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Amazon shares rose more than 11% in after-hours trading on October 30, 2025, after the company reported third-quarter net sales of $180.2 billion and net income of $21.2 billion. The results topped the analyst estimates cited by GeekWire, while faster AWS growth stood out. The move was a historical reaction to that earnings release, not a current stock-price update.
What Amazon reported for Q3 2025
Amazon’s quarter ended September 30, 2025. In its October 30 earnings release, the company reported net sales of $180.2 billion, up 13% from $158.9 billion a year earlier. A favorable $1.5 billion foreign-exchange impact contributed to the reported increase; excluding it, sales grew 12%. Net income was $21.2 billion, or $1.95 per diluted share, compared with $15.3 billion and $1.43 per share in Q3 2024. Amazon’s Q3 2025 results provide the company’s reported figures.
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GeekWire reported contemporaneous analyst expectations of $177.7 billion in revenue and $1.56 in earnings per share. Against those estimates, Amazon exceeded expected sales by $2.5 billion and reported diluted EPS 39 cents higher. These are comparisons with the expectations cited in that October 30, 2025 report, not a claim that every analyst had identical forecasts. GeekWire’s earnings coverage reported the estimates and after-hours reaction.
Why “$21 billion in profits” needs context
The $21.2 billion headline figure was net income, not operating income. Amazon reported Q3 operating income of $17.4 billion, flat year over year. That operating result included a $2.5 billion charge related to a Federal Trade Commission settlement and an estimated $1.8 billion in severance costs, primarily associated with planned role eliminations. Amazon said operating income would have been $21.7 billion without those charges.
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Net income also reflected a different item: $9.5 billion in pre-tax non-operating gains from Amazon’s investments in Anthropic. That gain was not operating income. The distinction matters because the headline’s rounded “profits” wording can otherwise make the reported net-income figure sound like recurring profit from day-to-day operations.
AWS growth was a key part of the earnings story
Amazon Web Services (AWS) generated $33.0 billion in Q3 2025 sales, up 20% year over year. AWS operating income was $11.4 billion, compared with $10.4 billion in the year-earlier quarter. Amazon CEO Andy Jassy said, “AWS is growing at a pace we haven’t seen since 2022, re-accelerating to 20.2% YoY.”
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GeekWire linked the positive market reaction in part to AWS growth re-accelerating to 20% and exceeding expectations. That is an interpretation of investor sentiment, not proof that one metric alone caused the share move. AWS operating income also represented more than half of Amazon’s $17.4 billion total operating income for the quarter.
Other Q3 2025 figures to put the headline in perspective
| Measure | Q3 2025 result |
|---|---|
| North America net sales | $106.3 billion, up 11% year over year |
| International net sales | $40.9 billion, up 14% year over year, or 10% excluding foreign exchange |
| Online store sales | $67.4 billion, up 10% year over year, as reported by GeekWire |
| Trailing-12-month operating cash flow | $130.7 billion, up 16% year over year |
| Trailing-12-month free cash flow | $14.8 billion, down from $47.7 billion a year earlier |
Amazon attributed the free-cash-flow decline primarily to a $50.9 billion year-over-year increase in net purchases of property and equipment. That cash-flow measure and the quarter’s net income describe different aspects of the business; strong reported net income does not by itself mean free cash flow rose.
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What the 11% stock move does—and does not—tell you
The more-than-11% increase was reported for after-hours trading following the October 30, 2025 release. It should not be read as Amazon’s regular-session return, a lasting gain, or its current share performance. After-hours trading is a separate session, and the report establishes the immediate reaction rather than what happened to the price afterward.
The earnings comparison also involves distinct measures: sales versus earnings per share, analyst estimates versus actual results, and net income versus operating income. Charges reduced operating income, while an Anthropic-related investment gain boosted net income. Reading those figures separately gives a more useful account of what Amazon’s quarter showed than treating the headline’s rounded revenue and profit numbers as interchangeable indicators.
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Later results show why the quarter and accounting measure matter
Amazon’s Q2 2026 results, announced July 30, 2026, are later company results and supersede Q3 2025 as a description of its more recent performance. Amazon reported Q2 2026 net sales of $200.6 billion, up 20% year over year; operating income of $27.5 billion; and net income of $62.6 billion. AWS sales were $42.2 billion, up 37%.
That $62.6 billion net income included a $53.4 billion pre-tax non-operating gain primarily related to investments in Anthropic, so it should not be compared mechanically with operating income or treated as ordinary operating profit. Amazon also reported trailing-12-month free cash flow of negative $7.6 billion as of June 30, 2026, compared with positive $18.2 billion a year earlier, primarily reflecting increased property-and-equipment purchases as the company invested in AI. See Amazon’s Q2 2026 results.
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Amazon’s SEC filing for the quarter ended June 30, 2026 gave Q3 2026 guidance of $197 billion to $202 billion in net sales and $22.5 billion to $26.5 billion in operating income. Those ranges were forecasts, not completed-quarter results. Amazon’s Q2 2026 Form 10-Q contains the guidance. More broadly, Amazon warns that results can be affected by factors including foreign exchange, economic conditions, tariffs and trade policy, customer demand, inflation, interest rates, and labor constraints.
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