Amazon entered Q2 2025 with clear traction across its major segments. Retail in North America and internationally grew at double-digit rates, AWS accelerated, and management backed a long-term story of investing in AI across the company, from logistics and developer tools to customer-facing functions.

At the same time,$AMZN emphasized scaling infrastructure and discipline in operations. Higher CapEx for cloud and logistics compresses free cash flow in the short term, but strengthens capacity for future revenue growth and profitability in both AWS and retail with shorter lead times.

How was the last quarter?

Revenue was $167.7 billion, up +13% YoY (+12% organically after excluding the $1.5 billion favorable FX effect). EPS was $1.68, net income was $18.2 billion ($13.5 billion last year). Operating profit rose to $19.2 billion from $14.7 billion.

North America earned USD 100.1 billion (+11%) with an operating profit of USD 7.5 billion, implying an operating margin of about 7.5%. The…