Amazon's Income Statement Visualized Q4 FY24

Amazon plans to invest $100+ billion in 2025—more than any other company.

So, how do they outspend everyone else?

While Big Tech returns cash to shareholders, Amazon reinvests every dollar. Amazon’s playbook? It’s always Day 1. Instead of handing out cash to shareholders, the company focuses on innovation—fueling future growth.

Amazon Q4 FY24 earnings:

• Revenue +10% Y/Y to $187.8B ($0.5B beat).

• Operating margin 11% (+4pp Y/Y).

• FCF $38B TTM.

• Q1 FY25 guidance: ~$153B ($5B miss).

CEO Andy Jassy:

"When we look back on this quarter several years from now, I suspect what we’ll most remember is the remarkable innovation delivered across all of our businesses, none more so than in AWS where we introduced our new Trainium2 AI chip, our own foundation models in Amazon Nova, a plethora of new models and features in Amazon Bedrock that give customers flexibility and cost savings, liberating transformations in Amazon Q to migrate from old platforms, and the next edition of Amazon SageMaker to pull data, analytics, and AI together more concertedly."

☁️ AWS:

• Revenue +19% Y/Y to $28.8B (no slowdown).

• Operating margin 37% (+7pp Y/Y).

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