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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Stock Repurchase Activity In March 2022, the Board of Directors authorized a program to repurchase up to $10.0 billion of our common stock, with no fixed expiration. There were no repurchases of our common stock during the nine months ended September 30, 2024 or 2025. As of September 30, 2025, we have $6.1 billion remaining under the repurchase program. Stock Award Plans Employees vest in restricted stock unit awards over the corresponding service term, generally between two and five years. The majority of restricted stock unit awards are granted at the date of hire or in Q2 as part of the annual compensation review and primarily vest quarterly in the relevant compensation year. Stock Award Activity Common shares outstanding plus shares underlying outstanding stock awards totaled 10.9 billion and 11.0 billion as of December 31, 2024 and September 30, 2025. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited. 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 |
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 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 |
As of September 30, 2025, there was $20.1 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with more than half of the compensation expected to be expensed in the next twelve months, and has a remaining weighted-average recognition period of 1.0 year. 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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