Stock Analysis on Net
Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

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Common-Size Income Statement
Quarterly Data

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Amazon.com Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net product sales
Net service sales
Net sales
Cost of sales
Gross profit
Fulfillment
Technology and infrastructure
Sales and marketing
General and administrative
Other operating income (expense), net
Operating income
Interest income
Interest expense
Other income (expense), net
Non-operating income (expense)
Income (loss) before income taxes
(Provision) benefit for income taxes
Equity-method investment activity, net of tax
Net income (loss)

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Net Product and Service Sales Composition
The proportion of net product sales relative to total net sales showed a declining trend over the periods. It decreased from approximately 55.45% in March 2020 to around 40.69% by June 2025. Conversely, net service sales increased steadily, moving from 44.55% in March 2020 to about 59.31% in June 2025. This shift indicates a gradual transition in the company's revenue mix from product-based sales toward more service-oriented sales.
Cost of Sales and Gross Profit
Cost of sales, expressed as a percentage of net sales, generally decreased from roughly 58.66% in March 2020 to 48.19% in June 2025. This reduction aligns with an improving gross profit margin, which increased from 41.34% to 51.81% over the same timeframe. The improvement suggests enhanced operational efficiency or favorable cost management contributing to higher profitability at the gross level.
Operating Expenses
Fulfillment costs fluctuated but remained within a narrow band around 15%, showing minor increases and decreases without a definitive trend. Technology and infrastructure expenses exhibited some volatility but generally increased from about 12.36% in early 2020 to a range between 14% and 16% in later periods, reflecting ongoing investments in these areas. Sales and marketing expenses displayed some variation but stayed between approximately 4.89% and 8.67%, with no clear directional trend. General and administrative costs were relatively stable, oscillating near 2%, with minor fluctuations throughout the periods.
Operating Income
Operating income margins demonstrated variability but trended upward over time. Starting from around 5.29% in March 2020, margins experienced some dips, falling to as low as 1.83% in December 2022, but then rose significantly to 11.43% by June 2025. This indicates an overall strengthening in operating profitability despite periodic challenges.
Interest Income and Expense
Interest income gradually increased from about 0.27% of net sales to near 0.65% by the last reported period, suggesting improved returns on investments or cash holdings. Interest expense remained relatively low and stable, fluctuating close to 0.3%-0.65%, slightly decreasing toward the later quarters, indicating effective management of debt-related costs.
Other Income and Non-Operating Income
Other income and non-operating income showed high periods of volatility, including a pronounced spike around December 2021 (exceeding 8% of net sales), followed by negative returns in subsequent quarters. This indicates the presence of extraordinary or one-time items substantially affecting non-operating results during these intervals.
Income Before Taxes and Income Taxes
Income before income taxes demonstrated fluctuations, with values ranging from negative territory at certain points (e.g., -4.52% in March 2022) to strongly positive peaks (over 13% in March 2025). Provision for income taxes generally corresponded to taxable income trends but included periods of tax benefits or reduced tax impact, as indicated by occasional positive percentages, likely reflecting tax credits or adjustments.
Net Income
Net income margins followed the overall earnings trend, increasing from 3.36% of net sales in March 2020 to a high near 11% by mid-2025, despite interruptions by some negative quarters in early 2022. The recovery and amplification in net income towards the latter periods suggest improved overall profitability and effective cost and revenue management.