Amazon Q4 2024: The AWS Profit Engine

•Data Deep Dive

Amazon (AMZN)

Q4 2024 Earnings

Revenue Sources

North America
$115.6B
International
$43.4B
AWS
$28.8B

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Total Revenue

$187.8B
Revenue

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Outcome

$20.0B
Net Income
$167.8B
Expenses
* Visualization is simplified. Data sourced from Q4 2024 reports.

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Amazon Q4 2024: The AWS Profit Engine

Executive Summary: Amazon generated a staggering $187.8B in revenue this quarter. However, the visualization reveals a stark truth: the high-volume Retail business runs on razor-thin margins, while AWS acts as the profit engine powering the entire ecosystem.

The "Inflow": $187.8 Billion in Revenue

Amazon's revenue scale is unmatched, dwarfing even Apple's. The breakdown shows the sheer volume of commerce moving through their platform.

  • North America: $115.6 Billion (61.5%)
  • International: $43.4 Billion (23.1%)
  • AWS: $28.8 Billion (15.3%)

The "Outflow": The Tale of Two Businesses

The Sankey diagram highlights a critical dynamic:

  • Net Income: $20.0 Billion
  • Total Expenses: $167.8 Billion

While AWS accounts for only ~15% of revenue, it historically contributes a disproportionate share of operating income (often over 60-70%). The retail segments (North America & International) have massive "Cost of Revenue" (shipping, fulfillment centers, inventory) that eat up almost all the gross profit.

Key Insight

AWS is the bank that funds the Everything Store. Without the high-margin cloud business ($28.8B revenue), Amazon's ability to invest aggressively in logistics, Prime Video, and satellite internet would be severely constrained. The visualization makes it clear: Amazon is a logistics giant supported by a cloud technology profit center.

Want to see this flow visually?

Grasping the scale of Amazon's expenses vs. profits is easier with a diagram. Join the EarningsAtlas waitlist to explore the data yourself.