Amazon Q4 2025: AWS sales up 24% and about $200B of 2026 capex planned
Amazon reported fourth-quarter 2025 net sales of $213.4 billion, up 14%, with operating income of $25.0 billion. AWS grew 24% to $35.6 billion and earned $12.5 billion of operating income. Management guided Q1 2026 operating income to $16.5-21.5 billion and said it expects about $200 billion of capital spending across Amazon in 2026.
- Net sales $213.4B, up 14% (12% excluding FX)
- AWS sales $35.6B, up 24%; AWS operating income $12.5B
- Operating income $25.0B vs $21.2B; net income $21.2B, or $1.95 per diluted share
- Q1 2026 guidance: net sales $173.5-178.5B; operating income $16.5-21.5B
- Jassy: about $200B of capital expenditures across Amazon in 2026
AMZN around the story · hourly24 h reaction ▼ 8.85%
Moves this explains
AMZN−15.21%Feb 4 · Fell 15.2% after Q4 2025 results missed on profit and Amazon guided to about $200B of 2026 capex, far above 2025 spending. The sell-off was concentrated in the next session per press reports, a day later than the date shown here.NVDA−3.92%Feb 4 · Fell 3.92% in a broad selloff: S&P 500 -2.17%, bitcoin -14.03%, ether -14.98%. The same day Amazon fell 15.21% after its fourth-quarter report with about $200B of planned 2026 capex, and software stocks had shed about $830bn over the prior six sessions on AI-disruption fears.Source
Amazon Investor RelationsFeb 5, 2026
SEC filing 8-K · accession 0001018724-26-000002 · sec.gov ↗