AMZN Q2 2025 Earnings

Call Details

• Call Title: Amazon.com, Inc. Q2 2025 Earnings Call
• Date: July 31, 2025 at 9:00 PM UTC
• Management Team:
  • Dave Fildes (Director of Investor Relations)
  • Andy Jassy (Chief Executive Officer)
  • Brian Olsavsky (Chief Financial Officer)

Call Summary

Financial Performance

• Worldwide revenue was $167.7 billion, up 12% year-over-year excluding the impact of foreign exchange rates.
• Operating income was $19.2 billion, up 31% year-over-year.
• Trailing 12-month free cash flow was $18.2 billion at quarter end.
• AWS revenue was $30.9 billion, up 17.5% year-over-year, with an annualized revenue run rate above $123 billion.
• AWS operating income was $10.2 billion and AWS operating margin declined from 39.5% in Q1 to 32.9% in Q2.
• North America revenue was $100.1 billion, up 11% year-over-year, and North America operating income was $7.5 billion with a 7.5% operating margin, up 190 basis points year-over-year.
• International revenue was $36.8 billion, up 11% year-over-year excluding foreign exchange, and international operating income was $1.5 billion with a 4.1% operating margin, up 320 basis points year-over-year.
• Worldwide paid units grew 12% year-over-year while outbound shipping costs were up 6% year-over-year, growing meaningfully slower than unit growth.

Guidance

• Q3 net sales are expected to be between $174.0 billion and $179.5 billion.
• Q3 operating income is expected to be between $15.5 billion and $20.5 billion.
• The company estimates a year-over-year favorable impact from current foreign exchange rates of approximately 130 basis points to Q3 sales.
• Guidance incorporates order trends to date and a range of assumptions around the macro environment, including tariffs and foreign exchange volatility.
• The guidance assumes no additional business acquisitions, restructurings, or legal settlements during the period.
• The company stated it will continue to consider a range of assumptions going forward and will not provide Q4 guidance at this time.