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Driven by e-commerce, the marketplace, the cloud, and advertising — four units each generating more than US$12 billion in incremental revenue in 2025 — Amazon ended the year with solid financials. However, despite a sharp increase in AI investments, the tech giant’s stock plunged. The cause was the cloud activity, which remains smaller than competitors.
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 b
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Article authors
Morgane Monteiro
Journalist
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.