亚马逊 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Exchange Act.Yes☐No☒ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ Aggregate market value of voting stock held by non-affiliates of the registrant as of June 30, 2025Number of shares of common stock outstanding as of January28, 2026 DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statementrelating to the Annual Meeting of Shareholders to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120days after the end of the fiscal year to which this Report relates. AMAZON.COM, INC.FORM 10-KFor the Fiscal Year Ended December31, 2025 PARTI Item1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PARTII Item 5.Market for the Registrant’s Common Stock, Related Shareholder Matters, and Issuer Purchases of Equity SecuritiesItem 6.ReservedItem 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem7A.Quantitative and Qualitative Disclosures About Market RiskItem8.Financial Statements and Supplementary DataItem9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem9A.Controls and ProceduresItem9B.Other InformationItem9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PARTIII Item10.Directors, Executive Officers, and Corporate Governance Item11.Executive Compensation AMAZON.COM, INC. PART I Item1. This Annual Report on Form 10-K and the documents incorporated herein by reference contain forward-looking statements based onexpectations, estimates, and projections as of the date of this filing. Actual results and outcomes may differ materially from those expressedin forward-looking statements. See Item1A of Part I — “Risk Factors.” As used herein, “Amazon.com,” “we,” “our,” and similar terms General We seek to be Earth’s most customer-centric company. We are guided by four principles: customer obsession rather than competitorfocus, passion for invention, commitment to operational excellence, and long-term thinking. In each of our segments, we serve our primary We have organized our operations into three segments: North America, International, and Amazon Web Services (“AWS”). Thesesegments reflect the way the Company evaluates its business performance and manages its operations. Information on our net sales is Consumers We serve consumers through our online and physical stores and focus on selection, price, and convenience. We design our stores toenable hundreds of millions of unique products to be sold by us and by third parties across dozens of product categories. Customers accessour offerings through our websites, mobile apps, Alexa, devices, streaming, and physically visiting our stores. We also manufacture and sellelectronic devices, including Kindle, Fire tablet, Fire TV, Echo, Ring, Blink, and eero, and we develop and produce media content. We seekto offer our customers low prices, fast and free delivery, easy-to-use functionality, and timely customer service. In addition, we offer We fulfill customer orders in a number of ways, including through: North America and International fulfillmen