Analysis of Revenues
Revenues as Reported
Amazon.com Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, the financial performance demonstrates consistent revenue growth across all reported segments between 2021 and 2025. The rate of growth varies significantly by segment, with some areas exhibiting more substantial increases than others. Net sales experienced a steady climb throughout the period, indicating a robust expansion of the business.
- Online Stores
- Revenue from online stores initially experienced a slight decrease from 2021 to 2022, but subsequently demonstrated consistent growth through 2025, reaching 269,287 US$ millions. The growth rate appears to be accelerating in the later years of the observed period.
- Physical Stores
- Physical stores exhibited a consistent, albeit moderate, growth trajectory. Revenue increased steadily from 17,075 US$ millions in 2021 to 22,561 US$ millions in 2025. The growth rate is slower compared to other segments.
- Third-Party Seller Services
- This segment showed strong and consistent growth throughout the period. Revenue more than doubled, increasing from 103,366 US$ millions in 2021 to 172,162 US$ millions in 2025. This represents a significant contribution to overall revenue expansion.
- Advertising Services
- Advertising services experienced the most rapid growth among the reported segments. Revenue increased substantially from 31,160 US$ millions in 2021 to 68,635 US$ millions in 2025, indicating a successful expansion of its advertising platform.
- Subscription Services
- Subscription services demonstrated consistent growth, though at a more moderate pace than advertising. Revenue increased from 31,768 US$ millions in 2021 to 49,619 US$ millions in 2025, indicating a stable and expanding subscriber base.
- AWS
- AWS consistently contributed a substantial portion of overall revenue and exhibited strong growth. Revenue increased from 62,202 US$ millions in 2021 to 128,725 US$ millions in 2025, demonstrating continued demand for cloud computing services.
- Other
- The "Other" category also showed consistent growth, albeit from a smaller base. Revenue increased from 2,176 US$ millions in 2021 to 5,935 US$ millions in 2025, suggesting diversification of revenue streams.
- Net Sales
- Net sales increased consistently year over year, growing from 469,822 US$ millions in 2021 to 716,924 US$ millions in 2025. This overall growth is driven by the combined expansion of all reported segments, with advertising services and third-party seller services contributing significantly to the increase.