Inside Andy Jassy’s 2025 Amazon Shareholder Letter: AI, Capex, and the Future
TL;DR Amazon closed 2025 with revenue of $717 billion, up 12% from $638 billion the year before, with operating income climbing 17% to $80 billion. Free cash flow collapsed from $38 billion to $11 billion, driven by a $50.7 billion year-over-year jump in property and equipment spending tied to AI infrastructure. Jassy committed to roughly […]
