Amazon (NASDAQ:AMZN) reported strong financial results for the fourth quarter and full year ended December 31, 2025, driven by robust holiday demand, continued AWS momentum, and heavy investments in artificial intelligence infrastructure.
Fourth-quarter net sales reached $213.4 billion, increasing 14% year-over-year.
Operating income totaled $25 billion.
AWS sales grew 24% to $35.6 billion, reflecting sustained demand for cloud computing and AI services.
For the full year, net sales were $716.9 billion, while net income was $77.7 billion.
Free cash flow declined to $11.2 billion, primarily due to a $50.7 billion increase in property and equipment purchases tied to accelerated AI investments.
The company expects capital expenditures of approximately $200 billion in 2026, focused on expanding data center capacity, AI training infrastructure, and global fulfillment networks.