Operating Margin snapshot
Amazon's operating margin was 11.2% in FY2025, compared with 10.8% in FY2024. On a trailing-twelve-month basis it was 11.5% as of Q1 FY26. Operating margin is operating income divided by revenue — the share of sales remaining after both cost of revenue and operating expenses (R&D, SG&A). It measures core operating profitability before interest and taxes.
Operating Margin (latest FY)
11.2%
Operating Margin (TTM)
11.5%
Gross margin (latest FY)
50.3%
Net margin (latest FY)
10.8%
Amazon Operating Margin
Operating income ÷ revenue
Operating Margin vs. related metrics
Amazon Operating Margin — by fiscal year
| Fiscal year | Operating margin | Gross margin | Net margin |
|---|---|---|---|
| FY2025 | 11.2% | 50.3% | 10.8% |
| FY2024 | 10.8% | 48.9% | 9.3% |
| FY2023 | 6.4% | 47.0% | 5.3% |
| FY2022 | 2.4% | 43.8% | -0.5% |
| FY2021 | 5.3% | 42.0% | 7.1% |
| FY2020 | 5.9% | 39.6% | 5.5% |
| FY2019 | 5.2% | 41.0% | 4.1% |
| FY2018 | 5.3% | 40.2% | 4.3% |
| FY2017 | 2.3% | 37.1% | 1.7% |
| FY2016 | 3.1% | 35.1% | 1.7% |
| FY2015 | 2.1% | 33.0% | 0.6% |
| FY2014 | 0.2% | 29.5% | -0.3% |
| FY2013 | 1.0% | 27.2% | 0.4% |
| FY2012 | 1.1% | 24.8% | -0.1% |
| FY2011 | 1.8% | 22.4% | 1.3% |
| FY2010 | 4.1% | 22.3% | 3.4% |
| FY2009 | 4.6% | 22.6% | 3.7% |
| FY2008 | 4.4% | 22.3% | 3.4% |
| FY2007 | 4.4% | 22.6% | 3.2% |
| FY2006 | — | — | — |
By quarter (trailing-twelve-month basis)
| Quarter | Operating margin | Gross margin | Net margin |
|---|---|---|---|
| Q1 FY26 | 11.5% | 50.6% | 10.6% |
| Q4 FY25 | 11.2% | 50.3% | 9.2% |
| Q3 FY25 | 11.0% | 50.0% | 11.1% |
| Q2 FY25 | 11.4% | 49.6% | 10.5% |
| Q1 FY25 | 11.0% | 49.2% | 10.1% |
| Q4 FY24 | 10.8% | 48.9% | 9.3% |
| Q3 FY24 | 9.8% | 48.4% | 8.0% |
| Q2 FY24 | 9.0% | 48.0% | 7.4% |
| Q1 FY24 | 8.0% | 47.6% | 6.4% |
| Q4 FY23 | 6.4% | 47.0% | 5.3% |
| Q3 FY23 | 4.8% | 46.2% | 3.6% |
| Q2 FY23 | 3.3% | 45.5% | 2.4% |
Figures normalized from SEC filings. See the full Amazon ratios & metrics.