Q4 23 EPS
$1.00
BEAT +25.00%
Est. $0.80
Q4 23 Revenue
$169.96B
BEAT +2.25%
Est. $166.21B
vs S&P Since Q4 23
+11.5%
BEATING MARKET
AMZN +57.2% vs S&P +45.8%
Full Year 2023 Results
FY 23 EPS
$2.90
FY 23 Revenue
$574.79B
Market Reaction
Did AMZN Beat Earnings? Q4 2023 Results
Amazon closed out fiscal 2023 with a strong fourth quarter, posting earnings per share of $1.00 against a consensus estimate of $0.80, a 25% beat, while revenue of $169.96 billion grew 13.9% year-over-year and edged past Wall Street's $166.21 billion… Read more Amazon closed out fiscal 2023 with a strong fourth quarter, posting earnings per share of $1.00 against a consensus estimate of $0.80, a 25% beat, while revenue of $169.96 billion grew 13.9% year-over-year and edged past Wall Street's $166.21 billion forecast. The standout driver behind the quarter's profitability was a near-fivefold expansion in operating income to $13.21 billion, reflecting meaningful efficiency gains across Amazon's fulfillment network and a sharp improvement in AWS margins, which climbed to 29.6% from 24.3% a year prior as customers stabilized cloud spending and demand for generative AI services built momentum. Net income reached $10.62 billion compared to just $278 million in the year-ago period, a transformation that also reflects how broadly the company's cost discipline took hold in 2023. Looking ahead, Amazon guided Q1 2024 revenue between $138.00 billion and $143.50 billion, with operating income expected between $8.00 billion and $12.00 billion, even as competition for AI infrastructure investment intensifies across the broader technology landscape.
Key Takeaways
- • Regionalization of U.S. fulfillment network driving fastest-ever delivery speeds and lower cost to serve
- • AWS generative AI capabilities (Bedrock, Q, Trainium) resonating with customers
- • Advertising services continued growth with 27% YoY increase
- • Record-breaking Black Friday and Cyber Monday holiday shopping event
- • Third-party seller services grew 20% YoY driven by increased seller participation
- • Operating expense discipline across North America and International segments
- • More than 7 billion units delivered same or next day globally to Prime members in 2023
AMZN YoY Financials
Q4 2023 vs Q4 2022, source: SEC Filings
AMZN Revenue by Segment
With YoY comparisons, source: SEC Filings
AMZN Revenue by Geography
With YoY comparisons, source: SEC Filings
“This Q4 was a record-breaking Holiday shopping season and closed out a robust 2023 for Amazon. While we made meaningful revenue, operating income, and free cash flow progress, what we're most pleased with is the continued invention and customer experience improvements across our businesses.”
— Andy Jassy, Q4 2023 Earnings Press Release
AMZN Earnings Trends
AMZN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMZN EPS Trend
Earnings per share: estimate vs actual
AMZN Revenue Trend
Quarterly revenue: estimate vs actual
AMZN Quarterly Results
11 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.73 | $2.78 | +60.69% | $181.52B | — |
| Q4 25 BEAT FY | $1.95 | $1.95 | +0.00% | $213.39B | — |
| FY Full Year | — | $7.17 | — | $716.92B | — |
| Q3 25 BEAT | $1.54 | $1.95 | +26.62% | $180.17B | — |
| Q2 25 BEAT | $1.33 | $1.68 | +26.32% | $167.70B | — |
| Q1 25 BEAT | $1.36 | $1.59 | +16.91% | $155.67B | — |
| Q4 24 BEAT FY | $1.48 | $1.86 | +25.36% | $187.79B | — |
| FY Full Year | — | $5.53 | — | $637.96B | — |
| Q3 24 BEAT | $1.14 | $1.43 | +25.44% | $158.88B | — |
| Q2 24 BEAT | $1.03 | $1.26 | +22.33% | $147.98B | -0.39% |
| Q1 24 BEAT | $0.83 | $0.98 | +18.07% | $143.31B | +0.57% |
| Q4 23 BEAT FY | $0.80 | $1.00 | +25.00% | $169.96B | +2.25% |
| FY Full Year | — | $2.90 | — | $574.79B | — |
| Q3 23 BEAT | $0.55 | $0.94 | +70.91% | $143.08B | +7.26% |