Stock Analysis on Net
Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

$24.99

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

Microsoft Excel
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
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: 2026-03-31), 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).

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.