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Segment Information | 9 Months Ended
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Sep. 30, 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 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 |
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. 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, which are included in property and equipment, net, net additions, and the depreciation and amortization expense on these assets, are allocated among the segments based on usage, with the majority allocated to the AWS segment. Usage of technology infrastructure assets by the North America and International segments, and the related allocation of total net additions, can fluctuate on a quarter-to-quarter basis, and is affected by seasonality, peak periods, new product or service offerings, and other factors. 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. 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 |
Total net additions to property and equipment include technology infrastructure assets and 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 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. 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 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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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