AMZN Q3 2025 Earnings

Call Details

• Call Title: Amazon.com, Inc. Q3 2025 Earnings Call
• Date: October 30, 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 $180.2B, up 12% year over year excluding foreign exchange.
• Worldwide operating income was $17.4B, and excluding two special charges of $2.5B and $1.8B would have been $21.7B.
• Third quarter net income was $21.2B and included a pre-tax gain of $9.5B related to the Anthropic investment recorded in non-operating income.
• Trailing 12-month free cash flow was $14.8B.
• AWS revenue was $33B, up 20.2% year over year, yielding an annualized run rate of $132B.
• Advertising revenue was reported at $17.7B and its growth accelerated for the third consecutive quarter.
• North America revenue was $106.3B, up 11% year over year, and International revenue was $40.9B, up 10% year over year excluding foreign exchange.

Guidance

• Guidance incorporates order trends to date and assumes no additional business acquisitions, restructurings, or legal settlements.
• Operating margin is expected to continue to fluctuate quarter to quarter driven by the timing and level of investments.
• No forward-looking revenue or margin range for the next quarter beyond those assumptions was disclosed on the call.
• Full-year cash capex is expected to be approximately $125B in 2025, and that amount is expected to increase in 2026.
• Guidance assumes current foreign exchange and macro conditions, and the company cautioned results could differ materially.
• Excluding the two special Q3 charges, operating income would have been $1.2B above the high end of the prior guidance range.