Amazon continues to perform well across its primary business segments. Retail growth is supported by the expansion of everyday essentials, perishables, and quick-commerce offerings, which correlate with increased purchase frequency. Simultaneously, AWS is seeing a growing backlog and sustained demand for AI and cloud infrastructure.
| Financial indicator | Q4 2024 (US$ million) | Q4 2025 (US$ million) | Percentage change |
| Revenue | 187,792 | 213,386 | +13.6% |
| North America | 115,586 | 127,083 | +9.9% |
| International | 43,420 | 50,724 | +16.8% |
| AWS | 28,786 | 35,579 | +23.6% |
| Operating income | 21,203 | 24,977 | +17.8% |
| North America | 9,256 | 11,472 | +23.9% |
| International | 1,315 | 1,040 | -20.9% |
| AWS | 10,632 | 12,465 | +17.2% |
| Net income | 20,004 | 21,192 | +5.9% |
| Operating cash flow (TTM) | 115,877 | 139,514 | +20.4% |
The number of paid units grew 12% year-on-year globally in Q4 2025 amid the year-end holiday season. Amazon continues to anchor on lower pricing, broader selection and faster delivery speeds to meet customer demand. During the quarter, the percentage of units sold by third-party sellers globally reached 61%. The operating margin of the North America segment improved from 8.0% year-on-year to 9.0% in Q4 2025. The operating margin of the International segment declined from 3.0% to 2.1% over the same period, driven by US$2.4 billion of special…