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InternationalThin moat

Amazon (AMZN) — moat facet

Eight losing years in eleven, and 2025's record profit was mostly a weaker dollar: the store abroad has not yet shown it can pay on its own.

International is the part of Amazon that proves how hard the store model is to make pay. It sold $161.9 billion in 2025 and earned $4.8 billion of operating income, a 2.9% margin1. Over the twelve months to September 2026 it earned $5.8 billion on $175.8 billion, 3.3%2. Those are the best margins the segment has reported, and they are less than half of North America's.

International segment operating income, 2015-2025 ($B)-0.72015-1.316-3.117-2.118-1.7190.720-0.921-7.722-2.7233.8244.825Amazon Forms 10-K FY2017-FY2025; losses in red
Losses in eight of eleven years; 2024 and 2025 are the first back-to-back profits.

The 10-K defines the segment as retail sales, advertising and subscription services "through internationally-focused online stores", including export sales from those stores, among them sales to customers in the United States, Mexico and Canada3. The definition mentions online stores only; Whole Foods and Amazon's other physical stores sit in North America. The company does not give segment sales by country, but its country table shows the markets: consolidated net sales of $45.9 billion in Germany, $43.2 billion in the United Kingdom, $30.7 billion in Japan and $107.5 billion in the rest of the world in 20254. Those country figures include AWS and are not the segment, but they show where the growth has been: rest-of-world sales were $7.4 billion in 20155, so they grew nearly fifteenfold in ten years, against roughly fourfold for each of Germany, the United Kingdom and Japan6.

It is paid the same four ways as the North American store: product sales, seller fees, advertising and subscriptions. What differs is density. Each new country needs its own warehouses, delivery network, catalogue and payment arrangements, and starts with a fraction of the volume that makes those fixed costs cheap per parcel in the United States.

The profit history shows it. The segment lost $0.7 billion in 2015, $1.3 billion in 2016, $3.1 billion in 2017 and $2.1 billion in 20187. It lost $1.7 billion in 2019, earned $0.7 billion in the pandemic year of 2020 and lost $0.9 billion in 20218. Then, in 2022, it lost $7.7 billion on $118.0 billion of sales, a year in which its sales also fell 7.7%9. It lost a further $2.7 billion in 2023 before earning $3.8 billion in 2024 and $4.8 billion in 202510. Add the eleven years up and International has lost $10.9 billion11.

Growth has been respectable but slower than at home. Sales compounded at 16% a year from 2015 to 2025, against 21% for North America12. The weak year was 2022, when a strong dollar shrank translated sales as well as demand; the strong years were 2016 and 2017, around 24% each, and the pandemic year, 40%. In 2025 sales grew 13%, and the filing says currency added $4.9 billion to them13. The latest quarters grew 11% and 15% excluding currency14.

Currency matters more to the profit than to the sales. For 2025 the filing says changes in exchange rates "positively impacted operating income by $903 million"15. Take that out and the segment's operating income was about $3.8 billion, almost exactly the $3.8 billion of 202416. The reported 25% rise in International profit in 2025 was mostly the weaker dollar. The filing's explanation of the underlying change is the same as North America's: more units and more advertising, "partially offset by increased fulfillment and shipping costs"17.

The segment carried $30.6 billion of property and equipment at the end of 2025, up from $2.3 billion in 201518, and added $7.6 billion in 202519. It is the smallest capital commitment of the three segments, and the lightest relative to sales: International carried about 19 cents of property for each dollar of 2025 sales, against about 29 cents in North America20. A store with less of its own network per dollar of sales has fewer fixed costs to spread and, so far, less of the density that makes the American network pay.

The outlook is better than the history. The third quarter of 2026 produced $1.6 billion of operating income on $43.1 billion of sales, a 3.7% margin against 2.9% a year earlier, and a 42% constant-currency gain in profit21, which is the cleanest evidence yet that the segment can earn money on its own.

The number to watch is International operating income excluding currency. It was flat in 2025, grew 18% in the second quarter of 2026 and 42% in the third2223; two more years of double-digit growth on that measure would mean the store abroad has finally become a business, while a return to losses in a year of a strong dollar would mean it has not.

Moat trajectory: Holding steady

Reported profit rose 25% in 2025, but excluding a $903 million currency benefit it was flat; constant-currency operating income then grew 18% in the June quarter and 42% in September, the first sustained evidence of progress that is not the exchange rate.

The number that tests this moat
Reported
International operating income excluding currency
+42% in Q3 2026, after +18% in Q2; flat in 2025

Currency added $903 million to 2025's reported $4.8 billion, so the constant-currency line is the only honest read. Two quarters of double-digit growth on it is the first evidence the store abroad can earn without the exchange rate; a return to decline would end the case.

How it's calculated: Moat Explorer calculation from Amazon's Form 10-K segment tables and the Q2 2026 release.
Source: Amazon Form 10-K FY2025 and Q3 2026 results release ↗
References
  1. ReportedIt sold $161.9 billion in 2025 and earned $4.8 billion of operating income, a 2.9% margin.
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  2. ReportedOver the twelve months to September 2026 it earned $5.8 billion on $175.8 billion, 3.3%.
    Amazon.com, third-quarter 2026 results release (Form 8-K, Exhibit 99.1) - Supplemental Financial Information and Business Metrics, six quarters from Q2 2025 to Q3 2026. North America: net sales $100,068M, $106,267M, $127,083M, $104,143M, $116,177M and $112,852M, growth excluding currency 11%, 11%, 10%, 12%, 16% and 6%; operating income $7,517M, $4,789M, $11,472M, $8,267M, $9,123M and $8,723M; operating margin 7.5%, 4.5%, 9.0%, 7.9%, 7.9% and 7.7%; trailing-twelve-month net sales $404,078M, $414,808M, $426,305M, $437,561M, $453,670M and $460,255M, trailing operating income $28,277M, $27,403M, $29,619M, $32,045M, $33,651M and $37,585M, and trailing margin 7.0%, 6.6%, 6.9%, 7.3%, 7.4% and 8.2%. International: net sales $36,761M, $40,896M, $50,724M, $39,789M, $42,197M and $43,108M, growth excluding currency 11%, 10%, 11%, 11%, 15% and 8%; operating income $1,494M, $1,199M, $1,040M, $1,424M, $1,717M and $1,580M, with operating income growth excluding currency of 324%, (31)%, (45)%, 6%, 18% and 42%; trailing net sales $149,582M, $154,590M, $161,894M, $168,170M, $173,606M and $175,818M, trailing operating income $5,127M, $5,025M, $4,750M, $5,157M, $5,380M and $5,761M, and trailing margin 3.4%, 3.2%, 2.9%, 3.1%, 3.1% and 3.3%. AWS: net sales $30,873M, $33,006M, $35,579M, $37,587M, $42,232M and $45,984M, growth excluding currency 17%, 20%, 24%, 28%, 37% and 39%; operating income $10,160M, $11,434M, $12,465M, $14,161M, $16,621M and $17,773M; operating margin 32.9%, 34.6%, 35.0%, 37.7%, 39.4% and 38.7%; trailing net sales $116,378M to $161,382M and trailing operating income $42,786M to $61,020M. Net sales by product line: online stores $61,485M, $67,407M, $82,988M, $64,254M, $70,432M and $68,470M; advertising services $15,694M, $17,703M, $21,317M, $17,243M, $19,809M and $19,637M; subscription services $12,208M, $12,574M, $13,122M, $13,427M, $13,730M and $14,006M. Worldwide shipping costs $23,370M, $25,384M, $31,492M, $25,709M, $27,873M and $28,295M, growing 6%, 8%, 10%, 14%, 19% and 11% against worldwide paid-unit growth of 12%, 11%, 12%, 15%, 17% and 12% and a seller unit mix of 62%, 62%, 61%, 60%, 61% and 61%; employees 1,546,000 to 1,638,000. Trailing operating cash flow $121,137M to $168,300M, trailing purchases of property and equipment net of proceeds $102,953M to $210,657M, and trailing free cash flow $18,184M, $14,788M, $11,194M, $1,232M, $(7,604)M and $(42,357)M — Q2 2025 - Q3 2026 · publ. October 29, 2026 · source ↗
  3. ReportedThe 10-K defines the segment as retail sales, advertising and subscription services "through internationally-focused online stores", including export sales from those stores, among them sales to customers in the United States, Mexico and Canada.
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  4. ReportedThe company does not give segment sales by country, but its country table shows the markets: consolidated net sales of $45.9 billion in Germany, $43.2 billion in the United Kingdom, $30.7 billion in Japan and $107.5 billion in the rest of the world in 2025.
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  5. ReportedThose country figures include AWS and are not the segment, but they show where the growth has been: rest-of-world sales were $7.4 billion in 2015, so they grew nearly fifteenfold in ten years, against roughly fourfold for each of Germany, the United Kingdom and Japan.
    Amazon.com Inc., Form 10-K, FY2017 — segment results 2015-2017 (North America net sales $63,708M and operating income $1,425M in 2015; International $35,418M and -$699M; AWS $7,880M and $1,507M); property and equipment, net by segment at December 31, 2015 (North America $6,707M, International $2,266M, AWS $8,356M); net sales by country 2015 (Germany $11,816M, United Kingdom $9,033M, Japan $8,264M, rest of world $7,356M); acquisition of Whole Foods Market on August 28, 2017 — FY2015-FY2017 · publ. February 2, 2018 · source ↗
  6. Moat Explorer calcThose country figures include AWS and are not the segment, but they show where the growth has been: rest-of-world sales were $7.4 billion in 2015, so they grew nearly fifteenfold in ten years, against roughly fourfold for each of Germany, the United Kingdom and Japan.
    Moat Explorer calculation from Amazon's Forms 10-K FY2017, FY2018, FY2021 and FY2025 segment tables and the Q2 2026 results release: shares of 2025 sales and operating income (North America $426,305M / $716,924M = 59.5% and $29,619M / $79,975M = 37.0%; International 22.6% and 5.9%; AWS 18.0% and 57.0%); cumulative 2015-2025 operating income (AWS $190.4B, North America $103.5B, International -$10.9B, total $283.0B); compound annual growth 2015-2025 = (2025 / 2015)^(1/10) - 1 (AWS 32.2%, North America 20.9%, International 16.4%); margins = operating income / net sales (North America 2.2% in 2015, 3.7% in 2020, 2.6% in 2021, -0.9% in 2022 on -$2,847M / $315,880M; International -6.6% in 2022 on -$7,746M / $118,007M, sales -7.7%; AWS 19.1% in 2015, 26.3-29.8% in 2018-2023, 37.0% in 2024, 28.5% in 2022); International operating income excluding currency $4,750M - $903M = $3,847M against $3,792M; AWS share of 2025 net additions $96,496M / $142,352M = 67.8%; AWS net property +71.7% and operating income +14.5% in 2025; AWS operating income / average segment property 43.4% (2024) and 30.3% (2025); property per dollar of 2025 sales International $30,632M / $161,894M = 0.19, North America $122,043M / $426,305M = 0.29; fulfilment / store sales 19.4% (2022) and 18.5% (2025), shipping costs / store sales 19.2% and 17.5%; country growth 2015-2025 (rest of world 14.6x, Germany 3.9x, United Kingdom 4.8x, Japan 3.7x) — FY2015-Q2 2026 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Amazon's Forms 10-K and the Q2 2026 results release; see the source line for each operand.
  7. ReportedThe segment lost $0.7 billion in 2015, $1.3 billion in 2016, $3.1 billion in 2017 and $2.1 billion in 2018.
    Amazon.com Inc., Form 10-K, FY2018 — segment results 2016-2018 (North America net sales $79,785M / $106,110M / $141,366M and operating income $2,361M / $2,837M / $7,267M; International net sales $43,983M / $54,297M / $65,866M and operating income -$1,283M / -$3,062M / -$2,142M; AWS net sales $12,219M / $17,459M / $25,655M and operating income $3,108M / $4,331M / $7,296M) — FY2016-FY2018 · publ. February 1, 2019 · source ↗
  8. ReportedIt lost $1.7 billion in 2019, earned $0.7 billion in the pandemic year of 2020 and lost $0.9 billion in 2021.
    Amazon.com Inc., Form 10-K, FY2021 — segment results 2019-2021 (North America net sales $170,773M / $236,282M / $279,833M and operating income $7,033M / $8,651M / $7,271M; International net sales $74,723M / $104,412M / $127,787M and operating income -$1,693M / $717M / -$924M; AWS $35,026M / $45,370M / $62,202M and $9,201M / $13,531M / $18,532M); property and equipment, net by segment 2019-2021 (AWS $23,481M / $32,151M / $43,245M) — FY2019-FY2021 · publ. February 4, 2022 · source ↗
  9. Moat Explorer calcThen, in 2022, it lost $7.7 billion on $118.0 billion of sales, a year in which its sales also fell 7.7%.
    Moat Explorer calculation from Amazon's Forms 10-K FY2017, FY2018, FY2021 and FY2025 segment tables and the Q2 2026 results release: shares of 2025 sales and operating income (North America $426,305M / $716,924M = 59.5% and $29,619M / $79,975M = 37.0%; International 22.6% and 5.9%; AWS 18.0% and 57.0%); cumulative 2015-2025 operating income (AWS $190.4B, North America $103.5B, International -$10.9B, total $283.0B); compound annual growth 2015-2025 = (2025 / 2015)^(1/10) - 1 (AWS 32.2%, North America 20.9%, International 16.4%); margins = operating income / net sales (North America 2.2% in 2015, 3.7% in 2020, 2.6% in 2021, -0.9% in 2022 on -$2,847M / $315,880M; International -6.6% in 2022 on -$7,746M / $118,007M, sales -7.7%; AWS 19.1% in 2015, 26.3-29.8% in 2018-2023, 37.0% in 2024, 28.5% in 2022); International operating income excluding currency $4,750M - $903M = $3,847M against $3,792M; AWS share of 2025 net additions $96,496M / $142,352M = 67.8%; AWS net property +71.7% and operating income +14.5% in 2025; AWS operating income / average segment property 43.4% (2024) and 30.3% (2025); property per dollar of 2025 sales International $30,632M / $161,894M = 0.19, North America $122,043M / $426,305M = 0.29; fulfilment / store sales 19.4% (2022) and 18.5% (2025), shipping costs / store sales 19.2% and 17.5%; country growth 2015-2025 (rest of world 14.6x, Germany 3.9x, United Kingdom 4.8x, Japan 3.7x) — FY2015-Q2 2026 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Amazon's Forms 10-K and the Q2 2026 results release; see the source line for each operand.
  10. ReportedIt lost a further $2.7 billion in 2023 before earning $3.8 billion in 2024 and $4.8 billion in 2025.
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  11. Moat Explorer calcAdd the eleven years up and International has lost $10.9 billion.
    Moat Explorer calculation from Amazon's Forms 10-K FY2017, FY2018, FY2021 and FY2025 segment tables and the Q2 2026 results release: shares of 2025 sales and operating income (North America $426,305M / $716,924M = 59.5% and $29,619M / $79,975M = 37.0%; International 22.6% and 5.9%; AWS 18.0% and 57.0%); cumulative 2015-2025 operating income (AWS $190.4B, North America $103.5B, International -$10.9B, total $283.0B); compound annual growth 2015-2025 = (2025 / 2015)^(1/10) - 1 (AWS 32.2%, North America 20.9%, International 16.4%); margins = operating income / net sales (North America 2.2% in 2015, 3.7% in 2020, 2.6% in 2021, -0.9% in 2022 on -$2,847M / $315,880M; International -6.6% in 2022 on -$7,746M / $118,007M, sales -7.7%; AWS 19.1% in 2015, 26.3-29.8% in 2018-2023, 37.0% in 2024, 28.5% in 2022); International operating income excluding currency $4,750M - $903M = $3,847M against $3,792M; AWS share of 2025 net additions $96,496M / $142,352M = 67.8%; AWS net property +71.7% and operating income +14.5% in 2025; AWS operating income / average segment property 43.4% (2024) and 30.3% (2025); property per dollar of 2025 sales International $30,632M / $161,894M = 0.19, North America $122,043M / $426,305M = 0.29; fulfilment / store sales 19.4% (2022) and 18.5% (2025), shipping costs / store sales 19.2% and 17.5%; country growth 2015-2025 (rest of world 14.6x, Germany 3.9x, United Kingdom 4.8x, Japan 3.7x) — FY2015-Q2 2026 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Amazon's Forms 10-K and the Q2 2026 results release; see the source line for each operand.
  12. Moat Explorer calcSales compounded at 16% a year from 2015 to 2025, against 21% for North America.
    Moat Explorer calculation from Amazon's Forms 10-K FY2017, FY2018, FY2021 and FY2025 segment tables and the Q2 2026 results release: shares of 2025 sales and operating income (North America $426,305M / $716,924M = 59.5% and $29,619M / $79,975M = 37.0%; International 22.6% and 5.9%; AWS 18.0% and 57.0%); cumulative 2015-2025 operating income (AWS $190.4B, North America $103.5B, International -$10.9B, total $283.0B); compound annual growth 2015-2025 = (2025 / 2015)^(1/10) - 1 (AWS 32.2%, North America 20.9%, International 16.4%); margins = operating income / net sales (North America 2.2% in 2015, 3.7% in 2020, 2.6% in 2021, -0.9% in 2022 on -$2,847M / $315,880M; International -6.6% in 2022 on -$7,746M / $118,007M, sales -7.7%; AWS 19.1% in 2015, 26.3-29.8% in 2018-2023, 37.0% in 2024, 28.5% in 2022); International operating income excluding currency $4,750M - $903M = $3,847M against $3,792M; AWS share of 2025 net additions $96,496M / $142,352M = 67.8%; AWS net property +71.7% and operating income +14.5% in 2025; AWS operating income / average segment property 43.4% (2024) and 30.3% (2025); property per dollar of 2025 sales International $30,632M / $161,894M = 0.19, North America $122,043M / $426,305M = 0.29; fulfilment / store sales 19.4% (2022) and 18.5% (2025), shipping costs / store sales 19.2% and 17.5%; country growth 2015-2025 (rest of world 14.6x, Germany 3.9x, United Kingdom 4.8x, Japan 3.7x) — FY2015-Q2 2026 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Amazon's Forms 10-K and the Q2 2026 results release; see the source line for each operand.
  13. ReportedIn 2025 sales grew 13%, and the filing says currency added $4.9 billion to them.
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  14. ReportedThe latest quarters grew 11% and 15% excluding currency.
    Amazon.com, second-quarter 2026 results release (Form 8-K, Exhibit 99.1) — net sales $200.6B (+20%), operating income $27.5B (13.7% margin), AWS sales $42.2B (+37%, fastest growth in 18 quarters, $169B annualized run rate) and operating income $16.6B (39.4% margin, against 32.9% a year earlier), advertising $19.8B (+26%), online stores +15%, third-party seller services +16%, net income $62.6B including $53.4B of non-operating income primarily from investments in Anthropic, TTM operating cash flow $161.4B against net capital purchases $169.0B and free cash flow -$7.6B; AWS AI business and chips business each above a $25B run rate; Trainium commitments from Anthropic and OpenAI; Amazon Leo at nearly 400 satellites, enough to begin initial service this year; Zoox's NHTSA Part 555 exemption to charge for rides; Alexa+ triers signing up for Prime at a nearly 25% higher rate; supplemental table Q1 2025-Q2 2026 (WW shipping cost growth 3%, 6%, 8%, 10%, 14%, 19%; WW paid unit growth 8%, 12%, 11%, 12%, 15%, 17%; seller unit mix 60-62%; North America TTM operating margin 7.4%); Q3 2026 guidance of $197.0-202.0B net sales and $22.5-26.5B operating income, with growth nearly 400 basis points higher excluding Prime Day in both years — Q2 2026 — quarter ended June 30, 2026 · publ. July 30, 2026 · source ↗
  15. ReportedFor 2025 the filing says changes in exchange rates "positively impacted operating income by $903 million".
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  16. Moat Explorer calcTake that out and the segment's operating income was about $3.8 billion, almost exactly the $3.8 billion of 2024.
    Moat Explorer calculation from Amazon's Forms 10-K FY2017, FY2018, FY2021 and FY2025 segment tables and the Q2 2026 results release: shares of 2025 sales and operating income (North America $426,305M / $716,924M = 59.5% and $29,619M / $79,975M = 37.0%; International 22.6% and 5.9%; AWS 18.0% and 57.0%); cumulative 2015-2025 operating income (AWS $190.4B, North America $103.5B, International -$10.9B, total $283.0B); compound annual growth 2015-2025 = (2025 / 2015)^(1/10) - 1 (AWS 32.2%, North America 20.9%, International 16.4%); margins = operating income / net sales (North America 2.2% in 2015, 3.7% in 2020, 2.6% in 2021, -0.9% in 2022 on -$2,847M / $315,880M; International -6.6% in 2022 on -$7,746M / $118,007M, sales -7.7%; AWS 19.1% in 2015, 26.3-29.8% in 2018-2023, 37.0% in 2024, 28.5% in 2022); International operating income excluding currency $4,750M - $903M = $3,847M against $3,792M; AWS share of 2025 net additions $96,496M / $142,352M = 67.8%; AWS net property +71.7% and operating income +14.5% in 2025; AWS operating income / average segment property 43.4% (2024) and 30.3% (2025); property per dollar of 2025 sales International $30,632M / $161,894M = 0.19, North America $122,043M / $426,305M = 0.29; fulfilment / store sales 19.4% (2022) and 18.5% (2025), shipping costs / store sales 19.2% and 17.5%; country growth 2015-2025 (rest of world 14.6x, Germany 3.9x, United Kingdom 4.8x, Japan 3.7x) — FY2015-Q2 2026 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Amazon's Forms 10-K and the Q2 2026 results release; see the source line for each operand.
  17. ReportedThe filing's explanation of the underlying change is the same as North America's: more units and more advertising, "partially offset by increased fulfillment and shipping costs".
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  18. ReportedThe segment carried $30.6 billion of property and equipment at the end of 2025, up from $2.3 billion in 2015, and added $7.6 billion in 2025.
    Amazon.com Inc., Form 10-K, FY2017 — segment results 2015-2017 (North America net sales $63,708M and operating income $1,425M in 2015; International $35,418M and -$699M; AWS $7,880M and $1,507M); property and equipment, net by segment at December 31, 2015 (North America $6,707M, International $2,266M, AWS $8,356M); net sales by country 2015 (Germany $11,816M, United Kingdom $9,033M, Japan $8,264M, rest of world $7,356M); acquisition of Whole Foods Market on August 28, 2017 — FY2015-FY2017 · publ. February 2, 2018 · source ↗
  19. ReportedThe segment carried $30.6 billion of property and equipment at the end of 2025, up from $2.3 billion in 2015, and added $7.6 billion in 2025.
    Amazon.com Inc., Form 10-K, FY2025 — segment definitions (North America: 'retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores'; International: the same through internationally-focused online stores, including export sales; AWS: 'global sales of compute, storage, database, and other services'); segment results 2023-2025 (net sales North America $352,828M / $387,497M / $426,305M, International $131,200M / $142,906M / $161,894M, AWS $90,757M / $107,556M / $128,725M; operating income $14,877M / $24,967M / $29,619M, -$2,656M / $3,792M / $4,750M, $24,631M / $39,834M / $45,606M); net sales by product line, not split by segment; net sales by country 2025 (United States $489,657M, Germany $45,900M, United Kingdom $43,212M, Japan $30,688M, rest of world $107,467M); property and equipment, net by segment (2023-2025: North America $93,632M / $103,041M / $122,043M, International $24,357M / $25,618M / $30,632M, AWS $72,701M / $110,683M / $190,055M) and net additions (2025: North America $35,919M, International $7,617M, AWS $96,496M, consolidated $142,352M); MD&A: sales growth of 10%, 13% and 20% and their drivers, AWS growth 'partially offset by pricing changes primarily driven by long-term customer contracts', and foreign exchange effects (International net sales +$4.9 billion, International operating income +$903 million) — FY2023-FY2025 · publ. February 6, 2026 · source ↗
  20. Moat Explorer calcIt is the smallest capital commitment of the three segments, and the lightest relative to sales: International carried about 19 cents of property for each dollar of 2025 sales, against about 29 cents in North America.
    Moat Explorer calculation from Amazon's Forms 10-K FY2017, FY2018, FY2021 and FY2025 segment tables and the Q2 2026 results release: shares of 2025 sales and operating income (North America $426,305M / $716,924M = 59.5% and $29,619M / $79,975M = 37.0%; International 22.6% and 5.9%; AWS 18.0% and 57.0%); cumulative 2015-2025 operating income (AWS $190.4B, North America $103.5B, International -$10.9B, total $283.0B); compound annual growth 2015-2025 = (2025 / 2015)^(1/10) - 1 (AWS 32.2%, North America 20.9%, International 16.4%); margins = operating income / net sales (North America 2.2% in 2015, 3.7% in 2020, 2.6% in 2021, -0.9% in 2022 on -$2,847M / $315,880M; International -6.6% in 2022 on -$7,746M / $118,007M, sales -7.7%; AWS 19.1% in 2015, 26.3-29.8% in 2018-2023, 37.0% in 2024, 28.5% in 2022); International operating income excluding currency $4,750M - $903M = $3,847M against $3,792M; AWS share of 2025 net additions $96,496M / $142,352M = 67.8%; AWS net property +71.7% and operating income +14.5% in 2025; AWS operating income / average segment property 43.4% (2024) and 30.3% (2025); property per dollar of 2025 sales International $30,632M / $161,894M = 0.19, North America $122,043M / $426,305M = 0.29; fulfilment / store sales 19.4% (2022) and 18.5% (2025), shipping costs / store sales 19.2% and 17.5%; country growth 2015-2025 (rest of world 14.6x, Germany 3.9x, United Kingdom 4.8x, Japan 3.7x) — FY2015-Q2 2026 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Amazon's Forms 10-K and the Q2 2026 results release; see the source line for each operand.
  21. ReportedThe third quarter of 2026 produced $1.6 billion of operating income on $43.1 billion of sales, a 3.7% margin against 2.9% a year earlier, and a 42% constant-currency gain in profit, which is the cleanest evidence yet that the segment can earn money on its own.
    Amazon.com, third-quarter 2026 results release (Form 8-K, Exhibit 99.1) — net sales $201,944M (+12%, +13% excluding a $0.9B unfavorable foreign-exchange impact), operating income $28,076M (+61%) at a 13.9% operating margin, described in the release's own headline as Amazon's highest operating margin ever; net income $20,685M and diluted EPS $1.89, both lower than the $21,187M and $1.95 of third quarter 2025, which the release attributes primarily to $9.5B of pre-tax gains on the investments in Anthropic recorded in that earlier quarter; total non-operating expense of $1,207M in the quarter (interest income $1,187M, interest expense $1,691M against $538M, other expense $703M) against non-operating income of $10,748M a year earlier; segment results North America net sales $112,852M (+6%) and operating income $8,723M (7.7% margin against 4.5%), International $43,108M (+5%, +8% excluding currency) and $1,580M (3.7% against 2.9%, +42% excluding currency), AWS $45,984M (+39%, its fastest growth in nearly five years, a $184 billion annualised revenue run rate) and $17,773M (38.7% margin against 34.6%); net sales mix North America 56%, International 21%, AWS 23%; the Prime Day timing shift, with the event in the second quarter this year for most large countries and entirely in the third quarter in 2025, without which third-quarter growth would have been approximately 400 basis points higher; net sales by product line online stores $68,470M (+2%), third-party seller services $46,492M (+9%, +10% excluding currency), advertising services $19,637M (+11%, +12% excluding currency, after 22% excluding currency in each of Q2 2025, Q3 2025, Q4 2025 and Q1 2026 and 26% in Q2 2026), subscription services $14,006M (+11%), physical stores $5,710M, other $1,645M; worldwide shipping costs $28,295M (+11%) against worldwide paid unit growth of 12% and a seller unit mix of 61%; employees 1,638,000 (+4%); trailing-twelve-month net sales $797,455M, operating income $104,366M at a 13.1% margin, net income $134,779M and diluted EPS $12.37, operating cash flow $168,300M (+29%), purchases of property and equipment net of proceeds $210,657M (+82%) and free cash flow of minus $42,357M against plus $14,788M a year earlier, with the supplemental table's trailing free-cash-flow series $18,184M, $14,788M, $11,194M, $1,232M, minus $7,604M and minus $42,357M for Q2 2025 to Q3 2026 and North America's trailing operating margin at 8.2%; purchases of property and equipment of $77,259M in the quarter and $175,670M in nine months; nine-month other income of $68,359M and a $78,788M pre-tax change in net unrealized gains on available-for-sale debt securities recorded in other comprehensive income; proceeds from long-term debt of $48,102M in the quarter and $115,100M in nine months, taking long-term debt from $65,648M at December 31, 2025 to $173,125M, total assets from $818,042M to $1,243,390M and other assets from $122,607M to $358,775M; Andy Jassy's statement of projected AWS revenue growth rates “of over 40% both in 2027 and in 2028”; and fourth-quarter 2026 guidance of $240.0-247.0B of net sales (+12% to +16%) and $28.5-33.5B of operating income against $25.0B, with 2026 cash capital expenditures still expected to be approximately $220 billion and fourth-quarter advertising revenue expected to grow in the high teens — Q3 2026 — quarter ended September 30, 2026 · publ. October 29, 2026 · source ↗
  22. ReportedIt was flat in 2025, grew 18% in the second quarter of 2026 and 42% in the third; two more years of double-digit growth on that measure would mean the store abroad has finally become a business, while a return to losses in a year of a strong dollar would mean it has not.
    Amazon.com, third-quarter 2026 results release (Form 8-K, Exhibit 99.1) - Supplemental Financial Information and Business Metrics, six quarters from Q2 2025 to Q3 2026. North America: net sales $100,068M, $106,267M, $127,083M, $104,143M, $116,177M and $112,852M, growth excluding currency 11%, 11%, 10%, 12%, 16% and 6%; operating income $7,517M, $4,789M, $11,472M, $8,267M, $9,123M and $8,723M; operating margin 7.5%, 4.5%, 9.0%, 7.9%, 7.9% and 7.7%; trailing-twelve-month net sales $404,078M, $414,808M, $426,305M, $437,561M, $453,670M and $460,255M, trailing operating income $28,277M, $27,403M, $29,619M, $32,045M, $33,651M and $37,585M, and trailing margin 7.0%, 6.6%, 6.9%, 7.3%, 7.4% and 8.2%. International: net sales $36,761M, $40,896M, $50,724M, $39,789M, $42,197M and $43,108M, growth excluding currency 11%, 10%, 11%, 11%, 15% and 8%; operating income $1,494M, $1,199M, $1,040M, $1,424M, $1,717M and $1,580M, with operating income growth excluding currency of 324%, (31)%, (45)%, 6%, 18% and 42%; trailing net sales $149,582M, $154,590M, $161,894M, $168,170M, $173,606M and $175,818M, trailing operating income $5,127M, $5,025M, $4,750M, $5,157M, $5,380M and $5,761M, and trailing margin 3.4%, 3.2%, 2.9%, 3.1%, 3.1% and 3.3%. AWS: net sales $30,873M, $33,006M, $35,579M, $37,587M, $42,232M and $45,984M, growth excluding currency 17%, 20%, 24%, 28%, 37% and 39%; operating income $10,160M, $11,434M, $12,465M, $14,161M, $16,621M and $17,773M; operating margin 32.9%, 34.6%, 35.0%, 37.7%, 39.4% and 38.7%; trailing net sales $116,378M to $161,382M and trailing operating income $42,786M to $61,020M. Net sales by product line: online stores $61,485M, $67,407M, $82,988M, $64,254M, $70,432M and $68,470M; advertising services $15,694M, $17,703M, $21,317M, $17,243M, $19,809M and $19,637M; subscription services $12,208M, $12,574M, $13,122M, $13,427M, $13,730M and $14,006M. Worldwide shipping costs $23,370M, $25,384M, $31,492M, $25,709M, $27,873M and $28,295M, growing 6%, 8%, 10%, 14%, 19% and 11% against worldwide paid-unit growth of 12%, 11%, 12%, 15%, 17% and 12% and a seller unit mix of 62%, 62%, 61%, 60%, 61% and 61%; employees 1,546,000 to 1,638,000. Trailing operating cash flow $121,137M to $168,300M, trailing purchases of property and equipment net of proceeds $102,953M to $210,657M, and trailing free cash flow $18,184M, $14,788M, $11,194M, $1,232M, $(7,604)M and $(42,357)M — Q2 2025 - Q3 2026 · publ. October 29, 2026 · source ↗
  23. Moat Explorer calcIt was flat in 2025, grew 18% in the second quarter of 2026 and 42% in the third; two more years of double-digit growth on that measure would mean the store abroad has finally become a business, while a return to losses in a year of a strong dollar would mean it has not.
    Moat Explorer calculation from Amazon's Forms 10-K FY2017, FY2018, FY2021 and FY2025 segment tables and the Q2 2026 results release: shares of 2025 sales and operating income (North America $426,305M / $716,924M = 59.5% and $29,619M / $79,975M = 37.0%; International 22.6% and 5.9%; AWS 18.0% and 57.0%); cumulative 2015-2025 operating income (AWS $190.4B, North America $103.5B, International -$10.9B, total $283.0B); compound annual growth 2015-2025 = (2025 / 2015)^(1/10) - 1 (AWS 32.2%, North America 20.9%, International 16.4%); margins = operating income / net sales (North America 2.2% in 2015, 3.7% in 2020, 2.6% in 2021, -0.9% in 2022 on -$2,847M / $315,880M; International -6.6% in 2022 on -$7,746M / $118,007M, sales -7.7%; AWS 19.1% in 2015, 26.3-29.8% in 2018-2023, 37.0% in 2024, 28.5% in 2022); International operating income excluding currency $4,750M - $903M = $3,847M against $3,792M; AWS share of 2025 net additions $96,496M / $142,352M = 67.8%; AWS net property +71.7% and operating income +14.5% in 2025; AWS operating income / average segment property 43.4% (2024) and 30.3% (2025); property per dollar of 2025 sales International $30,632M / $161,894M = 0.19, North America $122,043M / $426,305M = 0.29; fulfilment / store sales 19.4% (2022) and 18.5% (2025), shipping costs / store sales 19.2% and 17.5%; country growth 2015-2025 (rest of world 14.6x, Germany 3.9x, United Kingdom 4.8x, Japan 3.7x) — FY2015-Q2 2026 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Amazon's Forms 10-K and the Q2 2026 results release; see the source line for each operand.
Sources
Generated October 30, 2026