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Amazon.com Announces Third Quarter Results

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

  • Net sales increased 11% to $158.9 billion in the third quarter, compared with $143.1 billion in third quarter 2023. Excluding the $0.2 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with third quarter 2023.
    • North America segment sales increased 9% year-over-year to $95.5 billion.
    • International segment sales increased 12% year-over-year to $35.9 billion.
    • AWS segment sales increased 19% year-over-year to $27.5 billion.
  • Operating income increased to $17.4 billion in the third quarter, compared with $11.2 billion in third quarter 2023.
    • North America segment operating income was $5.7 billion, compared with operating income of $4.3 billion in third quarter 2023.
    • International segment operating income was $1.3 billion, compared with an operating loss of $0.1 billion in third quarter 2023.
    • AWS segment operating income was $10.4 billion, compared with operating income of $7.0 billion in third quarter 2023.
  • Net income increased to $15.3 billion in the third quarter, or $1.43 per diluted share, compared with $9.9 billion, or $0.94 per diluted share, in third quarter 2023.
  • Operating cash flow increased 57% to $112.7 billion for the trailing twelve months, compared with $71.7 billion for the trailing twelve months ended September 30, 2023.
  • Free cash flow increased to $47.7 billion for the trailing twelve months, compared with $21.4 billion for the trailing twelve months ended September 30, 2023.
  • Free cash flow less principal repayments of finance leases and financing obligations increased to $44.9 billion for the trailing twelve months, compared with $15.9 billion for the trailing twelve months ended September 30, 2023.
  • Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations increased to $46.1 billion for the trailing twelve months, compared with $20.2 billion for the trailing twelve months ended September 30, 2023.

“As we get into the holiday season, we’re excited about what we have in store for customers,” said Andy Jassy, Amazon President & CEO. “We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations; and there’s so much more coming, from tens of millions of deals, to our NFL Black Friday game and Election Day coverage with Brian Williams on Prime Video, to over 100 new cloud infrastructure and AI capabilities that we’ll share at AWS re:Invent the week after Thanksgiving.”

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

  • Held its annual Prime Big Deal Days shopping event, with record sales, number of items sold, and Prime member participation, saving Prime members more than $1 billion with deals across its Store.
  • Announced its first-ever fuel savings offer for Prime, saving U.S. members 10 cents a gallon on fuel at approximately 7,000 bp, Amoco, and ampm locations.
  • Expanded its selection of brands with AllSaints, Beats x Kim, Estée Lauder, kate spade new york, and more.
  • Announced plans to expand Amazon Pharmacy Same-Day Delivery of medications to nearly half the U.S. in 2025 by accelerating the roll out of new pharmacies in 20 more U.S. cities by the end of next year.
  • Launched new generative AI-powered features, including:
    • Rufus, a generative AI expert shopping assistant, becoming available in Canada, France, Germany, India, Italy, Spain, and the UK.
    • AI Shopping Guides, which simplifies product research by using generative AI to pair information about a product category with Amazon’s wide selection, making it easier for customers to find the right product for their needs.
    • Project Amelia, an AI assistant for sellers that offers tailored business insights to boost productivity and drive seller growth.
    • Video generation and live image capabilities for advertisers that makes it fast and easy for brands to deliver compelling creative for customers through short, animated campaign images.
  • Launched new foundation models in Amazon Bedrock and Amazon SageMaker, including AI21 Labs’ Jamba 1.5 family, Anthropic’s upgraded Claude 3.5 Sonnet, Meta’s Llama 3.2, Mistral Large 2, and multiple Stability AI models.
  • Launched new memory-optimized, compute-optimized, and general purpose Amazon EC2 instances based on AWS’s latest generation Graviton4 processor, which delivers 75% more memory bandwidth and 30% better compute performance than the previous generation Graviton chips.
  • Launched Oracle Database@AWS for customers to easily and quickly migrate Oracle workloads to dedicated infrastructure on AWS with minimal to no database or application changes.
  • Entered a strategic collaboration with Databricks to accelerate the development of custom models built with Databricks Mosaic AI on AWS, and for Databricks to leverage AWS Trainium chips as the preferred AI chip to help customers improve price-performance when building generative AI applications.
  • Signed AWS agreements with several large enterprise companies such as The Australia and New Zealand Banking Group Limited, Booking.com, Capital One, Datadog, Epic Games, Fast Retailing, Itaú Unibanco, Luma AI, National Australia Bank, Sony, T-Mobile, Toyota, and Veeva.
  • Launched Season 2 of The Lord of the Rings: The Rings of Power to positive reviews from customers and critics alike, ranking as Prime Video’s most watched returning season ever by hours watched.
  • Drew more than 17 million viewers to the Cowboys-Giants Thursday Night Football game, the most-streamed NFL regular season game ever.
  • Added Apple TV+ to Prime Video’s collection of over 100 add-on subscription channels in the U.S.
  • Announced a new Kindle lineup, including a reimagined Kindle Scribe with generative AI, the Kindle Colorsoft with a color display, and the fastest Kindle Paperwhite ever.
  • Announced investments in the Delivery Service Partner program of $2.1 billion in North America to support safety programs, training, incentives, and more, as well as 25 billion yen in Japan to support last mile delivery innovation, and safety and technology for drivers.
  • Announced plans to hire 250,000 people across its U.S. operations ahead of the holiday season. All seasonal employees earn at least $18 per hour and have access to comprehensive benefits like health care.
  • Announced plans for AWS to invest £8 billion over five years in the UK, supporting 14,000 jobs annually.
  • Removed plastic air pillows from all delivery packaging at fulfillment centers globally, including expanding its use of paper filler made from 100% recycled content across North America to replace plastic air pillows.
  • Mobilized Disaster Relief by Amazon to support communities around the world impacted by natural disasters. In the U.S., Amazon leveraged its Disaster Relief Hub in Atlanta to support communities impacted by Hurricanes Helene and Milton with donated goods, logistics support, and technology. In Europe, Amazon mobilized its global logistics infrastructure, inventory, teams, and technology to provide rapid assistance for flooding across the region.

For additional highlights from the quarter, visit aboutamazon.com/news/company-news/amazon-earnings-q3-2024-highlights.

Financial Guidance

The following forward-looking statements reflect Amazon.com’s expectations as of October 31, 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.

Fourth Quarter 2024 Guidance

  • Net sales are expected to be between $181.5 billion and $188.5 billion, or to grow between 7% and 11% compared with fourth quarter 2023. This guidance anticipates an unfavorable impact of approximately 10 basis points from foreign exchange rates.
  • Operating income is expected to be between $16.0 billion and $20.0 billion, compared with $13.2 billion in fourth 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 2:00 p.m. PT/5:00 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

September 30,

 

Nine Months Ended

September 30,

 

Twelve Months Ended

September 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

50,067

 

 

$

71,673

 

 

$

54,253

 

 

$

73,890

 

 

$

35,178

 

 

$

50,081

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Net income

 

9,879

 

 

 

15,328

 

 

 

19,801

 

 

 

39,244

 

 

 

20,079

 

 

 

49,868

 

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

 

12,131

 

 

 

13,442

 

 

 

34,843

 

 

 

37,164

 

 

 

47,528

 

 

 

50,984

 

Stock-based compensation

 

5,829

 

 

 

5,333

 

 

 

17,704

 

 

 

17,016

 

 

 

23,310

 

 

 

23,335

 

Non-operating expense (income), net

 

(990

)

 

 

(141

)

 

 

(409

)

 

 

2,498

 

 

 

3,036

 

 

 

2,159

 

Deferred income taxes

 

(1,196

)

 

 

(1,317

)

 

 

(4,412

)

 

 

(3,040

)

 

 

(7,779

)

 

 

(4,504

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

808

 

 

 

(1,509

)

 

 

(1,194

)

 

 

(2,818

)

 

 

1,986

 

 

 

(175

)

Accounts receivable, net and other

 

(3,584

)

 

 

(701

)

 

 

(901

)

 

 

774

 

 

 

(5,641

)

 

 

(6,673

)

Other assets

 

(3,134

)

 

 

(4,537

)

 

 

(9,463

)

 

 

(10,293

)

 

 

(13,511

)

 

 

(13,095

)

Accounts payable

 

2,820

 

 

 

(477

)

 

 

(5,415

)

 

 

(5,754

)

 

 

4,437

 

 

 

5,134

 

Accrued expenses and other

 

(1,321

)

 

 

129

 

 

 

(9,022

)

 

 

(6,946

)

 

 

(3,245

)

 

 

(352

)

Unearned revenue

 

(25

)

 

 

421

 

 

 

949

 

 

 

2,396

 

 

 

1,454

 

 

 

6,025

 

Net cash provided by (used in) operating activities

 

21,217

 

 

 

25,971

 

 

 

42,481

 

 

 

70,241

 

 

 

71,654

 

 

 

112,706

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(12,479

)

 

 

(22,620

)

 

 

(38,141

)

 

 

(55,165

)

 

 

(54,733

)

 

 

(69,753

)

Proceeds from property and equipment sales and incentives

 

1,181

 

 

 

1,342

 

 

 

3,361

 

 

 

3,559

 

 

 

4,513

 

 

 

4,794

 

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

 

(1,629

)

 

 

(622

)

 

 

(5,458

)

 

 

(4,547

)

 

 

(6,289

)

 

 

(4,928

)

Sales and maturities of marketable securities

 

1,393

 

 

 

8,069

 

 

 

4,059

 

 

 

12,726

 

 

 

9,742

 

 

 

14,294

 

Purchases of marketable securities

 

(219

)

 

 

(3,068

)

 

 

(1,053

)

 

 

(13,472

)

 

 

(1,286

)

 

 

(13,907

)

Net cash provided by (used in) investing activities

 

(11,753

)

 

 

(16,899

)

 

 

(37,232

)

 

 

(56,899

)

 

 

(48,053

)

 

 

(69,500

)

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from short-term debt, and other

 

216

 

 

 

1,725

 

 

 

17,395

 

 

 

2,588

 

 

 

28,002

 

 

 

3,322

 

Repayments of short-term debt, and other

 

(8,095

)

 

 

(1,820

)

 

 

(19,339

)

 

 

(2,453

)

 

 

(35,136

)

 

 

(8,791

)

Proceeds from long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

8,235

 

 

 

 

Repayments of long-term debt

 

 

 

 

(2,183

)

 

 

(3,386

)

 

 

(6,682

)

 

 

(4,643

)

 

 

(6,972

)

Principal repayments of finance leases

 

(1,005

)

 

 

(402

)

 

 

(3,605

)

 

 

(1,710

)

 

 

(5,245

)

 

 

(2,489

)

Principal repayments of financing obligations

 

(64

)

 

 

(78

)

 

 

(198

)

 

 

(247

)

 

 

(260

)

 

 

(320

)

Net cash provided by (used in) financing activities

 

(8,948

)

 

 

(2,758

)

 

 

(9,133

)

 

 

(8,504

)

 

 

(9,047

)

 

 

(15,250

)

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

 

(502

)

 

 

690

 

 

 

(288

)

 

 

(51

)

 

 

349

 

 

 

640

 

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

 

14

 

 

 

7,004

 

 

 

(4,172

)

 

 

4,787

 

 

 

14,903

 

 

 

28,596

 

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

$

50,081

 

 

$

78,677

 

 

$

50,081

 

 

$

78,677

 

 

$

50,081

 

 

$

78,677

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest on debt, net of capitalized interest

$

465

 

 

$

266

 

 

$

1,821

 

 

$

1,215

 

 

$

2,450

 

 

$

2,002

 

Cash paid for operating leases

 

2,692

 

 

 

2,940

 

 

 

7,687

 

 

 

9,116

 

 

 

10,052

 

 

 

11,882

 

Cash paid for interest on finance leases

 

76

 

 

 

71

 

 

 

234

 

 

 

217

 

 

 

318

 

 

 

291

 

Cash paid for interest on financing obligations

 

50

 

 

 

47

 

 

 

150

 

 

 

161

 

 

 

205

 

 

 

207

 

Cash paid for income taxes, net of refunds

 

2,628

 

 

 

2,004

 

 

 

6,982

 

 

 

8,162

 

 

 

8,677

 

 

 

12,359

 

Assets acquired under operating leases

 

3,345

 

 

 

3,571

 

 

 

11,075

 

 

 

11,235

 

 

 

15,844

 

 

 

14,212

 

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

 

183

 

 

 

186

 

 

 

431

 

 

 

409

 

 

 

748

 

 

 

620

 

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

 

93

 

 

 

21

 

 

 

308

 

 

 

89

 

 

 

618

 

 

 

138

 

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

 

492

 

 

 

 

 

 

1,212

 

 

 

 

 

 

3,063

 

 

 

162

 

 

AMAZON.COM, INC.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product sales

$

63,171

 

 

$

67,601

 

 

$

179,184

 

 

$

190,085

 

Net service sales

 

79,912

 

 

 

91,276

 

 

 

225,640

 

 

 

260,082

 

Total net sales

 

143,083

 

 

 

158,877

 

 

 

404,824

 

 

 

450,167

 

Operating expenses:

 

 

 

 

 

 

 

Cost of sales

 

75,022

 

 

 

80,977

 

 

 

212,186

 

 

 

227,395

 

Fulfillment

 

22,314

 

 

 

24,660

 

 

 

64,524

 

 

 

70,543

 

Technology and infrastructure

 

21,203

 

 

 

22,245

 

 

 

63,584

 

 

 

64,973

 

Sales and marketing

 

10,551

 

 

 

10,609

 

 

 

31,468

 

 

 

30,783

 

General and administrative

 

2,561

 

 

 

2,713

 

 

 

8,806

 

 

 

8,496

 

Other operating expense (income), net

 

244

 

 

 

262

 

 

 

613

 

 

 

587

 

Total operating expenses

 

131,895

 

 

 

141,466

 

 

 

381,181

 

 

 

402,777

 

Operating income

 

11,188

 

 

 

17,411

 

 

 

23,643

 

 

 

47,390

 

Interest income

 

776

 

 

 

1,256

 

 

 

2,048

 

 

 

3,429

 

Interest expense

 

(806

)

 

 

(603

)

 

 

(2,469

)

 

 

(1,836

)

Other income (expense), net

 

1,031

 

 

 

(27

)

 

 

649

 

 

 

(2,718

)

Total non-operating income (expense)

 

1,001

 

 

 

626

 

 

 

228

 

 

 

(1,125

)

Income before income taxes

 

12,189

 

 

 

18,037

 

 

 

23,871

 

 

 

46,265

 

Provision for income taxes

 

(2,306

)

 

 

(2,706

)

 

 

(4,058

)

 

 

(6,940

)

Equity-method investment activity, net of tax

 

(4

)

 

 

(3

)

 

 

(12

)

 

 

(81

)

Net income

$

9,879

 

 

$

15,328

 

 

$

19,801

 

 

$

39,244

 

Basic earnings per share

$

0.96

 

 

$

1.46

 

 

$

1.93

 

 

$

3.76

 

Diluted earnings per share

$

0.94

 

 

$

1.43

 

 

$

1.89

 

 

$

3.67

 

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

 

 

 

 

 

 

 

Basic

 

10,322

 

 

 

10,501

 

 

 

10,286

 

 

 

10,447

 

Diluted

 

10,558

 

 

 

10,735

 

 

 

10,452

 

 

 

10,705

 

 

AMAZON.COM, INC.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

9,879

 

 

$

15,328

 

 

$

19,801

 

 

$

39,244

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax of $36, $(45), $4, and $43

 

(1,388

)

 

 

1,911

 

 

 

(738

)

 

 

178

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

Change in net unrealized gains (losses), net of tax of $(18), $(55), $(52), and $(282)

 

62

 

 

 

167

 

 

 

174

 

 

 

944

 

Less: reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $0, $0, $(15), and $(1)

 

3

 

 

 

 

 

 

48

 

 

 

4

 

Net change

 

65

 

 

 

167

 

 

 

222

 

 

 

948

 

Other, net of tax of $0, $3, $0, and $1

 

 

 

 

(3

)

 

 

 

 

 

(4

)

Total other comprehensive income (loss)

 

(1,323

)

 

 

2,075

 

 

 

(516

)

 

 

1,122

 

Comprehensive income

$

8,556

 

 

$

17,403

 

 

$

19,285

 

 

$

40,366

 

 

AMAZON.COM, INC.

Segment Information

(in millions)

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

Net sales

$

87,887

 

 

$

95,537

 

 

$

247,314

 

 

$

271,911

 

Operating expenses

 

83,580

 

 

 

89,874

 

 

 

238,898

 

 

 

256,200

 

Operating income

$

4,307

 

 

$

5,663

 

 

$

8,416

 

 

$

15,711

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

Net sales

$

32,137

 

 

$

35,888

 

 

$

90,957

 

 

$

99,486

 

Operating expenses

 

32,232

 

 

 

34,587

 

 

 

93,194

 

 

 

97,009

 

Operating income (loss)

$

(95

)

 

$

1,301

 

 

$

(2,237

)

 

$

2,477

 

 

 

 

 

 

 

 

 

AWS

 

 

 

 

 

 

 

Net sales

$

23,059

 

 

$

27,452

 

 

$

66,553

 

 

$

78,770

 

Operating expenses

 

16,083

 

 

 

17,005

 

 

 

49,089

 

 

 

49,568

 

Operating income

$

6,976

 

 

$

10,447

 

 

$

17,464

 

 

$

29,202

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

Net sales

$

143,083

 

 

$

158,877

 

 

$

404,824

 

 

$

450,167

 

Operating expenses

 

131,895

 

 

 

141,466

 

 

 

381,181

 

 

 

402,777

 

Operating income

 

11,188

 

 

 

17,411

 

 

 

23,643

 

 

 

47,390

 

Total non-operating income (expense)

 

1,001

 

 

 

626

 

 

 

228

 

 

 

(1,125

)

Provision for income taxes

 

(2,306

)

 

 

(2,706

)

 

 

(4,058

)

 

 

(6,940

)

Equity-method investment activity, net of tax

 

(4

)

 

 

(3

)

 

 

(12

)

 

 

(81

)

Net income

$

9,879

 

 

$

15,328

 

 

$

19,801

 

 

$

39,244

 

 

 

 

 

 

 

 

 

Segment Highlights:

 

 

 

 

 

 

 

Y/Y net sales growth:

 

 

 

 

 

 

 

North America

 

11

%

 

 

9

%

 

 

11

%

 

 

10

%

International

 

16

 

 

 

12

 

 

 

9

 

 

 

9

 

AWS

 

12

 

 

 

19

 

 

 

13

 

 

 

18

 

Consolidated

 

13

 

 

 

11

 

 

 

11

 

 

 

11

 

Net sales mix:

 

 

 

 

 

 

 

North America

 

61

%

 

 

60

%

 

 

61

%

 

 

60

%

International

 

23

 

 

 

23

 

 

 

23

 

 

 

22

 

AWS

 

16

 

 

 

17

 

 

 

16

 

 

 

18

 

Consolidated

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

AMAZON.COM, INC.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

 

 

December 31, 2023

 

September 30, 2024

 

 

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

73,387

 

 

$

75,091

 

Marketable securities

 

13,393

 

 

 

12,960

 

Inventories

 

33,318

 

 

 

36,103

 

Accounts receivable, net and other

 

52,253

 

 

 

51,638

 

Total current assets

 

172,351

 

 

 

175,792

 

Property and equipment, net

 

204,177

 

 

 

237,917

 

Operating leases

 

72,513

 

 

 

76,527

 

Goodwill

 

22,789

 

 

 

23,081

 

Other assets

 

56,024

 

 

 

71,309

 

Total assets

$

527,854

 

 

$

584,626

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

84,981

 

 

$

84,570

 

Accrued expenses and other

 

64,709

 

 

 

60,602

 

Unearned revenue

 

15,227

 

 

 

16,305

 

Total current liabilities

 

164,917

 

 

 

161,477

 

Long-term lease liabilities

 

77,297

 

 

 

79,802

 

Long-term debt

 

58,314

 

 

 

54,890

 

Other long-term liabilities

 

25,451

 

 

 

29,306

 

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 11,026 shares issued; 10,383 and 10,511 shares outstanding)

 

109

 

 

 

110

 

Treasury stock, at cost

 

(7,837

)

 

 

(7,837

)

Additional paid-in capital

 

99,025

 

 

 

115,934

 

Accumulated other comprehensive income (loss)

 

(3,040

)

 

 

(1,918

)

Retained earnings

 

113,618

 

 

 

152,862

 

Total stockholders’ equity

 

201,875

 

 

 

259,151

 

Total liabilities and stockholders’ equity

$

527,854

 

 

$

584,626

 

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except per share data)

(unaudited)

 

 

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Y/Y %

Change

Cash Flows and Shares

 

 

 

 

 

 

 

Operating cash flow -- trailing twelve months (TTM)

$

61,841

 

$

71,654

 

$

84,946

 

$

99,147

 

$

107,952

 

$

112,706

 

57

%

Operating cash flow -- TTM Y/Y growth

 

74

%

 

81

%

 

82

%

 

82

%

 

75

%

 

57

%

N/A

 

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

$

53,963

 

$

50,220

 

$

48,133

 

$

48,998

 

$

54,979

 

$

64,959

 

29

%

Principal repayments of finance leases -- TTM

$

5,705

 

$

5,245

 

$

4,384

 

$

3,774

 

$

3,092

 

$

2,489

 

(53

)%

Principal repayments of financing obligations -- TTM

$

244

 

$

260

 

$

271

 

$

304

 

$

306

 

$

320

 

23

%

Equipment acquired under finance leases -- TTM (1)

$

269

 

$

239

 

$

310

 

$

306

 

$

425

 

$

492

 

106

%

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

$

631

 

$

694

 

$

683

 

$

761

 

$

794

 

$

785

 

13

%

Free cash flow -- TTM (3)

$

7,878

 

$

21,434

 

$

36,813

 

$

50,149

 

$

52,973

 

$

47,747

 

123

%

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

$

1,929

 

$

15,929

 

$

32,158

 

$

46,071

 

$

49,575

 

$

44,938

 

182

%

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

$

6,734

 

$

20,241

 

$

35,549

 

$

48,778

 

$

51,448

 

$

46,150

 

128

%

Common shares and stock-based awards outstanding

 

10,794

 

 

10,792

 

 

10,788

 

 

10,788

 

 

10,871

 

 

10,872

 

1

%

Common shares outstanding

 

10,313

 

 

10,330

 

 

10,383

 

 

10,403

 

 

10,490

 

 

10,511

 

2

%

Stock-based awards outstanding

 

481

 

 

462

 

 

406

 

 

385

 

 

381

 

 

361

 

(22

)%

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

 

4.7

%

 

4.5

%

 

3.9

%

 

3.7

%

 

3.6

%

 

3.4

%

N/A

 

Results of Operations

 

 

 

 

 

 

 

Worldwide (WW) net sales

$

134,383

 

$

143,083

 

$

169,961

 

$

143,313

 

$

147,977

 

$

158,877

 

11

%

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

 

11

%

 

11

%

 

13

%

 

13

%

 

11

%

 

11

%

N/A

 

WW net sales -- TTM

$

538,046

 

$

554,028

 

$

574,785

 

$

590,740

 

$

604,334

 

$

620,128

 

12

%

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

 

13

%

 

12

%

 

12

%

 

12

%

 

12

%

 

12

%

N/A

 

Operating income

$

7,681

 

$

11,188

 

$

13,209

 

$

15,307

 

$

14,672

 

$

17,411

 

56

%

F/X impact -- favorable

$

104

 

$

132

 

$

85

 

$

72

 

$

29

 

$

16

 

N/A

 

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

 

128

%

 

338

%

 

379

%

 

219

%

 

91

%

 

55

%

N/A

 

Operating margin -- % of WW net sales

 

5.7

%

 

7.8

%

 

7.8

%

 

10.7

%

 

9.9

%

 

11.0

%

N/A

 

Operating income -- TTM

$

17,717

 

$

26,380

 

$

36,852

 

$

47,385

 

$

54,376

 

$

60,599

 

130

%

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

 

10

%

 

99

%

 

197

%

 

252

%

 

205

%

 

129

%

N/A

 

Operating margin -- TTM % of WW net sales

 

3.3

%

 

4.8

%

 

6.4

%

 

8.0

%

 

9.0

%

 

9.8

%

N/A

 

Net income

$

6,750

 

$

9,879

 

$

10,624

 

$

10,431

 

$

13,485

 

$

15,328

 

55

%

Net income per diluted share

$

0.65

 

$

0.94

 

$

1.00

 

$

0.98

 

$

1.26

 

$

1.43

 

53

%

Net income -- TTM

$

13,072

 

$

20,079

 

$

30,425

 

$

37,684

 

$

44,419

 

$

49,868

 

148

%

Net income per diluted share -- TTM

$

1.26

 

$

1.93

 

$

2.90

 

$

3.56

 

$

4.18

 

$

4.67

 

142

%

 

(1)

 

For the twelve months ended September 30, 2023 and 2024, this amount relates to equipment included in “Property and equipment acquired under finance leases, net of remeasurements and modifications” of $748 million and $620 million.

(2)

 

For the twelve months ended September 30, 2023 and 2024, this amount relates to property included in “Principal repayments of finance leases” of $5,245 million and $2,489 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)

 

 

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Y/Y %

Change

Segments

 

 

 

 

 

 

 

North America Segment:

 

 

 

 

 

 

 

Net sales

$

82,546

 

$

87,887

 

$

105,514

 

$

86,341

 

$

90,033

 

$

95,537

 

9

%

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

 

11

%

 

11

%

 

13

%

 

12

%

 

9

%

 

9

%

N/A

 

Net sales -- TTM

$

331,633

 

$

340,677

 

$

352,828

 

$

362,288

 

$

369,775

 

$

377,425

 

11

%

Operating income

$

3,211

 

$

4,307

 

$

6,461

 

$

4,983

 

$

5,065

 

$

5,663

 

31

%

F/X impact -- favorable (unfavorable)

$

(7

)

$

(27

)

$

(13

)

$

8

 

$

8

 

$

(28

)

N/A

 

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

 

N/A

 

 

N/A

 

 

N/A

 

 

454

%

 

58

%

 

32

%

N/A

 

Operating margin -- % of North America net sales

 

3.9

%

 

4.9

%

 

6.1

%

 

5.8

%

 

5.6

%

 

5.9

%

N/A

 

Operating income -- TTM

$

3,457

 

$

8,176

 

$

14,877

 

$

18,962

 

$

20,816

 

$

22,172

 

171

%

Operating margin -- TTM % of North America net sales

 

1.0

%

 

2.4

%

 

4.2

%

 

5.2

%

 

5.6

%

 

5.9

%

N/A

 

International Segment:

 

 

 

 

 

 

 

Net sales

$

29,697

 

$

32,137

 

$

40,243

 

$

31,935

 

$

31,663

 

$

35,888

 

12

%

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

 

10

%

 

11

%

 

13

%

 

11

%

 

10

%

 

12

%

N/A

 

Net sales -- TTM

$

121,003

 

$

125,420

 

$

131,200

 

$

134,012

 

$

135,978

 

$

139,729

 

11

%

Operating income (loss)

$

(895

)

$

(95

)

$

(419

)

$

903

 

$

273

 

$

1,301

 

N/A

 

F/X impact -- favorable (unfavorable)

$

32

 

$

228

 

$

160

 

$

(3

)

$

(94

)

$

43

 

N/A

 

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

 

(48

)%

 

(87

)%

 

(74

)%

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

Operating margin -- % of International net sales

 

(3.0

)%

 

(0.3

)%

 

(1.0

)%

 

2.8

%

 

0.9

%

 

3.6

%

N/A

 

Operating income (loss) -- TTM

$

(6,836

)

$

(4,465

)

$

(2,656

)

$

(506

)

$

662

 

$

2,058

 

N/A

 

Operating margin -- TTM % of International net sales

 

(5.6

)%

 

(3.6

)%

 

(2.0

)%

 

(0.4

)%

 

0.5

%

 

1.5

%

N/A

 

AWS Segment:

 

 

 

 

 

 

 

Net sales

$

22,140

 

$

23,059

 

$

24,204

 

$

25,037

 

$

26,281

 

$

27,452

 

19

%

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

 

12

%

 

12

%

 

13

%

 

17

%

 

19

%

 

19

%

N/A

 

Net sales -- TTM

$

85,410

 

$

87,931

 

$

90,757

 

$

94,440

 

$

98,581

 

$

102,974

 

17

%

Operating income

$

5,365

 

$

6,976

 

$

7,167

 

$

9,421

 

$

9,334

 

$

10,447

 

50

%

F/X impact -- favorable (unfavorable)

$

79

 

$

(69

)

$

(62

)

$

67

 

$

115

 

$

1

 

N/A

 

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

 

(8

)%

 

30

%

 

39

%

 

83

%

 

72

%

 

50

%

N/A

 

Operating margin -- % of AWS net sales

 

24.2

%

 

30.3

%

 

29.6

%

 

37.6

%

 

35.5

%

 

38.1

%

N/A

 

Operating income -- TTM

$

21,096

 

$

22,669

 

$

24,631

 

$

28,929

 

$

32,898

 

$

36,369

 

60

%

Operating margin -- TTM % of AWS net sales

 

24.7

%

 

25.8

%

 

27.1

%

 

30.6

%

 

33.4

%

 

35.3

%

N/A

 

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except employee data)

(unaudited)

 

 

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Y/Y %

Change

Net Sales

 

 

 

 

 

 

 

Online stores (1)

$

52,966

 

$

57,267

 

$

70,543

 

$

54,670

 

$

55,392

 

$

61,411

 

7

%

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

 

5

%

 

6

%

 

8

%

 

7

%

 

6

%

 

8

%

N/A

 

Physical stores (2)

$

5,024

 

$

4,959

 

$

5,152

 

$

5,202

 

$

5,206

 

$

5,228

 

5

%

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

 

7

%

 

6

%

 

4

%

 

6

%

 

4

%

 

5

%

N/A

 

Third-party seller services (3)

$

32,332

 

$

34,342

 

$

43,559

 

$

34,596

 

$

36,201

 

$

37,864

 

10

%

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

 

18

%

 

18

%

 

19

%

 

16

%

 

13

%

 

10

%

N/A

 

Advertising services (4)

$

10,683

 

$

12,060

 

$

14,654

 

$

11,824

 

$

12,771

 

$

14,331

 

19

%

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

 

22

%

 

25

%

 

26

%

 

24

%

 

20

%

 

19

%

N/A

 

Subscription services (5)

$

9,894

 

$

10,170

 

$

10,488

 

$

10,722

 

$

10,866

 

$

11,278

 

11

%

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

 

14

%

 

13

%

 

13

%

 

11

%

 

11

%

 

11

%

N/A

 

AWS

$

22,140

 

$

23,059

 

$

24,204

 

$

25,037

 

$

26,281

 

$

27,452

 

19

%

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

 

12

%

 

12

%

 

13

%

 

17

%

 

19

%

 

19

%

N/A

 

Other (6)

$

1,344

 

$

1,226

 

$

1,361

 

$

1,262

 

$

1,260

 

$

1,313

 

7

%

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

 

26

%

 

(3

)%

 

8

%

 

23

%

 

(6

)%

 

5

%

N/A

 

 

 

 

 

 

 

 

 

Stock-based Compensation Expense

 

 

 

 

 

 

 

Cost of sales

$

251

 

$

193

 

$

227

 

$

174

 

$

266

 

$

193

 

(1

)%

Fulfillment

$

932

 

$

732

 

$

823

 

$

636

 

$

944

 

$

696

 

(5

)%

Technology and infrastructure

$

4,043

 

$

3,284

 

$

3,533

 

$

2,772

 

$

3,670

 

$

2,961

 

(10

)%

Sales and marketing

$

1,303

 

$

1,111

 

$

1,216

 

$

932

 

$

1,224

 

$

1,012

 

(9

)%

General and administrative

$

598

 

$

509

 

$

520

 

$

447

 

$

618

 

$

471

 

(8

)%

Total stock-based compensation expense

$

7,127

 

$

5,829

 

$

6,319

 

$

4,961

 

$

6,722

 

$

5,333

 

(9

)%

Other

 

 

 

 

 

 

 

WW shipping costs

$

20,418

 

$

21,799

 

$

27,326

 

$

21,834

 

$

21,965

 

$

23,501

 

8

%

WW shipping costs -- Y/Y growth

 

6

%

 

9

%

 

11

%

 

10

%

 

8

%

 

8

%

N/A

 

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

 

9

%

 

9

%

 

12

%

 

12

%

 

11

%

 

12

%

N/A

 

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

 

60

%

 

60

%

 

61

%

 

61

%

 

61

%

 

60

%

N/A

 

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

 

1,461,000

 

 

1,500,000

 

 

1,525,000

 

 

1,521,000

 

 

1,532,000

 

 

1,551,000

 

3

%

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

 

(4

)%

 

(3

)%

 

(1

)%

 

4

%

 

5

%

 

3

%

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.

 

Contacts

Amazon Investor Relations

amazon-ir@amazon.com

amazon.com/ir

Amazon Public Relations

amazon-pr@amazon.com

amazon.com/pr

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