$AMZN | Amazon Q3β25 Earnings Highlights
πΉ Net Sales: $180.17B (Est. $177.82B) π’; +13% YoY
πΉ EPS: $1.95 (Est. $1.58) π’
πΉ AWS: $33.01B (Est. $32.4B) π’; +20% YoY - Growing at pace haven't seen since 2022
Q4 Guidance
πΉ Net Sales: $206.0Bβ$213.0B (Est. $208.45B) π’; implies +10% to +13% YoY; ~+190 bps FX tailwind
πΉ Operating Income: $21.0Bβ$26.0B (vs. $21.2B in Q4β24)
Segment
πΉ Online Stores Net Sales: $67.41B (Est. $66.93B) π’; UP +9.8% YoY
πΉ Physical Stores Net Sales: $5.58B (Est. $5.56B) π’; UP +6.7% YoY
πΉ 3P Seller Services Net Sales: $42.49B (Est. $42.05B) π’; UP +12% YoY
πΉ Subscription Services Net Sales: $12.57B (Est. $12.49B) π’; UP +11% YoY
πΉ North America Net Sales: $106.27B (Est. $104.96B) π’; UP +11% YoY
πΉ International Net Sales: $40.90B (Est. $40.77B) π’; UP +14% YoY
Other Metrics
πΉ Operating Income: $17.42B (Est. $19.72B) π
πΉ Operating Margin: 9.7% (Est. 11.1%)π
πΉ Fulfillment Expense: $27.68B (Est. $27.49B) π΄; UP +12% YoY
πΉ Seller Unit Mix: 62% (Est. 60.7%) π’
πΉ Operating Income includes special charges: ~$2.5B (FTC settlement) and ~$1.8B (severance); ex-charges OI β $21.7B
πΉ Net Income: $21.2B (vs. $15.3B YoY)
πΉ TTM Operating Cash Flow: $130.7B; UP +16% YoY
πΉ TTM Free Cash Flow: $14.8B (down YoY, driven by higher capex)
CEO Commentary
πΈ βWe continue to see strong momentum across Amazon as AI drives meaningful improvements in every corner of our business.β
πΈ βAWS is re-accelerating to ~20% YoY with strong demand in AI and core infrastructure as we add capacity.β