Amazon (Nasdaq: AMZN) sells products online and in stores at low prices with fast shipping, lets outside sellers use the same site and warehouses for fees, sells ads and Prime memberships on top, and rents out cloud computing through AWS. FY2025 (year ended Dec 31, 2025) net sales were $716.9B (+12%), operating income $80.0B and net income $77.7B, which includes a $15.2B investment gain mostly from Anthropic. AWS was 18% of FY25 sales ($128.7B, +20%) but $45.6B of the $80.0B operating income. Operating cash flow was $139.5B, but capital spending of $128.3B left FY25 free cash flow at $11.2B. H1 2026 net sales were $382.1B (+18%, AWS +33%) with operating income of $51.3B; H1 net income of $92.9B was lifted by $69.4B of non-operating income, mainly Anthropic stake markups.
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