Amazon.com Inc. (AMZN) Q4 2025 (USD): EPS 1.95 (exp. 1.96), Revenue 213.4bln (exp. 211.42bln)

Amazon's Q4 2025 earnings slightly missed on EPS but beat on revenue, indicating strong momentum in AWS sales, which surpassed expectations.

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Amazon.com Inc. (AMZN) Q4 2025 (USD): EPS 1.95 (exp. 1.96), Revenue 213.4bln (exp. 211.42bln)

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  • AWS net sales 35.60bln (exp. 34.88bln)
  • AWS net sales ex-FX +24% (exp. 21%).
  • North America net sales 127.08bln (exp. 127.21bln).
  • Physical stores net sales 5.86bln (exp. 5.88bln).
  • Operating income 25bln (exp. 24.8bln).
  • Operating margin 11.7% (exp. 11.7%).

Outlook

  • Guidance assumes no additional restructuring.
  • Q1 operating income 16.5-21.5bln (exp. 22.2bln).
  • Q1 sales 173.5-178.5bln (exp. 175.6bln).
  • 2026 capex about 200bln (exp. 146.11bln).
Context

However, their Q1 guidance suggests a cautious outlook with projected income and sales below consensus, alongside significantly higher 2026 capex, raising questions about future profitability and growth sustainability.

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