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

3 months ended:	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	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	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	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	(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	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	(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	(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	(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	(2,587)	(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	(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	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	1,135)	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	(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	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)	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	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	(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	(19)	(467)	(73)	(15)	1)	(20)	(3)	7)	(85)	—)	(4)	(9)	1)	13)	(3)	(12)	(1)	1)	(4)	12)	(5)
Net income (loss)	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)

Revenue exhibits a consistent long-term upward trajectory, characterized by strong seasonal peaks in the fourth quarter of each fiscal year. Total net sales grew from 108,518 million USD in March 2021 to 181,519 million USD by March 2026, reflecting sustained expansion in market reach and service adoption.

Revenue Composition Shift: A fundamental shift in the revenue mix is observed between 2021 and 2026. Net product sales grew moderately from 57,491 million USD to 71,304 million USD. In contrast, net service sales experienced aggressive growth, rising from 51,027 million USD to 110,215 million USD. This indicates that services have transitioned from a secondary revenue stream to the primary driver of top-line growth.
Operating Profitability and Leverage: Operating income demonstrated significant volatility between 2021 and 2022, reaching a low of 2,525 million USD in September 2022. However, a strong recovery trend followed, with operating income climbing to 23,852 million USD by March 2026. This trend suggests an improvement in operating leverage, as operating income growth has outpaced the growth rate of net sales in the latter half of the period.
Expense Structure Analysis: Technology and infrastructure costs showed the most substantial increase, rising from 12,488 million USD in March 2021 to 29,567 million USD in March 2026, highlighting intensified investment in technical capabilities. Fulfillment costs increased but remained more stable relative to revenue growth. General and administrative expenses remained remarkably consistent, fluctuating within a narrow range, which points to high efficiency in corporate overhead management as the company scaled.
Net Income and Non-Operating Impact: Net income experienced periods of instability, including losses in early 2022, before entering a phase of accelerated growth, culminating in 30,255 million USD in March 2026. The presence of significant fluctuations in other income and expense, net—such as the 15,647 million USD gain in March 2026—indicates that bottom-line results are heavily influenced by non-operating activities and investment valuations, which often decouple net income from core operating performance.

The overall financial trajectory indicates a successful transition toward a higher-margin service-based business model, complemented by disciplined control of administrative overhead and a recovery in operating margins despite heavy investments in infrastructure.

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Amazon.com Inc. (NASDAQ:AMZN)

Income Statement Quarterly Data

Income Statement
Quarterly Data