How Amazon Makes Money
$181.5B in revenue across seven segments that all merge into one bar: online stores ($64.3B), third-party seller fees ($41.6B), AWS ($37.6B), advertising ($17.2B), physical stores ($5.8B), subscriptions ($13.4B), and other ($1.6B). AWS is a fraction of total revenue but does disproportionate work on the profit side, the way it always does. Net margin is 17%, and — same pattern as the Google and Nvidia reels — there's a ~$16B gap between operating profit and tax-plus-net-profit, this time from a disclosed one-time gain on Amazon's Anthropic investment stake. We drew that gap exactly where the filing shows it rather than absorbing it invisibly into the net profit number.
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