Name: Amazon.com Inc. (NASDAQ:AMZN) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in millions

3 months ended:	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	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
Net product sales	75,296)	77,602)	71,304)	89,992)	74,058)	68,246)	63,970)	82,226)	67,601)	61,569)	60,915)	76,703)	63,171)	59,032)	56,981)	70,531)	59,340)	56,575)	56,455)	71,416)	54,876)	58,004)	57,491)
Net service sales	126,648)	123,004)	110,215)	123,394)	106,111)	99,456)	91,697)	105,566)	91,276)	86,408)	82,398)	93,258)	79,912)	75,351)	70,377)	78,673)	67,761)	64,659)	59,989)	65,996)	55,936)	55,076)	51,027)
Net sales	201,944)	200,606)	181,519)	213,386)	180,169)	167,702)	155,667)	187,792)	158,877)	147,977)	143,313)	169,961)	143,083)	134,383)	127,358)	149,204)	127,101)	121,234)	116,444)	137,412)	110,812)	113,080)	108,518)
Cost of sales	(94,573)	(95,778)	(87,463)	(109,959)	(88,670)	(80,809)	(76,976)	(98,893)	(80,977)	(73,785)	(72,633)	(92,553)	(75,022)	(69,373)	(67,791)	(85,640)	(70,268)	(66,424)	(66,499)	(82,835)	(62,930)	(64,176)	(62,403)
Gross profit	107,371)	104,828)	94,056)	103,427)	91,499)	86,893)	78,691)	88,899)	77,900)	74,192)	70,680)	77,408)	68,061)	65,010)	59,567)	63,564)	56,833)	54,810)	49,945)	54,577)	47,882)	48,904)	46,115)
Fulfillment	(29,997)	(29,633)	(27,289)	(30,826)	(27,679)	(25,976)	(24,593)	(27,962)	(24,660)	(23,566)	(22,317)	(26,095)	(22,314)	(21,305)	(20,905)	(23,103)	(20,583)	(20,342)	(20,271)	(22,445)	(18,498)	(17,638)	(16,530)
Technology and infrastructure	(34,814)	(33,158)	(29,567)	(29,399)	(28,962)	(27,166)	(22,994)	(23,571)	(22,245)	(22,304)	(20,424)	(22,038)	(21,203)	(21,931)	(20,450)	(20,814)	(19,485)	(18,072)	(14,842)	(15,313)	(14,380)	(13,871)	(12,488)
Sales and marketing	(11,649)	(11,698)	(10,314)	(14,264)	(11,686)	(11,416)	(9,763)	(13,124)	(10,609)	(10,512)	(9,662)	(12,902)	(10,551)	(10,745)	(10,172)	(12,818)	(11,014)	(10,086)	(8,320)	(10,810)	(8,010)	(7,524)	(6,207)
General and administrative	(2,701)	(2,788)	(2,587)	(2,704)	(2,875)	(2,965)	(2,628)	(2,863)	(2,713)	(3,041)	(2,742)	(3,010)	(2,561)	(3,202)	(3,043)	(3,333)	(3,061)	(2,903)	(2,594)	(2,525)	(2,153)	(2,158)	(1,987)
Other operating income (expense), net	(134)	(90)	(447)	(1,257)	(2,875)	(199)	(308)	(176)	(262)	(97)	(228)	(154)	(244)	(146)	(223)	(759)	(165)	(90)	(249)	(24)	11)	(11)	(38)
Operating income	28,076)	27,461)	23,852)	24,977)	17,422)	19,171)	18,405)	21,203)	17,411)	14,672)	15,307)	13,209)	11,188)	7,681)	4,774)	2,737)	2,525)	3,317)	3,669)	3,460)	4,852)	7,702)	8,865)
Interest income	1,187)	1,295)	1,135)	1,130)	1,100)	1,085)	1,066)	1,248)	1,256)	1,180)	993)	901)	776)	661)	611)	445)	277)	159)	108)	118)	119)	106)	105)
Interest expense	(1,691)	(1,314)	(800)	(679)	(538)	(516)	(541)	(570)	(603)	(589)	(644)	(713)	(806)	(840)	(823)	(694)	(617)	(584)	(472)	(482)	(493)	(435)	(399)
Other income (expense), net	(703)	53,415)	15,647)	1,177)	10,186)	1,117)	2,749)	468)	(27)	(18)	(2,673)	289)	1,031)	61)	(443)	(3,450)	759)	(5,545)	(8,570)	11,838)	(163)	1,261)	1,697)
Non-operating income (expense)	(1,207)	53,396)	15,982)	1,628)	10,748)	1,686)	3,274)	1,146)	626)	573)	(2,324)	477)	1,001)	(118)	(655)	(3,699)	419)	(5,970)	(8,934)	11,474)	(537)	932)	1,403)
Income (loss) before income taxes	26,869)	80,857)	39,834)	26,605)	28,170)	20,857)	21,679)	22,349)	18,037)	15,245)	12,983)	13,686)	12,189)	7,563)	4,119)	(962)	2,944)	(2,653)	(5,265)	14,934)	4,315)	8,634)	10,268)
(Provision) benefit for income taxes	(6,180)	(18,199)	(9,560)	(4,946)	(6,910)	(2,678)	(4,553)	(2,325)	(2,706)	(1,767)	(2,467)	(3,062)	(2,306)	(804)	(948)	1,227)	(69)	637)	1,422)	(612)	(1,155)	(868)	(2,156)
Equity-method investment activity, net of tax	(4)	(11)	(19)	(467)	(73)	(15)	1)	(20)	(3)	7)	(85)	—)	(4)	(9)	1)	13)	(3)	(12)	(1)	1)	(4)	12)	(5)
Net income (loss)	20,685)	62,647)	30,255)	21,192)	21,187)	18,164)	17,127)	20,004)	15,328)	13,485)	10,431)	10,624)	9,879)	6,750)	3,172)	278)	2,872)	(2,028)	(3,844)	14,323)	3,156)	7,778)	8,107)

Total net sales exhibit a consistent long-term growth trajectory, increasing from 108,518 million USD in March 2021 to 201,944 million USD by September 2026. A structural shift in revenue composition is evident, as net service sales grew more aggressively than net product sales over the analyzed period.

Revenue Mix Transition: Net service sales evolved from approximately 47% of total revenue in early 2021 to over 63% by September 2026. This indicates a strategic transition where services became the primary driver of top-line growth, surpassing product sales as the dominant revenue stream by early 2024.
Product Sales Seasonality: Net product sales demonstrate a persistent cyclical pattern, with significant spikes occurring every December, reflecting strong fourth-quarter seasonality.

Operating income experienced a period of contraction and instability between 2021 and 2022, reaching a trough of 2,525 million USD in September 2022. However, a sustained recovery and acceleration began in 2023, with operating income scaling to 28,076 million USD by September 2026, suggesting improved operational leverage.

Infrastructure Investment: Expenditures for technology and infrastructure grew substantially, rising from 12,488 million USD in March 2021 to 34,814 million USD by September 2026. This growth reflects a significant and continuous increase in capital intensity to support digital and cloud operations.
Fulfillment Efficiency: While absolute fulfillment costs increased from 16,530 million USD to 29,997 million USD over the period, the growth rate of these expenses remained below the growth rate of net sales, indicating enhanced logistics efficiency.
Administrative Control: General and administrative expenses remained remarkably stable relative to the scale of the business, fluctuating within a narrow range between 1,987 million USD and 3,333 million USD, demonstrating strong overhead control.

Net income exhibits high volatility, primarily driven by non-operating fluctuations and tax provisions. After experiencing losses in the first half of 2022, the bottom line showed robust growth and a tendency toward higher quarterly peaks.

Non-Operating Impact: A significant anomaly is observed in June 2026, where net income spiked to 62,647 million USD. This was almost entirely driven by a one-time gain in other income totaling 53,415 million USD, rather than core operational performance.
Financial Income and Expense: Interest income showed a steady upward trend, increasing from 105 million USD to 1,187 million USD. Conversely, interest expenses rose more sharply toward the end of the period, peaking at 1,691 million USD in September 2026.

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Amazon.com Inc. (NASDAQ:AMZN)

Income StatementQuarterly Data

Income Statement
Quarterly Data