Amazon stock holds near a record range after 2025 growth

Amazon.com Inc. (US0231351067) remains a heavyweight in U.S. large-cap technology, with 2025 results showing revenue of $638.0 billion, operating income of $68.6 billion and net income of $59.2 billion. The stock is usually judged first on the scale of those numbers, then on how quickly Amazon Web Services, retail and advertising translate that scale into margin.

Revenue above $638.0 billion

Amazon reported 2025 revenue of $638.0 billion, compared with $574.8 billion in 2024, an increase of about 11.0%. Operating income rose to $68.6 billion from $36.9 billion a year earlier, while net income increased to $59.2 billion from $30.4 billion.

That combination matters because the company had spent years building volume before the profit line caught up. In 2025, the gap narrowed meaningfully, and the margin structure looked cleaner than in 2024.

Profit widened in 2025

Operating margin improved to about 10.8% in 2025 from 6.4% in 2024, using the reported revenue and operating income figures. Net margin also improved to about 9.3% from 5.3% over the same period.

For investors, the important point is that Amazon is no longer relying only on top-line expansion. The 2025 numbers show that scale and profitability were moving in the same direction rather than offsetting each other.

AWS still anchors the story

Amazon Web Services remains the most closely watched unit because cloud growth and margin support still shape the equity case. Amazon said AWS continued to be a major profit engine, even as total company results now rely more on advertising, logistics efficiency and retail mix.

The product angle is still visible in the retail layer. Amazon uses its marketplace, Prime ecosystem and logistics network to push more spending through the same infrastructure, which is why margin expansion can matter as much as unit growth.

Market value and share context

Amazon stock traded near a large-cap valuation band in July 2026, with the market still pricing the company as a blend of retail, cloud and advertising exposure rather than a pure e-commerce name. That mix keeps the shares sensitive to both earnings quality and AWS growth.

For readers, the key number set is already clear: 2025 revenue of $638.0 billion, operating income of $68.6 billion and net income of $59.2 billion, all higher than 2024. Those figures frame the stock more tightly than any short-term narrative.

Prime and AWS remain central

Amazon Prime is still the consumer side of the moat, while AWS remains the enterprise side. The combination explains why the company can post retail scale and still be judged against cloud peers on profitability and growth durability.

That matters because Amazon no longer needs only one segment to carry the story. In 2025, the company had enough breadth across retail, services and cloud to support both expansion and earnings leverage.

Amazon stock and valuation

Amazon stock is usually valued on expected cash generation rather than one quarter alone. The 2025 figures give the market a firmer base for that view, especially after operating income and net income both rose faster than revenue.

As a result, the stock remains tied to a simple question: can Amazon keep turning scale into profit while holding growth above the broader market? The 2025 report suggests the answer was yes, at least for that year.