Amazon.com Announces Second Quarter Results

Amazon.com, Inc. (NASDAQ:AMZN) today announced financial results for its second quarter ended June 30, 2024.

  • Net sales increased 10% to $148.0 billion in the second quarter, compared with $134.4 billion in second quarter 2023. Excluding the $1.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with second quarter 2023.
    • North America segment sales increased 9% year-over-year to $90.0 billion.
    • International segment sales increased 7% year-over-year to $31.7 billion, or increased 10% excluding changes in foreign exchange rates.
    • AWS segment sales increased 19% year-over-year to $26.3 billion.
  • Operating income increased to $14.7 billion in the second quarter, compared with $7.7 billion in second quarter 2023.
    • North America segment operating income was $5.1 billion, compared with operating income of $3.2 billion in second quarter 2023.
    • International segment operating income was $0.3 billion, compared with an operating loss of $0.9 billion in second quarter 2023.
    • AWS segment operating income was $9.3 billion, compared with operating income of $5.4 billion in second quarter 2023.
  • Net income increased to $13.5 billion in the second quarter, or $1.26 per diluted share, compared with $6.7 billion, or $0.65 per diluted share, in second quarter 2023.
    • Second quarter 2024 net income includes a pre-tax valuation gain of $0.4 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $0.2 billion from the investment in second quarter 2023.
  • Operating cash flow increased 75% to $108.0 billion for the trailing twelve months, compared with $61.8 billion for the trailing twelve months ended June 30, 2023.
  • Free cash flow increased to $53.0 billion for the trailing twelve months, compared with $7.9 billion for the trailing twelve months ended June 30, 2023.
  • Free cash flow less principal repayments of finance leases and financing obligations increased to $49.6 billion for the trailing twelve months, compared with $1.9 billion for the trailing twelve months ended June 30, 2023.
  • Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations increased to $51.4 billion for the trailing twelve months, compared with $6.7 billion for the trailing twelve months ended June 30, 2023.

“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth,” said Andy Jassy, Amazon President & CEO. “As companies continue to modernize their infrastructure and move to the cloud, while also leveraging new Generative AI opportunities, AWS continues to be customers’ top choice as we have much broader functionality, superior security and operational performance, a larger partner ecosystem, and AI capabilities like SageMaker for model builders, Bedrock for those leveraging frontier models, Trainium for those where the cost of compute for training and inference matters, and Q for those wanting the most capable GenAI assistant for not just coding, but also software development and business integration.”

Some other highlights since the company’s last earnings announcement include that Amazon:

  • Held its 10th Prime Day, the biggest Prime Day shopping event yet.
  • Delivered to Prime members at its fastest speeds ever in the first half of the year.
  • Expanded selection, including brands like Aéropostale, Bumble and bumble, and Kiehl’s.
  • Announced that U.S. Prime members can enjoy a Grubhub+ membership worth $120 a year.
  • Launched multiple AI-powered features for consumers, including shopping assistant Rufus for all U.S. mobile customers, playlist generator Maestro for Amazon Music, and a new search experience for Fire TV.
  • Launched Amazon’s Stores business in South Africa with same and next-day delivery.
  • Expanded Amazon Pharmacy’s RxPass program, which now offers Prime members on Medicare unlimited consumption of 60 broadly-used prescription medications for just $5 a month.
  • Released 19 films and series from Amazon MGM Studios, including:
    • Fallout, the second most watched Original title worldwide ever on Prime Video during its launch.
    • Season 4 of The Boys, reaching No. 1 on Prime Video in over 165 countries in its first two weeks.
    • The Idea of You, attracting ~50 million viewers in its first two weeks on Prime Video.
  • Earned 62 Primetime Emmy Award nominations, including 17 for Fallout and 16 for Mr. and Mrs. Smith.
  • Secured expansive streaming rights for the NBA for 11 seasons, starting in 2025-26.
  • Became the exclusive home of Monday Night National Hockey League games in Canada.
  • Launched Anthropic Claude 3.5 Sonnet, Meta Llama 3.1, and Mistral Large 2 models in Amazon Bedrock.
  • Shared that companies like AXA, DoorDash, Nasdaq, Rocket Insurance, SAP, Thomson Reuters, Workday, WPP, and Zendesk announced new applications built on Bedrock.
  • Delivered new AWS Graviton4-based compute instances, providing up to 30% better price-performance than the industry-leading AWS Graviton3 instances.
  • Signed new AWS agreements with Commonwealth Bank of Australia, Databricks, Discover Financial Services, Eli Lilly and Company, Experian, GE HealthCare, NetApp, Scopely, ServiceNow, Shutterfly, and many others—as well as AI startups Perplexity, H Company, and Observea.
  • Announced an AUD $2 billion strategic partnership with the Australian Government to provide a “Top Secret” AWS Cloud to enhance the nation’s defense and intelligence capabilities.
  • Added Austin and Miami to where self-driving robotaxi Zoox is deploying its test fleet on public roads.
  • Ranked No. 2 on LinkedIn’s Top Companies list and No. 1 in the technology sector.
  • Announced that all electricity consumed by Amazon’s operations, including its data centers, was matched with 100% renewable energy in 2023.
  • Replaced 95% of plastic air pillows in Amazon’s delivery packaging in North America with paper filler.
  • Announced an additional $1.4 billion commitment to Amazon's Housing Equity Fund for affordable homes.

For additional highlights from the quarter, visit aboutamazon.com/q2-2024-earnings.

Financial Guidance

The following forward-looking statements reflect Amazon.com’s expectations as of August 1, 2024, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending (including the impact of recessionary fears), inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed below.

Third Quarter 2024 Guidance

  • Net sales are expected to be between $154.0 billion and $158.5 billion, or to grow between 8% and 11% compared with third quarter 2023. This guidance anticipates an unfavorable impact of approximately 90 basis points from foreign exchange rates.
  • Operating income is expected to be between $11.5 billion and $15.0 billion, compared with $11.2 billion in third quarter 2023.
  • This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.

Conference Call Information

A conference call will be webcast live today at 2:30 p.m. PT/5:30 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company’s financial and operating results.

Forward-Looking Statements

These forward-looking statements are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security breaches, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and subsequent filings.

Additional Information

Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

AMAZON.COM, INC.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD

$

49,734

 

 

$

73,332

 

 

$

54,253

 

 

$

73,890

 

 

$

37,700

 

 

$

50,067

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Net income

 

6,750

 

 

 

13,485

 

 

 

9,922

 

 

 

23,916

 

 

 

13,072

 

 

 

44,419

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other

 

11,589

 

 

 

12,038

 

 

 

22,712

 

 

 

23,722

 

 

 

45,724

 

 

 

49,673

 

Stock-based compensation

 

7,127

 

 

 

6,722

 

 

 

11,875

 

 

 

11,683

 

 

 

23,037

 

 

 

23,831

 

Non-operating expense (income), net

 

47

 

 

 

(95

)

 

 

581

 

 

 

2,639

 

 

 

2,754

 

 

 

1,310

 

Deferred income taxes

 

(2,744

)

 

 

(785

)

 

 

(3,216

)

 

 

(1,723

)

 

 

(7,408

)

 

 

(4,383

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

(2,373

)

 

 

(3,085

)

 

 

(2,002

)

 

 

(1,309

)

 

 

1,910

 

 

 

2,142

 

Accounts receivable, net and other

 

(2,041

)

 

 

(2,209

)

 

 

2,683

 

 

 

1,475

 

 

 

(2,686

)

 

 

(9,556

)

Other assets

 

(3,126

)

 

 

(3,055

)

 

 

(6,329

)

 

 

(5,756

)

 

 

(14,542

)

 

 

(11,692

)

Accounts payable

 

3,029

 

 

 

6,005

 

 

 

(8,235

)

 

 

(5,277

)

 

 

391

 

 

 

8,431

 

Accrued expenses and other

 

(1,938

)

 

 

(4,147

)

 

 

(7,701

)

 

 

(7,075

)

 

 

(1,944

)

 

 

(1,802

)

Unearned revenue

 

156

 

 

 

407

 

 

 

974

 

 

 

1,975

 

 

 

1,533

 

 

 

5,579

 

Net cash provided by (used in) operating activities

 

16,476

 

 

 

25,281

 

 

 

21,264

 

 

 

44,270

 

 

 

61,841

 

 

 

107,952

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(11,455

)

 

 

(17,620

)

 

 

(25,662

)

 

 

(32,545

)

 

 

(58,632

)

 

 

(59,612

)

Proceeds from property and equipment sales and incentives

 

1,043

 

 

 

1,227

 

 

 

2,180

 

 

 

2,217

 

 

 

4,669

 

 

 

4,633

 

Acquisitions, net of cash acquired, non-marketable investments, and other

 

(316

)

 

 

(571

)

 

 

(3,829

)

 

 

(3,925

)

 

 

(5,545

)

 

 

(5,935

)

Sales and maturities of marketable securities

 

1,551

 

 

 

3,265

 

 

 

2,666

 

 

 

4,657

 

 

 

8,906

 

 

 

7,618

 

Purchases of marketable securities

 

(496

)

 

 

(8,439

)

 

 

(834

)

 

 

(10,404

)

 

 

(1,306

)

 

 

(11,058

)

Net cash provided by (used in) investing activities

 

(9,673

)

 

 

(22,138

)

 

 

(25,479

)

 

 

(40,000

)

 

 

(51,908

)

 

 

(64,354

)

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from short-term debt, and other

 

4,399

 

 

 

525

 

 

 

17,179

 

 

 

863

 

 

 

40,124

 

 

 

1,813

 

Repayments of short-term debt, and other

 

(7,641

)

 

 

(229

)

 

 

(11,244

)

 

 

(633

)

 

 

(34,957

)

 

 

(15,066

)

Proceeds from long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

8,342

 

 

 

 

Repayments of long-term debt

 

(2,000

)

 

 

(4,169

)

 

 

(3,386

)

 

 

(4,499

)

 

 

(4,643

)

 

 

(4,789

)

Principal repayments of finance leases

 

(1,220

)

 

 

(538

)

 

 

(2,600

)

 

 

(1,308

)

 

 

(5,705

)

 

 

(3,092

)

Principal repayments of financing obligations

 

(77

)

 

 

(79

)

 

 

(134

)

 

 

(169

)

 

 

(244

)

 

 

(306

)

Net cash provided by (used in) financing activities

 

(6,539

)

 

 

(4,490

)

 

 

(185

)

 

 

(5,746

)

 

 

2,917

 

 

 

(21,440

)

Foreign currency effect on cash, cash equivalents, and restricted cash

 

69

 

 

 

(312

)

 

 

214

 

 

 

(741

)

 

 

(483

)

 

 

(552

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

333

 

 

 

(1,659

)

 

 

(4,186

)

 

 

(2,217

)

 

 

12,367

 

 

 

21,606

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

$

50,067

 

 

$

71,673

 

 

$

50,067

 

 

$

71,673

 

 

$

50,067

 

 

$

71,673

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest on debt, net of capitalized interest

$

954

 

 

$

680

 

 

$

1,356

 

 

$

949

 

 

$

2,289

 

 

$

2,201

 

Cash paid for operating leases

 

2,528

 

 

 

2,844

 

 

 

4,995

 

 

 

6,176

 

 

 

9,173

 

 

 

11,634

 

Cash paid for interest on finance leases

 

77

 

 

 

72

 

 

 

158

 

 

 

146

 

 

 

330

 

 

 

296

 

Cash paid for interest on financing obligations

 

41

 

 

 

50

 

 

 

100

 

 

 

114

 

 

 

194

 

 

 

210

 

Cash paid for income taxes, net of refunds

 

3,735

 

 

 

5,700

 

 

 

4,354

 

 

 

6,158

 

 

 

6,791

 

 

 

12,983

 

Assets acquired under operating leases

 

4,104

 

 

 

3,911

 

 

 

7,730

 

 

 

7,664

 

 

 

19,254

 

 

 

13,986

 

Property and equipment acquired under finance leases, net of remeasurements and modifications

 

240

 

 

 

181

 

 

 

248

 

 

 

223

 

 

 

696

 

 

 

617

 

Property and equipment recognized during the construction period of build-to-suit lease arrangements

 

84

 

 

 

31

 

 

 

215

 

 

 

68

 

 

 

1,051

 

 

 

210

 

Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating

 

 

 

 

 

 

 

720

 

 

 

 

 

 

4,766

 

 

 

654

 

 

AMAZON.COM, INC.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

Net product sales

$

59,032

 

$

61,569

 

$

116,013

 

$

122,484

 

Net service sales

 

75,351

 

 

 

86,408

 

 

 

145,728

 

 

 

168,806

 

Total net sales

 

134,383

 

 

 

147,977

 

 

 

261,741

 

 

 

291,290

 

Operating expenses:

 

 

 

 

 

 

 

Cost of sales

 

69,373

 

 

 

73,785

 

 

 

137,164

 

 

 

146,418

 

Fulfillment

 

21,305

 

 

 

23,566

 

 

 

42,210

 

 

 

45,883

 

Technology and infrastructure

 

21,931

 

 

 

22,304

 

 

 

42,381

 

 

 

42,728

 

Sales and marketing

 

10,745

 

 

 

10,512

 

 

 

20,917

 

 

 

20,174

 

General and administrative

 

3,202

 

 

 

3,041

 

 

 

6,245

 

 

 

5,783

 

Other operating expense (income), net

 

146

 

 

 

97

 

 

 

369

 

 

 

325

 

Total operating expenses

 

126,702

 

 

 

133,305

 

 

 

249,286

 

 

 

261,311

 

Operating income

 

7,681

 

 

 

14,672

 

 

 

12,455

 

 

 

29,979

 

Interest income

 

661

 

 

 

1,180

 

 

 

1,272

 

 

 

2,173

 

Interest expense

 

(840

)

 

 

(589

)

 

 

(1,663

)

 

 

(1,233

)

Other income (expense), net

 

61

 

 

 

(18

)

 

 

(382

)

 

 

(2,691

)

Total non-operating income (expense)

 

(118

)

 

 

573

 

 

 

(773

)

 

 

(1,751

)

Income before income taxes

 

7,563

 

 

 

15,245

 

 

 

11,682

 

 

 

28,228

 

Provision for income taxes

 

(804

)

 

 

(1,767

)

 

 

(1,752

)

 

 

(4,234

)

Equity-method investment activity, net of tax

 

(9

)

 

 

7

 

 

 

(8

)

 

 

(78

)

Net income

$

6,750

 

 

$

13,485

 

 

$

9,922

 

 

$

23,916

 

Basic earnings per share

$

0.66

 

 

$

1.29

 

 

$

0.97

 

 

$

2.30

 

Diluted earnings per share

$

0.65

 

 

$

1.26

 

 

$

0.95

 

 

$

2.24

 

Weighted-average shares used in computation of earnings per share:

 

 

 

 

 

 

 

Basic

 

10,285

 

 

 

10,447

 

 

 

10,268

 

 

 

10,420

 

Diluted

 

10,449

 

 

 

10,708

 

 

 

10,398

 

 

 

10,689

 

 

AMAZON.COM, INC.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

6,750

 

$

13,485

 

 

$

9,922

 

$

23,916

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax of $(22), $58, $(32), and $88

 

264

 

 

 

(637

)

 

 

650

 

 

 

(1,733

)

Available-for-sale debt securities:

 

 

 

 

 

 

 

Change in net unrealized gains (losses), net of tax of $(5), $(69), $(34), and $(227)

 

17

 

 

 

241

 

 

 

112

 

 

 

777

 

Less: reclassification adjustment for losses included in “Other income (expense), net,” net of tax of $(5), $(1), $(15), and $(1)

 

12

 

 

 

3

 

 

 

45

 

 

 

4

 

Net change

 

29

 

 

 

244

 

 

 

157

 

 

 

781

 

Other, net of tax of $0, $(1), $0, and $(2)

 

 

 

 

(2

)

 

 

 

 

 

(1

)

Total other comprehensive income (loss)

 

293

 

 

 

(395

)

 

 

807

 

 

 

(953

)

Comprehensive income

$

7,043

 

 

$

13,090

 

 

$

10,729

 

 

$

22,963

 

 

AMAZON.COM, INC.

Segment Information

(in millions)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

 

 

 

 

 

Net sales

$

82,546

 

 

$

90,033

 

 

$

159,427

 

 

$

176,374

 

Operating expenses

 

79,335

 

 

 

84,968

 

 

 

155,318

 

 

 

166,326

 

Operating income

$

3,211

 

 

$

5,065

 

 

$

4,109

 

 

$

10,048

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

Net sales

$

29,697

 

 

$

31,663

 

 

$

58,820

 

 

$

63,598

 

Operating expenses

 

30,592

 

 

 

31,390

 

 

 

60,962

 

 

 

62,422

 

Operating income (loss)

$

(895

)

 

$

273

 

 

$

(2,142

)

 

$

1,176

 

 

 

 

 

 

 

 

 

AWS

 

 

 

 

 

 

 

Net sales

$

22,140

 

 

$

26,281

 

 

$

43,494

 

 

$

51,318

 

Operating expenses

 

16,775

 

 

 

16,947

 

 

 

33,006

 

 

 

32,563

 

Operating income

$

5,365

 

 

$

9,334

 

 

$

10,488

 

 

$

18,755

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

Net sales

$

134,383

 

 

$

147,977

 

 

$

261,741

 

 

$

291,290

 

Operating expenses

 

126,702

 

 

 

133,305

 

 

 

249,286

 

 

 

261,311

 

Operating income

 

7,681

 

 

 

14,672

 

 

 

12,455

 

 

 

29,979

 

Total non-operating income (expense)

 

(118

)

 

 

573

 

 

 

(773

)

 

 

(1,751

)

Provision for income taxes

 

(804

)

 

 

(1,767

)

 

 

(1,752

)

 

 

(4,234

)

Equity-method investment activity, net of tax

 

(9

)

 

 

7

 

 

 

(8

)

 

 

(78

)

Net income

$

6,750

 

 

$

13,485

 

 

$

9,922

 

 

$

23,916

 

 

 

 

 

 

 

 

 

Segment Highlights:

 

 

 

 

 

 

 

Y/Y net sales growth:

 

 

 

 

 

 

 

North America

 

11

%

 

 

9

%

 

 

11

%

 

 

11

%

International

 

10

 

 

 

7

 

 

 

5

 

 

 

8

 

AWS

 

12

 

 

 

19

 

 

 

14

 

 

 

18

 

Consolidated

 

11

 

 

 

10

 

 

 

10

 

 

 

11

 

Net sales mix:

 

 

 

 

 

 

 

North America

 

61

%

 

 

61

%

 

 

61

%

 

 

60

%

International

 

22

 

 

 

21

 

 

 

22

 

 

 

22

 

AWS

 

17

 

 

 

18

 

 

 

17

 

 

 

18

 

Consolidated

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

AMAZON.COM, INC.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

 

 

December 31, 2023

 

June 30, 2024

 

 

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

73,387

 

 

$

71,178

 

Marketable securities

 

13,393

 

 

 

17,914

 

Inventories

 

33,318

 

 

 

34,109

 

Accounts receivable, net and other

 

52,253

 

 

 

50,106

 

Total current assets

 

172,351

 

 

 

173,307

 

Property and equipment, net

 

204,177

 

 

 

220,717

 

Operating leases

 

72,513

 

 

 

74,575

 

Goodwill

 

22,789

 

 

 

22,879

 

Other assets

 

56,024

 

 

 

63,340

 

Total assets

$

527,854

 

 

$

554,818

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

84,981

 

 

$

81,817

 

Accrued expenses and other

 

64,709

 

 

 

60,351

 

Unearned revenue

 

15,227

 

 

 

16,004

 

Total current liabilities

 

164,917

 

 

 

158,172

 

Long-term lease liabilities

 

77,297

 

 

 

78,084

 

Long-term debt

 

58,314

 

 

 

54,889

 

Other long-term liabilities

 

25,451

 

 

 

27,226

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)

 

 

 

 

 

Common stock ($0.01 par value; 100,000 shares authorized; 10,898 and 11,005 shares issued; 10,383 and 10,490 shares outstanding)

 

109

 

 

 

110

 

Treasury stock, at cost

 

(7,837

)

 

 

(7,837

)

Additional paid-in capital

 

99,025

 

 

 

110,633

 

Accumulated other comprehensive income (loss)

 

(3,040

)

 

 

(3,993

)

Retained earnings

 

113,618

 

 

 

137,534

 

Total stockholders’ equity

 

201,875

 

 

 

236,447

 

Total liabilities and stockholders’ equity

$

527,854

 

 

$

554,818

 

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except per share data)

(unaudited)

 

 

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Y/Y %

Change

Cash Flows and Shares

 

 

 

 

 

 

 

Operating cash flow -- trailing twelve months (TTM)

$

54,330

 

$

61,841

 

$

71,654

 

$

84,946

 

$

99,147

 

$

107,952

 

75

%

Operating cash flow -- TTM Y/Y growth

 

38

%

 

74

%

 

81

%

 

82

%

 

82

%

 

75

%

N/A

 

Purchases of property and equipment, net of proceeds from sales and incentives -- TTM

$

57,649

 

$

53,963

 

$

50,220

 

$

48,133

 

$

48,998

 

$

54,979

 

2

%

Principal repayments of finance leases -- TTM

$

6,544

 

$

5,705

 

$

5,245

 

$

4,384

 

$

3,774

 

$

3,092

 

(46

)%

Principal repayments of financing obligations -- TTM

$

226

 

$

244

 

$

260

 

$

271

 

$

304

 

$

306

 

25

%

Equipment acquired under finance leases -- TTM (1)

$

285

 

$

269

 

$

239

 

$

310

 

$

306

 

$

425

 

58

%

Principal repayments of all other finance leases -- TTM (2)

$

625

 

$

631

 

$

694

 

$

683

 

$

761

 

$

794

 

26

%

Free cash flow -- TTM (3)

$

(3,319

)

$

7,878

 

$

21,434

 

$

36,813

 

$

50,149

 

$

52,973

 

572

%

Free cash flow less principal repayments of finance leases and financing obligations -- TTM (4)

$

(10,089

)

$

1,929

 

$

15,929

 

$

32,158

 

$

46,071

 

$

49,575

 

N/A

 

Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (5)

$

(4,455

)

$

6,734

 

$

20,241

 

$

35,549

 

$

48,778

 

$

51,448

 

664

%

Common shares and stock-based awards outstanding

 

10,625

 

 

10,794

 

 

10,792

 

 

10,788

 

 

10,788

 

 

10,871

 

1

%

Common shares outstanding

 

10,258

 

 

10,313

 

 

10,330

 

 

10,383

 

 

10,403

 

 

10,490

 

2

%

Stock-based awards outstanding

 

367

 

 

481

 

 

462

 

 

406

 

 

385

 

 

381

 

(21

)%

Stock-based awards outstanding -- % of common shares outstanding

 

3.6

%

 

4.7

%

 

4.5

%

 

3.9

%

 

3.7

%

 

3.6

%

N/A

 

Results of Operations

 

 

 

 

 

 

 

Worldwide (WW) net sales

$

127,358

 

$

134,383

 

$

143,083

 

$

169,961

 

$

143,313

 

$

147,977

 

10

%

WW net sales -- Y/Y growth, excluding F/X

 

11

%

 

11

%

 

11

%

 

13

%

 

13

%

 

11

%

N/A

 

WW net sales -- TTM

$

524,897

 

$

538,046

 

$

554,028

 

$

574,785

 

$

590,740

 

$

604,334

 

12

%

WW net sales -- TTM Y/Y growth, excluding F/X

 

13

%

 

13

%

 

12

%

 

12

%

 

12

%

 

12

%

N/A

 

Operating income

$

4,774

 

$

7,681

 

$

11,188

 

$

13,209

 

$

15,307

 

$

14,672

 

91

%

F/X impact -- favorable

$

139

 

$

104

 

$

132

 

$

85

 

$

72

 

$

29

 

N/A

 

Operating income -- Y/Y growth, excluding F/X

 

26

%

 

128

%

 

338

%

 

379

%

 

219

%

 

91

%

N/A

 

Operating margin -- % of WW net sales

 

3.7

%

 

5.7

%

 

7.8

%

 

7.8

%

 

10.7

%

 

9.9

%

N/A

 

Operating income -- TTM

$

13,353

 

$

17,717

 

$

26,380

 

$

36,852

 

$

47,385

 

$

54,376

 

207

%

Operating income -- TTM Y/Y growth (decline), excluding F/X

 

(37

)%

 

10

%

 

99

%

 

197

%

 

252

%

 

205

%

N/A

 

Operating margin -- TTM % of WW net sales

 

2.5

%

 

3.3

%

 

4.8

%

 

6.4

%

 

8.0

%

 

9.0

%

N/A

 

Net income

$

3,172

 

$

6,750

 

$

9,879

 

$

10,624

 

$

10,431

 

$

13,485

 

100

%

Net income per diluted share

$

0.31

 

$

0.65

 

$

0.94

 

$

1.00

 

$

0.98

 

$

1.26

 

95

%

Net income -- TTM

$

4,294

 

$

13,072

 

$

20,079

 

$

30,425

 

$

37,684

 

$

44,419

 

240

%

Net income per diluted share -- TTM

$

0.42

 

$

1.26

 

$

1.93

 

$

2.90

 

$

3.56

 

$

4.18

 

229

%

 

(1)

 

For the twelve months ended June 30, 2023 and 2024, this amount relates to equipment included in “Property and equipment acquired under finance leases, net of remeasurements and modifications” of $696 million and $617 million.

(2)

 

For the twelve months ended June 30, 2023 and 2024, this amount relates to property included in “Principal repayments of finance leases” of $5,705 million and $3,092 million.

(3)

 

Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”

(4)

 

Free cash flow less principal repayments of finance leases and financing obligations is free cash flow reduced by “Principal repayments of finance leases” and “Principal repayments of financing obligations.”

(5)

 

Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations is free cash flow reduced by equipment acquired under finance leases, which is included in “Property and equipment acquired under finance leases, net of remeasurements and modifications,” principal repayments of all other finance lease liabilities, which is included in “Principal repayments of finance leases,” and “Principal repayments of financing obligations.”

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions)

(unaudited)

 

 

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Y/Y %

Change

Segments

 

 

 

 

 

 

 

North America Segment:

 

 

 

 

 

 

 

Net sales

$

76,881

 

$

82,546

 

$

87,887

 

$

105,514

 

$

86,341

 

$

90,033

 

9

%

Net sales -- Y/Y growth, excluding F/X

 

11

%

 

11

%

 

11

%

 

13

%

 

12

%

 

9

%

N/A

 

Net sales -- TTM

$

323,517

 

$

331,633

 

$

340,677

 

$

352,828

 

$

362,288

 

$

369,775

 

12

%

Operating income

$

898

 

$

3,211

 

$

4,307

 

$

6,461

 

$

4,983

 

$

5,065

 

58

%

F/X impact -- favorable (unfavorable)

$

41

 

$

(7

)

$

(27

)

$

(13

)

$

8

 

$

8

 

N/A

 

Operating income -- Y/Y growth, excluding F/X

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

454

%

 

58

%

N/A

 

Operating margin -- % of North America net sales

 

1.2

%

 

3.9

%

 

4.9

%

 

6.1

%

 

5.8

%

 

5.6

%

N/A

 

Operating income (loss) -- TTM

$

(381

)

$

3,457

 

$

8,176

 

$

14,877

 

$

18,962

 

$

20,816

 

502

%

Operating margin -- TTM % of North America net sales

 

(0.1

)%

 

1.0

%

 

2.4

%

 

4.2

%

 

5.2

%

 

5.6

%

N/A

 

International Segment:

 

 

 

 

 

 

 

Net sales

$

29,123

 

$

29,697

 

$

32,137

 

$

40,243

 

$

31,935

 

$

31,663

 

7

%

Net sales -- Y/Y growth, excluding F/X

 

9

%

 

10

%

 

11

%

 

13

%

 

11

%

 

10

%

N/A

 

Net sales -- TTM

$

118,371

 

$

121,003

 

$

125,420

 

$

131,200

 

$

134,012

 

$

135,978

 

12

%

Operating income (loss)

$

(1,247

)

$

(895

)

$

(95

)

$

(419

)

$

903

 

$

273

 

N/A

 

F/X impact -- favorable (unfavorable)

$

(174

)

$

32

 

$

228

 

$

160

 

$

(3

)

$

(94

)

N/A

 

Operating income (loss) -- Y/Y growth (decline), excluding F/X

 

(16

)%

 

(48

)%

 

(87

)%

 

(74

)%

 

N/A

 

 

N/A

 

N/A

 

Operating margin -- % of International net sales

 

(4.3

)%

 

(3.0

)%

 

(0.3

)%

 

(1.0

)%

 

2.8

%

 

0.9

%

N/A

 

Operating income (loss) -- TTM

$

(7,712

)

$

(6,836

)

$

(4,465

)

$

(2,656

)

$

(506

)

$

662

 

N/A

 

Operating margin -- TTM % of International net sales

 

(6.5

)%

 

(5.6

)%

 

(3.6

)%

 

(2.0

)%

 

(0.4

)%

 

0.5

%

N/A

 

AWS Segment:

 

 

 

 

 

 

 

Net sales

$

21,354

 

$

22,140

 

$

23,059

 

$

24,204

 

$

25,037

 

$

26,281

 

19

%

Net sales -- Y/Y growth, excluding F/X

 

16

%

 

12

%

 

12

%

 

13

%

 

17

%

 

19

%

N/A

 

Net sales -- TTM

$

83,009

 

$

85,410

 

$

87,931

 

$

90,757

 

$

94,440

 

$

98,581

 

15

%

Operating income

$

5,123

 

$

5,365

 

$

6,976

 

$

7,167

 

$

9,421

 

$

9,334

 

74

%

F/X impact -- favorable (unfavorable)

$

272

 

$

79

 

$

(69

)

$

(62

)

$

67

 

$

115

 

N/A

 

Operating income -- Y/Y growth (decline), excluding F/X

 

(26

)%

 

(8

)%

 

30

%

 

39

%

 

83

%

 

72

%

N/A

 

Operating margin -- % of AWS net sales

 

24.0

%

 

24.2

%

 

30.3

%

 

29.6

%

 

37.6

%

 

35.5

%

N/A

 

Operating income -- TTM

$

21,446

 

$

21,096

 

$

22,669

 

$

24,631

 

$

28,929

 

$

32,898

 

56

%

Operating margin -- TTM % of AWS net sales

 

25.8

%

 

24.7

%

 

25.8

%

 

27.1

%

 

30.6

%

 

33.4

%

N/A

 

 

AMAZON.COM, INC.

Supplemental Financial Information and Business Metrics

(in millions, except employee data)

(unaudited)

 

 

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Y/Y %

Change

Net Sales

 

 

 

 

 

 

 

Online stores (1)

$

51,096

 

$

52,966

 

$

57,267

 

$

70,543

 

$

54,670

 

$

55,392

 

5

%

Online stores -- Y/Y growth, excluding F/X

 

3

%

 

5

%

 

6

%

 

8

%

 

7

%

 

6

%

N/A

 

Physical stores (2)

$

4,895

 

$

5,024

 

$

4,959

 

$

5,152

 

$

5,202

 

$

5,206

 

4

%

Physical stores -- Y/Y growth, excluding F/X

 

7

%

 

7

%

 

6

%

 

4

%

 

6

%

 

4

%

N/A

 

Third-party seller services (3)

$

29,820

 

$

32,332

 

$

34,342

 

$

43,559

 

$

34,596

 

$

36,201

 

12

%

Third-party seller services -- Y/Y growth, excluding F/X

 

20

%

 

18

%

 

18

%

 

19

%

 

16

%

 

13

%

N/A

 

Advertising services (4)

$

9,509

 

$

10,683

 

$

12,060

 

$

14,654

 

$

11,824

 

$

12,771

 

20

%

Advertising services -- Y/Y growth, excluding F/X

 

23

%

 

22

%

 

25

%

 

26

%

 

24

%

 

20

%

N/A

 

Subscription services (5)

$

9,657

 

$

9,894

 

$

10,170

 

$

10,488

 

$

10,722

 

$

10,866

 

10

%

Subscription services -- Y/Y growth, excluding F/X

 

17

%

 

14

%

 

13

%

 

13

%

 

11

%

 

11

%

N/A

 

AWS

$

21,354

 

$

22,140

 

$

23,059

 

$

24,204

 

$

25,037

 

$

26,281

 

19

%

AWS -- Y/Y growth, excluding F/X

 

16

%

 

12

%

 

12

%

 

13

%

 

17

%

 

19

%

N/A

 

Other (6)

$

1,027

 

$

1,344

 

$

1,226

 

$

1,361

 

$

1,262

 

$

1,260

 

(6

)%

Other -- Y/Y growth (decline), excluding F/X

 

57

%

 

26

%

 

(3

)%

 

8

%

 

23

%

 

(6

)%

N/A

 

 

 

 

 

 

 

 

 

Stock-based Compensation Expense

 

 

 

 

 

 

 

Cost of sales

$

165

 

$

251

 

$

193

 

$

227

 

$

174

 

$

266

 

6

%

Fulfillment

$

603

 

$

932

 

$

732

 

$

823

 

$

636

 

$

944

 

1

%

Technology and infrastructure

$

2,574

 

$

4,043

 

$

3,284

 

$

3,533

 

$

2,772

 

$

3,670

 

(9

)%

Sales and marketing

$

993

 

$

1,303

 

$

1,111

 

$

1,216

 

$

932

 

$

1,224

 

(6

)%

General and administrative

$

413

 

$

598

 

$

509

 

$

520

 

$

447

 

$

618

 

3

%

Total stock-based compensation expense

$

4,748

 

$

7,127

 

$

5,829

 

$

6,319

 

$

4,961

 

$

6,722

 

(6

)%

Other

 

 

 

 

 

 

 

WW shipping costs

$

19,937

 

$

20,418

 

$

21,799

 

$

27,326

 

$

21,834

 

$

21,965

 

8

%

WW shipping costs -- Y/Y growth

 

2

%

 

6

%

 

9

%

 

11

%

 

10

%

 

8

%

N/A

 

WW paid units -- Y/Y growth (7)

 

8

%

 

9

%

 

9

%

 

12

%

 

12

%

 

11

%

N/A

 

WW seller unit mix -- % of WW paid units (7)

 

59

%

 

60

%

 

60

%

 

61

%

 

61

%

 

61

%

N/A

 

Employees (full-time and part-time; excludes contractors & temporary personnel)

 

1,465,000

 

 

1,461,000

 

 

1,500,000

 

 

1,525,000

 

 

1,521,000

 

 

1,532,000

 

5

%

Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth (decline)

 

(10

)%

 

(4

)%

 

(3

)%

 

(1

)%

 

4

%

 

5

%

N/A

 

 

(1)

 

Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.”

(2)

 

Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.”

(3)

 

Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.

(4)

 

Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising.

(5)

 

Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.

(6)

 

Includes sales related to various other offerings, such as health care services, certain licensing and distribution of video content, and shipping services, and our co-branded credit card agreements.

(7)

 

Excludes the impact of Whole Foods Market.

Amazon.com, Inc.

Certain Definitions

Customer Accounts

  • References to customers mean customer accounts established when a customer places an order through one of our stores. Customer accounts exclude certain customers, including customers associated with certain of our acquisitions, Amazon Payments customers, AWS customers, and the customers of select companies with whom we have a technology alliance or marketing and promotional relationship. Customers are considered active when they have placed an order during the preceding twelve-month period.

Seller Accounts

  • References to sellers means seller accounts, which are established when a seller receives an order from a customer account. Sellers are considered active when they have received an order from a customer during the preceding twelve-month period.

AWS Customers

  • References to AWS customers mean unique AWS customer accounts, which are unique customer account IDs that are eligible to use AWS services. This includes AWS accounts in the AWS free tier. Multiple users accessing AWS services via one account ID are counted as a single account. Customers are considered active when they have had AWS usage activity during the preceding one-month period.

Units

  • References to units mean physical and digital units sold (net of returns and cancellations) by us and sellers in our stores as well as Amazon-owned items sold in other stores. Units sold are paid units and do not include units associated with AWS, certain acquisitions, certain subscriptions, rental businesses, or advertising businesses, or Amazon gift cards.

 

Contacts

Amazon Investor Relations

amazon-ir@amazon.com

amazon.com/ir

Amazon Public Relations

amazon-pr@amazon.com

amazon.com/pr

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