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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stock-Based Compensation Expense | Stock-based compensation expense is as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
Cost of sales | $ | 193 |  |  | $ | 197 |  |  | $ | 633 |  |  | $ | 595 |
Fulfillment | 696 |  |  | 685 |  |  | 2,276 |  |  | 2,062 |
Technology and infrastructure | 2,961 |  |  | 2,697 |  |  | 9,403 |  |  | 8,412 |
Sales and marketing | 1,012 |  |  | 832 |  |  | 3,168 |  |  | 2,692 |
General and administrative | 471 |  |  | 436 |  |  | 1,536 |  |  | 1,309 |
Total stock-based compensation expense | $ | 5,333 |  |  | $ | 4,847 |  |  | $ | 17,016 |  |  | $ | 15,070 |
Restricted Stock Unit Activity | The following table summarizes our restricted stock unit activity for the nine months ended September 30, 2025 (in millions):
| Number of Units |  | Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2024 | 283.1 |  |  | $ | 145 |
Units granted | 106.6 |  |  | 198 |
Units vested | (93.9) |  |  | 137 |
Units forfeited | (27.7) |  |  | 153 |
Outstanding as of September 30, 2025 | 268.1 |  |  | 168 |
Scheduled Vesting for Outstanding Restricted Stock Units | Scheduled vesting for outstanding restricted stock units as of September 30, 2025, is as follows (in millions):
| Three Months Ended December 31, |  | Year Ended December 31, |  |  |  |
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Scheduled vesting — restricted stock units | 44.5 |  |  | 112.8 |  |  | 70.9 |  |  | 29.7 |  |  | 8.3 |  |  | 1.9 |  |  | 268.1 |
Changes in Stockholders' Equity | The following table shows changes in stockholders’ equity (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
Total beginning stockholders’ equity | $ | 236,447 |  |  | $ | 333,775 |  |  | $ | 201,875 |  |  | $ | 285,970 |
Beginning common stock | 110 |  |  | 112 |  |  | 109 |  |  | 111 |
Stock-based compensation and issuance of employee benefit plan stock | — |  |  | — |  |  | 1 |  |  | 1 |
Ending common stock | 110 |  |  | 112 |  |  | 110 |  |  | 112 |
Beginning and ending treasury stock | (7,837) |  |  | (7,837) |  |  | (7,837) |  |  | (7,837) |
Beginning additional paid-in capital | 110,633 |  |  | 130,923 |  |  | 99,025 |  |  | 120,864 |
Stock-based compensation and issuance of employee benefit plan stock | 5,301 |  |  | 4,756 |  |  | 16,909 |  |  | 14,815 |
Ending additional paid-in capital | 115,934 |  |  | 135,679 |  |  | 115,934 |  |  | 135,679 |
Beginning accumulated other comprehensive income (loss) | (3,993) |  |  | 2,420 |  |  | (3,040) |  |  | (34) |
Other comprehensive income (loss) | 2,075 |  |  | 9,913 |  |  | 1,122 |  |  | 12,367 |
Ending accumulated other comprehensive income (loss) | (1,918) |  |  | 12,333 |  |  | (1,918) |  |  | 12,333 |
Beginning retained earnings | 137,534 |  |  | 208,157 |  |  | 113,618 |  |  | 172,866 |
Net income | 15,328 |  |  | 21,187 |  |  | 39,244 |  |  | 56,478 |
Ending retained earnings | 152,862 |  |  | 229,344 |  |  | 152,862 |  |  | 229,344 |
Total ending stockholders’ equity | $ | 259,151 |  |  | $ | 369,631 |  |  | $ | 259,151 |  |  | $ | 369,631 |

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