2026년 2월 7일 · Unknown · financial · 출처 Yahoo Finance
Amazon.com AMZN shares dipped in after-hours trading on Thursday after the company delivered fourth-quarter 2025 earnings of $1.95 per share, which increased 5% from the year-ago quarter but fell short of the consensus estimate by 1.52%.
Net sales of $213.4 billion rose 14% year over year, which was ahead of management's guidance of $206-$213 billion and beat the consensus estimate by nearly 0.91%. Top-line growth was driven by robust momentum across all three segments, with particularly strong performance in Amazon Web Services (“AWS”).
Excluding the $2.8 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12% compared with the fourth quarter of 2024.
The company's profitability metrics showed solid performance, with net income reaching $21.2 billion, up 6% year over year. However, operating income of $25 billion included three special charges totaling $2.4 billion, comprising $1.1 billion for the resolution of tax disputes associated with the stores business in Italy and a lawsuit settlement, $730 million in estimated severance costs, and $610 million in asset impairments primarily related to physical stores. Excluding these charges, operating income would have reached $27.4 billion.
Amazon.com, Inc. Price, Consensus and EPS SurpriseAmazon.com, Inc. Price, Consensus and EPS Surprise
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Top-Line Details of AMZN
Product sales increased 9% year over year to $90 billion. Service sales jumped 17% from the year-ago quarter to $123.4 billion.
By segment, North America revenues rose 10% from the year-ago quarter to $127.1 billion, but missed the consensus estimate by 0.05%. International revenues gained 17% year over year (11% excluding foreign exchange) to $50.7 billion and beat the consensus mark by 2.81%.
AWS revenues rose 24% year over year to $35.6 billion, representing the fastest growth rate in 13 quarters and exceeding the consensus estimate. The figure beat the consensus mark by 1.58%. This acceleration was driven by both core and AI services as customers continue to modernize their infrastructure and migrate workloads to the cloud. AWS now has an annualized revenue run rate of $142 billion, adding $2.6 billion sequentially and nearly $7 billion year over year.
Cloud growth continued to be a key focus for investors, particularly as the company faces intensifying competition from rivals Alphabet GOOGL-owned Google and Microsoft MSFT, which also reported quarterly results recently. While AWS accelerated to 24% growth, Microsoft Azure grew 39%, and Google's cloud revenues increased approximately 48% during the quarter.
Strengthening relationships with third-party sellers remained a positive driver. In the reported quarter, sales generated by third-party seller services rose 11.2% on a year-over-year basis to $52.8 billion, which beat the Zacks Consensus Estimate by 1.04%. Worldwide paid units grew 12% year over year, representing the highest quarterly growth rate in 2025. Worldwide third-party seller unit mix reached 61% of paid units.
Sales from robust advertising services increased 22% year over year to $21.3 billion, beating the consensus mark by 0.52%. The company added more than $12 billion of incremental advertising revenues in 2025 alone. The strong performance reflected successful AI-powered optimization of the platform and growing market share in digital advertising.
Physical store sales rose 5% year over year to $5.86 billion in the reported quarter. The figure missed the consensus mark by 0.35%.
The company's online store sales were $83 billion, up 10% year over year. The figure beat the Zacks Consensus Estimate by 0.71%.
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Prime Services and Consumer Business Performance
The company's retail and consumer business demonstrated strong engagement and innovation. Rufus, Amazon's AI-powered shopping assistant, was used by more than 300 million customers in 2025, with shoppers using Rufus showing 60% higher purchase completion rates. Rufus can now shop tens of millions of items in other online stores and make purchases on behalf of customers using its agentic "Buy For Me" feature.
Customers used Lens, the AI-powered visual search tool, 45% more year over year to find products with a phone's camera, screenshot, or barcode.
Amazon expanded its ultra-low-priced offering, Amazon Haul, to over one million items under $10, serving customers in more than 25 countries and regions. Everyday essentials grew nearly twice as fast as all other categories in the United States, representing one out of three units sold in Amazon stores.
Amazon's Prime services demonstrated robust momentum in fourth-quarter 2025, with subscription services revenues reaching $13.1 billion, representing 14% year-over-year growth. The figure beat the consensus mark by 2.01%.
Prime Video showed strong performance across multiple fronts. The fourth season of Thursday Night Football on Prime Video averaged more than 15 million viewers, a 16% year-over-year increase and the most-watched season ever. The Packers vs. Bears Wild Card Playoff game was the most-streamed NFL game in history with 31.6 million viewers. Amazon debuted NBA on Prime in more than 200 countries, with the Emirates NBA Cup Championship averaging 3 million+ viewers. Prime Video's global ad-supported audience grew to 315 million viewers from 200 million at the start of 2024.
The company announced that Alexa+ is now available to all U.S. customers for $19.99 per month as a standalone subscription and free for Prime members.
AWS and AI Innovations in Q4
Amazon's AI initiatives gained significant momentum during the quarter. AWS' custom chips business, including Trainium and Graviton, now has a combined annual revenue run rate of more than $10 billion and is growing at triple-digit percentages year over year.
Trainium2 is fully subscribed with 1.…