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Amazon

AMZN Q1 2025 Earnings

Reported May 1, 2025 at 4:15 PM ET · SEC Source

Q1 25 EPS

$1.59

BEAT +16.91%

Est. $1.36

Q1 25 Revenue

$155.67B

vs S&P Since Q1 25

+18.6%

BEATING MARKET

AMZN +45.7% vs S&P +27.2%

Market Reaction

Did AMZN Beat Earnings? Q1 2025 Results

Amazon kicked off 2025 with a notably strong first quarter, posting diluted EPS of $1.59 against a consensus estimate of $1.36, a beat of 16.91%, as revenue climbed 8.6% year-over-year to $155.67 billion. The headline story behind the outperformance … Read more Amazon kicked off 2025 with a notably strong first quarter, posting diluted EPS of $1.59 against a consensus estimate of $1.36, a beat of 16.91%, as revenue climbed 8.6% year-over-year to $155.67 billion. The headline story behind the outperformance was a combination of accelerating cloud momentum and a sharp swing in non-operating income, with net income surging 64% to $17.13 billion. AWS was the standout engine, growing 17% to $29.27 billion in revenue while expanding its operating margin to 39.5%, as major new enterprise agreements and a rapidly expanding AI model portfolio drove demand. Advertising services added further fuel, rising 18% to $13.92 billion. Looking ahead, Amazon guided Q2 revenue of $159.00 billion to $164.00 billion, representing 7% to 11% growth, though the operating income range of $13.00 billion to $17.50 billion implies potential margin pressure, with management explicitly flagging tariff and trade policy uncertainty, geopolitical risks, and recessionary concerns as variables that could weigh on results.

Key Takeaways

  • • AWS revenue grew 17% YoY to $29.3 billion with 39.5% operating margin
  • • Advertising services grew 18% YoY to $13.9 billion
  • • Operating margin expanded to 11.8% from 10.7% in Q1 2024
  • • Net income surged 64% YoY driven by operating income growth and positive non-operating income swing
  • • Third-party seller services grew 6% to $36.5 billion
  • • Worldwide paid units grew 8% YoY
  • • Delivery speed improvements with another delivery speed record for Prime members
24/7 Wall St

AMZN YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

AMZN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26
24/7 Wall St

AMZN Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26

“We're pleased with the start to 2025, especially our pace of innovation and progress in continuing to improve customer experiences. From Alexa+ (our next generation of Alexa that's meaningfully smarter, more capable, and takes actions for customers), to another delivery speed record for our Prime members, to our new Trainium2 chips and Bedrock model expansion that make it easier for AWS customers to train models and run inference more flexibly and cost-effectively, to our first Project Kuiper satellites successfully launching into low earth orbit in our quest to provide broadband access to hundreds of millions of households in rural areas without it today—we're continuing to find meaningful ways to make customers' lives easier and better every day.”

— Andy Jassy, Q1 2025 Earnings Press Release

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