Key insights
7 takeaways · ~3 min read- 01Amazon's net income significantly increased to $77.67 billion in 2025, up from $59.25 billion in 2024 and $30.43 billion in 2023, with diluted earnings per share reaching $7.17 in 2025.
- 02Total net sales grew to $716.92 billion in 2025, from $637.96 billion in 2024 and $574.79 billion in 2023, driven by increases in both net product sales and net service sales.
- 03Operating income rose to $79.98 billion in 2025, compared to $68.59 billion in 2024 and $36.85 billion in 2023.
- 04Amazon made substantial investments in 2025, including $128.3 billion in property and equipment (primarily for AWS and fulfillment) and $3.8 billion in acquisition and other investment activity, which included a $2.7 billion investment in Anthropic.
- 05The company recorded significant non-operating income in 2025, largely due to a $15.23 billion gain from other income (expense), net, which included a $7.2 billion upward adjustment to nonvoting preferred stock in Anthropic.
- 06Free cash flow decreased significantly to $11.19 billion in 2025 from $38.22 billion in 2024, primarily due to increased purchases of property and equipment.
- 07Amazon faces competitive risks from companies with greater resources and brand recognition, and intellectual property protection is not uniformly available in all countries where it operates.
Summary
SEC 10-K filing for Amazon, filed 2026-02-06.
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