FLYWHEELCLOCK
Company · AMZN · Year ended Dec 31, 2025 (10-K filed Feb 6, 2026)

How Amazon makes money, live: revenue, AWS, ads and where it goes

AWS is 18% of sales but 57% of operating income. Capex hit $131.8B.

Revenue since Jan 1 projected from annual 10-K averages
$22,734 a second
0 since you opened this page$22,734 a second— a day
Employees~1,576,000
Dividends paidNone
Buybacks 2023–2025None
Cash & securities$123.0B
Net income (profit)
$2,463/s
$2,463 a second · 0 since you opened this page
AWS revenue
$4,082/s
$4,082 a second · 0 since you opened this page
Capital spending
$4,180/s
$4,180 a second · 0 since you opened this page

Each counter = 2025 total from the 10-K ÷ 31,536,000 seconds. These are averages, not real-time sales. Capital spending = purchases of property and equipment in the cash flow statement ($131.8B, before $3.5B of proceeds and incentives). 1

The short answer

Amazon is a store and a cloud company in one filing. In 2025 AWS was 18.0% of sales but 57.0% of operating income (derived). North America and International retail made the rest. 1

Where revenue comes from1

Net sales 2025 by reported segment.

  • North America$426.31B59.5%
  • International$161.89B22.6%
  • AWS$128.72B18.0%

Total: $716.92B

Where operating profit comes from1

Segment operating income 2025 as filed.

  • North America$29.62B37.0%
  • International$4.75B5.9%
  • AWS$45.61B57.0%

Operating income: $79.97B

AWS: 18.0% of sales, 57.0% of operating income (derived). Operating margin: AWS 35.4%, North America 6.9%, International 2.9% (derived).

US$ millions. Segment operating income is reported after allocated costs as in the 10-K segment note. 1

Money in, money out

Every dollar of 2025 revenue, from where it came to where it went. Values in US$ billions.

Income statement, 2025 live flow

Scroll sideways to follow the money →

Online stores → Total revenue: $269.3BPhysical stores → Total revenue: $22.6BThird-party seller services → Total revenue: $172.2BAdvertising → Total revenue: $68.6BSubscriptions (Prime etc.) → Total revenue: $49.6BAWS → Total revenue: $128.7BOther → Total revenue: $5.9BTotal revenue → Cost of sales: $356.4BTotal revenue → Fulfillment: $109.1BTotal revenue → Technology & infrastructure: $108.5BTotal revenue → Sales & marketing: $47.1BTotal revenue → G&A and other operating: $15.8BTotal revenue → Operating income: $80.0BOperating income → Pre-tax income: $80.0BInterest & other income, net → Pre-tax income: $17.3BPre-tax income → Income tax & equity-method: $19.6BPre-tax income → Net income: $77.7BNet income → Kept in the business †: $77.7BOnline stores$269.3B$8.5K · $8.5K/sPhysical stores$22.6B$715 · $715/sThird-party seller services$172.2B$5.5K · $5.5K/sAdvertising$68.6B$2.2K · $2.2K/sSubscriptions (Prime etc.)$49.6B$1.6K · $1.6K/sAWS$128.7B$4.1K · $4.1K/sOther$5.9B$188 · $188/sTotal revenue$716.9B$22.7K · $22.7K/sCost of sales$356.4B$11.3K · $11.3K/sFulfillment$109.1B$3.5K · $3.5K/sTechnology & infrastructure$108.5B$3.4K · $3.4K/sSales & marketing$47.1B$1.5K · $1.5K/sG&A and other operating$15.8B$501 · $501/sOperating income$80.0B$2.5K · $2.5K/sInterest & other income, net$17.3B$550 · $550/sPre-tax income$97.3B$3.1K · $3.1K/sIncome tax & equity-method$19.6B$623 · $623/sNet income$77.7B$2.5K · $2.5K/sKept in the business †$77.7B †$2.5K · $2.5K/s

US$ millions from the 10-K: 269,287 + 22,561 + 172,162 + 68,635 + 49,619 + 128,725 + 5,935 = 716,924 net sales. "G&A and other" = G&A 11,172 + other operating expense 4,639 (includes a $2.5B FTC settlement charge). Non-operating income, net of 17,336 = interest income 4,381 − interest expense 2,274 + other income 15,229, which the 10-K attributes mainly to equity-investment valuation adjustments, not cash from selling goods. "Income tax & equity-method" = 19,087 + 554. 1 Amazon paid no dividends and made no buybacks in 2025, so all 77,670 of net income stays in the business (derived). 1

Per-second basis: Fiscal-year total ÷ seconds in the year. Amazon's fiscal year is the calendar year 2025 = 365 days = 31,536,000 seconds. Each counter shows that per-second rate × seconds since Jan 1 in your time zone. The counters are projections from that average, not live sales. † = derived (calculated from filed figures, math in the note).

Every node and flow as text (19 nodes, 18 flows)
NodeFiscal yearPer second
Online stores$269.29B$8.5K/s
Physical stores$22.56B$715/s
Third-party seller services$172.16B$5.5K/s
Advertising$68.64B$2.2K/s
Subscriptions (Prime etc.)$49.62B$1.6K/s
AWS$128.72B$4.1K/s
Other$5.93B$188/s
Total revenue$716.92B$22.7K/s
Cost of sales$356.41B$11.3K/s
Fulfillment$109.07B$3.5K/s
Technology & infrastructure$108.52B$3.4K/s
Sales & marketing$47.13B$1.5K/s
G&A and other operating$15.81B$501/s
Operating income$79.97B$2.5K/s
Interest & other income, net$17.34B$550/s
Pre-tax income$97.31B$3.1K/s
Income tax & equity-method$19.64B$623/s
Net income$77.67B$2.5K/s
Kept in the business † †$77.67B$2.5K/s
FlowFiscal yearPer second
Online stores → Total revenue$269.29B$8.5K/s
Physical stores → Total revenue$22.56B$715/s
Third-party seller services → Total revenue$172.16B$5.5K/s
Advertising → Total revenue$68.64B$2.2K/s
Subscriptions (Prime etc.) → Total revenue$49.62B$1.6K/s
AWS → Total revenue$128.72B$4.1K/s
Other → Total revenue$5.93B$188/s
Total revenue → Cost of sales$356.41B$11.3K/s
Total revenue → Fulfillment$109.07B$3.5K/s
Total revenue → Technology & infrastructure$108.52B$3.4K/s
Total revenue → Sales & marketing$47.13B$1.5K/s
Total revenue → G&A and other operating$15.81B$501/s
Total revenue → Operating income$79.97B$2.5K/s
Operating income → Pre-tax income$79.97B$2.5K/s
Interest & other income, net → Pre-tax income$17.34B$550/s
Pre-tax income → Income tax & equity-method$19.64B$623/s
Pre-tax income → Net income$77.67B$2.5K/s
Net income → Kept in the business †$77.67B$2.5K/s
Where the cash went, 2025

Scroll sideways to follow the money →

Operating cash flow → Capex, net of sale proceeds & incentives: $128.3BOperating cash flow → Free cash flow (what was left): $11.2BOperating cash flow$139.5BCapex, net of sale proceeds & incentives$128.3BFree cash flow (what was left)$11.2B

Operating cash flow 139,514 − purchases of property and equipment 131,819 + proceeds from sales and incentives 3,499 = free cash flow 11,194, as the 10-K defines it (it was 38,219 in 2024). Amazon paid no dividends (none in the cash flow statement) and made no buybacks in 2023, 2024 or 2025; $6.1B remains on the 2022 authorization. 1

Operating margin
11.2%
79,975 ÷ 716,924 (derived) 1
AWS operating margin
35.4%
45,606 ÷ 128,725 (derived) 1
Effective tax rate
19.6%
19,087 ÷ 97,311 (derived); cash taxes paid $8.3B 1
Free cash flow
$11.2B
Down from $38.2B in 2024 1

The flywheel

Amazon's own description of its loop: customer experience drives sales, scale lowers costs per unit, cash is reinvested. Each step cites the 10-K. These are Amazon's stated aims and results, not measured cause and effect.

Amazon's loop, 2025

Scroll sideways to see the whole loop →

more unit salesPrime $49.6BAWS 57% of profitcustomer experience1. Price, selection, speedSales +12%2. Sellers, ads, Prime3P $172B · Ads $69B3. Lower cost per unitOp. margin 11.2%4. Cash reinvestedCapex $131.8B
  1. Price, selection, speed Sales +12%. Net sales rose to 716,924 from 637,959 (+12%). The 10-K says increased unit sales "were driven largely by our continued focus on price, selection, and convenience for our customers, including from our fast shipping offers".1
  2. Sellers, ads, Prime 3P $172B · Ads $69B. Sales growth "primarily reflects increased unit sales, including sales by third-party sellers, advertising sales, and subscription services": seller services 172,162, advertising 68,635, subscriptions (including Prime) 49,619.1
  3. Lower cost per unit Op. margin 11.2%. To "decrease our variable costs on a per unit basis and enable us to lower prices", Amazon says it seeks to increase direct sourcing, increase supplier discounts and reduce defects. Operating income was 79,975 (11.2% of sales, derived), of which AWS earned 45,606 (57%, derived).1
  4. Cash reinvested Capex $131.8B. Operating cash flow was 139,514 and purchases of property and equipment 131,819. The 10-K says operating income is partly offset by "investments we make in longer-term strategic initiatives, including capital expenditures focused on improving the customer experience".1

Capex covers the whole company, including AWS data centers; the 10-K does not split it by purpose in this sentence. 1

Per employee

About 1,576,000 full-time and part-time employees at year-end, plus contractors and temporary staff that are not counted. 1

Revenue per employee
$455K
716,924M ÷ 1,576,000 1
Profit per employee
$49K
Net income ÷ employees; includes $15.2B of investment gains 1
Operating income per employee
$51K
1
Stock comp per employee
$12K
$19.5B stock-based compensation ÷ employees (derived) 1
Avg. hourly wage
Not disclosed
The 10-K gives headcount only, no pay data 1

Where the money comes from

Amazon reports three segments, revenue by product and service group, and revenue by country. It does not disclose revenue by US state.

Net sales by group, 20251

Online stores$269.3B
Third-party seller services$172.2B
AWS$128.7B
Advertising services$68.6B
Subscription services$49.6B
Physical stores$22.6B
Other$5.9B

Net sales by country, 20251

United States$489.7B
Germany$45.9B
United Kingdom$43.2B
Japan$30.7B
Rest of world$107.5B

Segments, 20251

SegmentNet salesOperating incomeMargin
North America$426.3B$29.6B6.9%
International$161.9B$4.8B2.9%
AWS$128.7B$45.6B35.4%
Total$716.9B$80.0B11.2%

Margins are derived. AWS earns 57% of operating income (45,606 ÷ 79,975, derived). 1

The decisions behind the numbers

AWS
57%

of operating income from 18% of sales

AWS sales grew 20% to $128.7B at a 35.4% operating margin (derived). North America earned 7.0% and International 2.9%. Retail and AWS are different businesses in one filing.1

Capital spending
$131.8B

of capex, up from $83.0B

Purchases of property and equipment were $52.7B in 2023, $83.0B in 2024 and $131.8B in 2025. Of 2025's $142.4B total net additions, $96.5B went to AWS. Free cash flow fell from $38.2B to $11.2B.12

Advertising
$68.6B

of ad revenue, up 22%

Advertising sales grew from $46.9B in 2023 to $68.6B in 2025 (growth derived), now 9.6% of revenue (derived). The 10-K lists it as its own line.1

Third-party sellers
$172.2B

in seller services revenue

Commissions plus fulfillment and shipping fees on sellers' products were 24% of revenue (derived), second only to Amazon's own online stores ($269.3B, 38% of revenue, derived).1

One-time charges
$5.2B

of FTC settlement and severance in 2025

Operating income includes $2.5B for a settlement with the FTC and $2.7B of estimated severance costs, per the 10-K. Both are in the 2025 figures shown here.1

No payouts
$0

in buybacks 2023–2025, and no dividends

Amazon keeps its cash for investment. There were no repurchases in 2023, 2024 or 2025, and the cash flow statement has no dividend line.1

Five years of results

Revenue, operating income and net income by year, from the 10-Ks.

  1. 2021
    Revenue $469.8B, operating income $24.9B, net income $33.4B. Capex $61.1B.2
  2. 2022
    Revenue $514.0B, operating income $12.2B, a net loss of $2.7B, the only loss in the five years.2
  3. 2023
    Revenue $574.8B, operating income $36.9B, net income $30.4B. Capex $52.7B.1
  4. 2024
    Revenue $638.0B, operating income $68.6B, net income $59.2B. Capex $83.0B.1
  5. 2025
    Revenue $716.9B (up 12%), operating income $80.0B, net income $77.7B. Capex $131.8B.1

Sources

  1. Amazon.com, Inc., Form 10-K for the year ended Dec 31, 2025 (filed Feb 6, 2026)
  2. SEC EDGAR XBRL companyfacts, Amazon.com, Inc. (CIK 0001018724): annual figures from each year's 10-K

Figures are as published by each source on the dates shown. Derived numbers say so and show their math.