Q4 2025 Amazon.com Inc Earnings Call

February 5, 2026

At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question and answer session. Today's call is being recorded. And for opening remarks, I will be turning the call over to the vice president of investor relations Mr. Dave files. Thank you, sir. Please go ahead.

Hello, and welcome to our Q4 2025 Financial results conference call.

Joining us today to answer your questions is Andy Jassie, our CEO, and Brian osowski, our CFO as you. Listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results, as well as metrics and commentary on the quarter.

Please note unless otherwise stated all comparisons in this call will be against our results for the comparable period of 2024.

Our comments and responses to your questions, reflect Management's views. As of today, February 5th 2026 only and will include forward-looking statements actual results. May differ materially

additional information about factors that could potentially impact our financial results is included. In today's press release and our filings with the SEC, including our most recent annual report on form 10K and subsequent filings.

During this call we may discuss certain non-gaap Financial measures in our press release. Slide the company in this webcast and our filings with the SEC. Each of which is posted on our IR website. You will find additional disclosures regarding these non-gaap measures including reconciliations of these measures with comparable gaap measures.

our guidance incorporates, the order trends that we've seen today and what we believe today to be appropriate assumptions,

Our results are inherently unpredictable and may be materially affected by many factors including fluctuations in foreign exchange rates and energy prices changes in global economic and geopolitical conditions tariffs and trade policies resource and Supply volatility, including for memory chips, and customer demand. And spending, including the impact of recessionary, fears inflation, interest rates, Regional labor market, constraints, world events, the rate of growth of the internet online. Commerce cloud services, and new, and emerging Technologies, and the various factors detailed in our filings with the SEC.

Our guidance assumes among other things that we don't conclude any additional business Acquisitions or structures or legal settlements. It's not possible to accurately predict demand for our goods and services and therefore our actual results could differ materially from our guidance.

And now, I'll turn the call over to Andy.

Operator: Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q4 2025 Financial Results Teleconference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's call is being recorded, and for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. Thank you, sir. Please go ahead.

Q4 2025 Amazon.com Inc Earnings Call

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Q4 2025 Amazon.com Inc Earnings Call

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Thanks Dave for reporting 213.4 billion in Revenue up. 12% year-over-year, excluding the impact from foreign exchange rates operating income was 25 billion and trailing 12-month free, cash flow was 11.2 billion.

We're seeing strong growth and with the incremental opportunities available to us in areas like AI chips, lower Earth, orbit satellites, quick Commerce and serving more consumers every day. Essentials needs we have a chance to build an even more meaningful business in Amazon. In the coming years with strong return on invested capital and we're investing to do so.

We're already seeing strong demand in these areas, even in these early innings.

I'll start with AWS.

Dave Fildes: Hello, and welcome to our Q4 2025 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO, and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2024. Our comments and responses to your questions reflect management's views as of today, 5 February 2026, only, and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

AWS growth continued to accelerate to 24% the fastest we've seen in 13 quarters up. 2.6 billion quarter over quarter and nearly 7 billion dollars year-over-year.

Speaker #2: materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC. Including our most recent annual report on Form 10-K and subsequent filings.

As is now a 142 billion annualized, run rate business, and our chips, business inclusive of graviton and tranium is now over 10 billion dollars in annual revenue, run rate growing triple digit percentages, year-over-year as a reminder. It's very different having 24%, year-over-year growth on a 142 billion, annualized run rate than to have a higher percentage growth on a meaningfully smaller base, which is the case with our competitors.

We continue to add more incremental revenue and capacity than others and extend our leadership position.

Speaker #2: During this call, we may

Dave Fildes: During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast, and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.

We're continuing to see strong growth and core non AI workloads as Enterprises return to focusing on moving infrastructure from on premises to the cloud along with AWS having the broadest functionality strongest security and operational performance and most vibrant partner ecosystem.

AWS continues to earn most of the big Enterprise and government, transitions to Cloud.

Dave Fildes: Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates and energy prices, changes in global economic and geopolitical conditions, tariff and trade policies, resource and supply volatility, including for memory chips, and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed in our filings with the SEC. Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings, or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance. And now I'll turn the call over to Andy.

Since our last call, we now's new agreements with open AI Visa NBA BlackRock perplexity. Lift United Airlines door Dash sales force US, Air Force Adobe Thompson, Royers 18t. S&P Global National Bank of Canada the London Stock, Exchange Choice, Hotels extension. Indeed HSBC crowdstrike and many more.

More of the top. 500 us startups, use AWS as their primary cloud provider and the next 2 providers combined.

Graviton is up to 40% more price performance than leading x86 processors and is used expansively by over 90% of aws's top, 10,000 customers.

Andy Jassy: Thanks, Dave. We're reporting $213.4 billion in revenue, up 12% year-over-year, excluding the impact from foreign exchange rates. Operating income was $25 billion, and trailing twelve-month free cash flow was $11.2 billion. We're seeing strong growth, and with the incremental opportunities available to us in areas like AI, chips, low Earth orbit satellites, quick commerce, and serving more consumers' everyday essentials needs, we have a chance to build an even more meaningful business at Amazon in the coming years, with strong return on invested capital, and we're investing to do so. We're already seeing strong demand in these areas, even in these early innings. I'll start with AWS.

Graviton itself is a multi-billion dollar annualized, run rate business growing, more than 50% year-over-year.

Speaker #3: up 12% year over year, excluding the

Speaker #3: impact from foreign exchange rates. Operating income was $25 billion, and trailing 12-month free cash flow was $11.2 billion. We're seeing strong growth, and with the incremental opportunities available to us in areas like AI, chips, low-Earth orbit satellites, quick commerce, and serving more consumers' everyday essentials needs, we have a chance to build an even more meaningful business at AMAZON in the coming years, with strong return on invested capital, and we're investing to do so.

We consistently see, customers wanting to run their AI workloads where the rest of their applications and data are. We're also seeing that as customers. Run, large AI workloads on AWS. They're adding to their core AWS Footprints as well, but the biggest reason that AWS continues to gain. AI Shares are uniquely broad top to bottom. AI stack functionality

Speaker #3: these areas, even in these early We're already seeing strong demand in innings. I'll start with growth continued to accelerate to AWS. AWS 24%, the fastest we've seen in 13 quarters, up 2.6 billion quarter over quarter and nearly $7 billion year over year.

Andy Jassy: AWS growth continued to accelerate to 24%, the fastest we've seen in 13 quarters, up $2.6 billion quarter over quarter and nearly $7 billion year over year. AWS is now a $142 billion annualized run rate business, and our chips business, inclusive of Graviton and Trainium, is now over $10 billion in annual revenue run rate, growing triple-digit percentages year over year. As a reminder, it's very different having 24% year-over-year growth on a $142 billion annualized run rate than to have a higher percentage growth on a meaningfully smaller base, which is the case with our competitors. We continue to add more incremental revenue and capacity than others and extend our leadership position.

In AI. We're doing what we've always done in AWS solving customer challenges. Let me give you some examples. The first challenge is having a strong Foundation model to generate inferences or predictions. Customers are realizing as they get further into AI that they need Choice. As different models or better on different dimensions.

In fact, most sophisticated AI applications leverage, multiple models.

Whether customers want Frontier models like anthropics cod or open models, like me straw or llama.

Speaker #3: 142 billion annualized run rate business, and our chips business, inclusive of Graviton and Trainium, is now over $10 billion in annual revenue run rate, growing triple-digit percentages year over year.

Frontier intelligence will lower costs and latency like Amazon Nova or video and audio models like 12 Labs or Nova Sonic. Amazon Bedrock makes it easy to use. These models to run inference securely scalably and Performing late

Speaker #3: different having 24% year over year growth on a 142 billion annualized run rate than to have a higher percentage growth on a meaningfully smaller base, which is the case with our competitors.

Bedrock is now a multi-billion dollar annualized, run rate business and customers spend grew 60% quarter over quarter.

A second challenge is how to hone the model for your application.

Speaker #3: more incremental revenue and capacity than others and extend our leadership position. We're continuing to see strong growth in core non-AI workloads as enterprises return to focusing on moving infrastructure from on-premises to the cloud, along with AWS having the broadest functionality, strongest security, and operational performance, and most vibrant partner ecosystem.

Andy Jassy: We're continuing to see strong growth in core non-AI workloads as enterprises return to focusing on moving infrastructure from on-premises to the cloud, along with AWS having the broadest functionality, strongest security and operational performance, and most vibrant partner ecosystem. AWS continues to earn most of the big enterprise and government transitions to cloud. Since our last call, we announced new agreements with OpenAI, Visa, NBA, BlackRock, Perplexity, Lyft, United Airlines, DoorDash, Salesforce, U.S. Air Force, Adobe, Thomson Reuters, AT&T, S&P Global, National Bank of Canada, the London Stock Exchange, Choice Hotels, Accenture, Indeed, HSBC, CrowdStrike, and many more. More of the top 500 US startups use AWS as their primary cloud provider than the next two providers combined. We're adding significant EC2 core computing capacity each day, and the majority of that new compute is using our custom CPU silicon, Graviton.

Customers sometimes think if they have a good model they will have a good AI application. It's not really true. It takes a lot of work to Post train and fine-tune a model to your application.

Our sagemaker, AI service along with fine-tuning tools and Bedrock, make this much easier for customers.

Speaker #3: AWS continues to earn most of the big enterprise and government transitions to cloud. Since our last call, we announced new agreements with OpenAI, Visa, MBA, BlackRock, Perplexity, Lyft, United Airlines, DoorDash, Salesforce, US Air Force, Adobe, Thomson Reuters, AT&T, S&P Global, National Bank of Canada, the London Stock Exchange, Choice Hotels, Accenture, Indeed, HSBC, CrowdStrike, and many more.

A third challenge is how to have a custom version of the foundation model that best leverages the company's Secret Sauce, their own data.

to date companies have tried to shape models with their own data late, in the process, usually, with fine-tuning or post training,

There's debate in the industry about this, but we believe that enterprises will want models trained on their own data and early stage of pre-training if possible. So their models of the best possible foundation for what matters, most to each Enterprise on which to learn and evolve.

Speaker #3: Top 500 US startups use AWS as their primary cloud provider, more than the next two providers combined. We're adding significant EC2. AWS is now a— As a reminder, it's very— We continue to add core computing capacity each day. More of the— and the majority of that new compute is using our custom CPU, silicon, Graviton.

It's a little like teaching a child a foreign language early in their life. That becomes part of their Learning Foundation, moving forward, and it makes it easier to pick up other languages later in their life.

Speaker #3: Graviton is up to 40% more price-performant than leading x86 processors and is used expansively by over 90% of AWS's top 1,000 customers. Graviton itself is a multi-billion dollar annualized run rate business, growing more than 50% year over year.

Andy Jassy: Graviton is up to 40% more price performant than leading X86 processors and is used expansively by over 90% of AWS's top 1,000 customers. Graviton itself is a multi-billion dollar annualized run rate business, growing more than 50% year-over-year. We consistently see customers wanting to run their AI workloads where the rest of their applications and data are. We're also seeing that as customers run large AI workloads on AWS, they're adding to their core AWS footprint as well. But the biggest reason that AWS continues to gain AI share is our uniquely broad, top to bottom AI stack functionality. In AI, we're doing what we've always done in AWS, solving customer challenges. Let me give you some examples. The first challenge is having a strong foundation model to generate inferences or predictions.

To solve for this need, we just launched Nova Forge, which gives customers early checkpoints on our Amazon, Nova models, allows them to securely mix their own proprietary data with the models data in the pre-training stage and enables their own uniquely customized versions of Novo, what we call novellas trained with their data early in the process.

Speaker #3: We consistently see customers wanting to run their AI workloads where the rest of their applications and data are. We're also seeing that as customers run large AI workloads on AWS, they're adding to their core AWS footprint as well.

This will be very useful for companies as they build their own agents on top of a model. There is nothing else out there like this today, in a potential game changer for companies.

Speaker #3: examples. The first challenge is having a strong foundation model to generate inferences or predictions. Customers are realizing as they get further into AI that they need choice, as different models are better on different dimensions.

Andy Jassy: Customers are realizing as they get further into AI, that they need choice, as different models are better on different dimensions. In fact, most sophisticated AI applications leverage multiple models. Whether customers want frontier models like Anthropic's Claude or open models like Mistral or Llama, frontier intelligence with lower cost and latency like Amazon Nova, or video and audio models like Twelve Labs or Nova Sonic. Amazon Bedrock makes it easy to use these models to run inference securely, scalably, and performantly. Bedrock is now a multi-billion dollar annualized run rate business, and customer spend grew 60% quarter-over-quarter. The second challenge is how to hone the model for your application. Customers sometimes think if they have a good model, they will have a good AI application. It's not really true. It takes a lot of work to pre-train, and fine-tune a model for your application.

Speaker #3: most sophisticated AI applications leverage multiple models. Whether customers want frontier models like Anthropic's Claude, or open models like Mistral or Llama, frontier intelligence with lower costs and latency like Amazon Nova, or video and audio models like 12 Labs or Nova Sonic.

Another challenge is cost. I've said this many times, but if we want AI to be used as expansively as companies want, we have to make the cost of inference lower a significant impediment. Today is the cost of AI chips. Customers are starving for Better Price, performance and typically an understandably, the dominant early leaders aren't in a hurry to make that happen. They have other priorities. It's why we built their own custom silicon and training and it's really taken off. We've landed over 1.4 million, tranium, 2 chips. Are fastest, ramping chip launch ever training 2 is 30 to 40% more price performance than comparable gpus. It is a multi-billion dollar annualized Revenue, run rate business with a 100,000 plus companies using it as training is the majority underpinning of Bedrock usage today.

Speaker #3: these models to run inference securely, scalably, and performantly. Bedrock is now a multi-billion dollar annualized run rate business, and customers spend grew 60% quarter over quarter.

We recently launched training 3, which is up to 40% more price performance than training them too. We're seeing very strong demand for training in 3 and expect nearly all of our training and 3 supply of chips to be committed by mid 2026.

And though we're still building training for we're seeing very strong interests already.

Speaker #3: challenge is how to hone the model for your application. Customers sometimes think if they have a good model, they will have a good AI application.

Looking ahead the primary way companies will give value from AIS with agents, so on their own some from others. And there are several customer challenges that were well positioned to solve.

Speaker #3: true. It takes a lot of work to post-train and fine-tune a model for your application. Our SageMaker AI service along with fine-tuning tools in Bedrock make this much easier for customers.

It's harder to build agents than it should be. For that. We've built strands of service, enabling agents to be created from any model.

Andy Jassy: Our SageMaker AI service, along with fine-tuning tools in Bedrock, make this much easier for customers. A third challenge is how to have a custom version of a foundation model that best leverages a company's secret sauce, their own data. To date, companies have tried to shape models with their own data late in the process, usually with fine-tuning or post-training. There's debate in the industry about this, but we believe that enterprises will want models trained on their own data at an early stage, at pre-training, if possible, so their models have the best possible foundation for what matters most to each enterprise on which to learn and evolve. It's a little like teaching a child a foreign language early in their life. That becomes part of their learning foundation moving forward, and it makes it easier to pick up other languages later in their life.

Speaker #3: A third challenge is how to have a custom version of a foundation model that best leverages a company's secret sauce, their own data. To date, companies have tried to shape models with their own data late in the process, usually with fine-tuning or post-training.

Speaker #3: about this, but we believe that enterprises will want models trained on their own data at an early stage, at pre-training if possible, so their models have the best possible foundation for what matters most to each enterprise on which to learn and evolve.

Speaker #3: little like teaching a child a foreign language early in their life. That becomes part of their learning foundation moving forward, and it makes it easier to pick up other languages later in their life.

Andy Jassy: To solve for this need, we just launched Nova Forge, which gives customers early checkpoints on our Amazon Nova models, allows them to securely mix their own proprietary data with the models data in the pre-training stage, and enables their own uniquely customized versions of Nova, what we call Novellas, trained with their data early in the process. This will be very useful for companies as they build their own agents on top of a model. There is nothing else out there like this today, and a potential game changer for companies. Another challenge is cost. I've said this many times, but if we want AI to be used as expansively as companies want, we have to make the cost of inference lower. A significant impediment today is the cost of AI chips.

Speaker #3: launched Nova Forge, which gives customers early checkpoints on our Amazon Nova models, allows them to securely mix their own proprietary data with the model's data in the pre-training stage, and enables their own uniquely customized versions of Nova, what we call A second It's not really In fact, Amazon Bedrock makes it easy to use process.

And it's unlocking. Deployments customers also want to leverage others, useful agents. And we've built several including Cairo for coding Amazon. Quick for knowledge workers to leverage their own data and analytics, AWS transform for software, migration and Amazon connect for call center operations. We continue adding new capabilities and usage continues to grow quickly. For example, the number of developers using Cairo grew more than 150% quarter over quarter.

In addition to agents the customers, direct customers are also becoming excited about Asians that require less human interaction. They can be fully autonomous, run persistently for hours or days, scale out quickly and remember context.

Speaker #3: This will be very useful for companies as they build their own agents on top of a model. There is nothing else out there like this today and a potential game changer for companies.

Speaker #3: Another challenge is cost. I've said this many times, but if we want AI to be used as expansively as companies want, we have to make the cost of inference lower.

At this past AWS reinvent, we launched Frontier agents to do that. Jerro autonomous agents for coding tasks. AWS devops agents for detecting and resolving operational issues and AWS security agents for proactively securing applications throughout the development life cycle. And they're already making a big difference for customers.

Speaker #3: A significant impediment today is the cost of AI chips. Customers are starving for better price performance, and typically, and understandably, the dominant early leaders aren't in a hurry to make that happen.

Andy Jassy: Customers are starving for better price performance, and typically, and understandably, the dominant early leaders aren't in a hurry to make that happen. They have other priorities. It's why we've built our own custom silicon in Trainium, and it's really taken off. We've landed over 1.4 million Trainium2 chips, our fastest ramping chip launch ever. Trainium2 is 30% to 40% more price performant than comparable GPUs and is a multi-billion dollar annualized revenue run rate business with 100,000+ companies using it, as Trainium is the majority underpinning of Bedrock usage today. We recently launched Trainium3, which is up to 40% more price performant than Trainium2. We're seeing very strong demand for Trainium3 and expect nearly all of our Trainium3 supply of chips to be committed by mid-2026. And though we're still building Trainium4, we're seeing very strong interest already.

Speaker #3: They have other priorities. It's why we've built our own custom Silicon and Trainium. And it's really taken off. We've landed over 1.4 million Trainium 2 chips, our fastest ramping chip launch ever.

We expect to invest about a hundred billion dollars in capital expenditures across Amazon, but predominantly in AWS because we have very high demand, customers? Really want AWS for core and Ai workloads, and we're monetizing capacity as fast as we can install it.

Speaker #3: Trainium 2 is 30 to 40% more price-performant than comparable GPUs, and is a multi-billion dollar annualized revenue run rate business with 100,000 plus companies using it.

We have deep experience, understanding demand signals in the AWS business and then turning that capacity into strong return on invested Capital. We're confident, this will be the case here as well.

I'll now turn to source.

Speaker #3: As Trainium is the majority underpinning of Bedrock usage today, we recently launched Trainium 3, which is up to 40% more price-performant than Trainium 2.

Speaker #3: We're seeing very strong demand for Trainium 3, and expect nearly all of our Trainium 3 supply of chips to be committed by mid-2026. And, though we're still building Trainium 4, we're seeing very strong interest already.

We continue to expand selection including more than 400 new Beauty Brands. In the US in 2025, like, Bobbi Brown cosmetics. Charlotte, Tilbury and Laura Mercier, and new fashion brands like a wave luggage Converse, diesel Michael Kors, Nike, and The North Face.

Speaker #3: Looking ahead, the primary way companies will get value from AI is with agents—some their own, some from others—and there are several customer challenges that we're well positioned to solve.

Andy Jassy: Looking ahead, the primary way companies will get value from AI is with agents, some their own, some from others, and there are several customer challenges that we're well positioned to solve. It's harder to build agents than it should be. For that, we've built Strands, a service enabling agents to be created from any model. Once agents are built, enterprises are apprehensive about deploying to production because these agents need to securely and scalably connect to compute, data, tools, memory, identity, policy, governance, performance monitoring, and other elements. This is a new and hard problem where a solution has not existed until we launched Bedrock Agent Core. Customers are quite excited about Agent Core, and it's unlocking deployments.

Speaker #3: It's harder to build agents than it should be. For that, we've built Strands, a service enabling agents to be created from any model. Once agents are built enterprises are apprehensive about deploying to production because these agents need to securely and scalably connect to compute, data, tools, memory, identity, policy governance, performance monitoring, and other elements.

Our ultra low priced offering Amazon haul grew selection to over a million items under $10 and expanded to serve customers in more than 25 countries and regions. We continue to see strong customer response every day, Essentials and grocery in 2025, everyday essentials grew, nearly twice as fast as all other categories in the US representing 1 out of every 3 units, sold in our store, and we've become a go-to grocery destination for over 150 million Americans mostly through online shopping and Whole Foods.

With over 150 billion dollars in growth sales. Amazon is clearly a large ger at this point.

Speaker #3: This is a new and hard problem where a solution is not existed until we've launched Bedrock Agent Core. Customers are quite excited about Agent Core, and it's unlocking deployments.

customers in thousands of US cities and towns can now, get perishables delivered, same day, alongside millions of other items and customers who use that service shop more than twice as often as customers who don't

Speaker #3: Customers also want to leverage others' useful agents, and we've built several, including Curo for coding, Amazon Qwik for knowledge workers to leverage their own data and analytics, AWS Transform for software migration, and Amazon Connect for call center operations.

Andy Jassy: Customers also want to leverage others' useful agents, and we've built several, including Kuro for coding, Amazon Quick for knowledge workers to leverage their own data and analytics, AWS Transform for software migration, and Amazon Connect for call center operations. We continue adding new capabilities, and usage continues to grow quickly. For example, the number of developers using Kuro grew more than 150% quarter-over-quarter. In addition to agents that customers direct, customers are also becoming excited about agents that require less human interaction. They can be fully autonomous, run persistently for hours or days, scale out quickly, and remember context. At this past AWS re:Invent, we launched Frontier Agents to do that.

We plan to expand in many more communities in 2026. And we also plan to open more than 100 new Whole Foods Market stores over the next few years. As we work to make grocery shopping easier faster and more affordable for customers.

Speaker #3: We continue adding new capabilities and usage continues to grow quickly. For example, the number of developers using Curo grew more than 150% quarter over quarter.

We remain committed to staying sharp on price and continue to meet or beat other retailers. Prices. A recent study from profitero showed that Amazon is America's lowest price retailer for the 9th straight year 14% lower on average than other major online retailers.

Speaker #3: In addition to agents that customers direct, customers are also becoming excited about agents that require less human interaction. They can be fully autonomous, run persistently for hours or days, scale out quickly, and remember context.

We again achieved our fastest ever delivery speeds for Prime members around the world in 2025. In the US, we delivered nearly 70% more items same day than the year before.

Speaker #3: At this past AWS re:Invent, we launched Frontier Agents to do that. Curo autonomous agents for coding tasks, AWS DevOps agents for detecting and resolving operational issues, and AWS Security Agents for proactively securing applications throughout the development lifecycle.

Andy Jassy: Kuro autonomous agents for coding tasks, AWS DevOps Agents for detecting and resolving operational issues, and AWS Security Agents for proactively securing applications throughout the development life cycle, and they're already making a big difference for customers. We expect to invest about $200 billion in capital expenditures across Amazon, but predominantly in AWS, because we have very high demand, customers really want AWS for core and AI workloads, and we're monetizing capacity as fast as we can install it. We have deep experience understanding demand signals in the AWS business and then turning that capacity into strong return on invested capital. We're confident this will be the case here as well. I'll now turn to stores.

We also continue to increasing speed for Rural customers with nearly 2 times more average. Monthly customers in rural areas, receiving same day delivery year over year.

same day as our fastest growing delivery offering and nearly 100 million customers, use it last year in the US

Speaker #3: And they're already customers. We expect to invest about a $200 billion in capital expenditures across Amazon, but predominantly in AWS, because we have very high demand, customers really want AWS for core and AI workloads, and we're monetizing capacity as fast as we can install it.

Speaker #3: We have deep experience understanding demand signals in the AWS business and then turning that capacity into strong return on invested capital. We're confident this will be the case here as well.

And the team is continuing to innovate. We've launched Amazon. Now, in India, Mexico and the UAE Ultra fast delivery and thousands of items in about 30 minutes or less and we're testing it in several communities in the US and UK, it's early, but customers are loving it. For example, in India, customer response, exceeded our most optimistic, expectations, and we're seeing Prime members, triple their shopping frequency, once they start using it.

Speaker #3: I'll now turn to stores. We continue to expand selection, including more than 400 new beauty brands in the US in 2025, like Bobbi Brown Cosmetics, Charlotte Tilbury, and Laura Mercier, and new fashion brands like Away Luggage, Converse, Diesel, Michael Kors, Nike, and the North Face.

Andy Jassy: We continue to expand selection, including more than 400 new beauty brands in the US in 2025, like Bobbi Brown Cosmetics, Charlotte Tilbury, and Laura Mercier, and new fashion brands like Away, Converse, Diesel, Michael Kors, Nike, and The North Face. Our ultra-low-priced offering, Amazon Haul, grew selection to over 1 million items under $10 and expanded to serve customers in more than 25 countries and regions. We continue to see strong customer response to Everyday Essentials and Grocery. In 2025, Everyday Essentials grew nearly twice as fast as all other categories in the US, representing 1 out of every 3 units sold in our store, and we've become a go-to grocery destination for over 150 million Americans, mostly through online shopping and Whole Foods.

Expanding our same day delivery coverage. Also leads to meaningfully later cut off times for orders which is a big deal for customers. For example, on Christmas Eve, customers in about 4,000 US cities could order items up until midday and get them that same day.

Speaker #3: Our ultra-low-priced offering, Amazon Haul, grew selection to over a million items under $10 and expanded to serve customers in more than 25 countries and regions.

Another example, is our recently launched feature, add to delivery which enables Prime members in the US to add items to their upcoming, Amazon deliveries. With just 1 tap, without going through checkout again or paying additional shipping fees.

Speaker #3: We continue to see strong customer response to everyday essentials and grocery. In 2025, everyday essentials grew nearly twice as fast as all other categories in the US, representing one out of every three units sold in our store.

Just 6 months after launch add to delivery, already makes up about 10% of all Prime, volume fulfilled through the Amazon Network each week.

Speaker #3: And we've become a go-to grocery destination for over 150 million Americans. Mostly through online shopping and Whole Foods. With over 150 billion in gross sales, Amazon is clearly a large grocer at this point.

in real time with incredibly low latency, what items among Amazon's hundreds of millions of products are available to add to a customer's upcoming deliveries

surface them, find a way to include in their packages and deliver within the same customer promise.

Andy Jassy: With over $150 billion in gross sales, Amazon is clearly a large grocer at this point. Customers in thousands of US cities and towns can now get perishables delivered same-day alongside millions of other items, and customers who use that service shop more than twice as often as customers who don't. We plan to expand to many more communities in 2026, and we also plan to open more than 100 new Whole Foods Market stores over the next few years as we work to make grocery shopping easier, faster, and more affordable for customers. We remain committed to staying sharp on price and continue to meet or beat other retailers' prices. A recent study from Profiteero showed that Amazon is America's lowest-priced retailer for the ninth straight year, 14% lower on average than other major online retailers.

The store's team is also continuing to innovate and deliver for customers with AI.

Speaker #3: Customers in thousands of US cities and towns can now get perishables delivered same day alongside millions of other items, and customers who use that service shop more than twice as often as customers who don't.

Speaker #3: We plan to expand to many more communities in 2026, and we also plan to open more than 100 new Whole Foods Market stores over the next few years as we work to make grocery shopping easier, faster, and more affordable for customers.

Speaker #3: We remain committed to staying sharp on price. And continue to meet or beat other retailers' prices. A recent study from Profitero showed that Amazon is America's lowest-priced retailer for the ninth straight year, 14% lower on average than other major online retailers.

Our agentic AI shopping assistant, Rufus is rapidly expanded, Rufus can research products, track prices and Auto buy purchasing a product in our store when it reaches your set price, it can also now shop tens of millions of items in other online stores and make purchases for customers using our agentic. Buy for me, feature last year more than 300 million customers use Rufus in addition. Customers use lens are AI powered visual search tool to find products with a phone's camera, a screenshot or a bar code, and they did a 45% more year-over-year.

Andy Jassy: We again achieved our fastest-ever delivery speeds for Prime members around the world in 2025. In the US, we delivered nearly 70% more items same-day than the year before. We also continue increasing speed for rural customers, with nearly 2 times more average monthly customers in rural areas receiving same-day delivery year-over-year. Same-day is our fastest-growing delivery offering, and nearly 100 million customers used it last year in the US. And the team is continuing to innovate. We've launched Amazon Now in India, Mexico, and the UAE. Ultra-fast delivery on thousands of items in about 30 minutes or less, and we're testing it in several communities in the US and UK. It's early, but customers are loving it. For example, in India, customer response exceeded our most optimistic expectations, and we're seeing Prime members triple their shopping frequency once they start using it.

Speaker #3: fastest-ever delivery speeds for We again achieved our Prime members around the world in 2025. In the US, we deliver nearly 70% more items same day than the year before.

On to Amazon ads, we're pleased with the continued strong growth across our full offerings, generating 21.3 billion dollars of Revenue in the quarter and growing 22% year-over-year.

Speaker #3: We also continue increasing speed for rural customers with nearly two times more average monthly customers in rural areas receiving same-day delivery year over year.

Is advertising in our store continues to be our largest ads offering and the combination of trillions of shopping. Browsing and streaming, signals with Advanced Ai, and machine learning. Let us deliver highly relevant useful ads for customers.

Speaker #3: Same day is our fastest-growing delivery offering in nearly 100 million customers used it last year in the US. And the team is continuing to innovate.

Speaker #3: Amazon Now in India, We've launched Mexico, and the UAE, ultra-fast delivery on thousands of items in about 30 minutes or less. And we're testing it in several communities in the US and UK.

We saw a continued growth in Prime video ads, which is now available in 16 countries, and is contributing meaning to our Revenue growth Prime Video has an average ad supported audience of 315 million viewers globally up from 200 million in early 2024.

Our ad team is also innovating with AI.

Speaker #3: It's early, but customers are loving it. For example, in India, customer response exceeded our most optimistic expectations, and we're seeing Prime members triple their shopping frequency once they start using it.

Speaker #3: Expanding our to meaningfully later cutoff times for orders. Which is a big deal for customers. For example, on Christmas Eve, customers in about 4,000 US cities could order items up until midday and get them that same day.

Andy Jassy: Expanding our same-day delivery coverage also leads to meaningfully later cut-off times for orders, which is a big deal for customers. For example, on Christmas Eve, customers in about 4,000 US cities could order items up until midday and get them that same day. Another example is our recently launched feature, Add to Delivery, which enables Prime members in the US to add items to their upcoming Amazon deliveries with just one tap without going through checkout again or paying additional shipping fees. Just six months after launch, Add to Delivery already makes up about 10% of all Prime volume fulfilled through the Amazon network each week.

We recently announced our ads agent which lets brands use AI to create and optimize campaigns at scale, Implement effective campaign targeting and quickly create actionable insights and our creative agent. Lets advertisers research brainstorm and generate full funnel ad campaigns from concept to completion. Using conversational guidance in Amazon's retail data transforming. What was a weeks, long process into just hours?

Speaker #3: Example is our recently launched feature, Another Add to Delivery, which enables Prime members in the US to add items to their upcoming Amazon deliveries with just one tap, without going through checkout again or paying additional shipping fees.

Speaker #3: Just six months after launch, Add to Delivery already makes up about 10% of all Prime volume fulfilled through the Amazon network each week. While this seems simple on the surface, this feature is supported by a lot of invention where we need to figure out in real time and with incredibly low latency what items among Amazon's hundreds of millions of products are available to add to a customer's upcoming deliveries, surface them, find a way to include them in their packages, and deliver within the same customer promise.

We're also continuing to invent and see momentum of several other areas and I'll mention just a few starting with live sports. On Prime the fourth season of Thursday Night, Football broke more records. It was our most watched season ever averaging more than 15 million viewers a 16% year-over-year increase and the third consecutive year of double-digit growth. And the Packers versus Bears. Wild card game was the most streamed NFL game in history with 31.6 million. Viewers clearing the prior Mark, by more than 4 million.

Andy Jassy: While this seems simple on the surface, this feature is supported by a lot of invention, where we need to figure out in real time and with incredibly low latency, what items among Amazon's hundreds of millions of products are available to add to a customer's upcoming deliveries, surface them, find a way to include in their packages, and deliver within the same customer promise. The stores team is also continuing to innovate and deliver for customers with AI. Our agentic AI shopping assistant, Rufus, is rapidly expanded. Rufus can research products, track prices, and auto-buy, purchasing a product in our store when it reaches your set price. It can also now shop tens of millions of items in other online stores and make purchases for customers using our agentic Buy for Me feature. Last year, more than 300 million customers used Rufus.

We just made Alexa Plus available to all customers in the US free for Prime members in 1999 a month for non-prime members.

Speaker #3: The Stores team is also continuing to innovate and deliver for customers with AI. Our agentic AI shopping assistant, Rufus, is rapidly expanding. Rufus can research products, track prices, and auto-buy—purchasing a product in our store when it reaches your set price.

Alexa plus continues to get even better and more capable. And we've added new ways to interact with Alexa including a new chat experience and alexa.com a redesigned mobile app and new Integrations with third-party devices, like Samsung TVs and BMW cars.

We've also added new features like the ability to answer a ring doorbell on a customer's behalf and more ways to shop or manage a home.

Speaker #3: It can also now online stores and make purchases for shop tens of millions of items in other customers using our agentic buy-for-me feature. Last year, more than 300 million customers used Rufus.

And finally, the team is making rapid progress on Amazon, Leo, which will bring connectivity to Consumers Enterprises and governments in places where they don't have Broadband connectivity.

Speaker #3: In addition, customers used Lens, our AI-powered visual search tool, to find products with a phone's camera, a screenshot, or a barcode, and they did it 45% more year over year.

Andy Jassy: In addition, customers used Lens, our AI-powered visual search tool, to find products with a phone's camera, a screenshot, or a barcode, and they did it 45% more year-over-year. Moving on to Amazon Ads, we're pleased with the continued strong growth across our full funnel offerings, generating $21.3 billion of revenue in the quarter and growing 22% year-over-year. Sponsored products advertising in our store continues to be our largest ads offering, and the combination of trillions of shopping, browsing, and streaming signals with advanced AI and machine learning let us deliver highly relevant, useful ads for customers. We saw continued growth in Prime Video ads, which is now available in 16 countries and is contributing meaningfully to our revenue growth....

Our Enterprise grade customer, terminal, Leo, Ultra is the fastest satellite internet antenna ever built. Delivering, simultaneous, download speeds of up to 1 gigabit per second and upload speeds of up to 400 megabits per second.

Speaker #3: Moving on to Amazon Ads, we're pleased with the continued strong growth across our full-funnel offerings, generating 21.3 billion of revenue in the quarter and growing 22% year over year.

Leo will offer enterprise grade performance and advanced encryption with secure private networking that bypasses public Internet connecting directly to AWS.

We've launched 180 satellites have more than 20 launches planned in 2026 more than 30 and 2027 and expect a large commercially in 2026.

Speaker #3: our store continues to be our largest ads Sponsored products advertising in offering, and the combination of trillions of shopping, browsing, and streaming signals with advanced AI and machine learning let us deliver highly relevant and useful ads for customers.

We have dozens of commercial agreements already signed including with AT&T Direct TV Latin America, JetBlue and Australia's national Broadband Network and have many more on the way.

Speaker #3: We saw continued growth in Prime Video ads, which is now available in 16 countries and is contributing meaningfully to our revenue growth. Prime Video has an average ad-supported audience of 315 million viewers globally, up from 200 million in early 2024.

Andy Jassy: Prime Video has an average ad-supported audience of 315 million viewers globally, up from 200 million in early 2024. Our ads team is also innovating with AI. We recently announced our ads agent, which lets brands use AI to create and optimize campaigns at scale, implement effective campaign targeting, and quickly create actionable insights. And our creative agent lets advertisers research, brainstorm, and generate full funnel ad campaigns from concept to completion using conversational guidance in Amazon's retail data, transforming what was a weeks-long process into just hours. We're also continuing to invent and see momentum in several other areas, and I'll mention just a few. Starting with live sports on Prime. The fourth season of Thursday Night Football broke more records.

Speaker #3: Our ads team is also innovating with AI. We recently announced our ads agent, which lets brands use AI to create and optimize campaigns at scale, implement effective campaign targeting, and quickly create actionable insights.

Thanks Andy, starting with our Top Line Financial results, worldwide Revenue was 213.4 billion, the 12%, increase year-over-year, including the 150 basis points, favorable impact of foreign exchange.

Speaker #3: And our creative agent lets advertisers research, brainstorm, and generate full-funnel ad campaigns from concept to completion, using conversational guidance and Amazon's retail data, transforming what was a weeks-long process into just hours.

Thank you for we reported worldwide, operating income of 25 billion dollars. This operating income includes 3 special charges which reduced operating income by 2.4 billion dollars.

The first charge of 1.1 billion dollars is for the resolution of tax disputes associated with our stores business in Italy and the settlement of a lawsuit.

Speaker #3: We're also continuing to invent and see momentum in several other areas, and I'll mention just a few. Starting with live sports on Prime. The fourth season of Thursday Night Football broke more records.

Other operating expense line items.

Second charge is 730 million. It's for the estimated Seance costs.

Speaker #3: It was our most-watched season ever, averaging more than 15 million viewers, a 16% year-over-year increase, and the third consecutive year in double-digit growth. And the Packers versus Bears wildcard game was the most-streamed NFL game in history with 31.6 million viewers, clearing the prior mark by more than 4 million.

Andy Jassy: It was our most-watched season ever, averaging more than 15 million viewers, a 16% year-over-year increase, and a third consecutive year of double-digit growth. The Packers versus Bears Wild Card game was the most streamed NFL game in history, with 31.6 million viewers, clearing the prior mark by more than 4 million. We just made Alexa+ available to all customers in the US, free for Prime members and $19.99 a month for non-Prime members. Alexa+ continues to get even better and more capable, and we've added new ways to interact with Alexa, including a new chat experience at alexa.com, a redesigned mobile app, and new integrations with third-party devices like Samsung TVs and BMW cars. We've also added new features, like the ability to answer a Ring doorbell on a customer's behalf and more ways to shop or manage a home.

This charge impacts all 3 of our segments as a reported primarily in the Fulfillment sales and marketing and technology and infrastructure expense line items.

The Third charge is 610. Million is for asset impairments, primarily related to physical stores.

Speaker #3: We just made Alexa Plus available to all customers in the US, free for Prime members and 19.99 a month for non-Prime members. Alexa Plus continues to get even better and more capable, and we've added new ways to interact with Alexa, including a new chat experience at alexa.com, a redesigned mobile app, and new integrations with third-party devices like Samsung TVs and BMW cars.

Discharge primarily, impacts the North America segment and is recorded in other operating expense lines.

Moving on to our segment results.

In the North America segment, fourth quarter revenue is 127.1 billion can increase to 10% year-over-year.

Revenue was 50.7 billion dollars, an increase of 11% year-over-year, excluding the impact of foreign exchange

Speaker #3: We've also added new features, like the ability to answer a Ring doorbell on a customer's behalf, and more ways to shop or manage a home.

Worldwide, paid units, grew, 12% year-over-year, which is our highest quarterly growth rate in 2025.

Speaker #3: And finally, the team is making rapid progress on Amazon Leo, which will bring connectivity to consumers, enterprises, and governments in places where they don't have broadband connectivity.

Andy Jassy: And finally, the team is making rapid progress on Amazon Leo, which will bring connectivity to consumers, enterprises, and governments in places where they don't have broadband connectivity. Our enterprise-grade customer terminal, Leo Ultra, is the fastest satellite internet antenna ever built, delivering simultaneous download speeds of up to 1 Gb per second and upload speeds of up to 400 Mb per second. Leo will offer enterprise-grade performance and advanced encryption with secure private networking that bypasses public internet, connecting directly to AWS. We've launched 180 satellites, have more than 20 launches planned in 2026, more than 30 in 2027, and expect to launch commercially in 2026. We have dozens of commercial agreements already signed, including with AT&T, DirecTV Latin America, JetBlue, and Australia's National Broadband Network, and have many more on the way.

The fourth quarter, marked a strong finish to the year as we deliver for customers. During the peak holiday season. Our sharp pricing that selection and record fast delivery speeds resonated with customers.

Speaker #3: Our enterprise-grade customer terminal, Leo Ultra, is the fastest satellite internet antenna ever built. Delivering simultaneous download speeds of up to 1 gigabit per second and upload speeds of up to 400 megabits per second.

The appreciate the convenience of receiving that items quickly from gifts from family and friends to everyday essentials and perishable groceries.

Speaker #3: Leo will offer enterprise-grade performance and advanced encryption with secure private networking that bypasses public internet, connecting directly to AWS. We've launched 180 satellites, have more than 20 launches planned in 2026, more than 30 in 2027, and expect to launch commercially in 2026.

Our millions of global third party, sellers continue to be an important contributor to our broad selection.

Thank you for worldwide third-party seller unit. Next was 61%.

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Q4 2025 Amazon.com Inc Earnings Call

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Q4 2025 Amazon.com Inc Earnings Call

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