Amazon

Amazon sells products and services to consumers, sellers, developers, enterprises, content creators and advertisers. It serves consumers through online and physical stores, runs programs that let sellers and creators sell through Amazon, and rents computing, storage and database services to businesses through Amazon Web Services (AWS). It reports three segments: North America, International and AWS.

In 2025 Amazon’s net sales were $716.9 billion: $296.3 billion from products it sells and $420.7 billion from services. Services are mainly fees from third-party sellers, AWS, advertising and Prime memberships. Amazon says its financial focus is long-term growth in free cash flow, which rises with operating income and falls with the cash it spends on property and equipment.

AWS is the profit engine: it earned $45.6 billion of Amazon’s $80.0 billion operating income in 2025, and its sales grew 20% that year on higher customer usage. Amazon is spending heavily to add capacity for AWS and its fulfillment network, and says that spending will rise in 2026. Advertising and Prime membership fees add service revenue on top of the retail business.

Amazon spent $128.3 billion in cash on capital expenditures in 2025, up from $77.7 billion, and expects more in 2026; if demand for AWS or the fulfillment network falls short of that capacity, returns suffer. It faces strong competitors, some with more resources, and antitrust and consumer-protection cases that seek billions of dollars; in 2025 it recorded $2.5 billion for an FTC settlement.