--- title: "Amazon: Business Model & Revenue Engine" description: "Amazon revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/amazon/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Amazon Business Model & Revenue Engine ## Direct Answer Amazon reports revenue across 3 business segments in its fiscal 2025 Form 10-K. North America is the largest, with $426 billion of revenue (59% of the total), followed by International at $162 billion (23%). 68% of revenue came from the United States. ## How Does Amazon Make Money? No single line supplies a majority of revenue: the largest, North America, is 59%, which spreads Amazon's exposure across several demand drivers. Between fiscal 2024 and 2025, Amazon Web Services grew fastest (+19.7%) and North America slowest (+10.0%), so the revenue mix tilts toward Amazon Web Services while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | North America | $426 billion | $387 billion | 59.5% | 10.0% | | International | $162 billion | $143 billion | 22.6% | 13.3% | | Amazon Web Services | $129 billion | $108 billion | 18.0% | 19.7% | ![Bar chart of Amazon revenue by segment for fiscal 2025: North America 59.5%, International 22.6%, Amazon Web Services 18.0%.](https://www.getswoopr.com/images/charts/amazon-business-model-segment-mix.webp) *Amazon revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which Amazon Segments Earn the Most? | Segment | FY2025 segment operating income | Segment margin | | --- | --- | --- | | North America | $29.6 billion | 6.9% | | International | $4.8 billion | 2.9% | | Amazon Web Services | $45.6 billion | 35.4% | Segment operating income is the profit measure Amazon reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Amazon more safely than against another company. ## Where Does Amazon's Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | United States | $490 billion | $438 billion | 68.3% | 11.8% | | Outside the United States | $107 billion | $93.8 billion | 15.0% | 14.5% | | Germany | $45.9 billion | $40.9 billion | 6.4% | 12.3% | | United Kingdom | $43.2 billion | $37.9 billion | 6.0% | 14.2% | | Japan | $30.7 billion | $27.4 billion | 4.3% | 12.0% | ## What the Segment Figures Do Not Show The rows above add up to 100% of Amazon's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Amazon reported in the segment note and revenue disclosures of its Form 10-K filed February 6, 2026 (accession 0001018724-26-000004), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Amazon's business segments? In its fiscal 2025 Form 10-K, Amazon reports revenue for North America, International and Amazon Web Services. ### Which part of Amazon brings in the most revenue? North America, with $426 billion of revenue in fiscal 2025, or 59% of the total. ### How much of Amazon's revenue comes from outside the United States? 32% in fiscal 2025, by the geographic breakdown Amazon reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: AMAZON COM INC Form 10-K filed February 6, 2026](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm) - [SEC EDGAR: AMAZON COM INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1018724&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Amazon company dossier](https://www.getswoopr.com/stocks/companies/amazon/) - [Amazon financial metrics](https://www.getswoopr.com/stocks/companies/amazon/metrics/) - [Amazon financial risk indicators](https://www.getswoopr.com/stocks/companies/amazon/risks/) - [Amazon peer comparison](https://www.getswoopr.com/stocks/companies/amazon/competitors/) - [Amazon business model and revenue mix](https://www.getswoopr.com/stocks/companies/amazon/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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