AWS, Amazon’s cloud segment, had net sales of $128.7 billion in 2025, up from $107.6 billion in 2024, according to Amazon’s 10-K. It earned $45.6 billion of operating income, about 57% of Amazon’s $80.0 billion total, from 18% of sales. Its sales have roughly doubled since 2021, when they were $62.2 billion.
Sources: Form 10-K for fiscal 2025, Form 10-K for fiscal 2024. Analysis by The Business Engineer.
How we source: the figures in the boxes and charts on this page come from Amazon’s own annual filing, with the period stated next to each number. Data checked 3 November 2026. The original article below may quote earlier periods. Our methodology.
| Revenue | $716.9B |
| Operating income | $80.0B (11.2% margin) |
| Net income | $77.7B |
Source: Amazon Form 10-K (SEC EDGAR). Correction (10 Oct 2026): this box replaces an older card with outdated figures.
Amazon AWS (cloud) is the most successful business segment within Amazon, and it generated over $90 billion in revenues in 2023, with over $24 billion in net profits compared to $80 billion in revenues in 2022 and almost $23 billion in operating profit. And over $62 billion in revenues in 2021 and $18.5 billion in net profits.
AWS was born as a side effect of a paradigm shift
Paradigm shifts can be compelling when a breakthrough moment comes.
Indeed, if you were to remove AWS from Amazon, you would get a company that loses more than ten billion a year.
Amazon Web Services is experiencing significant revenue growth driven by AI demand, with the cloud division generating $27.5 billion in Q3 2024, representing a 19% year-over-year increase.
Bedrock allows enterprises to access and customize AI models from companies like Anthropic, Cohere, and Meta without managing underlying infrastructure — as explored in the economics of AI compute infrastructure —.
Major clients like Pfizer, BMW, and Lonely Planet are using Bedrock to build AI applications, from drug discovery to personalized travel recommendations.
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And the dot-com bubble, a survive-or-die moment, defined Amazon for the next twenty-five years.
Also, from this paradigm shift, as an effect, of making difficult decisions, you might stumble upon gild mines!
In the case of Amazon, that was the transition, in the early 2000s, from e-commerce to platform business models.
Or in short, the mindset shifted, from selling its own products to becoming an enabler for other e-commerce businesses to sell on top of Amazon.
The giant of cloud
Today AWS is the major player in the cloud industry.
While AWS has helped Amazon stay relevant in the last ten years. Gong forward, the cloud business is for sure a critical element for the AI rage, which is happening as we speak.
In fact, within AWS, Amazon has built a high-performance computing platform, able to train deep neural nets.
For some context, AI models like Stable Difussion have been built on top of Amazon AWS supercomputer.
In the case of Amazon, that was the transition, in the early 2000s, from e-commerce to platform business models.
A concrete example of AI's impact is AWS Bedrock, Amazon's managed service for foundation models launched in 2023.
Amazon without AWS
Today AWS is also the major contributor to Amazon’s profitability.
Indeed, if you were to remove AWS from Amazon, you would get a company that loses more than ten billion a year.
