Amazon said third-quarter net sales were $201.9 billion

Amazon said net sales for the quarter ended Sept. 30 rose 12% to $201.9 billion, from $180.2 billion a year earlier. The company’s release, dated Oct. 29, says the consolidated table lists net sales of $201,944 million. Excluding a $0.9 billion drag from foreign exchange, sales rose 13%. Amazon said Prime Day fell in the second quarter for most large countries this year and entirely in the third quarter of 2025, and that growth would have been about 4 percentage points higher without that shift. That comparison is the company’s.

Operating income rose to $28.1 billion, from $17.4 billion. The table lists $28,076 million. Amazon described the operating margin of 13.9% as its highest. North America sales rose 6% to $112.9 billion, and that segment’s operating income was $8.7 billion, against $4.8 billion a year earlier. International sales rose 5% to $43.1 billion, or 8% excluding currency, and operating income was $1.6 billion, against $1.2 billion. Amazon Web Services sales rose 39% to $46.0 billion. The segment table lists AWS net sales of $45,984 million and operating income of $17,773 million, which the release rounds to $17.8 billion, against $11.4 billion. The release says AWS growth of 39.3% was the fastest in nearly five years and puts the annualized run rate at $184 billion. Those superlatives and the run rate are Amazon’s.

Net income fell to $20.7 billion, or $1.89 a diluted share, from $21.2 billion, or $1.95. The table lists net income of $20,685 million. Amazon said the decrease was driven mainly by $9.5 billion of pre-tax gains in the 2025 third quarter from its investments in Anthropic, recorded in non-operating income. Operating cash flow for the trailing twelve months rose 29% to $168.3 billion, from $130.7 billion. Free cash flow for that period was an outflow of $42.4 billion. The supplemental table lists an outflow of $42,357 million, after an inflow of $14.8 billion a year earlier. Amazon said the swing was driven mainly by a $94.8 billion increase in purchases of property and equipment, net of proceeds from sales and incentives, and that the increase mainly reflects investment in artificial intelligence. Those cash-flow figures are the company’s, using its definition of free cash flow.

For the fourth quarter, Amazon said it expects net sales of $240.0 billion to $247.0 billion, growth of 12% to 16%, including about a 0.6 percentage-point drag from foreign exchange. It said operating income is expected to be $28.5 billion to $33.5 billion, compared with $25.0 billion in the 2025 fourth quarter. It said it still expects 2026 cash capital expenditure of about $220 billion. It said the ranges assume, among other things, no further effect from energy-derivative remeasurement and no additional acquisitions, restructurings, or legal settlements. That is company guidance as of Oct. 29, not a projection from this article. Chief executive Andy Jassy said AWS revenue grew more than 39% in the quarter, at a $184 billion run rate. Reuters said the shares fell 6.5% in extended trading after the sales guidance. That move is Reuters’ account of trading, not a view on whether the shares should be owned.