AMAZON COM INC, 10-Q filed on 5/2/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 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 $.01 per share  
Trading Symbol AMZN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   10,616,352,407
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001018724  
Current Fiscal Year End Date --12-31  
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Statement of Cash Flows [Abstract]        
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD $ 82,312 $ 73,890 $ 73,332 $ 49,734
OPERATING ACTIVITIES:        
Net income 17,127 10,431 65,944 37,684
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 14,262 11,684 55,373 49,224
Stock-based compensation 3,689 4,961 20,739 24,236
Non-operating expense (income), net (2,817) 2,734 (3,539) 1,452
Deferred income taxes 507 (938) (3,203) (6,342)
Changes in operating assets and liabilities:        
Inventories (1,222) 1,776 (4,882) 2,854
Accounts receivable, net and other 1,247 3,684 (5,686) (9,388)
Other assets (3,402) (2,701) (15,184) (11,763)
Accounts payable (9,043) (11,282) 5,211 5,455
Accrued expenses and other (4,061) (2,928) (4,037) 407
Unearned revenue 728 1,568 3,167 5,328
Net cash provided by (used in) operating activities 17,015 18,989 113,903 99,147
INVESTING ACTIVITIES:        
Purchases of property and equipment (25,019) (14,925) (93,093) (53,447)
Proceeds from property and equipment sales and incentives 764 990 5,115 4,449
Acquisitions, net of cash acquired, non-marketable investments, and other, net 48 (3,354) (3,680) (5,680)
Sales and maturities of marketable securities 7,737 1,392 22,748 5,904
Purchases of marketable securities (13,333) (1,965) (37,373) (3,115)
Net cash provided by (used in) investing activities (29,803) (17,862) (106,283) (51,889)
FINANCING ACTIVITIES:        
Proceeds from short-term debt, and other 1,815 338 6,619 5,687
Repayments of short-term debt, and other (2,082) (404) (6,738) (22,478)
Proceeds from long-term debt 746 0 746 0
Repayments of long-term debt 0 (330) (8,852) (2,620)
Principal repayments of finance leases (410) (770) (1,683) (3,774)
Principal repayments of financing obligations (116) (90) (695) (304)
Net cash provided by (used in) financing activities (47) (1,256) (10,603) (23,489)
Foreign currency effect on cash, cash equivalents, and restricted cash 416 (429) (456) (171)
Net increase (decrease) in cash, cash equivalents, and restricted cash (12,419) (558) (3,439) 23,598
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD $ 69,893 $ 73,332 $ 69,893 $ 73,332
v3.25.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Total net sales $ 155,667 $ 143,313
Operating expenses:    
Cost of sales 76,976 72,633
Fulfillment 24,593 22,317
Technology and infrastructure 22,994 20,424
Sales and marketing 9,763 9,662
General and administrative 2,628 2,742
Other operating expense (income), net 308 228
Total operating expenses 137,262 128,006
Operating income 18,405 15,307
Interest income 1,066 993
Interest expense (541) (644)
Other income (expense), net 2,749 (2,673)
Total non-operating income (expense) 3,274 (2,324)
Income before income taxes 21,679 12,983
Provision for income taxes (4,553) (2,467)
Equity-method investment activity, net of tax 1 (85)
Net income $ 17,127 $ 10,431
Basic earnings per share (in usd per share) $ 1.62 $ 1.00
Diluted earnings per share (in usd per share) $ 1.59 $ 0.98
Weighted-average shares used in computation of earnings per share:    
Basic (in shares) 10,603 10,393
Diluted (in shares) 10,793 10,670
Product    
Total net sales $ 63,970 $ 60,915
Service    
Total net sales $ 91,697 $ 82,398
v3.25.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 17,127 $ 10,431
Other comprehensive income (loss):    
Foreign currency translation adjustments, net of tax of $30 and $(66) 1,535 (1,096)
Available-for-sale debt securities:    
Change in net unrealized gains (losses), net of tax of $(158) and $(11) 37 536
Less: reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $0 and $809 (2,454) 1
Net change (2,417) 537
Other, net of tax of $(1) and $1 2 1
Total other comprehensive income (loss) (880) (558)
Comprehensive income $ 16,247 $ 9,873
v3.25.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Foreign currency translation adjustments, tax $ (66) $ 30
Unrealized gains (losses), tax (11) (158)
Reclassification adjustment for losses (gains) included in “Other income (expense), net,” 809 0
Other comprehensive income, other, tax $ 1 $ (1)
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 66,207 $ 78,779
Marketable securities 28,358 22,423
Inventories 35,864 34,214
Accounts receivable, net and other 54,216 55,451
Total current assets 184,645 190,867
Property and equipment, net 272,781 252,665
Operating leases 78,495 76,141
Goodwill 23,089 23,074
Other assets 84,246 82,147
Total assets 643,256 624,894
Current liabilities:    
Accounts payable 89,241 94,363
Accrued expenses and other 66,331 66,965
Unearned revenue 20,599 18,103
Total current liabilities 176,171 179,431
Long-term lease liabilities 79,871 78,277
Long-term debt 53,374 52,623
Other long-term liabilities 27,973 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 11,128 shares issued; 10,593 and 10,613 shares outstanding) 111 111
Treasury stock, at cost (7,837) (7,837)
Additional paid-in capital 124,514 120,864
Accumulated other comprehensive income (loss) (914) (34)
Retained earnings 189,993 172,866
Total stockholders’ equity 305,867 285,970
Total liabilities and stockholders’ equity $ 643,256 $ 624,894
v3.25.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 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) 11,128,000,000 11,108,000,000
Common stock, outstanding (in shares) 10,613,000,000 10,593,000,000
v3.25.1
Accounting Policies and Supplemental Disclosures
 3 Months Ended
Mar. 31, 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 Q1 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 three months ended March 31, 2025, was an increase in depreciation and amortization expense of $217 million and a reduction in net income of $162 million, or $0.02 per basic share and $0.02 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
March 31,		Twelve Months Ended
March 31,
2024202520242025
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest$269 $236 $2,475 $1,825 
Cash paid for operating leases3,332 3,562 11,318 12,571 
Cash paid for interest on finance leases74 71 301 284 
Cash paid for interest on financing obligations64 55 201 210 
Cash paid for income taxes, net of refunds458 877 11,018 12,727 
Assets acquired under operating leases3,753 4,321 14,179 15,992 
Property and equipment acquired under finance leases, net of remeasurements and modifications42 54 676 866 
Increase (decrease) in property and equipment acquired but not yet paid411 3,108 801 9,736 
Earnings Per Share
Basic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we have a net loss, stock awards are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.
The following table shows the calculation of diluted shares (in millions):
Three Months Ended
March 31,
20242025
Shares used in computation of basic earnings per share10,393 10,603 
Total dilutive effect of outstanding stock awards277 190 
Shares used in computation of diluted earnings per share10,670 10,793 
Other Income (Expense), Net
Other income (expense), net is as follows (in millions):
Three Months Ended
March 31,
20242025
Marketable equity securities valuation gains (losses)$(2,126)$(138)
Equity warrant valuation gains (losses)(230)(378)
Reclassification adjustment for gains (losses) on available-for-sale debt securities (1)3,263 
Upward adjustments relating to equity investments in private companies5 37 
Foreign currency gains (losses)(74)(2)
Other, net(247)(33)
Total other income (expense), net$(2,673)$2,749 
The marketable equity securities valuation gain (loss) of $(2.1) billion and $(138) million in Q1 2024 and Q1 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 in Q1 2025 is primarily from the portion of our convertible notes investments in Anthropic, PBC 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 March 31, 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 March 31, 2025, customer receivables, net, were $34.3 billion and $35.5 billion, vendor receivables, net, were $11.6 billion and $9.1 billion, and other receivables, net, were $3.4 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 $6.2 billion as of December 31, 2024 and March 31, 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 as of December 31, 2024 and March 31, 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 March 31, 2025 were $19.6 billion and $20.3 billion. Total video and music expense was $4.6 billion and $5.1 billion in Q1 2024 and Q1 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 $7.0 billion was recognized as revenue during the three months ended March 31, 2025. Included in “Other long-term liabilities” on our consolidated balance sheets was $6.5 billion and $4.9 billion of unearned revenue as of December 31, 2024 and March 31, 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 $189 billion as of March 31, 2025. The weighted-average remaining life of our long-term contracts is 4.1 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.
v3.25.1
Financial Instruments
 3 Months Ended
Mar. 31, 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 March 31, 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, 2024March 31, 2025
  
Total
Estimated
Fair Value		Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Cash$17,055 $15,794 $— $— $15,794 
Level 1 securities:
Money market funds28,282 18,357 — — 18,357 
Equity securities (1)3,318 3,001 
Level 2 securities:
Foreign government and agency securities177 180 — — 180 
U.S. government and agency securities3,401 4,709 5 (40)4,674 
Corporate debt securities50,912 54,744 9 (28)54,725 
Asset-backed securities1,523 1,471 2 (15)1,458 
Other debt securities67 62 — — 62 
$104,735 $95,317 $16 $(83)$98,251 
Less: Restricted cash, cash equivalents, and marketable securities (2)(3,533)(3,686)
Total cash, cash equivalents, and marketable securities$101,202 $94,565 
___________________
(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $(2.1) billion and $(205) million in Q1 2024 and Q1 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 March 31, 2025 (in millions):
Amortized
Cost		Estimated
Fair Value
Due within one year$71,764 $71,743 
Due after one year through five years6,436 6,423 
Due after five years through ten years538 534 
Due after ten years785 756 
Total$79,523 $79,456 
Actual maturities may differ from the contractual maturities because borrowers may have certain prepayment conditions.
Non-Marketable Investments
In Q3 2023, we invested in a $1.25 billion note from Anthropic, PBC, which is convertible to equity. In Q1 2024, we invested $2.75 billion in a second convertible note. In Q4 2024, we entered into an agreement and invested $1.3 billion in a third convertible note, and will invest an additional $2.7 billion by Q4 2025. The notes are classified as available-for-sale and reported at fair value with unrealized gains and losses included in “Accumulated other comprehensive income (loss).” The notes are classified 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. In Q1 2025, a portion of the notes were converted to nonvoting preferred stock. 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. As of March 31, 2025, the estimated fair value of our convertible notes and amounts recorded for nonvoting preferred stock investments was approximately $13.8 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 March 31, 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 March 31, 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 March 31, 2025, these warrants had a fair value of $2.7 billion and $1.9 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, 2024March 31, 2025
Cash and cash equivalents$78,779 $66,207 
Restricted cash included in accounts receivable, net and other247 365 
Restricted cash included in other assets3,286 3,321 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$82,312 $69,893 
v3.25.1
Leases
 3 Months Ended
Mar. 31, 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 $54.7 billion as of December 31, 2024 and March 31, 2025. Accumulated amortization associated with finance leases was $41.8 billion and $40.6 billion as of December 31, 2024 and March 31, 2025.
Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
Three Months Ended March 31,
20242025
Operating lease cost$2,829 $3,240 
Finance lease cost:
Amortization of lease assets941 873 
Interest on lease liabilities73 71 
Finance lease cost1,014 944 
Variable lease cost635 696 
Total lease cost$4,478 $4,880 
Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2024March 31, 2025
Weighted-average remaining lease term – operating leases10.6 years10.4 years
Weighted-average remaining lease term – finance leases11.9 years11.9 years
Weighted-average discount rate – operating leases3.5 %3.5 %
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 
March 31, 2025
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$97,593 $12,252 $109,845 
Less: imputed interest(15,862)(1,869)(17,731)
Present value of lease liabilities81,731 10,383 92,114 
Less: current portion of lease liabilities(10,884)(1,359)(12,243)
Total long-term lease liabilities$70,847 $9,024 $79,871 
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 $54.7 billion as of December 31, 2024 and March 31, 2025. Accumulated amortization associated with finance leases was $41.8 billion and $40.6 billion as of December 31, 2024 and March 31, 2025.
Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
Three Months Ended March 31,
20242025
Operating lease cost$2,829 $3,240 
Finance lease cost:
Amortization of lease assets941 873 
Interest on lease liabilities73 71 
Finance lease cost1,014 944 
Variable lease cost635 696 
Total lease cost$4,478 $4,880 
Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2024March 31, 2025
Weighted-average remaining lease term – operating leases10.6 years10.4 years
Weighted-average remaining lease term – finance leases11.9 years11.9 years
Weighted-average discount rate – operating leases3.5 %3.5 %
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 
March 31, 2025
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$97,593 $12,252 $109,845 
Less: imputed interest(15,862)(1,869)(17,731)
Present value of lease liabilities81,731 10,383 92,114 
Less: current portion of lease liabilities(10,884)(1,359)(12,243)
Total long-term lease liabilities$70,847 $9,024 $79,871 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 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 March 31, 2025 (in millions): 
 Nine Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Long-term debt principal and interest$6,630 $4,501 $10,446 $3,686 $4,387 $57,817 $87,467 
Operating lease liabilities10,058 11,817 10,808 9,815 9,070 46,025 97,593 
Finance lease liabilities, including interest1,183 1,468 1,301 1,137 1,028 6,135 12,252 
Financing obligations, including interest (1)345 519 527 536 544 6,440 8,911 
Leases not yet commenced2,116 4,017 5,142 4,591 4,628 46,707 67,201 
Unconditional purchase obligations (2)8,091 9,943 7,476 5,919 5,635 28,304 65,368 
Other commitments (3)2,477 1,678 1,066 950 830 11,523 18,524 
Total commitments$30,900 $33,943 $36,766 $26,634 $26,122 $202,951 $357,316 
___________________
(1)Includes non-cancellable financing obligations for fulfillment network and data center facilities. Excluding interest, current financing obligations of $312 million and $275 million are recorded within “Accrued expenses and other” and $7.1 billion are recorded within “Other long-term liabilities” as of December 31, 2024 and March 31, 2025. The weighted-average remaining term of the financing obligations was 16.1 years and 15.8 years and the weighted-average imputed interest rate was 3.1% as of December 31, 2024 and March 31, 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 $6.3 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, as supplemented by the following:
In July 2021, the Luxembourg National Commission for Data Protection (the “CNPD”) issued a decision against Amazon Europe Core S.à r.l. claiming that Amazon’s processing of personal data did not comply with the EU General Data Protection Regulation. The decision imposes a fine of €746 million and corresponding practice revisions. In March 2025, the Luxembourg Administrative Court dismissed our appeal of the CNPD’s decision. In April 2025, we appealed the court’s decision to the Luxembourg Administrative Court of Appeal. We believe the CNPD’s decision to be without merit and will continue to defend ourselves vigorously in this matter.
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.”
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt DEBT
As of March 31, 2025, we had $58.0 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, 2024March 31, 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
2025 - 2060
0.80% - 2.70%
0.88% - 2.77%
9,000 9,000 
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
2025 - 2062
3.00% - 4.10%
3.13% - 4.15%
11,250 11,250 
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— 750 
Total face value of long-term debt58,000 58,750 
Unamortized discount and issuance costs, net(360)(362)
Less: current portion of long-term debt(5,017)(5,014)
Long-term debt$52,623 $53,374 
___________________
(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 15.1, 15.0, 16.3, 13.9, 12.6, and 4.4 years as of March 31, 2025. The combined weighted-average remaining life of the Notes was 13.2 years as of March 31, 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 $50.8 billion as of December 31, 2024 and March 31, 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.
As of March 31, 2025, we had 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 $20.0 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 March 31, 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 March 31, 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 March 31, 2025.
We also utilize other short-term credit facilities for working capital purposes. There were $151 million and $76 million of borrowings outstanding under these facilities as of December 31, 2024 and March 31, 2025, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $8.6 billion of unused letters of credit as of March 31, 2025.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 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 three months ended March 31, 2024 or 2025. As of March 31, 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 semi-annually in Q2 and Q4 of the relevant compensation year.
Stock Award Activity
Common shares outstanding plus shares underlying outstanding stock awards totaled 10.9 billion as of December 31, 2024 and March 31, 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
March 31,
20242025
Cost of sales$174 $148 
Fulfillment636 497 
Technology and infrastructure2,772 2,060 
Sales and marketing932 653 
General and administrative447 331 
Total stock-based compensation expense$4,961 $3,689 
The following table summarizes our restricted stock unit activity for the three months ended March 31, 2025 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2024283.1 $145 
Units granted8.3 214 
Units vested(19.7)137 
Units forfeited(8.7)142 
Outstanding as of March 31, 2025263.0 148 
Scheduled vesting for outstanding restricted stock units as of March 31, 2025, is as follows (in millions):
 Nine Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Scheduled vesting — restricted stock units122.9 86.7 35.9 13.9 2.2 1.4 263.0 
As of March 31, 2025, there was $13.9 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
March 31,
20242025
Total beginning stockholders’ equity$201,875 $285,970 
Beginning and ending common stock109 111 
Beginning and ending treasury stock(7,837)(7,837)
Beginning additional paid-in capital99,025 120,864 
Stock-based compensation and issuance of employee benefit plan stock4,913 3,650 
Ending additional paid-in capital103,938 124,514 
Beginning accumulated other comprehensive income (loss)(3,040)(34)
Other comprehensive income (loss)(558)(880)
Ending accumulated other comprehensive income (loss)(3,598)(914)
Beginning retained earnings113,618 172,866 
Net income10,431 17,127 
Ending retained earnings124,049 189,993 
Total ending stockholders’ equity$216,661 $305,867 
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 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 foreign income deduction and adversely affected by state income taxes.
Our income tax provision for the three months ended March 31, 2024 was $2.5 billion, which included $558 million of net discrete tax benefits. Our income tax provision for the three months ended March 31, 2025 was $4.6 billion, which included $559 million of net discrete tax expense.
Cash paid for income taxes, net of refunds was $458 million and $877 million in Q1 2024 and Q1 2025.
As of December 31, 2024 and March 31, 2025, income tax contingencies were approximately $6.5 billion and $6.3 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.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 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
March 31,
20242025
North America
Net sales$86,341 $92,887 
Operating expenses81,358 87,046 
Operating income$4,983 $5,841 
International
Net sales$31,935 $33,513 
Operating expenses31,032 32,496 
Operating income$903 $1,017 
AWS
Net sales$25,037 $29,267 
Operating expenses15,616 17,720 
Operating income$9,421 $11,547 
Consolidated
Net sales$143,313 $155,667 
Operating expenses128,006 137,262 
Operating income15,307 18,405 
Total non-operating income (expense)(2,324)3,274 
Provision for income taxes(2,467)(4,553)
Equity-method investment activity, net of tax(85)1 
Net income$10,431 $17,127 
Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions):    
Three Months Ended
March 31,
20242025
Net Sales:
Online stores (1)$54,670 $57,407 
Physical stores (2)5,202 5,533 
Third-party seller services (3)34,596 36,512 
Advertising services (4)11,824 13,921 
Subscription services (5)10,722 11,715 
AWS25,037 29,267 
Other (6)1,262 1,312 
Consolidated$143,313 $155,667 
____________________________
(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 are allocated among the segments based on usage, with the majority allocated to the AWS segment. Total segment assets reconciled to consolidated amounts are as follows (in millions):
 December 31, 2024March 31, 2025
North America (1)$210,120 $210,198 
International (1)69,487 70,231 
AWS (2)155,953 179,386 
Corporate189,334 183,441 
Consolidated$624,894 $643,256 
___________________
(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, 2024March 31, 2025
North America$103,041 $102,301 
International25,618 26,170 
AWS110,683 130,919 
Corporate13,323 13,391 
Consolidated$252,665 $272,781 
Total net additions to property and equipment include technology infrastructure assets, which are allocated among the segments based on usage, with the majority allocated to the AWS segment. Total net additions to property and equipment include 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
March 31,
 20242025
North America (1)$5,151 $5,096 
International (1)1,109 1,506 
AWS (2)7,925 20,464 
Corporate372 383 
Consolidated$14,557 $27,449 
___________________
(1)Includes property and equipment added under finance leases of $7 million and $54 million in Q1 2024 and Q1 2025.
(2)Includes property and equipment added under finance leases of $35 million and $0 million in Q1 2024 and Q1 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
March 31,
 20242025
North America$3,373 $3,530 
International1,054 1,136 
AWS2,839 4,390 
Consolidated$7,266 $9,056 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure        
Net Income $ 17,127 $ 10,431 $ 65,944 $ 37,684
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 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
Keith Alexander [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 10, 2025, Keith Alexander, a member of our Board of Directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 1,900 shares of Amazon.com, Inc. common stock over a period ending on November 17, 2025, subject to certain conditions.
Name Keith Alexander
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 10, 2025
Expiration Date November 17, 2025
Arrangement Duration 280 days
Aggregate Available 1,900
Jonathan Rubinstein [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 10, 2025, Jonathan Rubinstein, a member of our Board of Directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 15,728 shares of Amazon.com, Inc. common stock over a period ending on February 10, 2027, subject to certain conditions.
Name Jonathan Rubinstein
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 10, 2025
Expiration Date February 10, 2027
Arrangement Duration 730 days
Aggregate Available 15,728
Daniel Huttenlocher [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On February 20, 2025, Daniel Huttenlocher, a member of our Board of Directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 1,237 shares of Amazon.com, Inc. common stock over a period ending on November 21, 2025, subject to certain conditions.
Name Daniel Huttenlocher
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 20, 2025
Expiration Date November 21, 2025
Arrangement Duration 274 days
Aggregate Available 1,237
Jeffrey Bezos [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 4, 2025, Jeffrey Bezos, our founder and Executive Chair, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 25,000,000 shares of Amazon.com, Inc. common stock over a period ending on May 29, 2026, subject to certain conditions.
Name Jeffrey Bezos
Title founder and Executive Chair
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 4, 2025
Expiration Date May 29, 2026
Arrangement Duration 451 days
Aggregate Available 25,000,000
v3.25.1
Accounting Policies and Supplemental Disclosures (Policies)
 3 Months Ended
Mar. 31, 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.
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 March 31, 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 March 31, 2025, customer receivables, net, were $34.3 billion and $35.5 billion, vendor receivables, net, were $11.6 billion and $9.1 billion, and other receivables, net, were $3.4 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 $6.2 billion as of December 31, 2024 and March 31, 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 as of December 31, 2024 and March 31, 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 March 31, 2025 were $19.6 billion and $20.3 billion. Total video and music expense was $4.6 billion and $5.1 billion in Q1 2024 and Q1 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 $7.0 billion was recognized as revenue during the three months ended March 31, 2025. Included in “Other long-term liabilities” on our consolidated balance sheets was $6.5 billion and $4.9 billion of unearned revenue as of December 31, 2024 and March 31, 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 $189 billion as of March 31, 2025. The weighted-average remaining life of our long-term contracts is 4.1 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.
v3.25.1
Accounting Policies and Supplemental Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Supplemental Cash Flow Information
The following table shows supplemental cash flow information (in millions):
Three Months Ended
March 31,		Twelve Months Ended
March 31,
2024202520242025
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest$269 $236 $2,475 $1,825 
Cash paid for operating leases3,332 3,562 11,318 12,571 
Cash paid for interest on finance leases74 71 301 284 
Cash paid for interest on financing obligations64 55 201 210 
Cash paid for income taxes, net of refunds458 877 11,018 12,727 
Assets acquired under operating leases3,753 4,321 14,179 15,992 
Property and equipment acquired under finance leases, net of remeasurements and modifications42 54 676 866 
Increase (decrease) in property and equipment acquired but not yet paid411 3,108 801 9,736 
Calculation of Diluted Shares
The following table shows the calculation of diluted shares (in millions):
Three Months Ended
March 31,
20242025
Shares used in computation of basic earnings per share10,393 10,603 
Total dilutive effect of outstanding stock awards277 190 
Shares used in computation of diluted earnings per share10,670 10,793 
Other Income (Expense), Net
Other income (expense), net is as follows (in millions):
Three Months Ended
March 31,
20242025
Marketable equity securities valuation gains (losses)$(2,126)$(138)
Equity warrant valuation gains (losses)(230)(378)
Reclassification adjustment for gains (losses) on available-for-sale debt securities (1)3,263 
Upward adjustments relating to equity investments in private companies5 37 
Foreign currency gains (losses)(74)(2)
Other, net(247)(33)
Total other income (expense), net$(2,673)$2,749 
v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 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, 2024March 31, 2025
  
Total
Estimated
Fair Value		Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Cash$17,055 $15,794 $— $— $15,794 
Level 1 securities:
Money market funds28,282 18,357 — — 18,357 
Equity securities (1)3,318 3,001 
Level 2 securities:
Foreign government and agency securities177 180 — — 180 
U.S. government and agency securities3,401 4,709 5 (40)4,674 
Corporate debt securities50,912 54,744 9 (28)54,725 
Asset-backed securities1,523 1,471 2 (15)1,458 
Other debt securities67 62 — — 62 
$104,735 $95,317 $16 $(83)$98,251 
Less: Restricted cash, cash equivalents, and marketable securities (2)(3,533)(3,686)
Total cash, cash equivalents, and marketable securities$101,202 $94,565 
___________________
(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $(2.1) billion and $(205) million in Q1 2024 and Q1 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 March 31, 2025 (in millions):
Amortized
Cost		Estimated
Fair Value
Due within one year$71,764 $71,743 
Due after one year through five years6,436 6,423 
Due after five years through ten years538 534 
Due after ten years785 756 
Total$79,523 $79,456 
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, 2024March 31, 2025
Cash and cash equivalents$78,779 $66,207 
Restricted cash included in accounts receivable, net and other247 365 
Restricted cash included in other assets3,286 3,321 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$82,312 $69,893 
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, 2024March 31, 2025
Cash and cash equivalents$78,779 $66,207 
Restricted cash included in accounts receivable, net and other247 365 
Restricted cash included in other assets3,286 3,321 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$82,312 $69,893 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Lease Cost
Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
Three Months Ended March 31,
20242025
Operating lease cost$2,829 $3,240 
Finance lease cost:
Amortization of lease assets941 873 
Interest on lease liabilities73 71 
Finance lease cost1,014 944 
Variable lease cost635 696 
Total lease cost$4,478 $4,880 
Other Information about Lease Amounts Recognized
Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2024March 31, 2025
Weighted-average remaining lease term – operating leases10.6 years10.4 years
Weighted-average remaining lease term – finance leases11.9 years11.9 years
Weighted-average discount rate – operating leases3.5 %3.5 %
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 
March 31, 2025
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$97,593 $12,252 $109,845 
Less: imputed interest(15,862)(1,869)(17,731)
Present value of lease liabilities81,731 10,383 92,114 
Less: current portion of lease liabilities(10,884)(1,359)(12,243)
Total long-term lease liabilities$70,847 $9,024 $79,871 
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2025 (in millions): 
 Nine Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Long-term debt principal and interest$6,630 $4,501 $10,446 $3,686 $4,387 $57,817 $87,467 
Operating lease liabilities10,058 11,817 10,808 9,815 9,070 46,025 97,593 
Finance lease liabilities, including interest1,183 1,468 1,301 1,137 1,028 6,135 12,252 
Financing obligations, including interest (1)345 519 527 536 544 6,440 8,911 
Leases not yet commenced2,116 4,017 5,142 4,591 4,628 46,707 67,201 
Unconditional purchase obligations (2)8,091 9,943 7,476 5,919 5,635 28,304 65,368 
Other commitments (3)2,477 1,678 1,066 950 830 11,523 18,524 
Total commitments$30,900 $33,943 $36,766 $26,634 $26,122 $202,951 $357,316 
___________________
(1)Includes non-cancellable financing obligations for fulfillment network and data center facilities. Excluding interest, current financing obligations of $312 million and $275 million are recorded within “Accrued expenses and other” and $7.1 billion are recorded within “Other long-term liabilities” as of December 31, 2024 and March 31, 2025. The weighted-average remaining term of the financing obligations was 16.1 years and 15.8 years and the weighted-average imputed interest rate was 3.1% as of December 31, 2024 and March 31, 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 $6.3 billion of income tax contingencies for which we cannot make a reasonably reliable estimate of the amount and period of payment, if any.
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Obligations Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2024March 31, 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
2025 - 2060
0.80% - 2.70%
0.88% - 2.77%
9,000 9,000 
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
2025 - 2062
3.00% - 4.10%
3.13% - 4.15%
11,250 11,250 
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— 750 
Total face value of long-term debt58,000 58,750 
Unamortized discount and issuance costs, net(360)(362)
Less: current portion of long-term debt(5,017)(5,014)
Long-term debt$52,623 $53,374 
___________________
(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 15.1, 15.0, 16.3, 13.9, 12.6, and 4.4 years as of March 31, 2025. The combined weighted-average remaining life of the Notes was 13.2 years as of March 31, 2025.
v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stock-Based Compensation Expense Stock-based compensation expense is as follows (in millions):
Three Months Ended
March 31,
20242025
Cost of sales$174 $148 
Fulfillment636 497 
Technology and infrastructure2,772 2,060 
Sales and marketing932 653 
General and administrative447 331 
Total stock-based compensation expense$4,961 $3,689 
Restricted Stock Unit Activity
The following table summarizes our restricted stock unit activity for the three months ended March 31, 2025 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2024283.1 $145 
Units granted8.3 214 
Units vested(19.7)137 
Units forfeited(8.7)142 
Outstanding as of March 31, 2025263.0 148 
Scheduled Vesting for Outstanding Restricted Stock Units
Scheduled vesting for outstanding restricted stock units as of March 31, 2025, is as follows (in millions):
 Nine Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Scheduled vesting — restricted stock units122.9 86.7 35.9 13.9 2.2 1.4 263.0 
Changes in Stockholders' Equity
The following table shows changes in stockholders’ equity (in millions):
Three Months Ended
March 31,
20242025
Total beginning stockholders’ equity$201,875 $285,970 
Beginning and ending common stock109 111 
Beginning and ending treasury stock(7,837)(7,837)
Beginning additional paid-in capital99,025 120,864 
Stock-based compensation and issuance of employee benefit plan stock4,913 3,650 
Ending additional paid-in capital103,938 124,514 
Beginning accumulated other comprehensive income (loss)(3,040)(34)
Other comprehensive income (loss)(558)(880)
Ending accumulated other comprehensive income (loss)(3,598)(914)
Beginning retained earnings113,618 172,866 
Net income10,431 17,127 
Ending retained earnings124,049 189,993 
Total ending stockholders’ equity$216,661 $305,867 
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 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
March 31,
20242025
North America
Net sales$86,341 $92,887 
Operating expenses81,358 87,046 
Operating income$4,983 $5,841 
International
Net sales$31,935 $33,513 
Operating expenses31,032 32,496 
Operating income$903 $1,017 
AWS
Net sales$25,037 $29,267 
Operating expenses15,616 17,720 
Operating income$9,421 $11,547 
Consolidated
Net sales$143,313 $155,667 
Operating expenses128,006 137,262 
Operating income15,307 18,405 
Total non-operating income (expense)(2,324)3,274 
Provision for income taxes(2,467)(4,553)
Equity-method investment activity, net of tax(85)1 
Net income$10,431 $17,127 
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
March 31,
20242025
Net Sales:
Online stores (1)$54,670 $57,407 
Physical stores (2)5,202 5,533 
Third-party seller services (3)34,596 36,512 
Advertising services (4)11,824 13,921 
Subscription services (5)10,722 11,715 
AWS25,037 29,267 
Other (6)1,262 1,312 
Consolidated$143,313 $155,667 
____________________________
(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, 2024March 31, 2025
North America (1)$210,120 $210,198 
International (1)69,487 70,231 
AWS (2)155,953 179,386 
Corporate189,334 183,441 
Consolidated$624,894 $643,256 
___________________
(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, 2024March 31, 2025
North America$103,041 $102,301 
International25,618 26,170 
AWS110,683 130,919 
Corporate13,323 13,391 
Consolidated$252,665 $272,781 
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
March 31,
 20242025
North America (1)$5,151 $5,096 
International (1)1,109 1,506 
AWS (2)7,925 20,464 
Corporate372 383 
Consolidated$14,557 $27,449 
___________________
(1)Includes property and equipment added under finance leases of $7 million and $54 million in Q1 2024 and Q1 2025.
(2)Includes property and equipment added under finance leases of $35 million and $0 million in Q1 2024 and Q1 2025.
Total depreciation and amortization expense, by segment, is as follows (in millions):
 Three Months Ended
March 31,
 20242025
North America$3,373 $3,530 
International1,054 1,136 
AWS2,839 4,390 
Consolidated$7,266 $9,056 
v3.25.1
Accounting Policies and Supplemental Disclosures - Use of Estimates (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Jan. 01, 2025
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]            
Increase in depreciation and amortization $ 14,262 $ 11,684 $ 55,373 $ 49,224    
Reduction in net income $ (17,127) $ (10,431) $ (65,944) $ (37,684)    
Reduction in basic earnings per share (in usd per share) $ (1.62) $ (1.00)        
Reduction in diluted earnings per share (in usd per share) $ (1.59) $ (0.98)        
Service Life            
Restructuring Cost and Reserve [Line Items]            
Increase in depreciation and amortization $ 217          
Reduction in net income $ 162          
Reduction in basic earnings per share (in usd per share) $ 0.02          
Reduction in diluted earnings per share (in usd per share) $ 0.02          
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  
v3.25.1
Accounting Policies and Supplemental Disclosures - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
SUPPLEMENTAL CASH FLOW INFORMATION:        
Cash paid for interest on debt, net of capitalized interest $ 236 $ 269 $ 1,825 $ 2,475
Cash paid for operating leases 3,562 3,332 12,571 11,318
Cash paid for interest on finance leases 71 74 284 301
Cash paid for interest on financing obligations 55 64 210 201
Cash paid for income taxes, net of refunds 877 458 12,727 11,018
Assets acquired under operating leases 4,321 3,753 15,992 14,179
Property and equipment acquired under finance leases, net of remeasurements and modifications 54 42 866 676
Increase (decrease) in property and equipment acquired but not yet paid $ 3,108 $ 411 $ 9,736 $ 801
v3.25.1
Accounting Policies and Supplemental Disclosures - Calculation of Diluted Shares (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounting Policies [Abstract]    
Shares used in computation of basic earnings per share (in shares) 10,603 10,393
Total dilutive effect of outstanding stock awards (in shares) 190 277
Shares used in computation of diluted earnings per share (in shares) 10,793 10,670
v3.25.1
Accounting Policies and Supplemental Disclosures - Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounting Policies [Abstract]    
Marketable equity securities valuation gains (losses) $ (138) $ (2,126)
Equity warrant valuation gains (losses) (378) (230)
Reclassification adjustment for gains (losses) on available-for-sale debt securities 3,263 (1)
Upward adjustments relating to equity investments in private companies 37 5
Foreign currency gains (losses) (2) (74)
Other, net (33) (247)
Total other income (expense), net $ 2,749 $ (2,673)
v3.25.1
Accounting Policies and Supplemental Disclosures - Inventories (Details) - USD ($)
$ in Billions
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Inventory valuation allowance $ 2.8 $ 3.0
v3.25.1
Accounting Policies and Supplemental Disclosures - Accounts Receivable, Net and Other (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other $ 54,216 $ 55,451
Prepaid expenses and other current assets 6,200 6,300
Allowance for doubtful accounts 2,000 2,000
Customer receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other 35,500 34,300
Vendor receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other 9,100 11,600
Other receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net and other $ 3,400 $ 3,400
v3.25.1
Accounting Policies and Supplemental Disclosures - Video and Music Content (Details) - USD ($)
$ in Billions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Accounting Policies [Abstract]      
Digital video and music content, capitalized costs $ 20.3   $ 19.6
Digital video and music content, expense $ 5.1 $ 4.6  
v3.25.1
Accounting Policies and Supplemental Disclosures - Unearned Revenue (Details) - USD ($)
$ in Billions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Unearned revenue   $ 24.6
Unearned revenue, revenue recognized $ 7.0  
Unearned revenue, long-term 4.9 $ 6.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation, contracts exceeding one year $ 189.0  
Remaining performance obligation, weighted average remaining life 4 years 1 month 6 days  
v3.25.1
Financial Instruments - Fair Values on Recurring Basis (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Equity Securities, FV-NI, Gain (Loss)      
Equity securities, unrealized gain (loss) $ (205) $ (2,100)  
Recurring      
Schedule of Investments [Line Items]      
Cash 15,794   $ 17,055
Debt Securities, Available-for-sale      
Gross unrealized gains 16    
Gross unrealized losses (83)    
Cash, Cash Equivalents, and Marketable Securities      
Cash, cash equivalents and marketable securities 98,251   104,735
Cash, cash equivalents and marketable securities, amortized cost 95,317    
Less: Restricted cash, cash equivalents, and marketable securities (3,686)   (3,533)
Total cash, cash equivalents, and marketable securities 94,565   101,202
Recurring | Level 1 securities      
Schedule of Investments [Line Items]      
Equity securities 3,001   3,318
Recurring | Level 1 securities | Money market funds      
Schedule of Investments [Line Items]      
Money market funds 18,357   28,282
Recurring | Level 1 securities | Money market funds | Money market funds      
Schedule of Investments [Line Items]      
Money market funds 18,357    
Recurring | Level 2 securities | Foreign government and agency securities      
Debt Securities, Available-for-sale      
Fixed income securities, amortized cost 180    
Gross unrealized gains 0    
Gross unrealized losses 0    
Fixed income securities 180   177
Recurring | Level 2 securities | U.S. government and agency securities      
Debt Securities, Available-for-sale      
Fixed income securities, amortized cost 4,709    
Gross unrealized gains 5    
Gross unrealized losses (40)    
Fixed income securities 4,674   3,401
Recurring | Level 2 securities | Corporate debt securities      
Debt Securities, Available-for-sale      
Fixed income securities, amortized cost 54,744    
Gross unrealized gains 9    
Gross unrealized losses (28)    
Fixed income securities 54,725   50,912
Recurring | Level 2 securities | Asset-backed securities      
Debt Securities, Available-for-sale      
Fixed income securities, amortized cost 1,471    
Gross unrealized gains 2    
Gross unrealized losses (15)    
Fixed income securities 1,458   1,523
Recurring | Level 2 securities | Other debt securities      
Debt Securities, Available-for-sale      
Fixed income securities, amortized cost 62    
Gross unrealized gains 0    
Gross unrealized losses 0    
Fixed income securities $ 62   $ 67
v3.25.1
Financial Instruments - Contractual Maturities (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Amortized Cost  
Due within one year $ 71,764
Due after one year through five years 6,436
Due after five years through ten years 538
Due after ten years 785
Amortized cost 79,523
Estimated Fair Value  
Due within one year 71,743
Due after one year through five years 6,423
Due after five years through ten years 534
Due after ten years 756
Estimated fair value $ 79,456
v3.25.1
Financial Instruments - Equity Warrants and Non-Marketable Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Sep. 30, 2023
Derivative [Line Items]        
Payments to acquire convertible notes   $ 1,300 $ 2,750 $ 1,250
Amount of additional investment   2,700    
Reclassification adjustment for gains (losses) on available-for-sale debt securities $ 3,263   $ (1)  
Fair value of convertible notes and amounts recorded for nonvoting preferred stock investments 13,800      
Equity investments without readily determinable fair values 6,100 989    
Equity method investments 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 $ 1,900 $ 2,700    
v3.25.1
Financial Instruments - Consolidated Statements of Cash Flows Reconciliation (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]          
Cash and cash equivalents $ 66,207 $ 78,779      
Restricted cash included in accounts receivable, net and other 365 247      
Restricted cash included in other assets 3,321 3,286      
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 69,893 $ 82,312 $ 73,332 $ 73,890 $ 49,734
v3.25.1
Leases - Additional Information (Details) - USD ($)
$ in Billions
Mar. 31, 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 $ 54.7 $ 56.5
Accumulated amortization associated with finance leases $ 40.6 $ 41.8
v3.25.1
Leases - Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Operating lease cost $ 3,240 $ 2,829
Finance lease cost:    
Amortization of lease assets 873 941
Interest on lease liabilities 71 73
Finance lease cost 944 1,014
Variable lease cost 696 635
Total lease cost $ 4,880 $ 4,478
v3.25.1
Leases - Other Operating and Finance Lease Information (Details)
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term – operating leases 10 years 4 months 24 days 10 years 7 months 6 days
Weighted-average remaining lease term – finance leases 11 years 10 months 24 days 11 years 10 months 24 days
Weighted-average discount rate – operating leases 3.50% 3.50%
Weighted-average discount rate – finance leases 3.00% 3.00%
v3.25.1
Leases - Operating and Finance Lease Liability Reconciliation (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Total operating lease liabilities $ 97,593 $ 95,294
Total finance lease liabilities 12,252 12,520
Gross lease liabilities 109,845 107,814
Imputed interest - operating leases (15,862) (15,698)
Imputed interest - finance leases (1,869) (1,918)
Imputed interest (17,731) (17,616)
Present value of operating leases 81,731 79,596
Present value of finance leases 10,383 10,602
Present value of lease liabilities $ 92,114 $ 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 $ (10,884) $ (10,546)
Current portion of finance lease liabilities (1,359) (1,375)
Current portion of lease liabilities $ (12,243) $ (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 $ 70,847 $ 69,050
Total long-term finance lease liabilities 9,024 9,227
Total long-term lease liabilities $ 79,871 $ 78,277
v3.25.1
Commitments and Contingencies - Commitments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Long-term debt principal and interest    
2025 $ 6,630  
2026 4,501  
2027 10,446  
2028 3,686  
2029 4,387  
Thereafter 57,817  
Total 87,467  
Operating lease liabilities    
2025 10,058  
2026 11,817  
2027 10,808  
2028 9,815  
2029 9,070  
Thereafter 46,025  
Total operating lease liabilities 97,593 $ 95,294
Finance lease liabilities, including interest    
2025 1,183  
2026 1,468  
2027 1,301  
2028 1,137  
2029 1,028  
Thereafter 6,135  
Total finance lease liabilities 12,252 12,520
Financing obligations, including interest    
2025 345  
2026 519  
2027 527  
2028 536  
2029 544  
Thereafter 6,440  
Total 8,911  
Other commitments    
2025 2,477  
2026 1,678  
2027 1,066  
2028 950  
2029 830  
Thereafter 11,523  
Total 18,524  
Total commitments    
2025 30,900  
2026 33,943  
2027 36,766  
2028 26,634  
2029 26,122  
Thereafter 202,951  
Total 357,316  
Financing obligations, current 275 312
Financing obligations, noncurrent $ 7,100 $ 7,100
Financing obligations, weighted-average remaining term 15 years 9 months 18 days 16 years 1 month 6 days
Financing obligations, weighted-average imputed interest rate 3.10% 3.10%
Accrued tax contingencies $ 6,300 $ 6,500
Leases not yet commenced    
Leases not yet commenced and Unconditional purchase obligations    
2025 2,116  
2026 4,017  
2027 5,142  
2028 4,591  
2029 4,628  
Thereafter 46,707  
Total 67,201  
Unconditional purchase obligations    
Leases not yet commenced and Unconditional purchase obligations    
2025 8,091  
2026 9,943  
2027 7,476  
2028 5,919  
2029 5,635  
Thereafter 28,304  
Total $ 65,368  
v3.25.1
Commitments and Contingencies - Legal Proceedings (Details)
€ in Millions
Jul. 31, 2021
EUR (€)
Luxembourg National Commission Matter | Jury Verdict Which Company Will Appeal  
Loss Contingencies [Line Items]  
Estimate of possible loss € 746
v3.25.1
Debt - Additional Information (Details)
$ in Millions, € in Billions
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2023
USD ($)
Mar. 31, 2025
USD ($)
extension
Sep. 30, 2024
Apr. 30, 2025
USD ($)
Mar. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Total face value of long-term debt   $ 58,750       $ 58,000
Short-term debt   $ 76       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   $ 20,000     € 3.0  
Commercial paper   $ 0       0
Commercial Paper | Subsequent Event            
Debt Instrument [Line Items]            
Commercial paper, maximum borrowing capacity       $ 30,000    
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]            
Total face value of long-term debt   $ 58,000        
Estimated fair value of notes   $ 50,800       $ 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   $ 8,600        
v3.25.1
Debt - Long-Term Debt Obligations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Face value of long-term debt $ 58,750 $ 58,000
Less: current portion of long-term debt (5,014) (5,017)
Long-term debt 53,374 52,623
Senior Notes    
Debt Instrument [Line Items]    
Face value of long-term debt 58,000  
Unamortized discount and issuance costs, net $ (362) (360)
Weighted average remaining lives term 13 years 2 months 12 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
Weighted average remaining lives term 15 years 1 month 6 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
Weighted average remaining lives term 15 years  
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 $ 9,000 9,000
Weighted average remaining lives term 16 years 3 months 18 days  
Senior Notes | 2020 Notes issuance of $10.0 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 0.80%  
Effective Interest Rates 0.88%  
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
Weighted average remaining lives term 13 years 10 months 24 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 $ 11,250 11,250
Weighted average remaining lives term 12 years 7 months 6 days  
Senior Notes | April 2022 Notes issuance of $12.8 billion | Minimum    
Debt Instrument [Line Items]    
Stated Interest Rates 3.00%  
Effective Interest Rates 3.13%  
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
Weighted average remaining lives term 4 years 4 months 24 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 $ 750 $ 0
v3.25.1
Stockholders' Equity - Additional Information (Details) - USD ($)
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 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) 10,900.0   10,900.0  
Net unrecognized compensation cost related to unvested stock-based compensation arrangements $ 13,900,000,000      
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
v3.25.1
Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 3,689 $ 4,961
Cost of sales    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 148 174
Fulfillment    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 497 636
Technology and infrastructure    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 2,060 2,772
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 653 932
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 331 $ 447
v3.25.1
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units
shares in Millions
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of Units  
Beginning balance (in shares) | shares 283.1
Units granted (in shares) | shares 8.3
Units vested (in shares) | shares (19.7)
Units forfeited (in shares) | shares (8.7)
Ending balance (in shares) | shares 263.0
Weighted-Average Grant-Date Fair Value  
Beginning balance (in usd per share) | $ / shares $ 145
Units granted (in usd per share) | $ / shares 214
Units vested (in usd per share) | $ / shares 137
Units forfeited (in usd per share) | $ / shares 142
Ending balance (in usd per share) | $ / shares $ 148
v3.25.1
Stockholders' Equity - Scheduled Vesting for Outstanding Restricted Stock Units (Details) - Restricted Stock Units - shares
shares in Millions
Mar. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
2025 (in shares) 122.9  
2026 (in shares) 86.7  
2027 (in shares) 35.9  
2028 (in shares) 13.9  
2029 (in shares) 2.2  
Thereafter (in shares) 1.4  
Total (in shares) 263.0 283.1
v3.25.1
Stockholders' Equity - Changes in Stockholders Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Changes in Stockholders' Equity        
Beginning balance $ 285,970 $ 201,875 $ 216,661  
Other comprehensive income (loss) (880) (558)    
Net income 17,127 10,431 65,944 $ 37,684
Ending balance 305,867 216,661 305,867 216,661
Common stock        
Changes in Stockholders' Equity        
Beginning balance 111 109 109  
Ending balance 111 109 111 109
Treasury stock        
Changes in Stockholders' Equity        
Beginning balance (7,837) (7,837) (7,837)  
Ending balance (7,837) (7,837) (7,837) (7,837)
Additional paid-in capital        
Changes in Stockholders' Equity        
Beginning balance 120,864 99,025 103,938  
Stock-based compensation and issuance of employee benefit plan stock 3,650 4,913    
Ending balance 124,514 103,938 124,514 103,938
Accumulated other comprehensive income (loss)        
Changes in Stockholders' Equity        
Beginning balance (34) (3,040) (3,598)  
Other comprehensive income (loss) (880) (558)    
Ending balance (914) (3,598) (914) (3,598)
Retained earnings        
Changes in Stockholders' Equity        
Beginning balance 172,866 113,618 124,049  
Net income 17,127 10,431    
Ending balance $ 189,993 $ 124,049 $ 189,993 $ 124,049
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Provision (benefit) for income taxes $ 4,553 $ 2,467      
Net discrete tax (expense) benefit (559) 558      
Cash paid for income taxes, net of refunds 877 $ 458 $ 12,727 $ 11,018  
Tax contingencies $ 6,300   $ 6,300   $ 6,500
v3.25.1
Segment Information - Reportable Segments and Reconciliation to Consolidated Net Income (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Segment Reporting [Abstract]        
Number of operating segments | segment 3      
Segment Reporting Disclosure [Line Items]        
Net sales $ 155,667 $ 143,313    
Operating expenses 137,262 128,006    
Operating income 18,405 15,307    
Total non-operating income (expense) 3,274 (2,324)    
Provision for income taxes (4,553) (2,467)    
Equity-method investment activity, net of tax 1 (85)    
Net income 17,127 10,431 $ 65,944 $ 37,684
North America        
Segment Reporting Disclosure [Line Items]        
Net sales 92,887 86,341    
Operating expenses 87,046 81,358    
Operating income 5,841 4,983    
International        
Segment Reporting Disclosure [Line Items]        
Net sales 33,513 31,935    
Operating expenses 32,496 31,032    
Operating income 1,017 903    
AWS        
Segment Reporting Disclosure [Line Items]        
Net sales 29,267 25,037    
Operating expenses 17,720 15,616    
Operating income $ 11,547 $ 9,421    
v3.25.1
Segment Information - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total net sales $ 155,667 $ 143,313
Online stores    
Disaggregation of Revenue [Line Items]    
Total net sales 57,407 54,670
Physical stores    
Disaggregation of Revenue [Line Items]    
Total net sales 5,533 5,202
Third-party seller services    
Disaggregation of Revenue [Line Items]    
Total net sales 36,512 34,596
Advertising services    
Disaggregation of Revenue [Line Items]    
Total net sales 13,921 11,824
Subscription services    
Disaggregation of Revenue [Line Items]    
Total net sales 11,715 10,722
AWS    
Disaggregation of Revenue [Line Items]    
Total net sales 29,267 25,037
Other    
Disaggregation of Revenue [Line Items]    
Total net sales $ 1,312 $ 1,262
v3.25.1
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets $ 643,256 $ 624,894
Operating Segments | North America    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 210,198 210,120
Operating Segments | International    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 70,231 69,487
Operating Segments | AWS    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 179,386 155,953
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets $ 183,441 $ 189,334
v3.25.1
Segment Information - Reconciliation of Property and Equipment from Segments to Consolidated (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 272,781 $ 252,665
Operating Segments | North America    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net 102,301 103,041
Operating Segments | International    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net 26,170 25,618
Operating Segments | AWS    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net 130,919 110,683
Corporate    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 13,391 $ 13,323
v3.25.1
Segment Information - Reconciliation of Property and Equipment Additions from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Disclosure [Line Items]    
Property and equipment additions $ 27,449 $ 14,557
Operating Segments | North America and International | Assets held under finance leases    
Segment Reporting Disclosure [Line Items]    
Property and equipment additions 54 7
Operating Segments | North America    
Segment Reporting Disclosure [Line Items]    
Property and equipment additions 5,096 5,151
Operating Segments | International    
Segment Reporting Disclosure [Line Items]    
Property and equipment additions 1,506 1,109
Operating Segments | AWS    
Segment Reporting Disclosure [Line Items]    
Property and equipment additions 20,464 7,925
Operating Segments | AWS | Assets held under finance leases    
Segment Reporting Disclosure [Line Items]    
Property and equipment additions 0 35
Corporate    
Segment Reporting Disclosure [Line Items]    
Property and equipment additions $ 383 $ 372
v3.25.1
Segment Information - Depreciation and Amortization Expense, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Disclosure [Line Items]    
Depreciation and amortization expense $ 9,056 $ 7,266
North America    
Segment Reporting Disclosure [Line Items]    
Depreciation and amortization expense 3,530 3,373
International    
Segment Reporting Disclosure [Line Items]    
Depreciation and amortization expense 1,136 1,054
AWS    
Segment Reporting Disclosure [Line Items]    
Depreciation and amortization expense $ 4,390 $ 2,839