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Amazon.com, Inc. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Revenue was $180.2 billion, up 12% year-over-year compared to Q3 2024.
  • Operating income was $17.4 billion. Excluding special charges of $4.3 billion (FTC settlement and severance), operating income would have been $21.7 billion, exceeding the high end of guidance by $1.2 billion.
  • Trailing 12‑month free cash flow was $14.8 billion.
  • Net income was $21.2 billion, boosted by a $9.5 billion pretax gain from Amazon's investment in Anthropic.
  • Advertising revenue was $17.7 billion, up 22% year-over-year, marking the third consecutive quarter of accelerating growth.
  • Worldwide paid units grew 11% year-over-year.

Segment Performance

AWS

  • AWS revenue was $33 billion, up 20.2% year-over-year — its strongest growth rate in 11 quarters. This compares with 17.5% growth in Q2 2025.
  • AWS operating income reached $11.4 billion.
  • Backlog grew to $200 billion, not including several large deals signed in October.
  • Annualized revenue run rate: $132 billion, up from ~$129 billion in Q2.
  • Major capacity expansion continues: AWS added 3.8 GW of power capacity over the past year and will add another 1 GW in Q4. Capacity is expected to double again by 2027.
  • Trainium2 AI chip business is fully subscribed and grew 150% quarter-over-quarter.

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Operator: Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Third Quarter 2025 Financial Results Teleconference. [Operator Instructions] 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 Q3 2025 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian 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, October 30, 2025 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 webcast and our filings with the SEC, each of which is posted on our IR website. You will find additional disclosur

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