Analysis of Reportable Segments
Amazon.com Inc. operates in 3 segments: North America; International; and AWS.
Segment Profit Margin
Amazon.com Inc., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 4.22% | -0.90% | 2.60% | 3.66% | 4.12% |
| International | -2.02% | -6.56% | -0.72% | 0.69% | -2.27% |
| AWS | 27.14% | 28.52% | 29.79% | 29.82% | 26.27% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| International | International segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. | |
| AWS | AWS segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: North America
Amazon.com Inc.; North America; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 14,877) | (2,847) | 7,271) | 8,651) | 7,033) |
| Net sales | 352,828) | 315,880) | 279,833) | 236,282) | 170,773) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 4.22% | -0.90% | 2.60% | 3.66% | 4.12% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × 14,877 ÷ 352,828 = 4.22%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: International
Amazon.com Inc.; International; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (2,656) | (7,746) | (924) | 717) | (1,693) |
| Net sales | 131,200) | 118,007) | 127,787) | 104,412) | 74,723) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -2.02% | -6.56% | -0.72% | 0.69% | -2.27% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × -2,656 ÷ 131,200 = -2.02%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | International | International segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Profit Margin: AWS
Amazon.com Inc.; AWS; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 24,631) | 22,841) | 18,532) | 13,531) | 9,201) |
| Net sales | 90,757) | 80,096) | 62,202) | 45,370) | 35,026) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 27.14% | 28.52% | 29.79% | 29.82% | 26.27% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × 24,631 ÷ 90,757 = 27.14%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | AWS | AWS segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Return on Assets (Segment ROA)
Amazon.com Inc., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 7.59% | -1.54% | 4.51% | 7.98% | 9.73% |
| International | -3.81% | -11.98% | -1.59% | 1.70% | -5.51% |
| AWS | 22.69% | 25.81% | 29.03% | 28.44% | 25.21% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America | North America segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| International | International segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. | |
| AWS | AWS segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: North America
Amazon.com Inc.; North America; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 14,877) | (2,847) | 7,271) | 8,651) | 7,033) |
| Assets | 196,029) | 185,268) | 161,255) | 108,405) | 72,277) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.59% | -1.54% | 4.51% | 7.98% | 9.73% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 14,877 ÷ 196,029 = 7.59%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America | North America segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment ROA: International
Amazon.com Inc.; International; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (2,656) | (7,746) | (924) | 717) | (1,693) |
| Assets | 69,718) | 64,666) | 57,983) | 42,212) | 30,709) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -3.81% | -11.98% | -1.59% | 1.70% | -5.51% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × -2,656 ÷ 69,718 = -3.81%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | International | International segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment ROA: AWS
Amazon.com Inc.; AWS; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 24,631) | 22,841) | 18,532) | 13,531) | 9,201) |
| Assets | 108,533) | 88,491) | 63,835) | 47,574) | 36,500) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 22.69% | 25.81% | 29.03% | 28.44% | 25.21% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 24,631 ÷ 108,533 = 22.69%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | AWS | AWS segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover
Amazon.com Inc., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 1.80 | 1.70 | 1.74 | 2.18 | 2.36 |
| International | 1.88 | 1.82 | 2.20 | 2.47 | 2.43 |
| AWS | 0.84 | 0.91 | 0.97 | 0.95 | 0.96 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America | North America segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| International | International segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| AWS | AWS segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: North America
Amazon.com Inc.; North America; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 352,828) | 315,880) | 279,833) | 236,282) | 170,773) |
| Assets | 196,029) | 185,268) | 161,255) | 108,405) | 72,277) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.80 | 1.70 | 1.74 | 2.18 | 2.36 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= 352,828 ÷ 196,029 = 1.80
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America | North America segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Asset Turnover: International
Amazon.com Inc.; International; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 131,200) | 118,007) | 127,787) | 104,412) | 74,723) |
| Assets | 69,718) | 64,666) | 57,983) | 42,212) | 30,709) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.88 | 1.82 | 2.20 | 2.47 | 2.43 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= 131,200 ÷ 69,718 = 1.88
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | International | International segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Asset Turnover: AWS
Amazon.com Inc.; AWS; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 90,757) | 80,096) | 62,202) | 45,370) | 35,026) |
| Assets | 108,533) | 88,491) | 63,835) | 47,574) | 36,500) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.84 | 0.91 | 0.97 | 0.95 | 0.96 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= 90,757 ÷ 108,533 = 0.84
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | AWS | AWS segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
Amazon.com Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 1.28 | 2.05 | 4.05 | 4.65 | 2.30 |
| International | 1.03 | 1.93 | 3.39 | 3.64 | 1.75 |
| AWS | 1.98 | 2.81 | 2.07 | 2.17 | 1.60 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America | North America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| International | International segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| AWS | AWS segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: North America
Amazon.com Inc.; North America; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net additions to property and equipment | 17,529) | 23,682) | 37,397) | 29,889) | 11,752) |
| Depreciation and amortization expense on property and equipment | 13,678) | 11,565) | 9,234) | 6,421) | 5,106) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.28 | 2.05 | 4.05 | 4.65 | 2.30 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Net additions to property and equipment ÷ Depreciation and amortization expense on property and equipment
= 17,529 ÷ 13,678 = 1.28
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America | North America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: International
Amazon.com Inc.; International; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net additions to property and equipment | 4,144) | 6,711) | 10,259) | 8,072) | 3,298) |
| Depreciation and amortization expense on property and equipment | 4,016) | 3,483) | 3,022) | 2,215) | 1,886) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.03 | 1.93 | 3.39 | 3.64 | 1.75 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Net additions to property and equipment ÷ Depreciation and amortization expense on property and equipment
= 4,144 ÷ 4,016 = 1.03
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | International | International segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: AWS
Amazon.com Inc.; AWS; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net additions to property and equipment | 24,843) | 27,755) | 22,047) | 16,530) | 13,058) |
| Depreciation and amortization expense on property and equipment | 12,531) | 9,876) | 10,653) | 7,603) | 8,158) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.98 | 2.81 | 2.07 | 2.17 | 1.60 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Net additions to property and equipment ÷ Depreciation and amortization expense on property and equipment
= 24,843 ÷ 12,531 = 1.98
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | AWS | AWS segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net sales
Amazon.com Inc., net sales by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 352,828) | 315,880) | 279,833) | 236,282) | 170,773) |
| International | 131,200) | 118,007) | 127,787) | 104,412) | 74,723) |
| AWS | 90,757) | 80,096) | 62,202) | 45,370) | 35,026) |
| Consolidated | 574,785) | 513,983) | 469,822) | 386,064) | 280,522) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Operating income (loss)
Amazon.com Inc., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 14,877) | (2,847) | 7,271) | 8,651) | 7,033) |
| International | (2,656) | (7,746) | (924) | 717) | (1,693) |
| AWS | 24,631) | 22,841) | 18,532) | 13,531) | 9,201) |
| Consolidated | 36,852) | 12,248) | 24,879) | 22,899) | 14,541) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Assets
Amazon.com Inc., assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 196,029) | 185,268) | 161,255) | 108,405) | 72,277) |
| International | 69,718) | 64,666) | 57,983) | 42,212) | 30,709) |
| AWS | 108,533) | 88,491) | 63,835) | 47,574) | 36,500) |
| Corporate | 153,574) | 124,250) | 137,476) | 123,004) | 85,762) |
| Consolidated | 527,854) | 462,675) | 420,549) | 321,195) | 225,248) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Net additions to property and equipment
Amazon.com Inc., net additions to property and equipment by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 17,529) | 23,682) | 37,397) | 29,889) | 11,752) |
| International | 4,144) | 6,711) | 10,259) | 8,072) | 3,298) |
| AWS | 24,843) | 27,755) | 22,047) | 16,530) | 13,058) |
| Corporate | 1,828) | 2,688) | 2,622) | 3,485) | 1,910) |
| Consolidated | 48,344) | 60,836) | 72,325) | 57,976) | 30,018) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Depreciation and amortization expense on property and equipment
Amazon.com Inc., depreciation and amortization expense on property and equipment by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 13,678) | 11,565) | 9,234) | 6,421) | 5,106) |
| International | 4,016) | 3,483) | 3,022) | 2,215) | 1,886) |
| AWS | 12,531) | 9,876) | 10,653) | 7,603) | 8,158) |
| Consolidated | 30,225) | 24,924) | 22,909) | 16,239) | 15,150) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).