E-commerce giant Amazon has reported net sales of $180.2bn for the third quarter (Q3) of 2025, up 13% from $158.9bn a year earlier.
Excluding a $1.5bn favourable currency impact, sales increased 12%.
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By division, North America revenue increased 11% to $106.3bn. International sales advanced 14% to $40.9bn, or 10% in constant currency.
Amazon Web Services recorded $33bn in revenue, up 20% year-on-year.
Operating income was $17.4bn, matching the same quarter of the previous year. The result incorporated two one-off charges: $2.5bn related to a Federal Trade Commission legal settlement, and $1.8bn in estimated severance linked mainly to planned job cuts. Excluding these items, operating income would have been $21.7bn.
Net income rose to $21.2bn, equivalent to $1.95 per diluted share, compared with $15.3bn, or $1.43 per diluted share, a year earlier. The quarter also reflected pre-tax gains of $9.5bn within non-operating income (expense) tied to the company’s investments in Anthropic.
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By GlobalDataCash from operations over the preceding 12 months increased 16% to $130.7bn, versus $112.7bn for the 12 months ended 30 September 2024.
Free cash flow over the same period fell to $14.8bn, primarily due to a $50.9bn year-on-year increase in purchases of property and equipment, net of proceeds and incentives, compared with $47.7bn for the 12 months to 30 September 2024.
For Q3 of 2025, Amazon forecast net sales between $206bn and $213bn, implying year-on-year growth of 10% to 13%, and expects a favourable foreign exchange impact of around 190 basis points.
Operating income is projected between $21bn billion and $26bn, compared with $21.2bn in Q4 2024.
Andy Jassy, president and CEO of Amazon, said: “We continue to see strong momentum and growth across Amazon as AI drives meaningful improvements in every corner of our business.
“AWS is growing at a pace we haven’t seen since 2022, re-accelerating to 20.2% YoY. We continue to see strong demand in AI and core infrastructure, and we’ve been focused on accelerating capacity – adding more than 3.8 gigawatts in the past 12 months.
“In stores, we continue to realise the benefits of innovating in our fulfilment network, and we’re on track to deliver to Prime members at the fastest speeds ever again this year, expand same-day delivery of perishable groceries to over 2,300 communities by end of year, and double the number of rural communities with access to Amazon’s Same-Day and Next-Day Delivery.”
