[Amazon Results] Amazon delivers a solid Q3 2025, driven by AWS, e-commerce and advertising

After announcing 14,000 layoffs in support functions, Amazon published on October 30, 2025 results for the quarter to September 30. Above analysts’ expectations, quarterly revenue increased by 13.4% at constant rates, reaching US$180.2 billion (US$21.3 billion more than a year earlier). Over the first 9 months of 2025 – and we will focus our analysis on this January–September period – sales grew by 11.9% to US$503.5 billion. This represents an incremental US$53.4 billion over 9 months (annual change).

In Q3, Amazon’s net margin rose by 38.2%, reaching US$21.2 billion, compared with US$15.3 billion for the same period last year. It represents 11.8% of quarterly revenue (up by 2.2 points in a year) and 11.2% of revenue over the first 9 months of the year. Over the 9-month period, net margin increased by 44.1%, totalling US$56.5 billion. This represents an additional US$17.3 billion of net margin. With an operating result stable at US$17.4 billion (up by 0.1%), the operating margin ratio is declining. From 10.9% of revenue in Q3 last year, it reaches only 9.7% this quarter.