North AmericaNarrow moat

Amazon (AMZN) — moat facet

The store at home took a decade to earn a 7% margin, and advertising, not cheaper logistics, is most of why it finally did.

North America is the biggest part of Amazon and, for most of its reported history, the least profitable per dollar that anyone would call a success. It sold $426.3 billion in 2025 and earned $29.6 billion of operating income, a 6.9% margin1. Over the twelve months to June 2026 the figures were $453.7 billion and $33.7 billion, 7.4%2. That is the highest twelve-month margin the segment has reported, and it is still thin by the standard of almost any company this size.

North America segment operating income, 2015-2025 ($B)1.420152.4162.8177.3187.0198.7207.321-2.82214.92325.02429.625Amazon Forms 10-K FY2017-FY2025; 2022 a loss
Profit reached $7B in 2018, turned to a loss in 2022, then rose to $29.6B three years later.

The segment is defined in the 10-K as "retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores", including export sales from those stores3. In practice that is the United States, Canada and Mexico: Amazon's own shelves, the fees charged to third-party sellers, the advertising sold to them and to brands, Prime and the other subscriptions, and the physical stores, which since 28 August 2017 have included Whole Foods Market4. The filing gives sales for each of those product lines company-wide but does not split them between North America and International, and gives no margin for any of them.

The line is paid in four different ways at once. On a first-party sale Amazon books the whole price as revenue and the cost of the goods as expense. On a third-party sale it books only its commission and fulfilment fees. Advertising is paid per click or impression by the seller or brand. Subscriptions are paid in advance and recognised over the membership. This is why the segment's sales growth and its profit growth can diverge sharply: a shift from first-party to third-party selling shrinks reported revenue per item while raising the margin on it, and advertising adds profit with almost no cost of goods.

The history is a decade of growth before profit. In 2015 the segment sold $63.7 billion and earned $1.4 billion, a 2.2% margin5. Sales grew by a third in each of 2017, the year Whole Foods was added, and 2018, and the margin reached 5.1% in 2018 on $141.4 billion of sales6. Then the margin fell for three years while sales kept rising: 3.7% in 2020 and 2.6% in 2021, and in 2022 the segment lost $2.8 billion on $315.9 billion of sales7. That was the year the pandemic warehouse build met a slowdown in demand. The recovery since has been rapid: operating income of $14.9 billion in 2023, $25.0 billion in 2024 and $29.6 billion in 20258.

Growth has slowed as the line got larger. Sales compounded at 21% a year from 2015 to 20259, but the last three full years ran at 11.7%, 9.8% and 10.0%. The 10-K attributes 2025's growth to "increased unit sales, including sales by third-party sellers, advertising sales, and subscription services"10. The two latest quarters broke the pattern upward: growth of 12% in the first quarter of 2026 and 16% in the second, excluding currency11, though Amazon's own guidance suggests Prime Day's timing flattered the second.

The profit improvement also has a named cause. For 2025 the filing says the segment's operating income rose "primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment, technology and infrastructure, shipping, and other operating costs"12. Advertising appears on both the revenue and the profit side of that sentence, and fulfilment and shipping only on the cost side. The margin gain of the last three years is largely the advertising business growing inside a store whose logistics got only slightly cheaper per dollar of sales: company-wide, fulfilment fell from 19.4% of store sales in 2022 to 18.5% in 2025, and shipping from 19.2% to 17.5%13. Those are real savings, worth a couple of points of margin, but they are not what took the segment from a loss to $29.6 billion.

The store also absorbs a great deal of capital. North America's property and equipment was $6.7 billion at the end of 201514 and $122.0 billion at the end of 2025, and the segment added $35.9 billion of it in 2025 alone15. Some of that is data-centre capacity allocated to the store by usage, which the filing says can fluctuate from quarter to quarter.

The outlook turns on cost per unit rather than demand. Paid units grew 17% in the second quarter of 2026, the fastest of the six quarters in Amazon's latest supplemental table, but shipping costs grew 19%, the first quarter in that table in which cost outran volume16. If that persists, the margin gain from advertising has to cover a logistics bill growing faster than sales.

The number that would change the verdict is the trailing operating margin, 7.4% at June 202617. A move back below 6% while sales keep growing would say the network's cost has started to outrun the advertising that has been paying for it.

Moat trajectory: Widening

The margin rose from a loss in 2022 to 7.4% over the twelve months to June 2026, on more units and more advertising; shipping cost growing faster than units in Q2 2026 is the first sign against.

The number that tests this moat
Reported
North America operating margin, twelve months to June 2026
7.4% ($33.7B on $453.7B)

The highest twelve-month margin the segment has reported. A fall back below 6% while sales keep growing would mean the network's cost is outrunning the advertising that has been paying for it.

Source: Amazon Q2 2026 results release (Form 8-K, Exhibit 99.1) ↗
References
  1. ReportedIt sold $426.3 billion in 2025 and earned $29.6 billion of operating income, a 6.9% 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 June 2026 the figures were $453.7 billion and $33.7 billion, 7.4%.
    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 ↗
  3. ReportedThe segment is defined in the 10-K as "retail sales of consumer products (including from sellers) and advertising and subscription services through North America-focused online and physical stores", including export sales from those stores.
    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. ReportedIn practice that is the United States, Canada and Mexico: Amazon's own shelves, the fees charged to third-party sellers, the advertising sold to them and to brands, Prime and the other subscriptions, and the physical stores, which since 28 August 2017 have included Whole Foods Market.
    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 ↗
  5. ReportedIn 2015 the segment sold $63.7 billion and earned $1.4 billion, a 2.2% margin.
    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. ReportedSales grew by a third in each of 2017, the year Whole Foods was added, and 2018, and the margin reached 5.1% in 2018 on $141.4 billion of sales.
    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 ↗
  7. Moat Explorer calcThen the margin fell for three years while sales kept rising: 3.7% in 2020 and 2.6% in 2021, and in 2022 the segment lost $2.8 billion on $315.9 billion of sales.
    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.
  8. ReportedThe recovery since has been rapid: operating income of $14.9 billion in 2023, $25.0 billion in 2024 and $29.6 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 ↗
  9. Moat Explorer calcSales compounded at 21% a year from 2015 to 2025, but the last three full years ran at 11.7%, 9.8% and 10.0%.
    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. ReportedThe 10-K attributes 2025's growth to "increased unit sales, including sales by third-party sellers, advertising sales, and subscription services".
    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. ReportedThe two latest quarters broke the pattern upward: growth of 12% in the first quarter of 2026 and 16% in the second, excluding currency, though Amazon's own guidance suggests Prime Day's timing flattered the second.
    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 ↗
  12. ReportedFor 2025 the filing says the segment's operating income rose "primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment, technology and infrastructure, shipping, and other operating 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 ↗
  13. Moat Explorer calcThe margin gain of the last three years is largely the advertising business growing inside a store whose logistics got only slightly cheaper per dollar of sales: company-wide, fulfilment fell from 19.4% of store sales in 2022 to 18.5% in 2025, and shipping from 19.2% to 17.5%.
    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.
  14. ReportedNorth America's property and equipment was $6.7 billion at the end of 2015 and $122.0 billion at the end of 2025, and the segment added $35.9 billion of it in 2025 alone.
    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 ↗
  15. ReportedNorth America's property and equipment was $6.7 billion at the end of 2015 and $122.0 billion at the end of 2025, and the segment added $35.9 billion of it in 2025 alone.
    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. ReportedPaid units grew 17% in the second quarter of 2026, the fastest of the six quarters in Amazon's latest supplemental table, but shipping costs grew 19%, the first quarter in that table in which cost outran volume.
    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 ↗
  17. ReportedThe number that would change the verdict is the trailing operating margin, 7.4% at June 2026.
    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 ↗
Sources
Generated September 22, 2026