ended June 30, 2024 and 2025.
The One Big Beautiful Bill Act of 2025 (the “2025 Tax Act”) was signed into law on July 4, 2025. The 2025 Tax Act makes changes to the U.S. corporate income tax, including reinstating the option to claim 100% accelerated depreciation deductions on qualified property, with retroactive application beginning January 20, 2025, and immediate expensing of domestic research and development costs, with retroactive application beginning January 1, 2025. While we are still evaluating the full extent of the 2025 Tax Act’s impact, in 2025 we expect our U.S. cash taxes to significantly decrease and our income tax provision to increase primarily due to a decrease in our foreign income deduction.
As of December 31, 2024 and June 30, 2025, income tax contingencies were approximately $6.5 billion and $5.8 billion. Changes in tax laws, regulations, administrative practices, principles, and interpretations may impact our tax contingencies. Due to various factors, including the inherent complexities and uncertainties of the judicial, administrative, and regulatory processes in certain jurisdictions, the timing of the resolution of income tax controversies is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts accrued. It is reasonably possible that within the next twelve months we will receive additional assessments by various tax authorities or possibly reach resolution of income tax controversies in one or more jurisdictions. These assessments or settlements could result in changes to our contingencies related to positions on prior years’ tax filings.
We are under examination, or may be subject to examination, by the Internal Revenue Service for the calendar year 2016 and thereafter. These examinations may lead to ordinary course adjustments or proposed adjustments to our taxes or our net operating losses with respect to years under examination as well as subsequent periods.
We are also subject to taxation in various states and foreign jurisdictions including China, France, Germany, India, Japan, Luxembourg, and the United Kingdom. We are under, or may be subject to, audit or examination and additional assessments by the relevant authorities in respect of these particular jurisdictions primarily for 2011 and thereafter. We are currently disputing tax assessments in multiple jurisdictions, including with respect to the allocation and characterization of income.
In September 2022, the Luxembourg tax authority (“LTA”) denied the tax basis of certain intangible assets that we distributed from Luxembourg to the U.S. in 2021. When we are assessed by the LTA, we will need to remit taxes related to this matter. We believe the LTA’s position is without merit, we intend to defend ourselves vigorously in this matter, and we expect to recoup taxes paid.
The Indian tax authority (“ITA”) has asserted that tax applies to cloud services fees paid to Amazon in the U.S. We will need to remit taxes related to this matter until it is resolved, which payments could be significant in the aggregate. We believe the ITA’s position is without merit, we are defending our position vigorously, and we expect to recoup taxes paid. If this matter is adversely resolved, we could recognize significant additional tax expense, including for taxes previously paid.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
We have organized our operations into three segments: North America, International, and AWS. We allocate to segment results the operating expenses “Fulfillment,” “Technology and infrastructure,” “Sales and marketing,” and “General and administrative” based on usage, which is generally reflected in the segment in which the costs are incurred. The majority of technology costs recorded in “Technology and infrastructure” are incurred in the U.S. and are included in our North America
and AWS segments. The majority of infrastructure costs recorded in “Technology and infrastructure” are allocated to the AWS segment based on usage. There are no internal revenue transactions between our reportable segments. Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. Our CODM regularly reviews consolidated net sales, consolidated operating expenses, and consolidated operating income (loss) by segment. Amounts included in consolidated operating expenses include “Cost of sales,” “Fulfillment,” “Technology and infrastructure,” “Sales and marketing,” “General and administrative,” and “Other operating expense (income), net.” Our CODM manages our business primarily by reviewing consolidated results by segment on a quarterly basis, and using those results along with forecasts and other non-financial information in our annual budgeting process.
North America
The North America segment primarily consists of amounts earned from retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores. This segment includes export sales from these online stores.
International
The International segment primarily consists of amounts earned from retail sales of consumer products (including from sellers) and advertising and subscription services through internationally-focused online stores. This segment includes export sales from these internationally-focused online stores (including export sales from these online stores to customers in the U.S., Mexico, and Canada), but excludes export sales from our North America-focused online stores.
AWS
The AWS segment consists of amounts earned from global sales of compute, storage, database, and other services for start-ups, enterprises, government agencies, and academic institutions.
Information on reportable segments and reconciliation to consolidated net income is as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
North America
Net sales$90,033 $100,068 $176,374 $192,955 
Operating expenses84,968 92,551 166,326 179,597 
Operating income$5,065 $7,517 $10,048 $13,358 
International
Net sales$31,663 $36,761 $63,598 $70,274 
Operating expenses31,390 35,267 62,422 67,763 
Operating income$273 $1,494 $1,176 $2,511 
AWS
Net sales$26,281 $30,873 $51,318 $60,140 
Operating expenses16,947 20,713 32,563 38,433 
Operating income$9,334 $10,160 $18,755 $21,707 
Consolidated
Net sales$147,977 $167,702 $291,290 $323,369 
Operating expenses133,305 148,531 261,311 285,793 
Operating income14,672 19,171 29,979 37,576 
Total non-operating income (expense)573 1,686 (1,751)4,960 
Provision for income taxes(1,767)(2,678)(4,234)(7,231)
Equity-method investment activity, net of tax7 (15)(78)(14)
Net income$13,485 $18,164 $23,916 $35,291 
Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions):    
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Net Sales:
Online stores (1)$55,392 $61,485 $110,062 $118,892 
Physical stores (2)5,206 5,595 10,408 11,128 
Third-party seller services (3)36,201 40,348 70,797 76,860 
Advertising services (4)12,771 15,694 24,595 29,615 
Subscription services (5)10,866 12,208 21,588 23,923 
AWS26,281 30,873 51,318 60,140 
Other (6)1,260 1,499 2,522 2,811 
Consolidated$147,977 $167,702 $291,290 $323,369 
____________________________
(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 shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements.
Total segment assets exclude corporate assets, such as cash and cash equivalents, marketable securities, other long-term investments, corporate facilities, goodwill and other acquired intangible assets, and tax assets. Technology infrastructure assets, which are included in property and equipment, net, net additions, and the depreciation and amortization expense on these assets, are allocated among the segments based on usage, with the majority allocated to the AWS segment. Usage of technology infrastructure assets by the North America and International segments, and the related allocation of total net additions, can fluctuate on a quarter-to-quarter basis, and is affected by seasonality, peak periods, new product or service offerings, and other factors.
Total segment assets reconciled to consolidated amounts are as follows (in millions):
 December 31, 2024June 30, 2025
North America (1)$210,120 $224,304 
International (1)69,487 78,096 
AWS (2)155,953 194,295 
Corporate189,334 185,475 
Consolidated$624,894 $682,170 
___________________
(1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, accounts receivable, and digital video and music content.
(2)AWS segment assets primarily consist of property and equipment, accounts receivable, and operating leases.
Property and equipment, net by segment is as follows (in millions):
 December 31, 2024June 30, 2025
North America$103,041 $113,249 
International25,618 29,679 
AWS110,683 140,636 
Corporate13,323 14,052 
Consolidated$252,665 $297,616 
Total net additions to property and equipment include technology infrastructure assets and the effect of non-cash activity such as property and equipment acquired but not yet paid.
Total net additions to property and equipment are as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202520242025
North America (1)$4,929 $11,272 $10,080 $16,368 
International (1)1,128 2,531 2,237 4,037 
AWS (2)12,757 16,043 20,682 36,507 
Corporate380 915 752 1,298 
Consolidated$19,194 $30,761 $33,751 $58,210 
___________________
(1)Includes property and equipment added under finance leases of $135 million and $21 million in Q2 2024 and Q2 2025, and $142 million and $75 million for the six months ended June 30, 2024 and 2025.
(2)Includes property and equipment added under finance leases of $46 million and $916 million in Q2 2024 and Q2 2025, and $81 million and $916 million for the six months ended June 30, 2024 and 2025.
Depreciation and amortization expense on property and equipment, including corporate property and equipment, are allocated to all segments based on usage.
Total depreciation and amortization expense, by segment, is as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202520242025
North America$3,517 $3,742 $6,890 $7,272 
International1,049 1,180 2,103 2,316 
AWS3,078 4,844 5,917 9,234 
Consolidated$7,644 $9,766 $14,910 $18,822 
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net Income $ 18,164 $ 13,485 $ 35,291 $ 23,916 $ 70,623 $ 44,419
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Matthew S. Garman [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On May 6, 2025, Matthew S. Garman, CEO Amazon Web Services, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 80,246 shares of Amazon.com, Inc. common stock over a period ending on May 29, 2026, subject to certain conditions.
Name Matthew S. Garman
Title CEO Amazon Web Services
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 6, 2025
Expiration Date May 29, 2026
Arrangement Duration 338 days
Aggregate Available 80,246
Brian T. Olsavsky [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 20, 2025, Brian T. Olsavsky, Senior Vice President and Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 53,249 shares of Amazon.com, Inc. common stock over a period ending on March 2, 2026, subject to certain conditions.
Name Brian T. Olsavsky
Title Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 20, 2025
Expiration Date March 2, 2026
Arrangement Duration 286 days
Aggregate Available 53,249
v3.25.2
Accounting Policies and Supplemental Disclosures (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Unaudited Interim Financial Information
Unaudited Interim Financial Information
We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated cash flows, operating results, and balance sheets for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2025 due to seasonal and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2024 Annual Report on Form 10-K.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of Amazon.com, Inc. and its consolidated entities (collectively, the “Company”), consisting of its wholly-owned subsidiaries and those entities in which we have a variable interest and of which we are the primary beneficiary, including certain entities in India and certain entities that support our healthcare services and production and distribution of video content. Intercompany balances and transactions between consolidated entities are eliminated.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, income taxes, useful lives of equipment, commitments and contingencies, valuation of acquired intangibles and goodwill, stock-based compensation forfeiture rates, vendor funding, inventory valuation, collectability of receivables, impairment of property and equipment and operating leases, valuation and impairment of investments, self-insurance liabilities, viewing patterns of capitalized video content, and the determination of when to capitalize certain costs relating to new products or service offerings. Actual results could differ materially from these estimates. We review the useful lives of equipment on an ongoing basis.
Effective January 1, 2025 we changed our estimate of the useful lives of a subset of our servers and networking equipment from six years to five years. The shorter useful lives are due to the increased pace of technology development, particularly in the area of artificial intelligence and machine learning.
Earnings Per Share
Earnings Per Share
Basic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we have a net loss, stock awards are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.
The following table shows the calculation of diluted shares (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Shares used in computation of basic earnings per share10,447 10,637 10,420 10,620 
Total dilutive effect of outstanding stock awards261 169 269 180 
Shares used in computation of diluted earnings per share10,708 10,806 10,689 10,800 
Inventories
Inventories
Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out method, and are valued at the lower of cost and net realizable value. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. The inventory valuation allowance, representing a write-down of inventory, was $3.0 billion and $2.8 billion as of December 31, 2024 and June 30, 2025.
Accounts Receivable, Net and Other
Accounts Receivable, Net and Other
Included in “Accounts receivable, net and other” on our consolidated balance sheets are receivables primarily related to customers, vendors, and prepaid expenses and other current assets. As of December 31, 2024 and June 30, 2025, customer receivables, net, were $34.3 billion and $36.6 billion, vendor receivables, net, were $11.6 billion and $10.6 billion, and other receivables, net, were $3.4 billion and $3.5 billion. Prepaid expenses and other current assets, which include amounts related to non-income taxes and satellite network launch services deposits, were $6.3 billion and $6.7 billion as of December 31, 2024 and June 30, 2025. We currently expense satellite network launch services deposits upon launch to “Technology and infrastructure.”
We estimate losses on receivables based on expected losses, including our historical experience of actual losses. The allowance for doubtful accounts was $2.0 billion and $2.1 billion as of December 31, 2024 and June 30, 2025.
Digital Video and Music Content
Digital Video and Music Content
Included in “Other assets” on our consolidated balance sheets are the total capitalized costs of video, which is primarily released content, and music, which as of December 31, 2024 and June 30, 2025 were $19.6 billion and $20.4 billion. Total video and music expense was $4.6 billion and $5.1 billion in Q2 2024 and Q2 2025, and $9.2 billion and $10.2 billion for the six months ended June 30, 2024 and 2025.
Unearned Revenue
Unearned Revenue
Unearned revenue is recorded when payments are received or due in advance of performing our service obligations and is recognized over the service period. Unearned revenue primarily relates to prepayments of AWS services and Amazon Prime memberships. Our total unearned revenue as of December 31, 2024 was $24.6 billion, of which $11.4 billion was recognized as revenue during the six months ended June 30, 2025. Included in “Other long-term liabilities” on our consolidated balance sheets was $6.5 billion and $4.3 billion of unearned revenue as of December 31, 2024 and June 30, 2025.
Additionally, we have performance obligations, primarily related to AWS, associated with commitments in customer contracts for future services that have not yet been recognized in our consolidated financial statements. For contracts with original terms that exceed one year, those commitments not yet recognized were approximately $195 billion as of June 30, 2025. The weighted-average remaining life of our long-term contracts is 4.0 years. However, the amount and timing of revenue recognition is largely driven by customer usage, which can extend beyond the original contractual term.
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. We expect to adopt the ASU on a retroactive basis.
In November 2024, the FASB issued an ASU amending existing income statement disclosure guidance, primarily requiring more detailed disclosure for expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments can be applied on either a prospective or retroactive basis. We are currently evaluating the ASU to determine its impact on our disclosures.
v3.25.2
Accounting Policies and Supplemental Disclosures (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Supplemental Cash Flow Information
The following table shows supplemental cash flow information (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,		Twelve Months Ended
June 30,
202420252024202520242025
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest$680 $523 $949 $759 $2,201 $1,668 
Cash paid for operating leases2,844 3,758 6,176 7,320 11,634 13,485 
Cash paid for interest on finance leases72 72 146 143 296 284 
Cash paid for interest on financing obligations50 52 114 107 210 212 
Cash paid for income taxes, net of refunds5,700 4,761 6,158 5,638 12,983 11,788 
Assets acquired under operating leases3,911 4,621 7,664 8,942 13,986 16,702 
Property and equipment acquired under finance leases, net of remeasurements and modifications181 937 223 991 617 1,622 
Increase (decrease) in property and equipment acquired but not yet paid2,760 (1,600)3,171 1,508 3,791 5,376 
Calculation of Diluted Shares
The following table shows the calculation of diluted shares (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Shares used in computation of basic earnings per share10,447 10,637 10,420 10,620 
Total dilutive effect of outstanding stock awards261 169 269 180 
Shares used in computation of diluted earnings per share10,708 10,806 10,689 10,800 
Other Income (Expense), Net
Other income (expense), net is as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Marketable equity securities valuation gains (losses)$443 $388 $(1,683)$250 
Equity warrant valuation gains (losses)(271)590 (501)212 
Reclassification adjustment for gains (losses) on available-for-sale debt securities (4)22 (5)3,285 
Upward adjustments relating to equity investments in private companies6 49 11 86 
Foreign currency gains (losses)(138)70 (212)68 
Other, net(54)(2)(301)(35)
Total other income (expense), net$(18)$1,117 $(2,691)$3,866 
v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Fair Value by Major Security Type
The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):
 December 31, 2024June 30, 2025
  
Total
Estimated
Fair Value		Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Cash$17,055 $16,083 $— $— $16,083 
Level 1 securities:
Money market funds28,282 18,058 — — 18,058 
Equity securities (1)3,318 3,149 
Level 2 securities:
Foreign government and agency securities177 84 — — 84 
U.S. government and agency securities3,401 5,057 5 (32)5,030 
Corporate debt securities50,912 52,634 26 (19)52,641 
Asset-backed securities1,523 1,813 6 (12)1,807 
Other debt securities67 40 — — 40 
$104,735 $93,769 $37 $(63)$96,892 
Less: Restricted cash, cash equivalents, and marketable securities (2)(3,533)(3,712)
Total cash, cash equivalents, and marketable securities$101,202 $93,180 
___________________
(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $443 million and $393 million in Q2 2024 and Q2 2025, and $(1.7) billion and $188 million for the six months ended June 30, 2024 and 2025.
(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”
Investments Classified by Contractual Maturity Date
The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of June 30, 2025 (in millions):
Amortized
Cost		Estimated
Fair Value
Due within one year$68,262 $68,246 
Due after one year through five years7,911 7,928 
Due after five years through ten years610 607 
Due after ten years903 879 
Total$77,686 $77,660 
Consolidated Statements of Cash Flow Reconciliation - Cash and Cash Equivalents
The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):
December 31, 2024June 30, 2025
Cash and cash equivalents$78,779 $57,741 
Restricted cash included in accounts receivable, net and other247 356 
Restricted cash included in other assets3,286 3,356 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$82,312 $61,453 
Consolidated Statements of Cash Flow Reconciliation - Restricted Cash
The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):
December 31, 2024June 30, 2025
Cash and cash equivalents$78,779 $57,741 
Restricted cash included in accounts receivable, net and other247 356 
Restricted cash included in other assets3,286 3,356 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$82,312 $61,453 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lease Cost
Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202520242025
Operating lease cost$2,921 $3,426 $5,750 $6,666 
Finance lease cost:
Amortization of lease assets948 827 1,889 1,700 
Interest on lease liabilities72 72 145 143 
Finance lease cost1,020 899 2,034 1,843 
Variable lease cost592 659 1,227 1,355 
Total lease cost$4,533 $4,984 $9,011 $9,864 
Other Information about Lease Amounts Recognized
Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2024June 30, 2025
Weighted-average remaining lease term – operating leases10.6 years10.2 years
Weighted-average remaining lease term – finance leases11.9 years12.2 years
Weighted-average discount rate – operating leases3.5 %3.6 %
Weighted-average discount rate – finance leases3.0 %3.0 %
Lease Liabilities
Our lease liabilities were as follows (in millions):
December 31, 2024
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$95,294 $12,520 $107,814 
Less: imputed interest(15,698)(1,918)(17,616)
Present value of lease liabilities79,596 10,602 90,198 
Less: current portion of lease liabilities(10,546)(1,375)(11,921)
Total long-term lease liabilities$69,050 $9,227 $78,277 
June 30, 2025
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$101,506 $13,324 $114,830 
Less: imputed interest(16,515)(2,121)(18,636)
Present value of lease liabilities84,991 11,203 96,194 
Less: current portion of lease liabilities(11,597)(1,376)(12,973)
Total long-term lease liabilities$73,394 $9,827 $83,221 
v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Principal Contractual Commitments, Excluding Open Orders for Purchases
The following summarizes our principal contractual commitments, excluding open orders for purchases that support normal operations and are generally cancellable, as of June 30, 2025 (in millions): 
 Six Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Long-term debt principal and interest$3,166 $4,506 $10,546 $3,686 $4,387 $57,812 $84,103 
Operating lease liabilities7,529 12,741 11,683 10,563 9,735 49,255 101,506 
Finance lease liabilities, including interest838 1,569 1,410 1,267 1,121 7,119 13,324 
Financing obligations, including interest (1)224 529 537 546 554 6,529 8,919 
Leases not yet commenced1,558 4,310 5,047 4,776 4,646 48,547 68,884 
Unconditional purchase obligations (2)8,175 12,621 8,158 6,355 5,756 29,953 71,018 
Other commitments (3)1,841 1,936 1,157 1,002 975 11,810 18,721 
Total commitments$23,331 $38,212 $38,538 $28,195 $27,174 $211,025 $366,475 
___________________
(1)Includes non-cancellable financing obligations for fulfillment network and data center facilities. Excluding interest, current financing obligations of $312 million and $280 million are recorded within “Accrued expenses and other” and $7.1 billion and $7.2 billion are recorded within “Other long-term liabilities” as of December 31, 2024 and June 30, 2025. The weighted-average remaining term of the financing obligations was 16.1 years and 15.5 years and the weighted-average imputed interest rate was 3.1% as of December 31, 2024 and June 30, 2025.
(2)Includes unconditional purchase obligations related to long-term agreements to acquire and license digital media content, procure energy, acquire property and equipment, and license software that are not reflected on the consolidated balance sheets. For those agreements with variable terms, we do not estimate the total obligation beyond any minimum quantities and/or pricing as of the reporting date. Purchase obligations associated with renewal provisions solely at the option of the content provider are included to the extent such commitments are fixed or a minimum amount is specified. Energy agreements based on actual generation without a fixed or minimum volume commitment are not included. Our energy agreements generally provide the right to receive energy certificates for no additional consideration.
(3)Includes asset retirement obligations, the estimated timing and amounts of payments for rent and tenant improvements associated with build-to-suit lease arrangements that are under construction, and liabilities associated with digital media content agreements with initial terms greater than one year. Excludes approximately $5.8 billion of income tax contingencies for which we cannot make a reasonably reliable estimate of the amount and period of payment, if any.
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Obligations
As of June 30, 2025, we had $55.3 billion of unsecured senior notes outstanding (the “Notes”). Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2024June 30, 2025
2014 Notes issuance of $6.0 billion
2034 - 2044
4.80% - 4.95%
4.93% - 5.12%
2,750 2,750 
2017 Notes issuance of $17.0 billion
2025 - 2057
3.15% - 5.20%
3.02% - 4.33%
13,000 13,000 
2020 Notes issuance of $10.0 billion
2027 - 2060
1.20% - 2.70%
1.26% - 2.77%
9,000 7,750 
2021 Notes issuance of $18.5 billion
2026 - 2061
1.00% - 3.25%
1.14% - 3.31%
15,000 15,000 
April 2022 Notes issuance of $12.8 billion
2027 - 2062
3.30% - 4.10%
3.40% - 4.15%
11,250 9,750 
December 2022 Notes issuance of $8.3 billion
2025 - 2032
4.55% - 4.70%
4.61% - 4.74%
7,000 7,000 
Other long-term debt— 832 
Total face value of long-term debt58,000 56,082 
Unamortized discount and issuance costs, net(360)(359)
Less: current portion of long-term debt(5,017)(5,005)
Long-term debt$52,623 $50,718 
___________________
(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 14.9, 14.7, 18.6, 13.7, 14.3, and 4.1 years as of June 30, 2025. The combined weighted-average remaining life of the Notes was 13.6 years as of June 30, 2025.
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stock-Based Compensation Expense Stock-based compensation expense is as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Cost of sales$266 $250 $440 $398 
Fulfillment944 880 1,580 1,377 
Technology and infrastructure3,670 3,655 6,442 5,715 
Sales and marketing1,224 1,207 2,156 1,860 
General and administrative618 542 1,065 873 
Total stock-based compensation expense$6,722 $6,534 $11,683 $10,223 
Restricted Stock Unit Activity
The following table summarizes our restricted stock unit activity for the six months ended June 30, 2025 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2024283.1 $145 
Units granted94.9 195 
Units vested(67.7)132 
Units forfeited(18.6)148 
Outstanding as of June 30, 2025291.7 164 
Scheduled Vesting for Outstanding Restricted Stock Units
Scheduled vesting for outstanding restricted stock units as of June 30, 2025, is as follows (in millions):
 Six Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Scheduled vesting — restricted stock units72.3 114.7 70.5 26.7 5.5 2.0 291.7 
Changes in Stockholders' Equity
The following table shows changes in stockholders’ equity (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Total beginning stockholders’ equity$216,661 $305,867 $201,875 $285,970 
Beginning common stock109 111 109 111 
Stock-based compensation and issuance of employee benefit plan stock1 1 1 1 
Ending common stock110 112 110 112 
Beginning and ending treasury stock(7,837)(7,837)(7,837)(7,837)
Beginning additional paid-in capital103,938 124,514 99,025 120,864 
Stock-based compensation and issuance of employee benefit plan stock6,695 6,409 11,608 10,059 
Ending additional paid-in capital110,633 130,923 110,633 130,923 
Beginning accumulated other comprehensive income (loss)(3,598)(914)(3,040)(34)
Other comprehensive income (loss)(395)3,334 (953)2,454 
Ending accumulated other comprehensive income (loss)(3,993)2,420 (3,993)2,420 
Beginning retained earnings124,049 189,993 113,618 172,866 
Net income13,485 18,164 23,916 35,291 
Ending retained earnings137,534 208,157 137,534 208,157 
Total ending stockholders’ equity$236,447 $333,775 $236,447 $333,775 
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Information on Reportable Segments and Reconciliation to Consolidated Net Income
Information on reportable segments and reconciliation to consolidated net income is as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
North America
Net sales$90,033 $100,068 $176,374 $192,955 
Operating expenses84,968 92,551 166,326 179,597 
Operating income$5,065 $7,517 $10,048 $13,358 
International
Net sales$31,663 $36,761 $63,598 $70,274 
Operating expenses31,390 35,267 62,422 67,763 
Operating income$273 $1,494 $1,176 $2,511 
AWS
Net sales$26,281 $30,873 $51,318 $60,140 
Operating expenses16,947 20,713 32,563 38,433 
Operating income$9,334 $10,160 $18,755 $21,707 
Consolidated
Net sales$147,977 $167,702 $291,290 $323,369 
Operating expenses133,305 148,531 261,311 285,793 
Operating income14,672 19,171 29,979 37,576 
Total non-operating income (expense)573 1,686 (1,751)4,960 
Provision for income taxes(1,767)(2,678)(4,234)(7,231)
Equity-method investment activity, net of tax7 (15)(78)(14)
Net income$13,485 $18,164 $23,916 $35,291 
Disaggregation of Revenue
Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions):    
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Net Sales:
Online stores (1)$55,392 $61,485 $110,062 $118,892 
Physical stores (2)5,206 5,595 10,408 11,128 
Third-party seller services (3)36,201 40,348 70,797 76,860 
Advertising services (4)12,771 15,694 24,595 29,615 
Subscription services (5)10,866 12,208 21,588 23,923 
AWS26,281 30,873 51,318 60,140 
Other (6)1,260 1,499 2,522 2,811 
Consolidated$147,977 $167,702 $291,290 $323,369 
____________________________
(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 shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements.
Reconciliation of Assets from Segment to Consolidated
Total segment assets reconciled to consolidated amounts are as follows (in millions):
 December 31, 2024June 30, 2025
North America (1)$210,120 $224,304 
International (1)69,487 78,096 
AWS (2)155,953 194,295 
Corporate189,334 185,475 
Consolidated$624,894 $682,170 
___________________
(1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, accounts receivable, and digital video and music content.
(2)AWS segment assets primarily consist of property and equipment, accounts receivable, and operating leases.
Reconciliation of Property and Equipment from Segments to Consolidated
Property and equipment, net by segment is as follows (in millions):
 December 31, 2024June 30, 2025
North America$103,041 $113,249 
International25,618 29,679 
AWS110,683 140,636 
Corporate13,323 14,052 
Consolidated$252,665 $297,616 
Reconciliation of Property and Equipment Additions and Depreciation from Segments to Consolidated
Total net additions to property and equipment are as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202520242025
North America (1)$4,929 $11,272 $10,080 $16,368 
International (1)1,128 2,531 2,237 4,037 
AWS (2)12,757 16,043 20,682 36,507 
Corporate380 915 752 1,298 
Consolidated$19,194 $30,761 $33,751 $58,210 
___________________
(1)Includes property and equipment added under finance leases of $135 million and $21 million in Q2 2024 and Q2 2025, and $142 million and $75 million for the six months ended June 30, 2024 and 2025.
(2)Includes property and equipment added under finance leases of $46 million and $916 million in Q2 2024 and Q2 2025, and $81 million and $916 million for the six months ended June 30, 2024 and 2025.
Total depreciation and amortization expense, by segment, is as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202520242025
North America$3,517 $3,742 $6,890 $7,272 
International1,049 1,180 2,103 2,316 
AWS3,078 4,844 5,917 9,234 
Consolidated$7,644 $9,766 $14,910 $18,822 
v3.25.2
Accounting Policies and Supplemental Disclosures - Use of Estimates (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jan. 01, 2025
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]                
Increase in depreciation and amortization $ 15,227 $ 12,038 $ 29,489 $ 23,722 $ 58,562 $ 49,673    
Reduction in net income $ (18,164) $ (13,485) $ (35,291) $ (23,916) $ (70,623) $ (44,419)    
Reduction in basic earnings per share (in usd per share) $ (1.71) $ (1.29) $ (3.32) $ (2.30)        
Reduction in diluted earnings per share (in usd per share) $ (1.68) $ (1.26) $ (3.27) $ (2.24)        
Service Life                
Restructuring Cost and Reserve [Line Items]                
Increase in depreciation and amortization $ 280   $ 497          
Reduction in net income $ 217   $ 379          
Reduction in basic earnings per share (in usd per share) $ 0.02   $ 0.04          
Reduction in diluted earnings per share (in usd per share) $ 0.02   $ 0.04          
Servers                
Restructuring Cost and Reserve [Line Items]                
Estimated useful lives of assets               6 years
Servers | Service Life                
Restructuring Cost and Reserve [Line Items]                
Estimated useful lives of assets             5 years  
Networking equipment                
Restructuring Cost and Reserve [Line Items]                
Estimated useful lives of assets               6 years
Networking equipment | Service Life                
Restructuring Cost and Reserve [Line Items]                
Estimated useful lives of assets             5 years  
v3.25.2
Accounting Policies and Supplemental Disclosures - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
SUPPLEMENTAL CASH FLOW INFORMATION:            
Cash paid for interest on debt, net of capitalized interest $ 523 $ 680 $ 759 $ 949 $ 1,668 $ 2,201
Cash paid for operating leases 3,758 2,844 7,320 6,176 13,485 11,634
Cash paid for interest on finance leases 72 72 143 146 284 296
Cash paid for interest on financing obligations 52 50 107 114 212 210
Cash paid for income taxes, net of refunds 4,761 5,700 5,638 6,158 11,788 12,983
Assets acquired under operating leases 4,621 3,911 8,942 7,664 16,702 13,986
Property and equipment acquired under finance leases, net of remeasurements and modifications 937 181 991 223 1,622 617
Increase (decrease) in property and equipment acquired but not yet paid $ (1,600) $ 2,760 $ 1,508 $ 3,171 $ 5,376 $ 3,791
v3.25.2
Accounting Policies and Supplemental Disclosures - Calculation of Diluted Shares (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accounting Policies [Abstract]        
Shares used in computation of basic earnings per share (in shares) 10,637 10,447 10,620 10,420
Total dilutive effect of outstanding stock awards (in shares) 169 261 180 269
Shares used in computation of diluted earnings per share (in shares) 10,806 10,708 10,800 10,689
v3.25.2
Accounting Policies and Supplemental Disclosures - Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accounting Policies [Abstract]        
Marketable equity securities valuation gains (losses) $ 388 $ 443 $ 250 $ (1,683)
Equity warrant valuation gains (losses) 590 (271) 212 (501)
Other income (expenses), net 22 (4) 3,285 (5)
Upward adjustments relating to equity investments in private companies 49 6 86 11
Foreign currency gains (losses) 70 (138) 68 (212)
Other, net (2) (54) (35) (301)
Other income (expense), net $ 1,117 $ (18) $ 3,866 $ (2,691)
v3.25.2
Accounting Policies and Supplemental Disclosures - Inventories (Details) - USD ($)
$ in Billions
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Inventory valuation allowance $ 2.8 $ 3.0
v3.25.2
Accounting Policies and Supplemental Disclosures - Accounts Receivable, Net and Other (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other $ 57,415 $ 55,451
Prepaid expenses and other current assets 6,700 6,300
Allowance for doubtful accounts 2,100 2,000
Customer receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other 36,600 34,300
Vendor receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other 10,600 11,600
Other receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other $ 3,500 $ 3,400
v3.25.2
Accounting Policies and Supplemental Disclosures - Digital Video and Music Content (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Accounting Policies [Abstract]          
Digital video and music content, capitalized costs $ 20.4   $ 20.4   $ 19.6
Digital video and music content, expense $ 5.1 $ 4.6 $ 10.2 $ 9.2  
v3.25.2
Accounting Policies and Supplemental Disclosures - Unearned Revenue (Details) - USD ($)
$ in Billions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Unearned revenue   $ 24.6
Unearned revenue, revenue recognized $ 11.4  
Unearned revenue, long-term 4.3 $ 6.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation, contracts exceeding one year $ 195.0  
Remaining performance obligation, weighted average remaining life 4 years  
v3.25.2
Financial Instruments - Fair Values on Recurring Basis (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Equity Securities, FV-NI, Gain (Loss)          
Equity securities, unrealized gain (loss) $ 393 $ 443 $ 188 $ (1,700)  
Recurring          
Schedule of Investments [Line Items]          
Cash 16,083   16,083   $ 17,055
Debt Securities, Available-for-sale          
Gross unrealized gains 37   37    
Gross unrealized losses (63)   (63)    
Cash, Cash Equivalents, and Marketable Securities          
Cash, cash equivalents and marketable securities 96,892   96,892   104,735
Cash, cash equivalents and marketable securities, amortized cost 93,769   93,769    
Less: Restricted cash, cash equivalents, and marketable securities (3,712)   (3,712)   (3,533)
Total cash, cash equivalents, and marketable securities 93,180   93,180   101,202
Recurring | Level 1 securities          
Schedule of Investments [Line Items]          
Equity securities 3,149   3,149   3,318
Recurring | Level 1 securities | Money market funds          
Schedule of Investments [Line Items]          
Money market funds 18,058   18,058   28,282
Recurring | Level 1 securities | Money market funds | Money market funds          
Schedule of Investments [Line Items]          
Money market funds 18,058   18,058    
Recurring | Level 2 securities | Foreign government and agency securities          
Debt Securities, Available-for-sale          
Fixed income securities, amortized cost 84   84    
Gross unrealized gains 0   0    
Gross unrealized losses 0   0    
Fixed income securities 84   84   177
Recurring | Level 2 securities | U.S. government and agency securities          
Debt Securities, Available-for-sale          
Fixed income securities, amortized cost 5,057   5,057    
Gross unrealized gains 5   5    
Gross unrealized losses (32)   (32)    
Fixed income securities 5,030   5,030   3,401
Recurring | Level 2 securities | Corporate debt securities          
Debt Securities, Available-for-sale          
Fixed income securities, amortized cost 52,634   52,634    
Gross unrealized gains 26   26    
Gross unrealized losses (19)   (19)    
Fixed income securities 52,641   52,641   50,912
Recurring | Level 2 securities | Asset-backed securities          
Debt Securities, Available-for-sale          
Fixed income securities, amortized cost 1,813   1,813    
Gross unrealized gains 6   6    
Gross unrealized losses (12)   (12)    
Fixed income securities 1,807   1,807   1,523
Recurring | Level 2 securities | Other debt securities          
Debt Securities, Available-for-sale          
Fixed income securities, amortized cost 40   40    
Gross unrealized gains 0   0    
Gross unrealized losses 0   0    
Fixed income securities $ 40   $ 40   $ 67
v3.25.2
Financial Instruments - Contractual Maturities (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Amortized Cost  
Due within one year $ 68,262
Due after one year through five years 7,911
Due after five years through ten years 610
Due after ten years 903
Amortized cost 77,686
Estimated Fair Value  
Due within one year 68,246
Due after one year through five years 7,928
Due after five years through ten years 607
Due after ten years 879
Estimated fair value $ 77,660
v3.25.2
Financial Instruments - Non-Marketable Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 18 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Derivative [Line Items]          
Payments to acquire convertible notes $ 1,300       $ 5,300
Gain on conversion of notes 22 $ (4) $ 3,285 $ (5)  
Amount of additional investment 1,400   1,400    
Fair value of convertible notes and amounts recorded for nonvoting preferred stock investments 15,100   15,100    
Equity investments without readily determinable fair values 6,100   6,100   989
Equity method investments 1,200   1,200   1,200
Fair Value, Inputs, Level 3          
Derivative [Line Items]          
Fair value of convertible notes         13,800
Warrant | Level 2 assets          
Derivative [Line Items]          
Fair value of warrant assets $ 2,600   $ 2,600   $ 2,700
v3.25.2
Financial Instruments - Consolidated Statements of Cash Flows Reconciliation (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]              
Cash and cash equivalents $ 57,741   $ 78,779        
Restricted cash included in accounts receivable, net and other 356   247        
Restricted cash included in other assets 3,356   3,286        
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 61,453 $ 69,893 $ 82,312 $ 71,673 $ 73,332 $ 73,890 $ 50,067
v3.25.2
Leases - Additional Information (Details) - USD ($)
$ in Billions
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Gross assets acquired under finance leases, location Property and equipment, net Property and equipment, net
Gross assets acquired under finance leases $ 56.1 $ 56.5
Accumulated amortization associated with finance leases $ 41.5 $ 41.8
v3.25.2
Leases - Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease cost $ 3,426 $ 2,921 $ 6,666 $ 5,750
Finance lease cost:        
Amortization of lease assets 827 948 1,700 1,889
Interest on lease liabilities 72 72 143 145
Finance lease cost 899 1,020 1,843 2,034
Variable lease cost 659 592 1,355 1,227
Total lease cost $ 4,984 $ 4,533 $ 9,864 $ 9,011
v3.25.2
Leases - Other Operating and Finance Lease Information (Details)
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term – operating leases 10 years 2 months 12 days 10 years 7 months 6 days
Weighted-average remaining lease term – finance leases 12 years 2 months 12 days 11 years 10 months 24 days
Weighted-average discount rate – operating leases 3.60% 3.50%
Weighted-average discount rate – finance leases 3.00% 3.00%
v3.25.2
Leases - Operating and Finance Lease Liability Reconciliation (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Total operating lease liabilities $ 101,506 $ 95,294
Total finance lease liabilities 13,324 12,520
Gross lease liabilities 114,830 107,814
Imputed interest - operating leases (16,515) (15,698)
Imputed interest - finance leases (2,121) (1,918)
Imputed interest (18,636) (17,616)
Present value of operating leases 84,991 79,596
Present value of finance leases 11,203 10,602
Present value of lease liabilities $ 96,194 $ 90,198
Operating lease liability, current, location Accrued expenses and other Accrued expenses and other
Finance lease liability, current location Accrued expenses and other Accrued expenses and other
Current portion of operating lease liabilities $ (11,597) $ (10,546)
Current portion of finance lease liabilities (1,376) (1,375)
Current portion of lease liabilities $ (12,973) $ (11,921)
Operating lease liability, long-term, location Total long-term lease liabilities Total long-term lease liabilities
Finance lease liability, long-term, location Total long-term lease liabilities Total long-term lease liabilities
Total long-term operating lease liabilities $ 73,394 $ 69,050
Total long-term finance lease liabilities 9,827 9,227
Total long-term lease liabilities $ 83,221 $ 78,277
v3.25.2
Commitments and Contingencies - Commitments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Long-term debt principal and interest    
2025 $ 3,166  
2026 4,506  
2027 10,546  
2028 3,686  
2029 4,387  
Thereafter 57,812  
Total 84,103  
Operating lease liabilities    
2025 7,529  
2026 12,741  
2027 11,683  
2028 10,563  
2029 9,735  
Thereafter 49,255  
Total operating lease liabilities 101,506 $ 95,294
Finance lease liabilities, including interest    
2025 838  
2026 1,569  
2027 1,410  
2028 1,267  
2029 1,121  
Thereafter 7,119  
Total finance lease liabilities 13,324 12,520
Financing obligations, including interest    
2025 224  
2026 529  
2027 537  
2028 546  
2029 554  
Thereafter 6,529  
Total 8,919  
Other commitments    
2025 1,841  
2026 1,936  
2027 1,157  
2028 1,002  
2029 975  
Thereafter 11,810  
Total 18,721  
Total commitments    
2025 23,331  
2026 38,212  
2027 38,538  
2028 28,195  
2029 27,174  
Thereafter 211,025  
Total 366,475  
Financing obligations, current 280 312
Financing obligations, noncurrent $ 7,200 $ 7,100
Financing obligations, weighted-average remaining term 15 years 6 months 16 years 1 month 6 days
Financing obligations, weighted-average imputed interest rate 3.10% 3.10%
Accrued tax contingencies $ 5,800 $ 6,500
Leases not yet commenced    
Leases not yet commenced and Unconditional purchase obligations    
2025 1,558  
2026 4,310  
2027 5,047  
2028 4,776  
2029 4,646  
Thereafter 48,547  
Total 68,884  
Unconditional purchase obligations    
Leases not yet commenced and Unconditional purchase obligations    
2025 8,175  
2026 12,621  
2027 8,158  
2028 6,355  
2029 5,756  
Thereafter 29,953  
Total $ 71,018  
v3.25.2
Debt - Long-Term Debt Obligations (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Face value of long-term debt $ 56,082 $ 58,000
Total face value of long-term debt 56,082 58,000
Less: current portion of long-term debt (5,005) (5,017)
Long-term debt 50,718 52,623
Senior Notes    
Debt Instrument [Line Items]    
Face value of long-term debt 55,300  
Total face value of long-term debt 55,300  
Unamortized discount and issuance costs, net $ (359) (360)
Weighted average remaining lives term 13 years 7 months 6 days  
Senior Notes | 2014 Notes issuance of $6.0 billion    
Debt Instrument [Line Items]    
Issuance amount $ 6,000  
Face value of long-term debt 2,750 2,750
Total face value of long-term debt $ 2,750 2,750
Weighted average remaining lives term 14 years 10 months 24 days  
Senior Notes | 2014 Notes issuance of $6.0 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 4.80%  
Effective Interest Rates 4.93%  
Senior Notes | 2014 Notes issuance of $6.0 billion | Maximum    
Debt Instrument [Line Items]    
Stated Interest Rates 4.95%  
Effective Interest Rates 5.12%  
Senior Notes | 2017 Notes issuance of $17.0 billion    
Debt Instrument [Line Items]    
Issuance amount $ 17,000  
Face value of long-term debt 13,000 13,000
Total face value of long-term debt $ 13,000 13,000
Weighted average remaining lives term 14 years 8 months 12 days  
Senior Notes | 2017 Notes issuance of $17.0 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 3.15%  
Effective Interest Rates 3.02%  
Senior Notes | 2017 Notes issuance of $17.0 billion | Maximum    
Debt Instrument [Line Items]    
Stated Interest Rates 5.20%  
Effective Interest Rates 4.33%  
Senior Notes | 2020 Notes issuance of $10.0 billion    
Debt Instrument [Line Items]    
Issuance amount $ 10,000  
Face value of long-term debt 7,750 9,000
Total face value of long-term debt $ 7,750 9,000
Weighted average remaining lives term 18 years 7 months 6 days  
Senior Notes | 2020 Notes issuance of $10.0 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 1.20%  
Effective Interest Rates 1.26%  
Senior Notes | 2020 Notes issuance of $10.0 billion | Maximum    
Debt Instrument [Line Items]    
Stated Interest Rates 2.70%  
Effective Interest Rates 2.77%  
Senior Notes | 2021 Notes issuance of $18.5 billion    
Debt Instrument [Line Items]    
Issuance amount $ 18,500  
Face value of long-term debt 15,000 15,000
Total face value of long-term debt $ 15,000 15,000
Weighted average remaining lives term 13 years 8 months 12 days  
Senior Notes | 2021 Notes issuance of $18.5 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 1.00%  
Effective Interest Rates 1.14%  
Senior Notes | 2021 Notes issuance of $18.5 billion | Maximum    
Debt Instrument [Line Items]    
Stated Interest Rates 3.25%  
Effective Interest Rates 3.31%  
Senior Notes | April 2022 Notes issuance of $12.8 billion    
Debt Instrument [Line Items]    
Issuance amount $ 12,800  
Face value of long-term debt 9,750 11,250
Total face value of long-term debt $ 9,750 11,250
Weighted average remaining lives term 14 years 3 months 18 days  
Senior Notes | April 2022 Notes issuance of $12.8 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 3.30%  
Effective Interest Rates 3.40%  
Senior Notes | April 2022 Notes issuance of $12.8 billion | Maximum    
Debt Instrument [Line Items]    
Stated Interest Rates 4.10%  
Effective Interest Rates 4.15%  
Senior Notes | December 2022 Notes issuance of $8.3 billion    
Debt Instrument [Line Items]    
Issuance amount $ 8,300  
Face value of long-term debt 7,000 7,000
Total face value of long-term debt $ 7,000 7,000
Weighted average remaining lives term 4 years 1 month 6 days  
Senior Notes | December 2022 Notes issuance of $8.3 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 4.55%  
Effective Interest Rates 4.61%  
Senior Notes | December 2022 Notes issuance of $8.3 billion | Maximum    
Debt Instrument [Line Items]    
Stated Interest Rates 4.70%  
Effective Interest Rates 4.74%  
Other long-term debt    
Debt Instrument [Line Items]    
Face value of long-term debt $ 832 0
Total face value of long-term debt $ 832 $ 0
v3.25.2
Debt - Additional Information (Details)
$ in Millions, € in Billions
 1 Months Ended 6 Months Ended 9 Months Ended
Jan. 31, 2023
USD ($)
Jun. 30, 2025
USD ($)
extension
Sep. 30, 2024
Apr. 30, 2025
USD ($)
Apr. 30, 2025
EUR (€)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]              
Notes outstanding   $ 56,082         $ 58,000
Short-term debt   $ 173         151
Term Loan | Loans Payable              
Debt Instrument [Line Items]              
Basis spread on variable rate (as a percent) 0.75%            
Issuance amount $ 8,000            
Debt term 364 days            
Commercial Paper              
Debt Instrument [Line Items]              
Debt term   397 days          
Commercial paper, maximum borrowing capacity       $ 30,000 € 3.0 $ 20,000  
Commercial paper   $ 0         0
The Credit Agreement | Credit Facility              
Debt Instrument [Line Items]              
Basis spread on variable rate (as a percent)   0.45%          
Commitment fee percentage   0.03%          
Revolving credit facility maximum borrowing capacity   $ 15,000          
Short-term debt   $ 0         0
Short Term Credit Agreement | Credit Facility              
Debt Instrument [Line Items]              
Basis spread on variable rate (as a percent)   0.45%          
Commitment fee percentage   0.03%          
Debt term   364 days          
Revolving credit facility maximum borrowing capacity   $ 5,000          
Additional term   364 days          
Short-term debt   $ 0         0
Number of term extensions | extension   1          
Senior Notes              
Debt Instrument [Line Items]              
Notes outstanding   $ 55,300          
Estimated fair value of notes   $ 48,200         $ 50,200
Credit Facility | Revolving Credit Facility | October 2016 Revolving Credit Facility              
Debt Instrument [Line Items]              
Basis spread on variable rate (as a percent)     1.25%        
Commitment fee percentage     0.45%        
Credit Facility | Revolving Credit Facility | The Credit Agreement              
Debt Instrument [Line Items]              
Additional term   1 year          
Credit Facility | Letter of Credit | April 2018 Revolving Credit Facility              
Debt Instrument [Line Items]              
Unused letters of credit   $ 9,000          
v3.25.2
Stockholders' Equity - Additional Information (Details) - USD ($)
shares in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Mar. 31, 2022
Class of Stock [Line Items]        
Stock repurchases (in shares) 0.0 0.0    
Stock repurchase, remaining authorized amount $ 6,100,000,000      
Common shares outstanding plus underlying outstanding stock awards (in shares) 11,000.0   10,900.0  
Net unrecognized compensation cost related to unvested stock-based compensation arrangements $ 22,700,000,000      
Compensation expense expected to be expensed in next twelve months expected to exceed, percentage 50.00%      
Net unrecognized compensation cost related to unvested stock-based compensation arrangements, weighted average recognition period (in years) 1 year      
Minimum        
Class of Stock [Line Items]        
Award vesting period 2 years      
Maximum        
Class of Stock [Line Items]        
Award vesting period 5 years      
March 2022 Program        
Class of Stock [Line Items]        
Stock repurchase, authorized amount       $ 10,000,000,000.0
v3.25.2
Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 6,534 $ 6,722 $ 10,223 $ 11,683
Cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 250 266 398 440
Fulfillment        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 880 944 1,377 1,580
Technology and infrastructure        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 3,655 3,670 5,715 6,442
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 1,207 1,224 1,860 2,156
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 542 $ 618 $ 873 $ 1,065
v3.25.2
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units
shares in Millions
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of Units  
Beginning balance (in shares) | shares 283.1
Units granted (in shares) | shares 94.9
Units vested (in shares) | shares (67.7)
Units forfeited (in shares) | shares (18.6)
Ending balance (in shares) | shares 291.7
Weighted-Average Grant-Date Fair Value  
Beginning balance (in usd per share) | $ / shares $ 145
Units granted (in usd per share) | $ / shares 195
Units vested (in usd per share) | $ / shares 132
Units forfeited (in usd per share) | $ / shares 148
Ending balance (in usd per share) | $ / shares $ 164
v3.25.2
Stockholders' Equity - Scheduled Vesting for Outstanding Restricted Stock Units (Details) - Restricted Stock Units - shares
shares in Millions
Jun. 30, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
2025 (in shares) 72.3  
2026 (in shares) 114.7  
2027 (in shares) 70.5  
2028 (in shares) 26.7  
2029 (in shares) 5.5  
Thereafter (in shares) 2.0  
Total (in shares) 291.7 283.1
v3.25.2
Stockholders' Equity - Changes in Stockholders Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Changes in Stockholders' Equity            
Beginning balance $ 305,867 $ 216,661 $ 285,970 $ 201,875 $ 236,447  
Other comprehensive income (loss) 3,334 (395) 2,454 (953)    
Net income 18,164 13,485 35,291 23,916 70,623 $ 44,419
Ending balance 333,775 236,447 333,775 236,447 333,775 236,447
Common stock            
Changes in Stockholders' Equity            
Beginning balance 111 109 111 109 110  
Stock-based compensation and issuance of employee benefit plan stock 1 1 1 1    
Ending balance 112 110 112 110 112 110
Treasury stock            
Changes in Stockholders' Equity            
Beginning balance (7,837) (7,837) (7,837) (7,837) (7,837)  
Ending balance (7,837) (7,837) (7,837) (7,837) (7,837) (7,837)
Additional paid-in capital            
Changes in Stockholders' Equity            
Beginning balance 124,514 103,938 120,864 99,025 110,633  
Stock-based compensation and issuance of employee benefit plan stock 6,409 6,695 10,059 11,608    
Ending balance 130,923 110,633 130,923 110,633 130,923 110,633
Accumulated other comprehensive income (loss)            
Changes in Stockholders' Equity            
Beginning balance (914) (3,598) (34) (3,040) (3,993)  
Other comprehensive income (loss) 3,334 (395) 2,454 (953)    
Ending balance 2,420 (3,993) 2,420 (3,993) 2,420 (3,993)
Retained earnings            
Changes in Stockholders' Equity            
Beginning balance 189,993 124,049 172,866 113,618 137,534  
Net income 18,164 13,485 35,291 23,916    
Ending balance $ 208,157 $ 137,534 $ 208,157 $ 137,534 $ 208,157 $ 137,534
v3.25.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]              
Provision (benefit) for income taxes $ 2,678 $ 1,767 $ 7,231 $ 4,234      
Net discrete tax (expense) benefit     753 1,900      
Cash paid for income taxes, net of refunds 4,761 $ 5,700 5,638 $ 6,158 $ 11,788 $ 12,983  
Tax contingencies $ 5,800   $ 5,800   $ 5,800   $ 6,500
v3.25.2
Segment Information - Reportable Segments and Reconciliation to Consolidated Net Income (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Segment Reporting [Abstract]            
Number of operating segments | segment     3      
Segment Reporting Disclosure [Line Items]            
Net sales $ 167,702 $ 147,977 $ 323,369 $ 291,290    
Operating expenses 148,531 133,305 285,793 261,311    
Operating income 19,171 14,672 37,576 29,979    
Total non-operating income (expense) 1,686 573 4,960 (1,751)    
Provision for income taxes (2,678) (1,767) (7,231) (4,234)    
Equity-method investment activity, net of tax (15) 7 (14) (78)    
Net income 18,164 13,485 35,291 23,916 $ 70,623 $ 44,419
North America            
Segment Reporting Disclosure [Line Items]            
Net sales 100,068 90,033 192,955 176,374    
Operating expenses 92,551 84,968 179,597 166,326    
Operating income 7,517 5,065 13,358 10,048    
International            
Segment Reporting Disclosure [Line Items]            
Net sales 36,761 31,663 70,274 63,598    
Operating expenses 35,267 31,390 67,763 62,422    
Operating income 1,494 273 2,511 1,176    
AWS            
Segment Reporting Disclosure [Line Items]            
Net sales 30,873 26,281 60,140 51,318    
Operating expenses 20,713 16,947 38,433 32,563    
Operating income $ 10,160 $ 9,334 $ 21,707 $ 18,755    
v3.25.2
Segment Information - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total net sales $ 167,702 $ 147,977 $ 323,369 $ 291,290
Online stores        
Disaggregation of Revenue [Line Items]        
Total net sales 61,485 55,392 118,892 110,062
Physical stores        
Disaggregation of Revenue [Line Items]        
Total net sales 5,595 5,206 11,128 10,408
Third-party seller services        
Disaggregation of Revenue [Line Items]        
Total net sales 40,348 36,201 76,860 70,797
Advertising services        
Disaggregation of Revenue [Line Items]        
Total net sales 15,694 12,771 29,615 24,595
Subscription services        
Disaggregation of Revenue [Line Items]        
Total net sales 12,208 10,866 23,923 21,588
AWS        
Disaggregation of Revenue [Line Items]        
Total net sales 30,873 26,281 60,140 51,318
Other        
Disaggregation of Revenue [Line Items]        
Total net sales $ 1,499 $ 1,260 $ 2,811 $ 2,522
v3.25.2
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets $ 682,170 $ 624,894
Operating Segments | North America    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 224,304 210,120
Operating Segments | International    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 78,096 69,487
Operating Segments | AWS    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 194,295 155,953
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets $ 185,475 $ 189,334
v3.25.2
Segment Information - Reconciliation of Property and Equipment from Segments to Consolidated (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 297,616 $ 252,665
Operating Segments | North America    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net 113,249 103,041
Operating Segments | International    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net 29,679 25,618
Operating Segments | AWS    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net 140,636 110,683
Corporate    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 14,052 $ 13,323
v3.25.2
Segment Information - Reconciliation of Property and Equipment Additions from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Disclosure [Line Items]        
Property and equipment additions $ 30,761 $ 19,194 $ 58,210 $ 33,751
Operating Segments | North America and International | Assets held under finance leases        
Segment Reporting Disclosure [Line Items]        
Property and equipment additions 21 135 75 142
Operating Segments | North America        
Segment Reporting Disclosure [Line Items]        
Property and equipment additions 11,272 4,929 16,368 10,080
Operating Segments | International        
Segment Reporting Disclosure [Line Items]        
Property and equipment additions 2,531 1,128 4,037 2,237
Operating Segments | AWS        
Segment Reporting Disclosure [Line Items]        
Property and equipment additions 16,043 12,757 36,507 20,682
Operating Segments | AWS | Assets held under finance leases        
Segment Reporting Disclosure [Line Items]        
Property and equipment additions 916 46 916 81
Corporate        
Segment Reporting Disclosure [Line Items]        
Property and equipment additions $ 915 $ 380 $ 1,298 $ 752
v3.25.2
Segment Information - Depreciation and Amortization Expense, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Disclosure [Line Items]        
Depreciation and amortization expense $ 9,766 $ 7,644 $ 18,822 $ 14,910
North America        
Segment Reporting Disclosure [Line Items]        
Depreciation and amortization expense 3,742 3,517 7,272 6,890
International        
Segment Reporting Disclosure [Line Items]        
Depreciation and amortization expense 1,180 1,049 2,316 2,103
AWS        
Segment Reporting Disclosure [Line Items]        
Depreciation and amortization expense $ 4,844 $ 3,078 $ 9,234 $ 5,917