Q3 2023 Financial Results

Conference Call Slides

This presentation may contain forward-looking statements which are inherently difficult to predict. Actual
results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations
in foreign exchange rates, changes in global economic conditions and customer demand and spending,
inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet,
online commerce, cloud services, and new and emerging technologies, the amount that Amazon.com
invests in new business opportunities and the timing of those investments, the mix of products and
services sold to customers, the mix of net sales derived from products as compared with services, the
extent to which we owe income or other taxes, competition, management of growth, potential fluctuations
in operating results, international growth and expansion, the outcomes of claims, litigation, government
investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of
inventory management, variability in demand, the degree to which the Company enters into, maintains, and
develops commercial agreements, proposed and completed acquisitions and strategic transactions,
payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include,
among others, risks related to new products, services, and technologies, system interruptions, government
regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional
or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks.
More information about factors that potentially could affect Amazon.com’s financial results is included in
Amazon.com’s filings with the Securities and Exchange Commission ("SEC"), including its most recent
Annual Report on Form 10-K and subsequent filings.

Additional information relating to certain of our financial measures contained herein, including non-GAAP
financial measures, is available in the appendix to our presentation, our most recent earnings release and
at our website at www.amazon.com/ir.

2
 Net Sales
MM

$250,000 Net Sales (MM)

Up 13% Y/Y; $23,059

Up 11% F/X Adjusted (1)
16%

$143,083 $32,137
$127,101 23%
$125,000 $87,887
61%

North America
International
AWS
$0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

(1) Information throughout this presentation regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our net
sales and operating income is provided to show reported period operating results had the foreign exchange rates remained
the same as those in effect in the comparable prior year periods.

3
 Net Sales – TTM (1)

MM

$900,000 Net Sales - TTM (MM)

Up 10% Y/Y; $87,931

Up 12% F/X Adjusted 16%

$554,028
$502,191
$125,420 $340,677
$450,000 23% 61%

North America
International
AWS
$0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

(1) Trailing twelve-month period.

4
 Operating Income
MM
$15,000

Up 343% Y/Y;
Up 338% F/X Adjusted
$11,188

$7,500

$2,525

$0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

5
 Operating Income – TTM
MM
$30,000
$26,380
Up 103% Y/Y;
Up 99% F/X Adjusted

$15,000
$12,971

$0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

6
 Net Income (1)

MM
$15,000

[Up 244%] Y/Y

Up 244% Y/Y

$9,879

$7,500

$2,872

$0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

(1) Q3 2023 net income includes a pre-tax valuation gain of $1.2 billion included in non-operating income (expense) from
the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $1.1 billion from the
investment in Q3 2022.

7
 Net Income (Loss) – TTM (1)

MM
$30,000

Up 77% Y/Y
$20,079

$15,000
$11,323

$0

$-15,000
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

(1) TTM Q3 2023 net income includes a pre-tax valuation loss of $1.4 billion included in non-operating income (expense)
from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $1.4 billion from
the investment in TTM Q3 2022.

8
 Segment Results – North America
MM Net Sales MM Operating Income (Loss)
$160,000 $6,000

[Down N/A] Y/Y;

Up 11% Y/Y $4,307
[Down N/A] F/X Adjusted

$3,000
$87,887
$78,843
$80,000

$0
$(412)

$0 $-3,000
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

TTM Net Sales $340.7B; TTM Operating Income $8.2B

9
 Segment Results – International
MM Net Sales MM Operating Loss
$70,000 $4,000
Up 16% Y/Y; Down 96% Y/Y;
Up 11% F/X Adjusted Down 87% F/X Adjusted

$35,000 $32,137 $0
$27,720 $(95)

$(2,466)

$0 $-4,000
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

TTM Net Sales $125.4B; TTM Operating Loss $4.5B

10
 Segment Results – AWS
MM Net Sales MM Operating Income
$40,000 $10,000

Up 29% Y/Y;
Up 12% Y/Y
Up 30% F/X Adjusted
$6,976

$23,059
$5,403
$20,538
$20,000 $5,000

$0 $0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

TTM Net Sales $87.9B; TTM Operating Income $22.7B

11
 MM Free Cash Flow – TTM (1) (2)

$30,000

$21,434

Up 101% Y/Y

$0

$(19,686)

$-30,000
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Long-Term Goal – Optimize Free Cash Flows

(1) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.” See Appendix for a
reconciliation of operating cash flow to free cash flow.
(2) Operating cash flow increased 81% Y/Y.

12
 Free Cash Flow Less Principal Repayments of Finance Leases
MM and Financing Obligations – TTM (1) (2)
$25,000
$15,929

$0

$-25,000
$(28,480)

$-50,000
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Long-Term Goal – Optimize Free Cash Flows

(1) Free cash flow less principal repayments of finance leases and financing obligations is free cash flow reduced by “Principal repayments of
finance leases” and “Principal repayments of financing obligations.” See Appendix for a reconciliation of non-GAAP measures.
(2) Operating cash flow increased 81% Y/Y.

13
Free Cash Flow Less Equipment Finance Leases and Principal Repayments
of All Other Finance Leases and Financing Obligations – TTM (1) (2)
MM
$40,000

Down 50% Y/Y(3)

$20,241

$0

$(21,493)

$-40,000
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Long-Term Goal – Optimize Free Cash Flows

(1) Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations is free cash flow reduced by
equipment acquired under finance leases, which is included in “Property and equipment acquired under finance leases, net of remeasurements and
modifications,” principal repayments of all other finance lease liabilities, which is included in “Principal repayments of finance leases,” and “Principal
repayments of financing obligations.” See Appendix for a reconciliation of non-GAAP measures.
(2) Operating cash flow increased 81% Y/Y.

14
 Shares
MM
16,000

10,597 10,792

399 462

8,000

10,198 10,330

0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Common Shares Outstanding Stock-Based Awards Outstanding

Long-Term Goal – Efficiently Managing Dilution

15
Appendix

16
 Free Cash Flow Reconciliation – TTM

MM Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Operating Cash Flow $39,665 $46,752 $54,330 $61,841 $71,654
Purchases of property and
equipment, net of proceeds from
sales and incentives (59,351) (58,321) (57,649) (53,963) (50,220)
Free Cash Flow ($19,686) ($11,569) ($3,319) $7,878 $21,434

17
 Free Cash Flow Less Principal Repayments of Finance
Leases and Financing Obligations Reconciliation – TTM

MM Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Operating Cash Flow $39,665 $46,752 $54,330 $61,841 $71,654

Purchases of property and

equipment, net of proceeds from (59,351) (58,321) (57,649) (53,963) (50,220)
sales and incentives

Principal repayments of
finance leases (8,561) (7,941) (6,544) (5,705) (5,245)

Principal repayments of
financing obligations (233) (248) (226) (244) (260)
Free Cash Flow Less Principal
Repayments of Finance Leases
and Financing Obligations ($28,480) ($19,758) ($10,089) $1,929 $15,929

18
 Free Cash Flow Less Equipment Finance Leases and Principal
Repayments of All Other Finance Leases and Financing
Obligations Reconciliation – TTM
MM Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Operating Cash Flow $39,665 $46,752 $54,330 $61,841 $71,654

Purchases of property and
equipment, net of proceeds from (59,351) (58,321) (57,649) (53,963) (50,220)
sales and incentives
Equipment acquired under
finance leases (1) (868) (299) (285) (269) (239)

Principal repayments of all

other finance leases (2) (706) (670) (625) (631) (694)
Principal repayments of
financing obligations (233) (248) (226) (244) (260)
Free Cash Flow Less Equipment
Finance Leases and Principal
Repayments of all other Finance
Leases and Financing Obligations ($21,493) ($12,786) ($4,455) $6,734 $20,241

(1) For the twelve months ended September 30, 2022 and 2023, this amount relates to equipment included in “Property and equipment acquired under finance leases, net of
remeasurements and modifications” of $1,966 million and $748 million.
(2) For the twelve months ended September 30, 2022 and 2023, this amount relates to property included in “Principal repayments of finance leases” of $8,561 million and
$5,245 million.

19