"We're continuing to see three macro trends drive AWS growth, including companies focusing on modernizing their infrastructure and moving to cloud solutions." - Andy Jassy, CEO
— Andy Jassy
03Detailed Report
AMZN
Amazoncom Inc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 10, 2026
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Executive Summary
In Q2 2024, Amazon.com Inc (AMZN) delivered a strong financial performance, reporting $148 billion in revenue, marking an 11% increase year-over-year when excluding foreign exchange impacts. Notably, operating income surged to $14.7 billion, nearly doubling from the previous year, driven primarily by robust growth in AWS and retail segments. Management emphasized ongoing improvements in operational efficiencies and cost management, paving the way for sustainable long-term growth despite prevailing economic pressures, including inflation and shifting consumer behaviors. Overall, the company shows strong unit growth across segments, particularly in e-commerce and cloud services, indicating resilience amid market headwinds.
Key Performance Indicators
Revenue
Increasing
147.98B
QoQ: 3.25% | YoY: 10.12%
Gross Profit
Increasing
74.19B
50.10% margin
QoQ: 4.97% | YoY: 14.12%
Operating Income
Increasing
14.67B
QoQ: -4.15% | YoY: 91.02%
Net Income
Increasing
13.49B
QoQ: 29.28% | YoY: 99.78%
EPS
Increasing
1.29
QoQ: 29.00% | YoY: 95.45%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: $148 billion, 11% YoY growth (adjusted for FX losses). Operating Income: $14.7 billion, an impressive 91% increase YoY. Net Income: $13.485 billion, a 99% rise YoY. EPS: Diluted EPS of $1.26, a 95.4% increase YoY.
Cost Management: Gross margin held steady at 50.1% indicating effective cost control. Operating margin improved to roughly 10% despite challenges in retail pricing and operational investments in AWS and Project Kuiper.
Cash Flow: Free cash flow at $7.661 billion reflects strong operational cash flow performance amid capital investments driven by cloud growth.
Balance Sheet Health: With total assets of $554.8 billion against liabilities of $318.4 billion, Amazon maintains a healthy debt-to-equity ratio of 0.637 and has cash reserves of $71.673 billion, supporting liquidity and operational flexibility.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
147.98B
10.12%
3.25%
Gross Profit
74.19B
14.12%
4.97%
Operating Income
14.67B
91.02%
-4.15%
Net Income
13.49B
99.78%
29.28%
EPS
1.29
95.45%
29.00%
Key Financial Ratios
Gross Profit Margin
Good
50.10%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Fair
9.92%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
9.11%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
2.43%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
5.70%
Return on equity is acceptable but below top-tier companies
Current Ratio
Adequate
1.10
Current ratio meets minimum requirements but limited cushion