Direct Answer
Amazon reported $717 billion in revenue for 2025 and $638 billion for 2024. Net income rose from a $2.7 billion loss in 2022 to $30.4 billion in 2023, $59.2 billion in 2024 and $77.7 billion in 2025, driven by AWS profitability, cost-cutting, and advertising growth. AWS alone generated $128.7 billion in 2025 with a 35% operating margin, subsidizing the retail business.
Amazon (AMZN) Annual Revenue and Earnings History
Amazon annual revenue, net income, AWS revenue, and operating margin (2015-2025)
| Year | Revenue (B) | Net Income (B) | AWS Revenue (B) | Op. Margin |
|---|---|---|---|---|
| 2015 | $107 | $0.6 | $7.9 | 2.1% |
| 2017 | $178 | $3.0 | $17.5 | 2.3% |
| 2018 | $233 | $10.1 | $25.7 | 5.3% |
| 2019 | $281 | $11.6 | $35.0 | 5.2% |
| 2020 | $386 | $21.3 | $45.4 | 5.9% |
| 2021 | $470 | $33.4 | $62.2 | 5.3% |
| 2022 | $514 | -$2.7 | $80.1 | 2.4% |
| 2023 | $575 | $30.4 | $91.0 | 6.4% |
| 2024 | $638 | $59.2 | $107.6 | 10.8% |
| 2025 | $717 | $77.7 | $128.7 | 11.2% |
Source: Amazon Investor Relations Annual Reports. Note: 2022 net loss largely reflects Rivian equity write-down. Last verified: October 2026, 2022 onward checked against Amazon's SEC filings.
Frequently asked questions
How does Amazon make money if retail has thin margins?
Amazon operates multiple distinct business units with very different profitability profiles. AWS (cloud computing) generates 30%+ operating margins and was approximately $100 billion revenue in 2024. Advertising (sponsored product listings, display ads) generates 50-60%+ margins and exceeded $47 billion in 2023. Third-party seller services (marketplace fees, fulfillment) generate high margins on low capital. These high-margin segments subsidize the retail business, which operates near breakeven. The combined result: Amazon can price aggressively in retail while generating overall operating margins of 6-10%.
What caused Amazon's 2022 loss?
Amazon reported a GAAP net loss of $2.7 billion in 2022, largely from a $12.7 billion write-down in its equity stake in Rivian Automotive (which fell from $18 billion to $5.3 billion as Rivian's stock declined). Operationally, Amazon had over-invested in warehouse and logistics capacity during the pandemic e-commerce surge, then faced demand normalization in 2022. AWS growth also slowed as customers optimized cloud spending. Excluding the Rivian write-down, operating income was approximately $12 billion. 2023 recovered strongly as cost cuts took effect.
Is AWS Amazon's most important business?
By profitability, yes. AWS generates approximately 70% of Amazon's total operating income despite being only approximately 16-17% of total revenue. Advertising generates another 20-25% of operating income. The retail segments (North America, International) collectively generate very thin margins and depend on AWS and advertising cross-subsidization for the overall business to generate strong returns on equity. Amazon has positioned itself as a technology infrastructure company that also operates large retail operations.
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Swoopr Editorial Team. (2026). Amazon (AMZN) Annual Revenue and Earnings History. Swoopr Investment. https://www.getswoopr.com/tables/company/amazon-revenue-earnings-history/
Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.