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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_________________________ 
FORM 8-K
_________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 31, 2024
Date of Report
(Date of earliest event reported)
 _________________________
AMAZON.COM, INC.
(Exact name of registrant as specified in its charter)
_________________________ 
Delaware 000-22513 91-1646860
(State or other jurisdiction of
incorporation)		 (Commission File Number) (IRS Employer Identification No.)
410 Terry Avenue North, Seattle, Washington 98109-5210
(Address of principal executive offices, including Zip Code)
(206) 266-1000
(Registrant’s telephone number, including area code)
_________________________ 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share AMZN Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 ☐

Table of Contents
TABLE OF CONTENTS
 
EXHIBIT 99.1
EXHIBIT 99.2

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ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On October 31, 2024, Amazon.com, Inc. announced its third quarter 2024 financial results. A copy of the press release containing the announcement is included as Exhibit 99.1 and additional information regarding the inclusion of non-GAAP financial measures in certain of Amazon.com, Inc.’s public disclosures, including its third quarter 2024 financial results announcement, is included as Exhibit 99.2. Both of these exhibits are incorporated herein by reference.
ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
 
Exhibit
Number		 Description
99.1
99.2
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
3

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
AMAZON.COM, INC. (REGISTRANT)
By: /s/ Brian T. Olsavsky
Brian T. Olsavsky
Senior Vice President and
Chief Financial Officer
Dated: October 31, 2024
4

EX-99.1 2 amzn-20240930xex991.htm EX-99.1 Document

Exhibit 99.1
 amazonlogorgba09a.jpg
AMAZON.COM ANNOUNCES THIRD QUARTER RESULTS

SEATTLE—(BUSINESS WIRE) October 31, 2024—Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its third quarter ended September 30, 2024.
•Net sales increased 11% to $158.9 billion in the third quarter, compared with $143.1 billion in third quarter 2023. Excluding the $0.2 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with third quarter 2023.
•North America segment sales increased 9% year-over-year to $95.5 billion.
•International segment sales increased 12% year-over-year to $35.9 billion.
•AWS segment sales increased 19% year-over-year to $27.5 billion.
•Operating income increased to $17.4 billion in the third quarter, compared with $11.2 billion in third quarter 2023.
•North America segment operating income was $5.7 billion, compared with operating income of $4.3 billion in third quarter 2023.
•International segment operating income was $1.3 billion, compared with an operating loss of $0.1 billion in third quarter 2023.
•AWS segment operating income was $10.4 billion, compared with operating income of $7.0 billion in third quarter 2023.
•Net income increased to $15.3 billion in the third quarter, or $1.43 per diluted share, compared with $9.9 billion, or $0.94 per diluted share, in third quarter 2023.
•Operating cash flow increased 57% to $112.7 billion for the trailing twelve months, compared with $71.7 billion for the trailing twelve months ended September 30, 2023.
•Free cash flow increased to $47.7 billion for the trailing twelve months, compared with $21.4 billion for the trailing twelve months ended September 30, 2023.
•Free cash flow less principal repayments of finance leases and financing obligations increased to $44.9 billion for the trailing twelve months, compared with $15.9 billion for the trailing twelve months ended September 30, 2023.
•Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations increased to $46.1 billion for the trailing twelve months, compared with $20.2 billion for the trailing twelve months ended September 30, 2023.
“As we get into the holiday season, we’re excited about what we have in store for customers,” said Andy Jassy, Amazon President & CEO. “We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations; and there’s so much more coming, from tens of millions of deals, to our NFL Black Friday game and Election Day coverage with Brian Williams on Prime Video, to over 100 new cloud infrastructure and AI capabilities that we’ll share at AWS re:Invent the week after Thanksgiving.”

Some other highlights since the company’s last earnings announcement include that Amazon:
•Held its annual Prime Big Deal Days shopping event, with record sales, number of items sold, and Prime member participation, saving Prime members more than $1 billion with deals across its Store.
•Announced its first-ever fuel savings offer for Prime, saving U.S. members 10 cents a gallon on fuel at approximately 7,000 bp, Amoco, and ampm locations.


•Expanded its selection of brands with AllSaints, Beats x Kim, Estée Lauder, kate spade new york, and more.
•Announced plans to expand Amazon Pharmacy Same-Day Delivery of medications to nearly half the U.S. in 2025 by accelerating the roll out of new pharmacies in 20 more U.S. cities by the end of next year.
•Launched new generative AI-powered features, including:
•Rufus, a generative AI expert shopping assistant, becoming available in Canada, France, Germany, India, Italy, Spain, and the UK.
•AI Shopping Guides, which simplifies product research by using generative AI to pair information about a product category with Amazon’s wide selection, making it easier for customers to find the right product for their needs.
•Project Amelia, an AI assistant for sellers that offers tailored business insights to boost productivity and drive seller growth.
•Video generation and live image capabilities for advertisers that makes it fast and easy for brands to deliver compelling creative for customers through short, animated campaign images.
•Launched new foundation models in Amazon Bedrock and Amazon SageMaker, including AI21 Labs’ Jamba 1.5 family, Anthropic’s upgraded Claude 3.5 Sonnet, Meta’s Llama 3.2, Mistral Large 2, and multiple Stability AI models.
•Launched new memory-optimized, compute-optimized, and general purpose Amazon EC2 instances based on AWS’s latest generation Graviton4 processor, which delivers 75% more memory bandwidth and 30% better compute performance than the previous generation Graviton chips.
•Launched Oracle Database@AWS for customers to easily and quickly migrate Oracle workloads to dedicated infrastructure on AWS with minimal to no database or application changes.
•Entered a strategic collaboration with Databricks to accelerate the development of custom models built with Databricks Mosaic AI on AWS, and for Databricks to leverage AWS Trainium chips as the preferred AI chip to help customers improve price-performance when building generative AI applications.
•Signed AWS agreements with several large enterprise companies such as The Australia and New Zealand Banking Group Limited, Booking.com, Capital One, Datadog, Epic Games, Fast Retailing, Itaú Unibanco, Luma AI, National Australia Bank, Sony, T-Mobile, Toyota, and Veeva.
•Launched Season 2 of The Lord of the Rings: The Rings of Power to positive reviews from customers and critics alike, ranking as Prime Video’s most watched returning season ever by hours watched.
•Drew more than 17 million viewers to the Cowboys-Giants Thursday Night Football game, the most-streamed NFL regular season game ever.
•Added Apple TV+ to Prime Video’s collection of over 100 add-on subscription channels in the U.S.
•Announced a new Kindle lineup, including a reimagined Kindle Scribe with generative AI, the Kindle Colorsoft with a color display, and the fastest Kindle Paperwhite ever.
•Announced investments in the Delivery Service Partner program of $2.1 billion in North America to support safety programs, training, incentives, and more, as well as 25 billion yen in Japan to support last mile delivery innovation, and safety and technology for drivers.
•Announced plans to hire 250,000 people across its U.S. operations ahead of the holiday season. All seasonal employees earn at least $18 per hour and have access to comprehensive benefits like health care.
•Announced plans for AWS to invest £8 billion over five years in the UK, supporting 14,000 jobs annually.
•Removed plastic air pillows from all delivery packaging at fulfillment centers globally, including expanding its use of paper filler made from 100% recycled content across North America to replace plastic air pillows.
•Mobilized Disaster Relief by Amazon to support communities around the world impacted by natural disasters. In the U.S., Amazon leveraged its Disaster Relief Hub in Atlanta to support communities impacted by Hurricanes Helene and Milton with donated goods, logistics support, and technology. In Europe, Amazon mobilized its global logistics infrastructure, inventory, teams, and technology to provide rapid assistance for flooding across the region.
For additional highlights from the quarter, visit aboutamazon.com/news/company-news/amazon-earnings-q3-2024-highlights.


Financial Guidance
The following forward-looking statements reflect Amazon.com’s expectations as of October 31, 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.
Fourth Quarter 2024 Guidance
•Net sales are expected to be between $181.5 billion and $188.5 billion, or to grow between 7% and 11% compared with fourth quarter 2023. This guidance anticipates an unfavorable impact of approximately 10 basis points from foreign exchange rates.
•Operating income is expected to be between $16.0 billion and $20.0 billion, compared with $13.2 billion in fourth 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 2:00 p.m. PT/5:00 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
September 30,		 Nine Months Ended
September 30,		 Twelve Months Ended
September 30,
  2023 2024 2023 2024 2023 2024
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD $ 50,067  $ 71,673  $ 54,253  $ 73,890  $ 35,178  $ 50,081 
OPERATING ACTIVITIES:
Net income 9,879  15,328  19,801  39,244  20,079  49,868 
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 12,131  13,442  34,843  37,164  47,528  50,984 
Stock-based compensation 5,829  5,333  17,704  17,016  23,310  23,335 
Non-operating expense (income), net (990) (141) (409) 2,498  3,036  2,159 
Deferred income taxes (1,196) (1,317) (4,412) (3,040) (7,779) (4,504)
Changes in operating assets and liabilities:
Inventories 808  (1,509) (1,194) (2,818) 1,986  (175)
Accounts receivable, net and other (3,584) (701) (901) 774  (5,641) (6,673)
Other assets (3,134) (4,537) (9,463) (10,293) (13,511) (13,095)
Accounts payable 2,820  (477) (5,415) (5,754) 4,437  5,134 
Accrued expenses and other (1,321) 129  (9,022) (6,946) (3,245) (352)
Unearned revenue (25) 421  949  2,396  1,454  6,025 
Net cash provided by (used in) operating activities 21,217  25,971  42,481  70,241  71,654  112,706 
INVESTING ACTIVITIES:
Purchases of property and equipment (12,479) (22,620) (38,141) (55,165) (54,733) (69,753)
Proceeds from property and equipment sales and incentives 1,181  1,342  3,361  3,559  4,513  4,794 
Acquisitions, net of cash acquired, non-marketable investments, and other (1,629) (622) (5,458) (4,547) (6,289) (4,928)
Sales and maturities of marketable securities 1,393  8,069  4,059  12,726  9,742  14,294 
Purchases of marketable securities (219) (3,068) (1,053) (13,472) (1,286) (13,907)
Net cash provided by (used in) investing activities (11,753) (16,899) (37,232) (56,899) (48,053) (69,500)
FINANCING ACTIVITIES:
Proceeds from short-term debt, and other 216  1,725  17,395  2,588  28,002  3,322 
Repayments of short-term debt, and other (8,095) (1,820) (19,339) (2,453) (35,136) (8,791)
Proceeds from long-term debt —  —  —  —  8,235  — 
Repayments of long-term debt —  (2,183) (3,386) (6,682) (4,643) (6,972)
Principal repayments of finance leases (1,005) (402) (3,605) (1,710) (5,245) (2,489)
Principal repayments of financing obligations (64) (78) (198) (247) (260) (320)
Net cash provided by (used in) financing activities (8,948) (2,758) (9,133) (8,504) (9,047) (15,250)
Foreign currency effect on cash, cash equivalents, and restricted cash (502) 690  (288) (51) 349  640 
Net increase (decrease) in cash, cash equivalents, and restricted cash 14  7,004  (4,172) 4,787  14,903  28,596 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD $ 50,081  $ 78,677  $ 50,081  $ 78,677  $ 50,081  $ 78,677 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest $ 465  $ 266  $ 1,821  $ 1,215  $ 2,450  $ 2,002 
Cash paid for operating leases 2,692  2,940  7,687  9,116  10,052  11,882 
Cash paid for interest on finance leases 76  71  234  217  318  291 
Cash paid for interest on financing obligations 50  47  150  161  205  207 
Cash paid for income taxes, net of refunds 2,628  2,004  6,982  8,162  8,677  12,359 
Assets acquired under operating leases 3,345  3,571  11,075  11,235  15,844  14,212 
Property and equipment acquired under finance leases, net of remeasurements and modifications 183  186  431  409  748  620 
Property and equipment recognized during the construction period of build-to-suit lease arrangements 93  21  308  89  618  138 
Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating 492  —  1,212  —  3,063  162 


AMAZON.COM, INC.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
  
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
2023 2024 2023 2024
Net product sales $ 63,171  $ 67,601  $ 179,184  $ 190,085 
Net service sales 79,912  91,276  225,640  260,082 
Total net sales 143,083  158,877  404,824  450,167 
Operating expenses:
Cost of sales 75,022  80,977  212,186  227,395 
Fulfillment 22,314  24,660  64,524  70,543 
Technology and infrastructure 21,203  22,245  63,584  64,973 
Sales and marketing 10,551  10,609  31,468  30,783 
General and administrative 2,561  2,713  8,806  8,496 
Other operating expense (income), net 244  262  613  587 
Total operating expenses 131,895  141,466  381,181  402,777 
Operating income 11,188  17,411  23,643  47,390 
Interest income 776  1,256  2,048  3,429 
Interest expense (806) (603) (2,469) (1,836)
Other income (expense), net 1,031  (27) 649  (2,718)
Total non-operating income (expense) 1,001  626  228  (1,125)
Income before income taxes 12,189  18,037  23,871  46,265 
Provision for income taxes (2,306) (2,706) (4,058) (6,940)
Equity-method investment activity, net of tax (4) (3) (12) (81)
Net income $ 9,879  $ 15,328  $ 19,801  $ 39,244 
Basic earnings per share $ 0.96  $ 1.46  $ 1.93  $ 3.76 
Diluted earnings per share $ 0.94  $ 1.43  $ 1.89  $ 3.67 
Weighted-average shares used in computation of earnings per share:
Basic 10,322  10,501  10,286  10,447 
Diluted 10,558  10,735  10,452  10,705 


AMAZON.COM, INC.
Consolidated Statements of Comprehensive Income
(in millions)
(unaudited)
  
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2023 2024 2023 2024
Net income $ 9,879  $ 15,328  $ 19,801  $ 39,244 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $36, $(45), $4, and $43 (1,388) 1,911  (738) 178 
Available-for-sale debt securities:
Change in net unrealized gains (losses), net of tax of $(18), $(55), $(52), and $(282) 62  167  174  944 
Less: reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $0, $0, $(15), and $(1) 3  —  48  4 
Net change 65  167  222  948 
Other, net of tax of $0, $3, $0, and $1 —  (3) —  (4)
Total other comprehensive income (loss) (1,323) 2,075  (516) 1,122 
Comprehensive income $ 8,556  $ 17,403  $ 19,285  $ 40,366 


AMAZON.COM, INC.
Segment Information
(in millions)
(unaudited) 
  
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
2023 2024 2023 2024
North America
Net sales $ 87,887  $ 95,537  $ 247,314  $ 271,911 
Operating expenses 83,580  89,874  238,898  256,200 
Operating income $ 4,307  $ 5,663  $ 8,416  $ 15,711 
International
Net sales $ 32,137  $ 35,888  $ 90,957  $ 99,486 
Operating expenses 32,232  34,587  93,194  97,009 
Operating income (loss) $ (95) $ 1,301  $ (2,237) $ 2,477 
AWS
Net sales $ 23,059  $ 27,452  $ 66,553  $ 78,770 
Operating expenses 16,083  17,005  49,089  49,568 
Operating income $ 6,976  $ 10,447  $ 17,464  $ 29,202 
Consolidated
Net sales $ 143,083  $ 158,877  $ 404,824  $ 450,167 
Operating expenses 131,895  141,466  381,181  402,777 
Operating income 11,188  17,411  23,643  47,390 
Total non-operating income (expense) 1,001  626  228  (1,125)
Provision for income taxes (2,306) (2,706) (4,058) (6,940)
Equity-method investment activity, net of tax (4) (3) (12) (81)
Net income $ 9,879  $ 15,328  $ 19,801  $ 39,244 
Segment Highlights:
Y/Y net sales growth:
North America 11  % 9  % 11  % 10  %
International 16  12  9  9 
AWS 12  19  13  18 
Consolidated 13  11  11  11 
Net sales mix:
North America 61  % 60  % 61  % 60  %
International 23  23  23  22 
AWS 16  17  16  18 
Consolidated 100  % 100  % 100  % 100  %


AMAZON.COM, INC.
Consolidated Balance Sheets
(in millions, except per share data)
 (unaudited)
December 31, 2023 September 30, 2024
ASSETS
Current assets:
Cash and cash equivalents $ 73,387  $ 75,091 
Marketable securities 13,393  12,960 
Inventories 33,318  36,103 
Accounts receivable, net and other 52,253  51,638 
Total current assets 172,351  175,792 
Property and equipment, net 204,177  237,917 
Operating leases 72,513  76,527 
Goodwill 22,789  23,081 
Other assets 56,024  71,309 
Total assets $ 527,854  $ 584,626 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 84,981  $ 84,570 
Accrued expenses and other 64,709  60,602 
Unearned revenue 15,227  16,305 
Total current liabilities 164,917  161,477 
Long-term lease liabilities 77,297  79,802 
Long-term debt 58,314  54,890 
Other long-term liabilities 25,451  29,306 
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 11,026 shares issued; 10,383 and 10,511 shares outstanding)
 109  110 
Treasury stock, at cost (7,837) (7,837)
Additional paid-in capital 99,025  115,934 
Accumulated other comprehensive income (loss) (3,040) (1,918)
Retained earnings 113,618  152,862 
Total stockholders’ equity 201,875  259,151 
Total liabilities and stockholders’ equity $ 527,854  $ 584,626 



AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except per share data)
(unaudited)
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Y/Y %
Change
Cash Flows and Shares
Operating cash flow -- trailing twelve months (TTM) $ 61,841  $ 71,654  $ 84,946  $ 99,147  $ 107,952  $ 112,706  57  %
Operating cash flow -- TTM Y/Y growth 74  % 81  % 82  % 82  % 75  % 57  % N/A
Purchases of property and equipment, net of proceeds from sales and incentives -- TTM $ 53,963  $ 50,220  $ 48,133  $ 48,998  $ 54,979  $ 64,959  29  %
Principal repayments of finance leases -- TTM $ 5,705  $ 5,245  $ 4,384  $ 3,774  $ 3,092  $ 2,489  (53) %
Principal repayments of financing obligations -- TTM $ 244  $ 260  $ 271  $ 304  $ 306  $ 320  23  %
Equipment acquired under finance leases -- TTM (1) $ 269  $ 239  $ 310  $ 306  $ 425  $ 492  106  %
Principal repayments of all other finance leases -- TTM (2) $ 631  $ 694  $ 683  $ 761  $ 794  $ 785  13  %
Free cash flow -- TTM (3) $ 7,878  $ 21,434  $ 36,813  $ 50,149  $ 52,973  $ 47,747  123  %
Free cash flow less principal repayments of finance leases and financing obligations -- TTM (4) $ 1,929  $ 15,929  $ 32,158  $ 46,071  $ 49,575  $ 44,938  182  %
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (5) $ 6,734  $ 20,241  $ 35,549  $ 48,778  $ 51,448  $ 46,150  128  %
Common shares and stock-based awards outstanding 10,794  10,792  10,788  10,788  10,871  10,872  1  %
Common shares outstanding 10,313  10,330  10,383  10,403  10,490  10,511  2  %
Stock-based awards outstanding 481  462  406  385  381  361  (22) %
Stock-based awards outstanding -- % of common shares outstanding 4.7  % 4.5  % 3.9  % 3.7  % 3.6  % 3.4  % N/A
Results of Operations
Worldwide (WW) net sales $ 134,383  $ 143,083  $ 169,961  $ 143,313  $ 147,977  $ 158,877  11  %
WW net sales -- Y/Y growth, excluding F/X 11  % 11  % 13  % 13  % 11  % 11  % N/A
WW net sales -- TTM $ 538,046  $ 554,028  $ 574,785  $ 590,740  $ 604,334  $ 620,128  12  %
WW net sales -- TTM Y/Y growth, excluding F/X 13  % 12  % 12  % 12  % 12  % 12  % N/A
Operating income $ 7,681  $ 11,188  $ 13,209  $ 15,307  $ 14,672  $ 17,411  56  %
F/X impact -- favorable $ 104  $ 132  $ 85  $ 72  $ 29  $ 16  N/A
Operating income -- Y/Y growth, excluding F/X 128  % 338  % 379  % 219  % 91  % 55  % N/A
Operating margin -- % of WW net sales 5.7  % 7.8  % 7.8  % 10.7  % 9.9  % 11.0  % N/A
Operating income -- TTM $ 17,717  $ 26,380  $ 36,852  $ 47,385  $ 54,376  $ 60,599  130  %
Operating income -- TTM Y/Y growth, excluding F/X 10  % 99  % 197  % 252  % 205  % 129  % N/A
Operating margin -- TTM % of WW net sales 3.3  % 4.8  % 6.4  % 8.0  % 9.0  % 9.8  % N/A
Net income $ 6,750  $ 9,879  $ 10,624  $ 10,431  $ 13,485  $ 15,328  55  %
Net income per diluted share $ 0.65  $ 0.94  $ 1.00  $ 0.98  $ 1.26  $ 1.43  53  %
Net income -- TTM $ 13,072  $ 20,079  $ 30,425  $ 37,684  $ 44,419  $ 49,868  148  %
Net income per diluted share -- TTM $ 1.26  $ 1.93  $ 2.90  $ 3.56  $ 4.18  $ 4.67  142  %
______________________________
(1)For the twelve months ended September 30, 2023 and 2024, this amount relates to equipment included in “Property and equipment acquired under finance leases, net of remeasurements and modifications” of $748 million and $620 million.
(2)For the twelve months ended September 30, 2023 and 2024, this amount relates to property included in “Principal repayments of finance leases” of $5,245 million and $2,489 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)
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Y/Y %
Change
Segments
North America Segment:
  Net sales $ 82,546  $ 87,887  $ 105,514  $ 86,341  $ 90,033  $ 95,537  9  %
  Net sales -- Y/Y growth, excluding F/X 11  % 11  % 13  % 12  % 9  % 9  % N/A
  Net sales -- TTM $ 331,633  $ 340,677  $ 352,828  $ 362,288  $ 369,775  $ 377,425  11  %
  Operating income $ 3,211  $ 4,307  $ 6,461  $ 4,983  $ 5,065  $ 5,663  31  %
  F/X impact -- favorable (unfavorable) $ (7) $ (27) $ (13) $ 8  $ 8  $ (28) N/A
  Operating income -- Y/Y growth, excluding F/X N/A N/A N/A 454  % 58  % 32  % N/A
  Operating margin -- % of North America net sales 3.9  % 4.9  % 6.1  % 5.8  % 5.6  % 5.9  % N/A
  Operating income -- TTM $ 3,457  $ 8,176  $ 14,877  $ 18,962  $ 20,816  $ 22,172  171  %
  Operating margin -- TTM % of North America net sales 1.0  % 2.4  % 4.2  % 5.2  % 5.6  % 5.9  % N/A
International Segment:
  Net sales $ 29,697  $ 32,137  $ 40,243  $ 31,935  $ 31,663  $ 35,888  12  %
  Net sales -- Y/Y growth, excluding F/X 10  % 11  % 13  % 11  % 10  % 12  % N/A
  Net sales -- TTM $ 121,003  $ 125,420  $ 131,200  $ 134,012  $ 135,978  $ 139,729  11  %
  Operating income (loss) $ (895) $ (95) $ (419) $ 903  $ 273  $ 1,301  N/A
  F/X impact -- favorable (unfavorable) $ 32  $ 228  $ 160  $ (3) $ (94) $ 43  N/A
  Operating income (loss) -- Y/Y growth (decline), excluding F/X (48) % (87) % (74) % N/A N/A N/A N/A
  Operating margin -- % of International net sales (3.0) % (0.3) % (1.0) % 2.8  % 0.9  % 3.6  % N/A
  Operating income (loss) -- TTM $ (6,836) $ (4,465) $ (2,656) $ (506) $ 662  $ 2,058  N/A
  Operating margin -- TTM % of International net sales (5.6) % (3.6) % (2.0) % (0.4) % 0.5  % 1.5  % N/A
AWS Segment:
  Net sales $ 22,140  $ 23,059  $ 24,204  $ 25,037  $ 26,281  $ 27,452  19  %
  Net sales -- Y/Y growth, excluding F/X 12  % 12  % 13  % 17  % 19  % 19  % N/A
  Net sales -- TTM $ 85,410  $ 87,931  $ 90,757  $ 94,440  $ 98,581  $ 102,974  17  %
  Operating income $ 5,365  $ 6,976  $ 7,167  $ 9,421  $ 9,334  $ 10,447  50  %
  F/X impact -- favorable (unfavorable) $ 79  $ (69) $ (62) $ 67  $ 115  $ 1  N/A
  Operating income -- Y/Y growth (decline), excluding F/X (8) % 30  % 39  % 83  % 72  % 50  % N/A
  Operating margin -- % of AWS net sales 24.2  % 30.3  % 29.6  % 37.6  % 35.5  % 38.1  % N/A
  Operating income -- TTM $ 21,096  $ 22,669  $ 24,631  $ 28,929  $ 32,898  $ 36,369  60  %
  Operating margin -- TTM % of AWS net sales 24.7  % 25.8  % 27.1  % 30.6  % 33.4  % 35.3  % N/A




AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except employee data)
(unaudited)
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Y/Y %
Change
Net Sales
Online stores (1) $ 52,966  $ 57,267  $ 70,543  $ 54,670  $ 55,392  $ 61,411  7  %
Online stores -- Y/Y growth, excluding F/X 5  % 6  % 8  % 7  % 6  % 8  % N/A
Physical stores (2) $ 5,024  $ 4,959  $ 5,152  $ 5,202  $ 5,206  $ 5,228  5  %
Physical stores -- Y/Y growth, excluding F/X 7  % 6  % 4  % 6  % 4  % 5  % N/A
Third-party seller services (3) $ 32,332  $ 34,342  $ 43,559  $ 34,596  $ 36,201  $ 37,864  10  %
Third-party seller services -- Y/Y growth, excluding F/X 18  % 18  % 19  % 16  % 13  % 10  % N/A
Advertising services (4) $ 10,683  $ 12,060  $ 14,654  $ 11,824  $ 12,771  $ 14,331  19  %
Advertising services -- Y/Y growth, excluding F/X 22  % 25  % 26  % 24  % 20  % 19  % N/A
Subscription services (5) $ 9,894  $ 10,170  $ 10,488  $ 10,722  $ 10,866  $ 11,278  11  %
Subscription services -- Y/Y growth, excluding F/X 14  % 13  % 13  % 11  % 11  % 11  % N/A
AWS $ 22,140  $ 23,059  $ 24,204  $ 25,037  $ 26,281  $ 27,452  19  %
AWS -- Y/Y growth, excluding F/X 12  % 12  % 13  % 17  % 19  % 19  % N/A
Other (6) $ 1,344  $ 1,226  $ 1,361  $ 1,262  $ 1,260  $ 1,313  7  %
Other -- Y/Y growth (decline), excluding F/X 26  % (3) % 8  % 23  % (6) % 5  % N/A
Stock-based Compensation Expense
Cost of sales $ 251  $ 193  $ 227  $ 174  $ 266  $ 193  (1) %
Fulfillment $ 932  $ 732  $ 823  $ 636  $ 944  $ 696  (5) %
Technology and infrastructure $ 4,043  $ 3,284  $ 3,533  $ 2,772  $ 3,670  $ 2,961  (10) %
Sales and marketing $ 1,303  $ 1,111  $ 1,216  $ 932  $ 1,224  $ 1,012  (9) %
General and administrative $ 598  $ 509  $ 520  $ 447  $ 618  $ 471  (8) %
Total stock-based compensation expense $ 7,127  $ 5,829  $ 6,319  $ 4,961  $ 6,722  $ 5,333  (9) %
Other
WW shipping costs $ 20,418  $ 21,799  $ 27,326  $ 21,834  $ 21,965  $ 23,501  8  %
WW shipping costs -- Y/Y growth 6  % 9  % 11  % 10  % 8  % 8  % N/A
WW paid units -- Y/Y growth (7) 9  % 9  % 12  % 12  % 11  % 12  % N/A
WW seller unit mix -- % of WW paid units (7) 60  % 60  % 61  % 61  % 61  % 60  % N/A
Employees (full-time and part-time; excludes contractors & temporary personnel) 1,461,000  1,500,000  1,525,000  1,521,000  1,532,000  1,551,000  3  %
Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth (decline) (4) % (3) % (1) % 4  % 5  % 3  % 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 Public Relations
amazon-ir@amazon.com   amazon-pr@amazon.com
amazon.com/ir   amazon.com/pr

EX-99.2 3 amzn-20240930xex992.htm EX-99.2 Document

Exhibit 99.2
Non-GAAP Financial Measures
Regulation G, Conditions for Use of Non-GAAP Financial Measures, and other SEC regulations define and prescribe the conditions for use of certain non-GAAP financial information. Our measures of free cash flows and the effect of foreign exchange rates on our consolidated statements of operations meet the definition of non-GAAP financial measures.
We provide multiple measures of free cash flows because we believe these measures provide additional perspective on the impact of acquiring property and equipment with cash and through finance leases and financing obligations.
Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”
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.”
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.” All other finance lease liabilities and financing obligations consists of property. In this measure, equipment acquired under finance leases is reflected as if these assets had been purchased with cash, which is not the case as these assets have been leased.
All of these free cash flows measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. For example, these measures of free cash flows do not incorporate the portion of payments representing principal reductions of debt or cash payments for business acquisitions. Additionally, our mix of property and equipment acquisitions with cash or other financing options may change over time. Therefore, we believe it is important to view free cash flows measures only as a complement to our entire consolidated statements of cash flows.
For a quantitative reconciliation of our free cash flow measures to the most directly comparable amounts reported in accordance with GAAP, see “Supplemental Financial Information and Business Metrics” in Exhibit 99.1 to this Current Report on Form 8-K.
The effect on our consolidated statements of operations from changes in foreign exchange rates versus the U.S. Dollar is also a non-GAAP financial measure. Information regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our consolidated statements of operations is provided to show reported period operating results had the foreign exchange rates remained the same as those in effect in the comparable prior year period. We include various measures on both an as-reported basis and a basis showing the effect of changes in foreign exchange rates versus the U.S. Dollar in “Supplemental Financial Information and Business Metrics” in Exhibit 99.1 to this Current Report on Form 8-K.