Slide 1: Q4 2025 Financial Results Conference Call Slides
Q4 2025 Financial Results Conference Call Slides
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in foreign exchange rates and energy prices, changes in global economic conditions,
Slide 3: Net Sales
Net Sales MM $300,000 Net Sales (MM) Up 14% Y/Y; $35,579 Up 12% F/X Adjusted (1) 17% $213,386 $187,792 $50,724 $127,083 $150,000 24% 59% North America International AWS $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) Information throughout this presentation regarding the effect of foreign exchange ra
Slide 4: Net Sales – TTM
Net Sales – TTM (1) MM $1,000,000 Net Sales - TTM (MM) Up 12% Y/Y $128,725 18% $716,924 $637,959 $161,894 $426,305 $500,000 23% 59% North America International AWS $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) Trailing twelve-month period. 4
Slide 5: Operating Income
Operating Income (1) MM $40,000 Up 18% Y/Y $24,977 $21,203 $20,000 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) Q4 2025 operating income includes three special charges, which reduced operating income—$1.1 billion for the resolution of tax disputes associated with our stores business in Italy, and
Slide 6: Operating Income – TTM
Operating Income – TTM (1) MM $120,000 Up 17% Y/Y; Up 16% F/X Adjusted $79,975 $68,593 $60,000 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) TTM Q4 2025 operating income includes three special charges taken in Q4, which reduced operating income—$1.1 billion for the resolution of tax disputes associ
Slide 7: Net Income
Net Income MM $30,000 Up 6% Y/Y $21,192 $20,004 $15,000 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 7
Slide 8: Net Income – TTM
Net Income – TTM MM $100,000 Up 31% Y/Y $77,670 $59,248 $50,000 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 8
Slide 9: Segment Results – North America
Segment Results – North America MM Net Sales MM Operating Income $200,000 $20,000 Up 10% Y/Y Up 24% [Down 31%]Y/Y; Y/Y; Up 25% [Down 32%]F/X Adjusted F/X Adjusted $127,083 $115,586 $11,472 $100,000 $10,000 $9,256 $0 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 T
Slide 10: Segment Results – International
Segment Results – International MM Net Sales MM Operating Income $80,000 $2,500 Up 17% Y/Y; Down 21% Y/Y; Up 11% F/X Adjusted Down 45% F/X Adjusted $50,724 $43,420 $1,315 $40,000 $1,250 $1,040 $0 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 TTM Net Sales $161.9B
Slide 11: Segment Results – AWS
Segment Results – AWS MM Net Sales MM Operating Income $60,000 $20,000 Up 24% Y/Y Up 17% Y/Y; Up 19% F/X Adjusted $12,465 $35,579 $10,632 $30,000 $28,786 $10,000 $0 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 TTM Net Sales $128.7B; TTM Operating Income $45.6B 1
Slide 12: Free Cash Flow – TTM
Free Cash Flow – TTM (1) MM $60,000 Up 101% Y/Y Down 71% Y/Y (2) $38,219 $30,000 $11,194 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Long-Term Goal – Optimize Free Cash Flows (1) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales an
Slide 13: Shares
Shares MM 16,000 10,876 10,953 283 222 8,000 10,593 10,731 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Common Shares Outstanding Stock-Based Awards Outstanding Long-Term Goal – Efficiently Managing Dilution 13
Slide 14: Appendix
amazon Appendix
Slide 15: Free Cash Flow Reconciliation – TTM
Free Cash Flow Reconciliation – TTM MM Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating Cash Flow $115,877 $113,903 $121,137 $130,691 $139,514 Purchases of property and equipment, net of proceeds from (77,658) (87,978) (102,953) (115,903) (128,320) sales and incentives Free Cash Flow $38,219 $25,92