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
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The financial performance presented demonstrates significant fluctuations over the observed period. Net sales exhibited a general upward trend, although with notable quarterly variations. Initial growth from March 2021 to December 2021 was followed by a period of relative stabilization and then resumed growth, accelerating significantly in the latter half of 2024 and into the first half of 2025. Both net product sales and net service sales contributed to this overall trend, with net service sales showing a particularly strong and consistent increase over time.
Cost of sales generally tracked with net sales, resulting in a relatively stable gross profit margin throughout the period. However, operating income experienced more pronounced volatility. While operating income showed strong performance in the earlier periods, it declined significantly in late 2021 and early 2022 before recovering and demonstrating substantial growth in 2023 and 2024. This suggests potential shifts in operational efficiency or increased operating expenses during the downturn and subsequent improvements.
- Gross Profit Analysis
- Gross profit generally increased over the period, mirroring the trend in net sales. The gross profit margin remained relatively consistent, fluctuating between approximately 42% and 48%, indicating stable pricing strategies and cost management related to the products and services sold.
- Operating Expense Trends
- Fulfillment, technology and infrastructure, sales and marketing, and general and administrative expenses all increased over the period, but at varying rates. Technology and infrastructure expenses demonstrated a consistent upward trend, potentially reflecting ongoing investments in cloud computing and related technologies. Sales and marketing expenses also increased, likely in support of revenue growth. Fulfillment costs showed a similar pattern, while general and administrative expenses exhibited a more moderate increase.
- Non-Operating Items
- Non-operating income (expense) was highly volatile, particularly in the periods ending December 2021 and September 2025. The significant positive impact from 'Other income (expense), net' in December 2021 and September 2025 heavily influenced the overall net income for those periods. These fluctuations require further investigation to understand the underlying drivers.
- Net Income Performance
- Net income mirrored the volatility observed in operating income and non-operating items. A substantial increase in net income was observed in 2021, followed by a loss in early 2022. Net income then recovered and demonstrated strong growth in subsequent periods, reaching a peak in late 2024 and early 2025. The provision for income taxes also fluctuated, impacting the final net income figures.
Overall, the financial performance indicates a company capable of substantial revenue growth, but also subject to significant volatility in profitability. The increasing investments in technology and infrastructure, coupled with fluctuating non-operating items, warrant continued monitoring to assess their long-term impact on financial stability and performance.