Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

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.

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

US$ in millions

Microsoft Excel
3 months ended: 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 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 71,056 52,774 50,244 41,841
Net service sales 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 54,499 43,371 38,668 33,611
Net sales 155,667 187,792 158,877 147,977 143,313 169,961 143,083 134,383 127,358 149,204 127,101 121,234 116,444 137,412 110,812 113,080 108,518 125,555 96,145 88,912 75,452
Cost of sales (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) (79,284) (57,106) (52,660) (44,257)
Gross profit 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 46,271 39,039 36,252 31,195
Fulfillment (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) (18,475) (14,705) (13,806) (11,531)
Technology and infrastructure (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) (12,051) (10,976) (10,388) (9,325)
Sales and marketing (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) (7,401) (5,434) (4,345) (4,828)
General and administrative (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) (1,968) (1,668) (1,580) (1,452)
Other operating income (expense), net (308) (176) (262) (97) (228) (154) (244) (146) (223) (759) (165) (90) (249) (24) 11 (11) (38) 497 (62) (290) (70)
Operating income 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 6,873 6,194 5,843 3,989
Interest income 1,066 1,248 1,256 1,180 993 901 776 661 611 445 277 159 108 118 119 106 105 100 118 135 202
Interest expense (541) (570) (603) (589) (644) (713) (806) (840) (823) (694) (617) (584) (472) (482) (493) (435) (399) (414) (428) (403) (402)
Other income (expense), net 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 1,206 925 646 (406)
Non-operating income (expense) 3,274 1,146 626 573 (2,324) 477 1,001 (118) (655) (3,699) 419 (5,970) (8,934) 11,474 (537) 932 1,403 892 615 378 (606)
Income (loss) before income taxes 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 7,765 6,809 6,221 3,383
(Provision) benefit for income taxes (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) (566) (569) (984) (744)
Equity-method investment activity, net of tax 1 (20) (3) 7 (85) (4) (9) 1 13 (3) (12) (1) 1 (4) 12 (5) 23 91 6 (104)
Net income (loss) 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 7,222 6,331 5,243 2,535

Based on: 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).


The financial data reveals several notable trends in the company's performance over the analyzed periods. Net sales show a generally increasing trajectory, rising from $75,452 million in March 2020 to peaking at $187,792 million by December 2024, before a moderation to $155,667 million in March 2025. Both net product sales and net service sales contribute to this growth, with service sales increasingly becoming a larger component, indicating a possible strategic emphasis on service-driven revenue.

Cost of sales has followed an upward trend as well, from -$44,257 million in March 2020 to -$98,893 million at its peak in December 2024, aligning with the overall increase in sales volume. Despite rising costs, gross profit has grown from $31,195 million to a peak of $88,899 million in December 2024, showing effective management of cost relative to sales, though a slight decline is noticed in early 2025.

Operating expenses, including fulfillment, technology and infrastructure, sales and marketing, and general and administrative costs, all exhibit increases consistent with scaling operations. Fulfillment costs grew substantially, peaking at -$27,962 million in December 2024. Technology and infrastructure expenses also showed a significant rise from -$9,325 million up to around -$23,571 million by the end of 2024. Sales and marketing expenses fluctuated but reached highs in the year-end periods, suggesting periods of intensified promotional activities. General and administrative expenses increased steadily, though at a more moderate pace.

Operating income initially increased from $3,989 million in March 2020 to a peak of $21,203 million in December 2024, indicating enhanced profitability. However, fluctuations within some quarters suggest variability in operational efficiency or margin pressure.

Interest income steadily increased over time, reflecting possibly higher investment income or cash reserves utilization, rising from $202 million to over $1,200 million by late 2024. Interest expense also increased but at a slower pace, implying some degree of leveraging or borrowing cost management.

Non-operating income and expenses have been volatile, with significant swings including a large positive spike in December 2020 and subsequent negative impacts early in 2022. This volatility impacted income before taxes, which showed growth peaking around late 2024, followed by a decline in the latest quarter.

Income tax provision showed variability, with some periods indicating tax benefits or reductions, while others had higher tax expenses, consistent with fluctuations in pre-tax income.

Net income demonstrated substantial growth from $2,535 million in March 2020 to a peak of $20,004 million in March 2025, with some volatility in between. The overall trend reflects improved profitability aligned with increasing sales and controlled costs, notwithstanding the noted fluctuations in non-operating results and tax provisions.

In summary, the data indicates strong revenue growth driven by both product and service sales, controlled increases in costs leading to improved gross margins, rising operating expenses reflecting business expansion, and overall enhanced profitability over the observed periods. Volatility in non-operating income and tax provisions has introduced some earnings variability, but the long-term trajectory appears positive.

Net Sales
Consistent increase over time with service sales increasingly contributing to total revenue.
Cost of Sales
Rising commensurately with sales; gross profit margins remain positively trending.
Operating Expenses
Steady growth across all categories, with fulfillment and technology costs showing significant increases.
Operating Income
Improved substantially, indicating enhanced operational efficiency despite some quarterly fluctuations.
Interest Income and Expense
Interest income increased steadily; interest expense grew but was managed effectively.
Non-operating Income/Expense
Highly variable, impacting pre-tax income significantly in some periods.
Income Taxes
Fluctuated in line with income before taxes, with both benefits and provisions noted.
Net Income
Strong overall growth with peaks aligning with highest sales and operating income quarters.