# Amazon.com, Inc. (AMZN) Q2 2025 Financial Results Summary
SEATTLE—(BUSINESS WIRE) July 31, 2025—Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its second quarter ended June 30, 2025.
## Key Financial Highlights
– **Net Sales**: Increased **13%** to **$167.7 billion** from **$148.0 billion** in Q2 2024. Excluding the favorable impact of foreign exchange rates, sales increased **12%** year-over-year.
– **North America Segment Sales**: Increased **11%** to **$100.1 billion**.
– **International Segment Sales**: Increased **16%** to **$36.8 billion**, or **11%** excluding currency changes.
– **AWS Segment Sales**: Increased **17.5%** to **$30.9 billion**.
– **Operating Income**: Rose to **$19.2 billion** from **$14.7 billion** in Q2 2024.
– **North America Operating Income**: Increased to **$7.5 billion** from **$5.1 billion**.
– **International Operating Income**: Increased to **$1.5 billion** from **$0.3 billion**.
– **AWS Operating Income**: Increased to **$10.2 billion** from **$9.3 billion**.
– **Net Income**: Climbed to **$18.2 billion**, or **$1.68 per diluted share**, compared to **$13.5 billion**, or **$1.26 per diluted share**, in Q2 2024.
– **Operating Cash Flow**: Increased **12%** to **$121.1 billion** for the trailing twelve months, up from **$108.0 billion** in the period ended June 30, 2024.
– **Free Cash Flow**: Decreased to **$18.2 billion** compared to **$53.0 billion** from the previous year.
## Dividend and Share Repurchase
– **Quarterly Dividend**: No quarterly dividend was declared.
– **Share Repurchase**: There were no announcements regarding share repurchases.
## Segment Performance
– **Net Sales Growth**:
– **North America**: Increased by **11%** year-over-year.
– **International**: Increased by **16%** year-over-year.
– **AWS**: Increased by **17%** year-over-year.
– **Operating Income Growth**:
– **North America**: Increased **48%**.
– **International**: Increased **448%**.
– **AWS**: Increased **9%**.
## Business Expansion Highlights
– Amazon held its largest Prime Day event ever, achieving record sales for independent sellers.
– Expanded Same-Day and Next-Day Delivery options to millions of U.S. customers in over 4,000 locations.
– Launched several AI tools to enhance the shopping experience and operational efficiency.
– Increased launches of infrastructure to strengthen its cloud services market.
## Financial Guidance for Q3 2025
– **Net Sales**: Expected to be between **$174.0 billion** and **$179.5 billion**, indicating growth between **10%** to **13%** compared to Q3 2024, with around **130 basis points** favorable impact from foreign exchange rates.
– **Operating Income**: Expected to be between **$15.5 billion** and **$20.5 billion**, compared to **$17.4 billion** in Q3 2024.
## Conclusion
Amazon.com, Inc. demonstrated solid growth in its Q2 2025 financial results, supported by robust performance across its segments, especially in AWS and international markets. While net income and operating cash flows showed considerable year-over-year increases, free cash flow saw a decline. The company continues to invest in AI advancements and operational expansions, positioning itself for future growth.
### Consolidated Statements of Operations
*(in millions)*
| June 30, 2024 | June 30, 2025 | June 30, 2024 | June 30, 2025 | |
|---|---|---|---|---|
| Net product sales | $61,569 | $68,246 | $122,484 | $132,216 |
| Net service sales | $86,408 | $99,456 | $168,806 | $191,153 |
| Total net sales | $147,977 | $167,702 | $291,290 | $323,369 |
| Operating expenses: | ||||
| Cost of sales | $73,785 | $80,809 | $146,418 | $157,785 |
| Fulfillment | $23,566 | $25,976 | $45,883 | $50,569 |
| Technology and infrastructure | $22,304 | $27,166 | $42,728 | $50,160 |
| Sales and marketing | $10,512 | $11,416 | $20,174 | $21,179 |
| General and administrative | $3,041 | $2,965 | $5,783 | $5,593 |
| Other operating expense (income), net | $97 | $199 | $325 | $507 |
| Total operating expenses | $133,305 | $148,531 | $261,311 | $285,793 |
| Operating income | $14,672 | $19,171 | $29,979 | $37,576 |
| Interest income | $1,180 | $1,085 | $2,173 | $2,151 |
| Interest expense | -$589 | -$516 | -$1,233 | -$1,057 |
| Other income (expense), net | -$18 | $1,117 | -$2,691 | $3,866 |
| Total non-operating income (expense) | $573 | $1,686 | -$1,751 | $4,960 |
| Income before income taxes | $15,245 | $20,857 | $28,228 | $42,536 |
| Provision for income taxes | -$1,767 | -$2,678 | -$4,234 | -$7,231 |
| Equity-method investment activity, net | $7 | -$15 | -$78 | -$14 |
| of tax | ||||
| Net income | $13,485 | $18,164 | $23,916 | $35,291 |
| Basic earnings per share | $1.29 | $1.71 | $2.30 | $3.32 |
| Diluted earnings per share | $1.26 | $1.68 | $2.24 | $3.27 |
| Weighted-average shares used in | ||||
| computation of earnings per share: | ||||
| Basic | $10,447 | $10,637 | $10,420 | $10,620 |
| Diluted | $10,708 | $10,806 | $10,689 | $10,800 |
### Consolidated Balance Sheets
*(in millions)*
| December 31, 2024 | June 30, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $78,779 | $57,741 |
| Marketable securities | $22,423 | $35,439 |
| Inventories | $34,214 | $40,825 |
| Accounts receivable, net and other | $55,451 | $57,415 |
| Total current assets | $190,867 | $191,420 |
| Property and equipment, net | $252,665 | $297,616 |
| Operating leases | $76,141 | $82,125 |
| Goodwill | $23,074 | $23,155 |
| Other assets | $82,147 | $87,854 |
| Total assets | $624,894 | $682,170 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $94,363 | $98,285 |
| Accrued expenses and other | $66,965 | $66,974 |
| Unearned revenue | $18,103 | $21,662 |
| Total current liabilities | $179,431 | $186,921 |
| Long-term lease liabilities | $78,277 | $83,221 |
| Long-term debt | $52,623 | $50,718 |
| Other long-term liabilities | $28,593 | $27,535 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding) | — | |
| Common stock ($0.01 par value; 100,000 shares authorized; 11,108 and 11,175 shares issued; 10,593 and 10,660 shares outstanding) | $111 | $112 |
| Treasury stock, at cost | -$7,837 | -$7,837 |
| Additional paid-in capital | $120,864 | $130,923 |
| Accumulated other comprehensive income (loss) | -$34 | $2,420 |
| Retained earnings | $172,866 | $208,157 |
| Total stockholders’ equity | $285,970 | $333,775 |
| Total liabilities and stockholders’ equity | $624,894 | $682,170 |
