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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Information on Reportable Segments and Reconciliation to Consolidated Net Income | Information on reportable segments and reconciliation to consolidated net income is as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
North America |  |  |  |  |  |  |
Net sales | $ | 95,537 |  |  | $ | 106,267 |  |  | $ | 271,911 |  |  | $ | 299,222 |
Operating expenses | 89,874 |  |  | 101,478 |  |  | 256,200 |  |  | 281,075 |
Operating income | $ | 5,663 |  |  | $ | 4,789 |  |  | $ | 15,711 |  |  | $ | 18,147 |
International |  |  |  |  |  |  |
Net sales | $ | 35,888 |  |  | $ | 40,896 |  |  | $ | 99,486 |  |  | $ | 111,170 |
Operating expenses | 34,587 |  |  | 39,697 |  |  | 97,009 |  |  | 107,460 |
Operating income | $ | 1,301 |  |  | $ | 1,199 |  |  | $ | 2,477 |  |  | $ | 3,710 |
AWS |  |  |  |  |  |  |
Net sales | $ | 27,452 |  |  | $ | 33,006 |  |  | $ | 78,770 |  |  | $ | 93,146 |
Operating expenses | 17,005 |  |  | 21,572 |  |  | 49,568 |  |  | 60,005 |
Operating income | $ | 10,447 |  |  | $ | 11,434 |  |  | $ | 29,202 |  |  | $ | 33,141 |
Consolidated |  |  |  |  |  |  |
Net sales | $ | 158,877 |  |  | $ | 180,169 |  |  | $ | 450,167 |  |  | $ | 503,538 |
Operating expenses | 141,466 |  |  | 162,747 |  |  | 402,777 |  |  | 448,540 |
Operating income | 17,411 |  |  | 17,422 |  |  | 47,390 |  |  | 54,998 |
Total non-operating income (expense) | 626 |  |  | 10,748 |  |  | (1,125) |  |  | 15,708 |
Provision for income taxes | (2,706) |  |  | (6,910) |  |  | (6,940) |  |  | (14,141) |
Equity-method investment activity, net of tax | (3) |  |  | (73) |  |  | (81) |  |  | (87) |
Net income | $ | 15,328 |  |  | $ | 21,187 |  |  | $ | 39,244 |  |  | $ | 56,478 |
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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
Net Sales: |  |  |  |  |  |  |
Online stores (1) | $ | 61,411 |  |  | $ | 67,407 |  |  | $ | 171,473 |  |  | $ | 186,299 |
Physical stores (2) | 5,228 |  |  | 5,578 |  |  | 15,636 |  |  | 16,706 |
Third-party seller services (3) | 37,864 |  |  | 42,486 |  |  | 108,661 |  |  | 119,346 |
Advertising services (4) | 14,331 |  |  | 17,703 |  |  | 38,926 |  |  | 47,318 |
Subscription services (5) | 11,278 |  |  | 12,574 |  |  | 32,866 |  |  | 36,497 |
AWS | 27,452 |  |  | 33,006 |  |  | 78,770 |  |  | 93,146 |
Other (6) | 1,313 |  |  | 1,415 |  |  | 3,835 |  |  | 4,226 |
Consolidated | $ | 158,877 |  |  | $ | 180,169 |  |  | $ | 450,167 |  |  | $ | 503,538 |
____________________________ (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, 2024 |  | September 30, 2025
North America (1) | $ | 210,120 |  |  | $ | 227,984 |
International (1) | 69,487 |  |  | 79,221 |
AWS (2) | 155,953 |  |  | 223,729 |
Corporate | 189,334 |  |  | 196,987 |
Consolidated | $ | 624,894 |  |  | $ | 727,921 |
___________________ (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, 2024 |  | September 30, 2025
North America | $ | 103,041 |  |  | $ | 115,661 |
International | 25,618 |  |  | 29,488 |
AWS | 110,683 |  |  | 165,106 |
Corporate | 13,323 |  |  | 14,180 |
Consolidated | $ | 252,665 |  |  | $ | 324,435 |
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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
North America (1) | $ | 6,522 |  |  | $ | 8,638 |  |  | $ | 16,602 |  |  | $ | 25,006 |
International (1) | 2,185 |  |  | 1,439 |  |  | 4,422 |  |  | 5,476 |
AWS (2) | 14,341 |  |  | 28,301 |  |  | 35,023 |  |  | 64,808 |
Corporate | 349 |  |  | 507 |  |  | 1,101 |  |  | 1,805 |
Consolidated | $ | 23,397 |  |  | $ | 38,885 |  |  | $ | 57,148 |  |  | $ | 97,095 |
___________________ (1)Includes property and equipment added under finance leases of $182 million and $432 million in Q3 2024 and Q3 2025, and $324 million and $507 million for the nine months ended September 30, 2024 and 2025. (2)Includes property and equipment added under finance leases of $4 million and $545 million in Q3 2024 and Q3 2025, and $85 million and $1.5 billion for the nine months ended September 30, 2024 and 2025. Total depreciation and amortization expense, by segment, is as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
North America | $ | 3,611 |  |  | $ | 4,001 |  |  | $ | 10,501 |  |  | $ | 11,273 |
International | 1,164 |  |  | 1,276 |  |  | 3,267 |  |  | 3,592 |
AWS | 3,541 |  |  | 5,648 |  |  | 9,458 |  |  | 14,882 |
Consolidated | $ | 8,316 |  |  | $ | 10,925 |  |  | $ | 23,226 |  |  | $ | 29,747 |

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