Amazon (AMZN) Q4 earnings report 2025

Here’s how the company did, compared with estimates from analysts polled by LSEG:

• Earnings per share: $1.95 vs. $1.97 estimated
• Revenue: $213.39 billion vs. $211.33 billion estimated

Wall Street was also looking at other key revenue numbers:

• Amazon Web Services: $35.58 billion vs. $34.93 billion expected, according to StreetAccount
• Advertising: $21.32 billion vs. $21.16 billion expected, according to StreetAccount

Amazon said it expects capital expenditures to continue to climb higher this year as it aggressively invests in data centers and other infrastructure to meet a surge in artificial intelligence demand.

The company projected capex to hit $200 billion this year, while analysts were expecting $146.6 billion, according to FactSet.

“With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital,” CEO Andy Jassy said in a statement.

Tech companies have laid out aggressive spending plans on artificial intelligence, committing to invest billions. Google parent Alphabet said Wednesday it expects to spend between $175 billion and $185 billion in 2026, while Meta said its capital expenditures could nearly double from last year to $115 billion to $135 billion.

Revenue in Amazon’s cloud computing unit expanded 24% during the fourth quarter, topping analysts’ estimates for 21.4% growth.

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