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On February 5, 2026, Amazon published financial results. In 2025, annual revenue reached US$716.9 billion, up 12% at constant rates (up by 1 point year-on-year). This represents an incremental US$79 billion last year, up from US$63.2 billion in 2024.
In 2025, Amazon’s net margin grew by 31%, reaching US$77.7 billion. This is 10.8% of revenue, compared to 9.3% a year earlier. Net margin growth was nearly three times higher than revenue growth. To a lesser extent, operating margin also increased by 16.6%, reaching a total of US$80 billion. The operating margin ratio reached 11.2% of Amazon’s sales versus 10.7% in 2024.
In 2026, Amazon plans US$200 billion in capital expenditures, notably for AI, a 60% year-on-year increase. This is more than double the previously announced US$100 billion. To offset massive AI investments, Amazon cut about 30,000 jobs since October, i.e.
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.