Amazon said Q2 2025 net sales increased 11% in North America, 16% in International, and 17% in AWS. The company said changes in foreign exchange rates increased Q2 2025 net sales by $1.5 billion.

10-QQuarterly reportFiled Aug 1, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Amazon said Q2 2025 net sales increased 11% in North America, 16% in International, and 17% in AWS. The company said changes in foreign exchange rates increased Q2 2025 net sales by $1.5 billion.
Amazon said operating cash flow was $25.3 billion for Q2 2024 and $32.5 billion for Q2 2025, and investing cash flow was $(22.1) billion and $(39.4) billion, respectively. Cash capital expenditures for Q2 2025 were $31.4 billion.
Amazon said cash payments, net of acquired cash, related to acquisition and other investment activity for Q2 2025 were $1.7 billion, primarily reflecting investments in convertible notes from Anthropic, including $1.3 billion invested in Q2 2025. The company also said it will invest an additional $1.4 billion in another convertible note by Q4 2025.
Amazon said the 2025 Tax Act's reinstatement of 100% accelerated depreciation deductions and immediate expensing of domestic research and development costs are expected to significantly reduce U.S. cash taxes it pays in 2025. The company's Q3 2025 guidance provided on July 31, 2025 is for net sales of $174.0 billion to $179.5 billion and operating income of $15.5 billion to $20.5 billion.

Key figures

Quarter ended June 30, 2025

Revenue: $167.7B
Operating income: $19.2B
Net income: $18.2B
EPS: $1.68
Operating cash flow: $32.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2025 Net Sales Growth Rate and Segment Increases

Amazon said Q2 2025 net sales increased 11% in North America, 16% in International, and 17% in AWS. The company said changes in foreign exchange rates increased Q2 2025 net sales by $1.5 billion.

Source · Based on the MD&A text of the filing

Q2 2025 Operating and Investing Cash Flow

Amazon said operating cash flow was $25.3 billion for Q2 2024 and $32.5 billion for Q2 2025, and investing cash flow was $(22.1) billion and $(39.4) billion, respectively. Cash capital expenditures for Q2 2025 were $31.4 billion.

Source · Based on the MD&A text of the filing

Anthropic Convertible Note Investment and Additional Investment Plans

Amazon said cash payments, net of acquired cash, related to acquisition and other investment activity for Q2 2025 were $1.7 billion, primarily reflecting investments in convertible notes from Anthropic, including $1.3 billion invested in Q2 2025. The company also said it will invest an additional $1.4 billion in another convertible note by Q4 2025.

Source · Based on the MD&A text of the filing

2025 Tax Act and Q3 2025 Company Guidance

Amazon said the 2025 Tax Act's reinstatement of 100% accelerated depreciation deductions and immediate expensing of domestic research and development costs are expected to significantly reduce U.S. cash taxes it pays in 2025. The company's Q3 2025 guidance provided on July 31, 2025 is for net sales of $174.0 billion to $179.5 billion and operating income of $15.5 billion to $20.5 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗