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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030305950/en/
Amazon Investor Relations amazon-ir@amazon.com amazon.com/ir
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