Amazon.com, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Headline Results

  • Q4 revenue: $213.4B, up 12% year over year (compared to Q4 2024).
  • Operating income: $25B, including $2.4B in special charges.
  • Trailing twelve‑month free cash flow: $11.2B.
  • AWS revenue: $35.6B, up 24% year over year (fastest growth in 13 quarters).
  • AWS annualized run rate: $142B.
  • Advertising revenue: $21.3B, up 22% year over year.

Key Segment Highlights

AWS (Cloud & AI)

  • AWS growth accelerated significantly, adding $2.6B quarter over quarter and nearly $7B year over year.
  • AWS operating income: $12.5B; operating margin 35% (up 40 bps vs. Q4 2024).
  • AWS added more data center capacity in 2025 than any other company globally.
  • Backlog reached $244B, up 40% year over year and 22% quarter over quarter.
  • AI & chips:
    • Custom chip business (Graviton + Tranium) surpassed $10B run rate.
    • Trainium2: 30–40% better price performance than GPUs; over 1.4M units deployed.
    • Trainium3 launched; nearly all 2026 supply expected to be committed by mid‑year.
    • Trainium4 in development; early interest strong.
  • AI platform Bedrock is now a multibillion‑dollar run‑rate business; customer spend +60% quarter over quarter.
  • Strong enterprise cloud migrations; major new contracts include OpenAI, Visa, BlackRock, Lyft, DoorDash, US Air Force, HSBC, and more.

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Operator: Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Fourth Quarter 2025 Financial Results Teleconference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question and answer session. Today's call is being recorded. And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. Thank you, sir. Please go ahead. Dave Fildes: Hello, and welcome to our Q4 2025 financial results conference call. Joining us today to answer your questions is Andrew Jassy, our CEO, and Brian T. Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2024. Our comments and responses to your questions reflect management's views as of today, February 5, 2026, only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings. During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webc

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