AMZN Q4 2025 Earnings

Call Details

• Call Title: Amazon.com, Inc. Q4 2025 Earnings Call
• Date: February 5, 2026 at 10:00 PM UTC
• Management Team:
  • Dave Fildes (Director of Investor Relations)
  • Andy Jassy (Chief Executive Officer)
  • Brian Olsavsky (Chief Financial Officer)

Call Summary

Financial Performance

• Amazon reported revenue of $213.4B for Q4 2025 and reported trailing 12-month free cash flow of $11.2B.
• Reported worldwide operating income for Q4 was $25.0B after $2.4B of special charges related to tax dispute/legal settlement, severance, and store asset impairments.
• AWS revenue was $35.6B in Q4, with growth accelerating to 24% year-over-year and AWS operating income was $12.5B for the quarter.
• North America revenue was $127.1B, up 10% year-over-year, and North America operating income was $11.5B with a 9.0% operating margin.
• International revenue was $50.7B, up 11% year-over-year excluding FX, and international operating income was $1.0B with a 2.1% operating margin.
• Full-year operating cash flow for 2025 increased to $139.5B, up 20% year-over-year, driven by improved operating income and working capital.
• Worldwide paid units grew 12% year-over-year in Q4 and third-party seller unit mix reached 61% of units in Q4.

Guidance

• Q1 2026 net sales are expected between $173.5B and $178.5B, with an anticipated approx. 180 basis point favorable impact from foreign exchange.
• Q1 2026 operating income is expected between $16.5B and $21.5B.
• The company expects a year-over-year cost increase of approximately $1.0B in the North America segment in Q1 related to Amazon Leo launch activity.
• The company continues to expense most Leo launch costs as incurred today and expects many of those costs to be capitalized later in the year.
• Guidance incorporates observed order trends to date and assumes no additional material acquisitions or legal settlements during the period.
• The company cautioned that results are inherently unpredictable and may be materially affected by FX, energy, economic conditions, tariffs, supply volatility, and customer demand.