亚马逊 2024年度报告

AN N U A LRE P O R T Dear Shareholders: 2024 was a strong year for Amazon. Our total revenue grew 11% year-over-year (“YoY”) from $575B to $638B. By segment, North Americarevenue increased 10% YoY from $353B to $387B, International revenue grew 9% YoY from $131B to $143B,and AWS revenue increased 19% YoY, from $91B to $108B. For perspective, just 10 years ago, AWSrevenue was $4.6B; and in that same year, Amazon’s total revenue was $89B. Amazon’s operating income in 2024 improved 86% YoY, from $36.9B (an operating margin of 6.4%) to$68.6B (an operating margin of 10.8%). Free Cash Flow, adjusted for equipment finance leases improvedfrom $35.5B in 2023 to $36.2B. Apart from the financial results, we made our customers’ lives meaningfully better and easier. In our Storesbusiness, we substantially expanded selection, continued lowering prices (independent research firm,Profitero, found Amazon the lowest-priced online U.S. Retailer for the eighth year in a row), and for thesecond year in a row, we shipped at record speed to our Prime members. AWS launched a slew of newinfrastructure and AI services that make it even easier to build remarkable customer experiences, includingour latest custom AI silicon (Trainium2), a new set of frontier foundation models in Amazon Nova, andsignificant expansion of available models and features in our leading Generative AI (“GenAI”) servicesAmazon SageMaker and Amazon Bedrock. Prime Video continued to offer compelling original shows,including new seasons forFallout, Reacher, The Boys,andThe Lord of the Rings: Rings of Power, movies likeRoad House, The Idea of You,andRed One, live sports likeThursday Night FootballandUEFA ChampionsLeaguein Europe (with the NBA and NASCAR coming in 2025), and new selection, highlighted by AppleTV+ joining Prime Video Channels. We launched a series of new Kindle devices that included a new colorversion, a larger Scribe option, and our fastest Paperwhites ever (the collection of which drove the highestKindle unit sales for a single quarter in over a decade). And, we continued to add more selection, pricetransparency, and same day shipping for Amazon Pharmacy. These accomplishments are a subset of what the team launched in 2024, but represent a lot of invention,hard work, and thoughtful execution across Amazon. I’m thankful for my teammates and their delivery thispast year (some of which you can see in our 2024 results, others of which won’t be visible for the nextfew years). A Why Culture Every year in my annual letter, I try to share insight into what makes Amazon tick. At the highest level,we’re aiming to be Earth’s most customer-centric company, making customers’ lives better and easier everyday. This is not easy to do in general, let alone year after year. In fact, it’s actually quite hard, especially withthe rapid rate of change in technology, customer habits, and new products from large and small companiesalike. If we want to have a chance at succeeding in our mission, we have to constantly question everythingaround us. We’ve had this long-held philosophy at Amazon about two-way and one-way door decisions. A two-waydoor decision is one where if you get the decision wrong, you can walk back through that door, revert to whereyou were, and there are few (if any) ramifications. You can make these decisions quickly and locally. A one-way door decision is one where it’s quite difficult (if not impossible) to walk back through that door ifyou get the decision wrong, so these decisions are made more methodically. But, both of these constructsassume the door is unlocked. A lot of invention is about trying to open doors that have historically seemedbolted shut. And, over the past 30 years, we’ve found one of the most important keys to unlock these doorshas been a simple question: “Why?” “Why does this customer experience have to be this way?” “Why can’t it be better?” “What are the constraints—why must we accept them?” “Why can’t we invent around that?” “Why will it take so long to get tocustomers?” Why? My Dad has told me that I was the kind of kid who kept asking why, perhaps to an annoying extent. He’salso reminded me how shortly after I joined Amazon in 1997, he tried to persuade me to work somewheremore traditional (and on the east coast closer to family)—only to realize that I’d already found the perfect fit. That’s because Amazon is a Why company. We ask why, and why not, constantly. It helps us deconstructproblems, get to root causes, understand blockers, and unlock doors that might have previously seemedimpenetrable. Amazon has an unusually high quotient of this WhyQ (let’s call it “YQ”), and it frames the waywe think about everything that we do. Starting in 1995, we asked why can’t we offer customers every in-print book? Then, we asked, why limit ourselves to in-print—why can’t we also offer every out-of-print book? Why not offer every book, ever written, in any language—all available within 60 seconds on a device that’slight and f