Amazon.com Announces Second Quarter Results

Amazon.com, Inc. (NASDAQ:AMZN) today announced financial results for its second quarter ended June 30, 2024.

Net sales increased 10% to $148.0 billion in the second quarter, compared with $134.4 billion in second quarter 2023. Excluding the $1.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with second quarter 2023.
- North America segment sales increased 9% year-over-year to $90.0 billion.
- International segment sales increased 7% year-over-year to $31.7 billion, or increased 10% excluding changes in foreign exchange rates.
- AWS segment sales increased 19% year-over-year to $26.3 billion.
Operating income increased to $14.7 billion in the second quarter, compared with $7.7 billion in second quarter 2023.
- North America segment operating income was $5.1 billion, compared with operating income of $3.2 billion in second quarter 2023.
- International segment operating income was $0.3 billion, compared with an operating loss of $0.9 billion in second quarter 2023.
- AWS segment operating income was $9.3 billion, compared with operating income of $5.4 billion in second quarter 2023.
Net income increased to $13.5 billion in the second quarter, or $1.26 per diluted share, compared with $6.7 billion, or $0.65 per diluted share, in second quarter 2023.
- Second quarter 2024 net income includes a pre-tax valuation gain of $0.4 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $0.2 billion from the investment in second quarter 2023.
Operating cash flow increased 75% to $108.0 billion for the trailing twelve months, compared with $61.8 billion for the trailing twelve months ended June 30, 2023.
Free cash flow increased to $53.0 billion for the trailing twelve months, compared with $7.9 billion for the trailing twelve months ended June 30, 2023.
Free cash flow less principal repayments of finance leases and financing obligations increased to $49.6 billion for the trailing twelve months, compared with $1.9 billion for the trailing twelve months ended June 30, 2023.
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations increased to $51.4 billion for the trailing twelve months, compared with $6.7 billion for the trailing twelve months ended June 30, 2023.

“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth,” said Andy Jassy, Amazon President & CEO. “As companies continue to modernize their infrastructure and move to the cloud, while also leveraging new Generative AI opportunities, AWS continues to be customers’ top choice as we have much broader functionality, superior security and operational performance, a larger partner ecosystem, and AI capabilities like SageMaker for model builders, Bedrock for those leveraging frontier models, Trainium for those where the cost of compute for training and inference matters, and Q for those wanting the most capable GenAI assistant for not just coding, but also software development and business integration.”

Some other highlights since the company’s last earnings announcement include that Amazon:

Held its 10th Prime Day, the biggest Prime Day shopping event yet.
Delivered to Prime members at its fastest speeds ever in the first half of the year.
Expanded selection, including brands like Aéropostale, Bumble and bumble, and Kiehl’s.
Announced that U.S. Prime members can enjoy a Grubhub+ membership worth $120 a year.
Launched multiple AI-powered features for consumers, including shopping assistant Rufus for all U.S. mobile customers, playlist generator Maestro for Amazon Music, and a new search experience for Fire TV.
Launched Amazon’s Stores business in South Africa with same and next-day delivery.
Expanded Amazon Pharmacy’s RxPass program, which now offers Prime members on Medicare unlimited consumption of 60 broadly-used prescription medications for just $5 a month.
Released 19 films and series from Amazon MGM Studios, including:
- Fallout, the second most watched Original title worldwide ever on Prime Video during its launch.
- Season 4 of The Boys, reaching No. 1 on Prime Video in over 165 countries in its first two weeks.
- The Idea of You, attracting ~50 million viewers in its first two weeks on Prime Video.
Earned 62 Primetime Emmy Award nominations, including 17 for Fallout and 16 for Mr. and Mrs. Smith.
Secured expansive streaming rights for the NBA for 11 seasons, starting in 2025-26.
Became the exclusive home of Monday Night National Hockey League games in Canada.
Launched Anthropic Claude 3.5 Sonnet, Meta Llama 3.1, and Mistral Large 2 models in Amazon Bedrock.
Shared that companies like AXA, DoorDash, Nasdaq, Rocket Insurance, SAP, Thomson Reuters, Workday, WPP, and Zendesk announced new applications built on Bedrock.
Delivered new AWS Graviton4-based compute instances, providing up to 30% better price-performance than the industry-leading AWS Graviton3 instances.
Signed new AWS agreements with Commonwealth Bank of Australia, Databricks, Discover Financial Services, Eli Lilly and Company, Experian, GE HealthCare, NetApp, Scopely, ServiceNow, Shutterfly, and many others—as well as AI startups Perplexity, H Company, and Observea.
Announced an AUD $2 billion strategic partnership with the Australian Government to provide a “Top Secret” AWS Cloud to enhance the nation’s defense and intelligence capabilities.
Added Austin and Miami to where self-driving robotaxi Zoox is deploying its test fleet on public roads.
Ranked No. 2 on LinkedIn’s Top Companies list and No. 1 in the technology sector.
Announced that all electricity consumed by Amazon’s operations, including its data centers, was matched with 100% renewable energy in 2023.
Replaced 95% of plastic air pillows in Amazon’s delivery packaging in North America with paper filler.
Announced an additional $1.4 billion commitment to Amazon's Housing Equity Fund for affordable homes.

For additional highlights from the quarter, visit aboutamazon.com/q2-2024-earnings.

Financial Guidance

The following forward-looking statements reflect Amazon.com’s expectations as of August 1, 2024, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending (including the impact of recessionary fears), inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed below.

Third Quarter 2024 Guidance

Net sales are expected to be between $154.0 billion and $158.5 billion, or to grow between 8% and 11% compared with third quarter 2023. This guidance anticipates an unfavorable impact of approximately 90 basis points from foreign exchange rates.
Operating income is expected to be between $11.5 billion and $15.0 billion, compared with $11.2 billion in third quarter 2023.
This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.

Conference Call Information

A conference call will be webcast live today at 2:30 p.m. PT/5:30 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company’s financial and operating results.

Forward-Looking Statements

These forward-looking statements are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security breaches, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and subsequent filings.

Additional Information

Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

AMAZON.COM, INC.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

Twelve Months Ended

June 30,

2023

2024

2023

2024

2023

2024

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD

49,734

73,332

54,253

73,890

37,700

50,067

OPERATING ACTIVITIES:

Net income

6,750

13,485

9,922

23,916

13,072

44,419

Adjustments to reconcile net income to net cash from operating activities:

Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other

11,589

12,038

22,712

23,722

45,724

49,673

Stock-based compensation

7,127

6,722

11,875

11,683

23,037

23,831

Non-operating expense (income), net

(95

)

581

2,639

2,754

1,310

Deferred income taxes

(2,744

)

(785

)

(3,216

)

(1,723

)

(7,408

)

(4,383

)

Changes in operating assets and liabilities:

Inventories

(2,373

)

(3,085

)

(2,002

)

(1,309

)

1,910

2,142

Accounts receivable, net and other

(2,041

)

(2,209

)

2,683

1,475

(2,686

)

(9,556

)

Other assets

(3,126

)

(3,055

)

(6,329

)

(5,756

)

(14,542

)

(11,692

)

Accounts payable

3,029

6,005

(8,235

)

(5,277

)

391

8,431

Accrued expenses and other

(1,938

)

(4,147

)

(7,701

)

(7,075

)

(1,944

)

(1,802

)

Unearned revenue

156

407

974

1,975

1,533

5,579

Net cash provided by (used in) operating activities

16,476

25,281

21,264

44,270

61,841

107,952

INVESTING ACTIVITIES:

Purchases of property and equipment

(11,455

)

(17,620

)

(25,662

)

(32,545

)

(58,632

)

(59,612

)

Proceeds from property and equipment sales and incentives

1,043

1,227

2,180

2,217

4,669

4,633

Acquisitions, net of cash acquired, non-marketable investments, and other

(316

)

(571

)

(3,829

)

(3,925

)

(5,545

)

(5,935

)

Sales and maturities of marketable securities

1,551

3,265

2,666

4,657

8,906

7,618

Purchases of marketable securities

(496

)

(8,439

)

(834

)

(10,404

)

(1,306

)

(11,058

)

Net cash provided by (used in) investing activities

(9,673

)

(22,138

)

(25,479

)

(40,000

)

(51,908

)

(64,354

)

FINANCING ACTIVITIES:

Proceeds from short-term debt, and other

4,399

525

17,179

863

40,124

1,813

Repayments of short-term debt, and other

(7,641

)

(229

)

(11,244

)

(633

)

(34,957

)

(15,066

)

Proceeds from long-term debt

—

8,342

—

Repayments of long-term debt

(2,000

)

(4,169

)

(3,386

)

(4,499

)

(4,643

)

(4,789

)

Principal repayments of finance leases

(1,220

)

(538

)

(2,600

)

(1,308

)

(5,705

)

(3,092

)

Principal repayments of financing obligations

(77

)

(79

)

(134

)

(169

)

(244

)

(306

)

Net cash provided by (used in) financing activities

(6,539

)

(4,490

)

(185

)

(5,746

)

2,917

(21,440

)

Foreign currency effect on cash, cash equivalents, and restricted cash

(312

)

214

(741

)

(483

)

(552

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

333

(1,659

)

(4,186

)

(2,217

)

12,367

21,606

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

50,067

71,673

50,067

71,673

50,067

71,673

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for interest on debt, net of capitalized interest

954

680

1,356

949

2,289

2,201

Cash paid for operating leases

2,528

2,844

4,995

6,176

9,173

11,634

Cash paid for interest on finance leases

158

146

330

296

Cash paid for interest on financing obligations

100

114

194

210

Cash paid for income taxes, net of refunds

3,735

5,700

4,354

6,158

6,791

12,983

Assets acquired under operating leases

4,104

3,911

7,730

7,664

19,254

13,986

Property and equipment acquired under finance leases, net of remeasurements and modifications

240

181

248

223

696

617

Property and equipment recognized during the construction period of build-to-suit lease arrangements

215

1,051

210

Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating

—

720

—

4,766

654

AMAZON.COM, INC.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2024

2023

2024

Net product sales

59,032

61,569

116,013

122,484

Net service sales

75,351

86,408

145,728

168,806

Total net sales

134,383

147,977

261,741

291,290

Operating expenses:

Cost of sales

69,373

73,785

137,164

146,418

Fulfillment

21,305

23,566

42,210

45,883

Technology and infrastructure

21,931

22,304

42,381

42,728

Sales and marketing

10,745

10,512

20,917

20,174

General and administrative

3,202

3,041

6,245

5,783

Other operating expense (income), net

146

369

325

Total operating expenses

126,702

133,305

249,286

261,311

Operating income

7,681

14,672

12,455

29,979

Interest income

661

1,180

1,272

2,173

Interest expense

(840

)

(589

)

(1,663

)

(1,233

)

Other income (expense), net

(18

)

(382

)

(2,691

)

Total non-operating income (expense)

(118

)

573

(773

)

(1,751

)

Income before income taxes

7,563

15,245

11,682

28,228

Provision for income taxes

(804

)

(1,767

)

(1,752

)

(4,234

)

Equity-method investment activity, net of tax

)

(78

)

Net income

6,750

13,485

9,922

23,916

Basic earnings per share

0.66

1.29

0.97

2.30

Diluted earnings per share

0.65

1.26

0.95

2.24

Weighted-average shares used in computation of earnings per share:

Basic

10,285

10,447

10,268

10,420

Diluted

10,449

10,708

10,398

10,689

AMAZON.COM, INC.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2024

2023

2024

Net income

6,750

13,485

9,922

23,916

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax of $(22), $58, $(32), and $88

264

(637

)

650

(1,733

)

Available-for-sale debt securities:

Change in net unrealized gains (losses), net of tax of $(5), $(69), $(34), and $(227)

241

112

777

Less: reclassification adjustment for losses included in “Other income (expense), net,” net of tax of $(5), $(1), $(15), and $(1)

Net change

244

157

781

Other, net of tax of $0, $(1), $0, and $(2)

—

)

—

)

Total other comprehensive income (loss)

293

(395

)

807

(953

)

Comprehensive income

7,043

13,090

10,729

22,963

AMAZON.COM, INC.

Segment Information

(in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2024

2023

2024

North America

Net sales

82,546

90,033

159,427

176,374

Operating expenses

79,335

84,968

155,318

166,326

Operating income

3,211

5,065

4,109

10,048

International

Net sales

29,697

31,663

58,820

63,598

Operating expenses

30,592

31,390

60,962

62,422

Operating income (loss)

(895

)

273

(2,142

)

1,176

AWS

Net sales

22,140

26,281

43,494

51,318

Operating expenses

16,775

16,947

33,006

32,563

Operating income

5,365

9,334

10,488

18,755

Consolidated

Net sales

134,383

147,977

261,741

291,290

Operating expenses

126,702

133,305

249,286

261,311

Operating income

7,681

14,672

12,455

29,979

Total non-operating income (expense)

(118

)

573

(773

)

(1,751

)

Provision for income taxes

(804

)

(1,767

)

(1,752

)

(4,234

)

Equity-method investment activity, net of tax

)

(78

)

Net income

6,750

13,485

9,922

23,916

Segment Highlights:

Y/Y net sales growth:

North America

International

AWS

Consolidated

Net sales mix:

North America

International

AWS

Consolidated

100

AMAZON.COM, INC.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

December 31, 2023

June 30, 2024

ASSETS

Current assets:

Cash and cash equivalents

73,387

71,178

Marketable securities

13,393

17,914

Inventories

33,318

34,109

Accounts receivable, net and other

52,253

50,106

Total current assets

172,351

173,307

Property and equipment, net

204,177

220,717

Operating leases

72,513

74,575

Goodwill

22,789

22,879

Other assets

56,024

63,340

Total assets

527,854

554,818

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

84,981

81,817

Accrued expenses and other

64,709

60,351

Unearned revenue

15,227

16,004

Total current liabilities

164,917

158,172

Long-term lease liabilities

77,297

78,084

Long-term debt

58,314

54,889

Other long-term liabilities

25,451

27,226

Commitments and contingencies

Stockholders’ equity:

Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)

—

Common stock ($0.01 par value; 100,000 shares authorized; 10,898 and 11,005 shares issued; 10,383 and 10,490 shares outstanding)

109

110

Treasury stock, at cost

(7,837

)

(7,837

)

Additional paid-in capital

99,025

110,633

Accumulated other comprehensive income (loss)

(3,040

)

(3,993

)

Retained earnings

113,618

137,534

Total stockholders’ equity

201,875

236,447

Total liabilities and stockholders’ equity

527,854

554,818

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except per share data)

(unaudited)

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Y/Y %

Change

Cash Flows and Shares

Operating cash flow -- trailing twelve months (TTM)

54,330

61,841

71,654

84,946

99,147

107,952

Operating cash flow -- TTM Y/Y growth

N/A

Purchases of property and equipment, net of proceeds from sales and incentives -- TTM

57,649

53,963

50,220

48,133

48,998

54,979

Principal repayments of finance leases -- TTM

6,544

5,705

5,245

4,384

3,774

3,092

(46

Principal repayments of financing obligations -- TTM

226

244

260

271

304

306

Equipment acquired under finance leases -- TTM (1)

285

269

239

310

306

425

Principal repayments of all other finance leases -- TTM (2)

625

631

694

683

761

794

Free cash flow -- TTM (3)

(3,319

)

7,878

21,434

36,813

50,149

52,973

572

Free cash flow less principal repayments of finance leases and financing obligations -- TTM (4)

(10,089

)

1,929

15,929

32,158

46,071

49,575

N/A

Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (5)

(4,455

)

6,734

20,241

35,549

48,778

51,448

664

Common shares and stock-based awards outstanding

10,625

10,794

10,792

10,788

10,871

Common shares outstanding

10,258

10,313

10,330

10,383

10,403

10,490

Stock-based awards outstanding

367

481

462

406

385

381

(21

Stock-based awards outstanding -- % of common shares outstanding

3.6

4.7

4.5

3.9

3.7

3.6

N/A

Results of Operations

Worldwide (WW) net sales

127,358

134,383

143,083

169,961

143,313

147,977

WW net sales -- Y/Y growth, excluding F/X

N/A

WW net sales -- TTM

524,897

538,046

554,028

574,785

590,740

604,334

WW net sales -- TTM Y/Y growth, excluding F/X

N/A

Operating income

4,774

7,681

11,188

13,209

15,307

14,672

F/X impact -- favorable

139

104

132

N/A

Operating income -- Y/Y growth, excluding F/X

128

338

379

219

N/A

Operating margin -- % of WW net sales

3.7

5.7

7.8

10.7

9.9

N/A

Operating income -- TTM

13,353

17,717

26,380

36,852

47,385

54,376

207

Operating income -- TTM Y/Y growth (decline), excluding F/X

(37

197

252

205

N/A

Operating margin -- TTM % of WW net sales

2.5

3.3

4.8

6.4

8.0

9.0

N/A

Net income

3,172

6,750

9,879

10,624

10,431

13,485

100

Net income per diluted share

0.31

0.65

0.94

1.00

0.98

1.26

Net income -- TTM

4,294

13,072

20,079

30,425

37,684

44,419

240

Net income per diluted share -- TTM

0.42

1.26

1.93

2.90

3.56

4.18

229

(1)

For the twelve months ended June 30, 2023 and 2024, this amount relates to equipment included in “Property and equipment acquired under finance leases, net of remeasurements and modifications” of $696 million and $617 million.

(2)

For the twelve months ended June 30, 2023 and 2024, this amount relates to property included in “Principal repayments of finance leases” of $5,705 million and $3,092 million.

(3)

Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”

(4)

Free cash flow less principal repayments of finance leases and financing obligations is free cash flow reduced by “Principal repayments of finance leases” and “Principal repayments of financing obligations.”

(5)

Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations is free cash flow reduced by equipment acquired under finance leases, which is included in “Property and equipment acquired under finance leases, net of remeasurements and modifications,” principal repayments of all other finance lease liabilities, which is included in “Principal repayments of finance leases,” and “Principal repayments of financing obligations.”

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions)

(unaudited)

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Y/Y %

Change

Segments

North America Segment:

Net sales

76,881

82,546

87,887

105,514

86,341

90,033

Net sales -- Y/Y growth, excluding F/X

N/A

Net sales -- TTM

323,517

331,633

340,677

352,828

362,288

369,775

Operating income

898

3,211

4,307

6,461

4,983

5,065

F/X impact -- favorable (unfavorable)

)

(27

)

(13

)

N/A

Operating income -- Y/Y growth, excluding F/X

N/A

454

N/A

Operating margin -- % of North America net sales

1.2

3.9

4.9

6.1

5.8

5.6

N/A

Operating income (loss) -- TTM

(381

)

3,457

8,176

14,877

18,962

20,816

502

Operating margin -- TTM % of North America net sales

(0.1

1.0

2.4

4.2

5.2

5.6

N/A

International Segment:

Net sales

29,123

29,697

32,137

40,243

31,935

31,663

Net sales -- Y/Y growth, excluding F/X

N/A

Net sales -- TTM

118,371

121,003

125,420

131,200

134,012

135,978

Operating income (loss)

(1,247

)

(895

)

(95

)

(419

)

903

273

N/A

F/X impact -- favorable (unfavorable)

(174

)

228

160

)

(94

)

N/A

Operating income (loss) -- Y/Y growth (decline), excluding F/X

(16

(48

(87

(74

N/A

Operating margin -- % of International net sales

(4.3

(3.0

(0.3

(1.0

2.8

0.9

N/A

Operating income (loss) -- TTM

(7,712

)

(6,836

)

(4,465

)

(2,656

)

(506

)

662

N/A

Operating margin -- TTM % of International net sales

(6.5

(5.6

(3.6

(2.0

(0.4

0.5

N/A

AWS Segment:

Net sales

21,354

22,140

23,059

24,204

25,037

26,281

Net sales -- Y/Y growth, excluding F/X

N/A

Net sales -- TTM

83,009

85,410

87,931

90,757

94,440

98,581

Operating income

5,123

5,365

6,976

7,167

9,421

9,334

F/X impact -- favorable (unfavorable)

272

(69

)

(62

)

115

N/A

Operating income -- Y/Y growth (decline), excluding F/X

(26

N/A

Operating margin -- % of AWS net sales

24.0

24.2

30.3

29.6

37.6

35.5

N/A

Operating income -- TTM

21,446

21,096

22,669

24,631

28,929

32,898

Operating margin -- TTM % of AWS net sales

25.8

24.7

25.8

27.1

30.6

33.4

N/A

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except employee data)

(unaudited)

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Y/Y %

Change

Net Sales

Online stores (1)

51,096

52,966

57,267

70,543

54,670

55,392

Online stores -- Y/Y growth, excluding F/X

N/A

Physical stores (2)

4,895

5,024

4,959

5,152

5,202

5,206

Physical stores -- Y/Y growth, excluding F/X

N/A

Third-party seller services (3)

29,820

32,332

34,342

43,559

34,596

36,201

Third-party seller services -- Y/Y growth, excluding F/X

N/A

Advertising services (4)

9,509

10,683

12,060

14,654

11,824

12,771

Advertising services -- Y/Y growth, excluding F/X

N/A

Subscription services (5)

9,657

9,894

10,170

10,488

10,722

10,866

Subscription services -- Y/Y growth, excluding F/X

N/A

AWS

21,354

22,140

23,059

24,204

25,037

26,281

AWS -- Y/Y growth, excluding F/X

N/A

Other (6)

1,027

1,344

1,226

1,361

1,262

1,260

Other -- Y/Y growth (decline), excluding F/X

N/A

Stock-based Compensation Expense

Cost of sales

165

251

193

227

174

266

Fulfillment

603

932

732

823

636

944

Technology and infrastructure

2,574

4,043

3,284

3,533

2,772

3,670

Sales and marketing

993

1,303

1,111

1,216

932

1,224

General and administrative

413

598

509

520

447

618

Total stock-based compensation expense

4,748

7,127

5,829

6,319

4,961

6,722

Other

WW shipping costs

19,937

20,418

21,799

27,326

21,834

21,965

WW shipping costs -- Y/Y growth

N/A

WW paid units -- Y/Y growth (7)

N/A

WW seller unit mix -- % of WW paid units (7)

N/A

Employees (full-time and part-time; excludes contractors & temporary personnel)

1,465,000

1,461,000

1,500,000

1,525,000

1,521,000

1,532,000

Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth (decline)

(10

N/A

(1)

Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.”

(2)

Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.”

(3)

Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.

(4)

Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising.

(5)

Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.

(6)

Includes sales related to various other offerings, such as health care services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements.

(7)

Excludes the impact of Whole Foods Market.

Amazon.com, Inc. Certain Definitions

Customer Accounts

References to customers mean customer accounts established when a customer places an order through one of our stores. Customer accounts exclude certain customers, including customers associated with certain of our acquisitions, Amazon Payments customers, AWS customers, and the customers of select companies with whom we have a technology alliance or marketing and promotional relationship. Customers are considered active when they have placed an order during the preceding twelve-month period.

Seller Accounts

References to sellers means seller accounts, which are established when a seller receives an order from a customer account. Sellers are considered active when they have received an order from a customer during the preceding twelve-month period.

AWS Customers

References to AWS customers mean unique AWS customer accounts, which are unique customer account IDs that are eligible to use AWS services. This includes AWS accounts in the AWS free tier. Multiple users accessing AWS services via one account ID are counted as a single account. Customers are considered active when they have had AWS usage activity during the preceding one-month period.

Units

References to units mean physical and digital units sold (net of returns and cancellations) by us and sellers in our stores as well as Amazon-owned items sold in other stores. Units sold are paid units and do not include units associated with AWS, certain acquisitions, certain subscriptions, rental businesses, or advertising businesses, or Amazon gift cards.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240731312365/en/

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