The numbers
$15.7 billion: How much Amazon made from advertising in the second quarter, up 22% year-over-year.
13%: The amount that Amazon’s net sales increased compared to last year’s Q2 earnings, putting it at $167.7 billion.
$30.9 billion: How much the company made on its cloud-computing business, AWS. That’s a 17.5% increase year-over-year.
$12.2 billion: The amount Amazon made on subscription services in Q2, up 11% year over year.
$40.3 billion: How much Amazon made on third-party seller services in the second quarter, an increase of 10% year over year.
$15.5-$20.5 billion: The operating income that Amazon expects for Q3. This was lower than the average of analyst projections, which was $19.4 billion, according to Bloomberg, leading to a 2.5% dip in shares during after-market trading.
The watercooler talk
Amazon’s ad business continued its double-digit growth in the second quarter of 2025, proving that the ecommerce giant’s dominance in retail media is going strong while further expanding into streaming, live sports, gaming, and adtech.
CEO Andy Jassy specifically called out the company’s recent deal with Roku, which gives advertisers access to 80 million U.S. households by combining audiences across the Fire TV and Roku operating systems and streaming apps Prime Video and The Roku Channel.
The company continues to spend heavily on artificial intelligence, with $31.4 billion in capital expenditures, driven primarily by AI-related AWS investments, said chief finance officer Brian Olsavsky. That level of spending is “reasonably representative” of what the company expects throughout the rest of the year, he added.
Amazon is also working with a significant backlog in demand for AWS, Jassy said. He said that the company hasn’t been able to build enough data centers to meet that demand, which he expects will take at least another six months to resolve. The backlog is estimated at $195 billion, up 25% year over year.
The key quote
Despite continued uncertainty around tariffs, Amazon said that it has not felt significant impacts on its business so far.