AMZNAmazon

Consumer discretionary · Internet Retail · Nasdaq

We seek to be Earth’s most customer-centric company. 10-K, Item 1

Employees: 1,576,000
Headquarters: Seattle, WA
CEO: Andrew R. Jassy
Next results: around Feb 4, 2027

The biggest changes in the 10-K filed 2026-02-06, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Net income

+31.1% Big change FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Cash from operations

+20.4% Big change FY to 2025-12-31 vs 2024-12-31

“The increase in operating cash flow in 2025, compared to the prior year, was due to an increase in net income (loss), excluding non-cash expenses, and changes in working capital.”
Read it in the 10-K ↗

Revenue

+12.4% Big change FY to 2025-12-31 vs 2024-12-31

“The increase in cost of sales in 2025, compared to the prior year, is primarily due to increased product and shipping costs resulting from increased sales, partially offset by operational efficiencies.”
Read it in the 10-K ↗

“The increase in sales and marketing costs in 2025, compared to the prior year, is primarily due to increased third-party advertising expenses.”
Read it in the 10-K ↗

Operating margin

10.8% → 11.2% (+0.4 pts) FY to 2025-12-31 vs 2024-12-31

“The increase in North America operating income in 2025, compared to the prior year, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment, technology and infrastructure, shipping, and other operating costs.”
Read it in the 10-K ↗

“The increase in International operating income in 2025, compared to the prior year, is primarily due to increased unit sales and increased advertising sales, partially offset by increased fulfillment and shipping costs.”
Read it in the 10-K ↗

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

Work on AMZN in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AMZN/export.csv") into a cell.