Exhibit 99.1

Founder and CEO Jeff Bezos will transition to role of Executive Chair in Q3,
Andy Jassy to become Chief Executive Officer of Amazon at that time

SEATTLE—(BUSINESS WIRE) February 2, 2021—Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its fourth quarter ended December 31, 2020.

Operating cash flow increased 72% to $66.1 billion for the trailing twelve months, compared with $38.5 billion for the trailing twelve months ended December 31, 2019.
Free cash flow increased to $31.0 billion for the trailing twelve months, compared with $25.8 billion for the trailing twelve months ended December 31, 2019.
Free cash flow less principal repayments of finance leases and financing obligations increased to $20.3 billion for the trailing twelve months, compared with $16.2 billion for the trailing twelve months ended December 31, 2019.
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations increased to $21.4 billion for the trailing twelve months, compared with $12.5 billion for the trailing twelve months ended December 31, 2019.
Common shares outstanding plus shares underlying stock-based awards totaled 518 million on December 31, 2020, compared with 512 million one year ago.
Fourth Quarter 2020
Net sales increased 44% to $125.6 billion in the fourth quarter, compared with $87.4 billion in fourth quarter 2019. Excluding the $1.7 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 42% compared with fourth quarter 2019.
Operating income increased to $6.9 billion in the fourth quarter, compared with operating income of $3.9 billion in fourth quarter 2019.
Net income increased to $7.2 billion in the fourth quarter, or $14.09 per diluted share, compared with net income of $3.3 billion, or $6.47 per diluted share, in fourth quarter 2019.
Full Year 2020
Net sales increased 38% to $386.1 billion, compared with $280.5 billion in 2019. Excluding the $1.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 37% compared with 2019.
Operating income increased to $22.9 billion, compared with operating income of $14.5 billion in 2019.
Net income increased to $21.3 billion, or $41.83 per diluted share, compared with net income of $11.6 billion, or $23.01 per diluted share, in 2019.

Amazon is also announcing today that Jeff Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time.

Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Jeff Bezos, Amazon founder

and CEO. “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.


Investing in Employee Safety and Providing Good Jobs
Amazon is working to ensure that its front-line employees receive vaccines as soon as possible. The company is closely monitoring the availability of COVID-19 vaccines worldwide, advocating on behalf of its employees, and working in partnership with global medical experts, governments, and health providers to accelerate vaccination programs.
Amazon continues to ramp up its in-house COVID-19 testing program as part of its investments to keep front-line employees safe. More than 700 employees are now tested every hour, and Amazon’s dedicated COVID-19 labs have processed more than one million tests globally.
Amazon recognized front-line employees by investing $2.5 billion in additional pay in 2020. This is on top of the company’s industry-leading starting wage of at least $15 an hour, which is double the federal minimum wage. All full-time employees also receive healthcare and full benefits from their first day on the job.
Amazon received the Lee Anderson Veteran and Military Spouse Employment Award for excellence in hiring, training, and retaining veterans, transitioning service members, and military spouses. Amazon employs more than 40,000 veterans and military spouses across the U.S.

Supporting Communities
Amazon announced a new Housing Equity Fund, a $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Virginia; and Nashville, Tennessee. The Fund provides below-market loans and grants to housing partners, public agencies, and minority-led organizations. It started with initial investments totaling $567 million for 2,300 affordable apartment homes.
Amazon announced plans to provide free cloud skills training to 29 million people around the world by 2025, as it continues to invest in upskilling and career development for its customers and employees. The AWS-designed programs range from self-paced online courses to intensive upskilling programs that help participants build new careers in the technology industry. This expands on Amazon’s Upskilling 2025 initiative, a $700 million commitment to upskill 100,000 U.S. employees by helping them transition into high-demand, high-paying jobs, as well as Career Choice, a program that pre-pays tuition for employees looking to earn degrees in in-demand fields.
Amazon unveiled plans for the second phase of construction for its headquarters in Arlington, Virginia. Amazon plans to build 2.8 million square feet of office space as part of its commitment to create 25,000 jobs and invest $2.5 billion in the community over the next decade. The project will create more than 2.5 acres of open space for the local community, run on renewable energy, and bring retail and other services to local residents.
Amazon in the UK expanded its long-standing partnership with nonprofit Magic Breakfast to reach more children at risk of hunger. In addition to being a significant financial donor, Amazon distributed more than two million free, healthy breakfasts to children studying at home due to COVID-19 who would normally receive these meals at school.
In the UK, Amazon delivered more than six million COVID-19 testing kits free of charge, in support of the government’s COVID-19 testing program.
Globally, Amazon has donated over 65,000 Echo devices, Fire Tablets, and other devices throughout the COVID-19 crisis to organizations that support frontline workers and first responders, and to help keep patients, students, and communities impacted by the pandemic connected.
In support of World AIDS Day and Giving Tuesday, Amazon announced the limited-edition (echo)RED. Available in the all-new spherical design, (echo)RED offers premium sound and a built-in smart home hub. Amazon will donate $10 of every (echo)RED sale to support (RED)’s fight against AIDS and COVID-19 in sub-Saharan Africa. Customers can also donate to (RED)’s fight against the COVID-19 and HIV/AIDS pandemics on any Alexa-enabled device by simply saying, “Alexa, donate to RED.

Ring announced a new program with Habitat for Humanity, a global nonprofit that shares Ring’s commitment to help make homes and neighborhoods safer, including a donation of $1 million worth of Ring Video Doorbells to provide Habitat homeowners with added peace of mind.

Protecting the Planet
Amazon became the world’s largest corporate purchaser of renewable energy, taking another step in its journey to be net-zero carbon by 2040. The company is investing in the building of 26 new utility-scale wind and solar projects in Australia, France, Germany, Italy, South Africa, Sweden, the UK, and the U.S., bringing Amazon’s total number of renewable energy projects to 127. Amazon’s investments will supply its operations with more than 18,000 gigawatt hours (GWh) of renewable energy annually, helping put the company on a path to achieve 100% renewable energy by 2025, five years ahead of the initial 2030 target.
Thirty-one organizations have signed The Climate Pledge, a commitment co-founded by Amazon and Global Optimism to achieve net-zero carbon by 2040. Twenty of those companies signed The Climate Pledge last quarter: Atos, Boom Supersonic, Brooks, Cabify, Canary Wharf Group, Coca-Cola European Partners, ERM, Groupe SEB France, Harbour Air, Henkel, ITV, JetBlue, Microsoft, Neste, Rivian, Rubicon, Signify, Uber, Unilever, and Vaude.
Amazon joined the Food Loss and Waste 2030 Champions group, an effort by the U.S. Environmental Protection Agency and Department of Agriculture to reduce food loss and waste within U.S. company operations by 50% by 2030.
Amazon expanded Climate Pledge Friendly, a program to help customers discover and shop for more sustainable products, in five countries across Europe. The program launched with over 40,000 Climate Pledge Friendly products in France, Germany, Italy, Spain, and the UK.

Empowering Small and Medium-Sized Businesses
The 2020 holiday season was the best ever for independent businesses selling on Amazon—nearly all of which are small and medium-sized businesses—with worldwide sales growing over 50% compared to the same period in 2019. Sellers surpassed $4.8 billion in worldwide sales from Black Friday through Cyber Monday, growing about 60% from the previous year. During the holiday season as a whole, small and medium-sized businesses in the U.S. sold nearly one billion products in Amazon’s store.
Since the start of the COVID-19 pandemic, Amazon has incurred more than $5 billion in operational costs on behalf of independent businesses selling in Amazon’s store, and expects to invest billions more through 2021. In 2020, Amazon increased square footage across its fulfillment and logistics network by 50%, dedicated 60% of fulfillment center capacity to seller products, and postponed annual selling fee adjustments until June 2021.
As part of the AWS Activate program, Amazon provided more than $1 billion in AWS credits during 2020 to help early stage startups launch their businesses and accelerate their growth. With this help, startups are using scalable, reliable, and secure cloud services like compute, storage, database, analytics, Internet of Things, machine learning, and many others from AWS to scale their businesses.
Amazon launched small business accelerator programs across Europe to help entrepreneurs and small businesses succeed in the digital world. These programs offer free access to online training, expert advice, live events, and services, and they include the Amazon Small Business Accelerator in the UK, Quickstart-Online in Germany, Despega in Spain, Accelera con Amazon in Italy, and Accelerateur du Numerique in France. The programs are delivered in collaboration with associations and universities, and they have already supported tens of thousands of small businesses.
In December, Amazon India hosted Small Business Day, an event to increase visibility and sales for entrepreneurs and small businesses selling in Amazon’s store. Over 55,000 sellers from over 4,000 Postal Index Codes benefitted from Small Business Day, and over 1,500 sellers had their highest ever day of sales on Amazon.
In 2020, thousands of independent authors earned more than $50,000 through Kindle Direct Publishing, with more than 1,000 authors surpassing $100,000 in royalties.
In 2020, authors using Amazon’s self-publishing service Kindle Direct Publishing (KDP) earned more than $370 million in royalties from their participation in Kindle Unlimited. KDP authors have earned more than $1.5 billion from participation in Kindle Unlimited since 2014.

Shopping and Entertainment
Thanks to customers, employees, and selling partners, Amazon had a record-breaking holiday season, delivering more than a billion toys, home, fashion, electronics, beauty, and personal care products to customers worldwide.

Amazon Pharmacy launched in the U.S., bringing prescription medications to customers’ doorsteps. Customers can now browse medications, create a secure pharmacy profile, and request or manage prescriptions on Amazon.com. Prime members receive unlimited, free two-day delivery on Amazon Pharmacy orders with their membership.
Amazon launched a new Amazon Prime prescription savings benefit, which brings pharmacy savings to customers who pay without insurance and can be used at 50,000 participating pharmacies nationwide.
Amazon Fashion introduced Made For You, a way for customers to design custom T-shirts to their exact measurements and style preferences. For just $25, U.S. shoppers can customize a T-shirt’s fit, fabric, color, sleeve length, shirt length, neckline, and back-neck label.
Amazon India’s Great Indian Festival shopping event focused on enabling the revival of small and medium-sized businesses and helping customers, even in remote areas of the country, shop safely and conveniently from their homes. During the month-long event, customers purchased items from over 110,000 sellers, the majority of whom were from rural towns.
Hudson, a travel experience leader with over 1,000 stores across North America, announced it will use Amazon’s Just Walk Out technology in select travel convenience stores. Just Walk Out technology enables shoppers to enter a store, grab what they want, and just go. The first Hudson store with Just Walk Out technology is planned to open in early 2021 at Dallas Love Field Airport, with additional stores coming later this year.
Amazon Fresh grocery stores expanded into seven new communities in the U.S.: Irvine, CA; Ladera Heights, CA; Naperville, IL; North Hollywood, CA; Northridge, CA; Schaumburg, IL; and Whittier, CA. To support the continued growth, Amazon is hiring thousands of grocery associates across Chicagoland, the greater Los Angeles area, and Seattle.
Amazon was identified as the best overall grocery retailer by dunnhumby Retailer Preference Index that ranks the top 57 grocery retailers in the U.S. based on an annual survey of 10,000 U.S. households. The survey also placed Amazon at the top of the list for customer safety ratings.
Amazon Music signed an agreement to acquire innovative podcast publisher, Wondery. Through this acquisition, Amazon Music aims to accelerate the growth and evolution of podcasts by bringing creators, hosts, and immersive experiences to even more listeners across the globe. Wondery will be able to provide more high-quality, innovative content, continuing their mission of bringing a world of entertainment and knowledge to their audiences, wherever they listen. The acquisition is not yet closed and is subject to customary closing conditions.
Prime Video continues to launch Amazon Original series and movies globally. Amazon Original movie Borat Subsequent Moviefilm, starring Sacha Baron Cohen, generated tens of millions of customer streams globally on opening weekend. Other popular Amazon Original movies include Uncle Frank, Sylvie’s Love, Sound of Metal, and I’m Your Woman. Prime Video members also enjoyed new and returning Amazon Original series and specials such as What the Constitution Means to Me, Utopia, Truth Seekers, The Pack, Small Axe, The Wilds, The Expanse, Yearly Departed, and the final season of Vikings. Internationally, locally produced Amazon Originals debuting included FERRO (Italy), El Cid (Spain), The Challenge: ETA (Spain), BILD.Macht.Deutschland? (Germany), Binge Reloaded (Germany), Truth Seekers (UK), The Grand Tour: A Massive Hunt (UK), All or Nothing: Tottenham Hotspur (UK), The Bachelorette (Japan), Mirzapur (India), and Locas por el Cambio (Mexico).
The fourth quarter marked Prime Video’s strongest viewership for live sports globally. In the U.S., Prime Video’s exclusive coverage of the San Francisco 49ers vs. Arizona Cardinals game on December 26 drew an estimated 11.2 million total viewers and delivered the highest digital average-minute-audience ever for an NFL regular season game. In the UK, the number of customers tuning into live Premier League football grew for the second season as millions watched 22 live and exclusive matches on Prime Video. In addition, millions of Prime members streamed live, international rugby for the first-ever Autumn Nations Cup tournament; and in India, Prime Video announced its first foray into live sports, with the acquisition of India territory rights for New Zealand Cricket through 2025-26.
Amazon Studios announced deals for upcoming Prime Video series and movies, including the Eddie Murphy comedy Coming 2 America, which premieres in March on Prime Video globally and an unscripted docuseries and new coming-of-age series based on Jessica Simpson’s best-selling memoir Open Book.

Amazon Devices and Services
Amazon announced that Fire TV now reaches more than 50 million monthly active users around the world. Amazon also secured new content deals with premium streaming providers, including HBO Max, discovery+, and Xfinity in the U.S.; Disney+ in Mexico and Brazil; NOW TV in the UK; and CANAL+ in France. The new Fire TV Experience released globally includes a redesigned Home Screen, Profiles, and a new voice-first experience with Alexa to easily discover content.

Zoox revealed the first look at their fully functional, electric, autonomous vehicle, which features bi-directional driving and is capable of speeds up to 75 miles per hour.
Amazon announced Alexa Custom Assistant, a new service that lets device makers, auto makers, and service providers create custom-branded voice assistants that are powered by and work in cooperation with Alexa. The Alexa Custom Assistant can be built into automobiles and consumer electronics, including smart displays, speakers, set top boxes, fitness devices, and more, providing a complete, managed voice solution that substantially reduces cost, complexity, and time to market.
Amazon continued to make progress on Project Kuiper, a low earth orbit satellite constellation that will increase broadband access for unserved and underserved communities around the world. In December, the team revealed designs for the Ka-band phased array antenna that will be used in its customer terminal. The antenna is smaller and lighter than legacy designs, allowing Amazon to produce a customer terminal that is more affordable and easier to install.
Ring introduced general availability of its new Mailbox Sensor to customers, launched Customizable Motion Zones for all battery-powered Ring Video Doorbells and Security Cameras, and became the first major smart home security company to offer Video End-to-End Encryption. Additionally, Ring announced Ring Video Doorbell Wired, its smallest doorbell yet, and availability of the Ring Alarm in Spain.
Amazon took another step toward making interactions with Alexa more natural, and skills more discoverable, by introducing a new capability that infers customers’ latent goals—goals that are implicit in customer requests but not directly expressed—and seamlessly transitions to a relevant skill without requiring the name of the skill, or repeating the same information across skills.
Key by Amazon’s In-Garage Delivery service expanded to tens of millions of Prime members in over 4,000 cities in the U.S., enabling them to enjoy free, contactless, and secure package delivery conveniently inside their garage to keep packages safe.
Amazon announced the first Alexa built-in commercial trucking integration in Volvo Trucks in the EU; the first integration in Brazil with BMW’s BMWi and MINI cars; and new vehicle launches with Dodge Durango, Chrysler Pacifica, Fiat 500 electric, and Acura MDX. Additionally, new Alexa integrations were announced at the Consumer Electronics Show (CES), including Harman, Intel, Lenovo, TP-Link, Rise Gardens, and more.
Alexa added Netflix to its global roster of streaming service providers for Echo Show customers, giving them more at-home entertainment options. Amazon also added podcast support to Alexa from services like Amazon Music, Apple, and Spotify in more countries around the world.
Alexa became more multilingual, allowing members of a household to interact with Alexa in two different languages without needing to change the settings. In the U.S., multilingual mode allows bilingual customers to code-switch from English to Spanish, and vice versa. Amazon also launched multilingual mode in new languages and countries including Germany, Spain, France, Italy, and Japan.
Amazon added new Alexa features that make customers’ daily lives more convenient, including the ability to share a shopping list with Alexa contacts by voice, video calling on Fire TV, and new Alexa Routines on Fire TV.

Amazon Web Services
AWS announced significant customer momentum during the quarter with new commitments and migrations spanning major industries, including financial services with JPMorgan Chase, Itaú Unibanco (Latin America’s largest bank), Standard Chartered Bank, and Nationwide; media and entertainment with Metro-Goldwyn-Mayer (MGM), Thomson Reuters, and ViacomCBS; technology with Arm and Twitter; travel with Boom Technology, Inc. (Boom Supersonic) and Star Alliance (the world’s largest airline alliance); retail and e-commerce with Mercado Libre (Latin America’s largest online commerce and payments provider) and Zalando (Europe’s largest online fashion and lifestyle platform); power and utilities with Siemens Smart Infrastructure (a Siemens AG business group that focuses on energy distribution and intelligent buildings); and automotive with The BMW Group, as well as a multi-year, global agreement to develop and market BlackBerry’s Intelligent Vehicle Data Platform, IVY.
At AWS re:Invent, Amazon’s ninth-annual learning conference for the global cloud computing and information technology communities, AWS attracted over 570,000 registered attendees and announced 180 new services and features, including:
The industry’s first cloud-based Mac instances (EC2 Mac instances for Amazon Elastic Compute Cloud) that enable customers to develop, scale, and run macOS workloads in AWS.

Five new services that push the envelope on price performance and extend Amazon EC2’s lead as the broadest and deepest portfolio of compute instances in the cloud, including Graviton2-powered C6gn instances that provide 40% better price performance for networking and compute-intensive workloads over comparable current generation x86-based instances, AMD-powered G4ad Graphics Processing Unit (GPU) instances that offer the industry’s best price performance for graphics-intensive applications, M5zn instances that deliver the fastest Intel Xeon Scalable processors in the cloud, Intel-powered D3/D3en instances that offer the highest storage capacity for local HDD storage in the cloud, and memory-optimized R5b instances that deliver the fastest block storage performance available for Amazon EC2.
Nine new capabilities for Amazon SageMaker that make it even easier for developers and data scientists to prepare, build, train, deploy, and manage machine learning models.
Five new services for industrial customers that use machine learning to improve operational efficiency, quality control, security, and workplace safety. Amazon Monitron and Amazon Lookout for Equipment use sensor data to enable predictive maintenance. The AWS Panorama Appliance and SDK use computer vision to improve product quality and workplace safety. And, Amazon Lookout for Vision uses computer vision to spot anomalies and flaws in products and processes.
Amazon HealthLake, a HIPAA-eligible service, enables healthcare organizations to aggregate all their data from disparate locations in various formats, transform that data into a consistent format, store it, and provide easy ways to analyze that data in AWS.
Five new capabilities for AWS’s rapidly-growing contact center service, Amazon Connect, that significantly improve contact center agents’ productivity and customers’ experiences.
AQUA (Advanced Query Accelerator) for Amazon Redshift provides an innovative new hardware-accelerated cache that delivers up to 10x better query performance than any other cloud data warehouse.
AWS Glue Elastic Views lets developers easily build materialized views that automatically combine and replicate data across storage, data warehouses, and databases.
Amazon QuickSight Q delivers a machine learning-powered capability for Amazon QuickSight that lets users type questions about their business data in natural language and receive highly accurate answers in seconds.
Amazon EBS io2 Block Express volumes deliver the first storage area network (SAN) built for the cloud, with up to 256,000 input/output operations per second (IOPS), 4,000 MB/second throughput, and 64 TB of capacity.
Amazon EBS Gp3 volumes give customers the ability to provision additional IOPS and throughput performance independent of storage capacity, provide up to 4x peak throughput, and are priced 20% lower per GB than the previous general purpose EBS volumes.
Four new container services to help customers develop, deploy, and scale modern applications in the cloud and on-premises: Amazon Elastic Container Service (ECS) Anywhere and Amazon Elastic Kubernetes Service (EKS) Anywhere enable customers to run Amazon ECS and Amazon EKS in their own data centers, AWS Proton automates container and serverless application development and deployment, and Amazon Elastic Container Registry (Amazon ECR) Public provides developers an easy and highly available way to share and deploy container software publicly.
The next version of Aurora Serverless, Aurora Serverless v2, scales to hundreds of thousands of database transactions in a fraction of a second, delivering up to 90% cost savings compared to provisioning infrastructure for peak capacity.
Babelfish for Aurora PostgreSQL provides a new capability for Amazon Aurora that allows database customers to run SQL Server applications directly on Amazon Aurora PostgreSQL with little to no code changes (also, a new open source Babelfish for PostgreSQL will be available for all PostgreSQL database users in 2021).
Two new observability services for containers, IoT, and operational data, Amazon Managed Service for Prometheus and Amazon Managed Service for Grafana, built on popular open source projects to help customers monitor and visualize modern applications at scale.
AWS continued to expand its infrastructure footprint around the world, announcing the AWS Asia Pacific (Hyderabad) Region, available by mid-2022, and the AWS Europe (Zurich) Region and AWS Asia Pacific (Melbourne) Regions, available in the second half of 2022. AWS provides 77 Availability Zones (AZs) within 24 geographic regions, with announced plans for 18 more Availability Zones in six more AWS Regions, including

regions in Indonesia, Japan, and Spain, as well as the recently pre-announced regions in India, Switzerland, and Australia.
New AWS Local Zones in Boston, Houston, and Miami place AWS infrastructure close to end users in metropolitan centers, so customers can access low-latency compute, storage, and database services without needing to provision or maintain datacenter space. AWS also announced the availability of AWS Local Zones in 12 additional cities (Atlanta, Chicago, Dallas, Denver, Kansas City, Las Vegas, Minneapolis, New York, Philadelphia, Phoenix, Portland, and Seattle) coming in 2021.
AWS announced two new smaller AWS Outposts form factors (1U and 2U servers) that give customers access to AWS on-premises in space-constrained locations, such as branch offices, factories, hospitals, cell towers, or retail stores.
AWS announced the general availability of Amazon EC2 P4d instances, the next generation of accelerated computing instances powered by NVIDIA A100 Tensor Core GPUs and AWS petabit-scale networking. P4d instances provide up to 3x faster time to train and 60% lower cost than previous generation instances for machine learning training and high-performance computing in the cloud. EC2 P4d instances are also the only instances in the cloud to feature UltraCluster capability, enabling customers to scale to 2x the computing power as any other cloud provider.
AWS announced AWS Trainium, an AWS-designed machine learning training chip that will deliver the most cost-effective training in the cloud. AWS Trainium will deliver the most teraflops of any machine learning training instance in the cloud, support all major frameworks (including TensorFlow, PytTorch, and MXnet), and use the same Neuron SDK used by AWS Inferentia (an AWS-designed chip for machine learning inference acceleration), making it easy for customers to get started training quickly with AWS Trainium. AWS Trainium is coming to Amazon EC2 and Amazon SageMaker in the second half of 2021.

Financial Guidance
The following forward-looking statements reflect Amazon.com’s expectations as of February 2, 2021, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic conditions and customer spending, world events, the rate of growth of the Internet, online commerce, and cloud services, and the various factors detailed below. This guidance reflects our estimates as of February 2, 2021 regarding the impact of the COVID-19 pandemic on our operations, including those discussed above, and is highly dependent on numerous factors that we may not be able to predict or control, including: the duration and scope of the pandemic, including any recurrence; actions taken by governments, businesses, and individuals in response to the pandemic; the impact of the pandemic on global and regional economies and economic activity, workforce staffing and productivity, and our significant and continuing spending on employee safety measures; our ability to continue operations in affected areas; and consumer demand and spending patterns, as well as the effects on suppliers, creditors, and third-party sellers, all of which are uncertain. This guidance also assumes the impacts on consumer demand and spending patterns, including impacts due to concerns over the current economic outlook, will be in line with those experienced during the first quarter of 2021 to date, and the additional assumptions set forth below. However, it is not possible to determine the ultimate impact on our operations for the first quarter of 2021, or whether other currently unanticipated direct or indirect consequences of the pandemic are reasonably likely to materially affect our operations.
First Quarter 2021 Guidance
Net sales are expected to be between $100.0 billion and $106.0 billion, or to grow between 33% and 40% compared with first quarter 2020. This guidance anticipates a favorable impact of approximately 300 basis points from foreign exchange rates.
Operating income is expected to be between $3.0 billion and $6.5 billion, compared with $4.0 billion in first quarter 2020. This guidance assumes approximately $2.0 billion of costs related to COVID-19.
This guidance assumes, among other things, that no additional business acquisitions, investments, restructurings, or legal settlements are concluded.

A conference call will be webcast live today at 2:30 p.m. PT/5:30 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company’s financial and operating results.

These forward-looking statements are inherently difficult to predict. Actual results could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, system interruptions, government regulation and taxation, and fraud. In addition, additional or unforeseen effects from the COVID-19 pandemic and the global economic climate may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and subsequent filings.

Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

Consolidated Statements of Cash Flows
(in millions)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
Net income3,268 7,222 11,588 21,331 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other6,170 7,618 21,789 25,251 
Stock-based compensation1,840 2,562 6,864 9,208 
Other operating expense (income), net50 (487)164 (71)
Other expense (income), net(494)(1,327)(249)(2,582)
Deferred income taxes185 (1,636)796 (554)
Changes in operating assets and liabilities:
Inventories(1,516)329 (3,278)(2,849)
Accounts receivable, net and other(3,906)(4,560)(7,681)(8,169)
Accounts payable10,683 13,249 8,193 17,480 
Accrued expenses and other2,894 7,127 (1,383)5,754 
Unearned revenue485 333 1,711 1,265 
Net cash provided by (used in) operating activities19,659 30,430 38,514 66,064 
Purchases of property and equipment(5,312)(14,824)(16,861)(40,140)
Proceeds from property and equipment sales and incentives1,371 1,629 4,172 5,096 
Acquisitions, net of cash acquired, and other(777)(380)(2,461)(2,325)
Sales and maturities of marketable securities7,626 17,338 22,681 50,237 
Purchases of marketable securities(6,444)(20,801)(31,812)(72,479)
Net cash provided by (used in) investing activities(3,536)(17,038)(24,281)(59,611)
Proceeds from short-term debt, and other680 2,434 1,402 6,796 
Repayments of short-term debt, and other(815)(2,291)(1,518)(6,177)
Proceeds from long-term debt418 531 871 10,525 
Repayments of long-term debt(1,050)(113)(1,166)(1,553)
Principal repayments of finance leases(2,780)(2,368)(9,628)(10,642)
Principal repayments of financing obligations(24)(9)(27)(53)
Net cash provided by (used in) financing activities(3,571)(1,816)(10,066)(1,104)
Foreign currency effect on cash, cash equivalents, and restricted cash304 599 70 618 
Net increase (decrease) in cash, cash equivalents, and restricted cash12,856 12,175 4,237 5,967 
Cash paid for interest on debt$155 $201 $875 $916 
Cash paid for operating leases941 1,201 3,361 4,475 
Cash paid for interest on finance leases166 128 647 612 
Cash paid for interest on financing obligations19 31 39 102 
Cash paid for income taxes, net of refunds188 420 881 1,713 
Assets acquired under operating leases2,476 4,347 7,870 16,217 
Property and equipment acquired under finance leases4,182 2,695 13,723 11,588 
Property and equipment acquired under build-to-suit arrangements252 1,039 1,362 2,267 

Consolidated Statements of Operations
(in millions, except per share data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
Net product sales$50,542 $71,056 $160,408 $215,915 
Net service sales36,895 54,499 120,114 170,149 
Total net sales87,437 125,555 280,522 386,064 
Operating expenses:
Cost of sales53,977 79,284 165,536 233,307 
Fulfillment12,192 18,474 40,232 58,517 
Technology and content9,740 12,049 35,931 42,740 
Marketing6,172 7,403 18,878 22,008 
General and administrative1,412 1,968 5,203 6,668 
Other operating expense (income), net65 (496)201 (75)
Total operating expenses83,558 118,682 265,981 363,165 
Operating income3,879 6,873 14,541 22,899 
Interest income211 100 832 555 
Interest expense(455)(414)(1,600)(1,647)
Other income (expense), net418 1,206 203 2,371 
Total non-operating income (expense)174 892 (565)1,279 
Income before income taxes4,053 7,765 13,976 24,178 
Provision for income taxes(786)(566)(2,374)(2,863)
Equity-method investment activity, net of tax23 (14)16 
Net income$3,268 $7,222 $11,588 $21,331 
Basic earnings per share$6.58 $14.38 $23.46 $42.64 
Diluted earnings per share$6.47 $14.09 $23.01 $41.83 
Weighted-average shares used in computation of earnings per share:
Basic496 502 494 500 
Diluted505 513 504 510 

Consolidated Statements of Comprehensive Income
(in millions)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
Net income$3,268 $7,222 $11,588 $21,331 
Other comprehensive income (loss):
Net change in foreign currency translation adjustments:
Foreign currency translation adjustments, net of tax of $1, $(34), $(5) and $(36)447 820 78 561 
Reclassification adjustment for foreign currency translation included in “Other operating expense (income), net,” net of tax of $0, $0, $29 and $0— — (108)— 
Net foreign currency translation adjustments447 820 (30)561 
Net change in unrealized gains (losses) on available-for-sale debt securities:
Unrealized gains (losses), net of tax of $1, $(12), $(12) and $(83)(2)34 83 273 
Reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $0, $3, $0 and $8(2)(5)(4)(28)
Net unrealized gains (losses) on available-for-sale debt securities(4)29 79 245 
Total other comprehensive income (loss)443 849 49 806 
Comprehensive income$3,711 $8,071 $11,637 $22,137 

Segment Information
(in millions)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
North America
Net sales$53,670 $75,346 $170,773 $236,282 
Operating expenses51,770 72,400 163,740 227,631 
Operating income$1,900 $2,946 $7,033 $8,651 
Net sales$23,813 $37,467 $74,723 $104,412 
Operating expenses24,430 37,104 76,416 103,695 
Operating income (loss)$(617)$363 $(1,693)$717 
Net sales$9,954 $12,742 $35,026 $45,370 
Operating expenses7,358 9,178 25,825 31,839 
Operating income$2,596 $3,564 $9,201 $13,531 
Net sales$87,437 $125,555 $280,522 $386,064 
Operating expenses83,558 118,682 265,981 363,165 
Operating income3,879 6,873 14,541 22,899 
Total non-operating income (expense)174 892 (565)1,279 
Provision for income taxes(786)(566)(2,374)(2,863)
Equity-method investment activity, net of tax23 (14)16 
Net income$3,268 $7,222 $11,588 $21,331 
Segment Highlights:
Y/Y net sales growth:
North America22 %40 %21 %38 %
International14 57 13 40 
AWS34 28 37 30 
Consolidated21 44 20 38 
Net sales mix:
North America61 %60 %61 %61 %
International27 30 27 27 
AWS12 10 12 12 
Consolidated100 %100 %100 %100 %

Consolidated Balance Sheets
(in millions, except per share data)
December 31, 2019December 31, 2020
Current assets:
Cash and cash equivalents$36,092 $42,122 
Marketable securities18,929 42,274 
Inventories20,497 23,795 
Accounts receivable, net and other20,816 24,542 
Total current assets96,334 132,733 
Property and equipment, net72,705 113,114 
Operating leases25,141 37,553 
Goodwill14,754 15,017 
Other assets16,314 22,778 
Total assets$225,248 $321,195 
Current liabilities:
Accounts payable$47,183 $72,539 
Accrued expenses and other32,439 44,138 
Unearned revenue8,190 9,708 
Total current liabilities87,812 126,385 
Long-term lease liabilities39,791 52,573 
Long-term debt23,414 31,816 
Other long-term liabilities12,171 17,017 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value:
Authorized shares — 500
Issued and outstanding shares — none— — 
Common stock, $0.01 par value:
Authorized shares — 5,000
Issued shares — 521 and 527
Outstanding shares — 498 and 503
Treasury stock, at cost(1,837)(1,837)
Additional paid-in capital33,658 42,865 
Accumulated other comprehensive income (loss)(986)(180)
Retained earnings31,220 52,551 
Total stockholders’ equity62,060 93,404 
Total liabilities and stockholders’ equity$225,248 $321,195 

Supplemental Financial Information and Business Metrics
(in millions, except per share data)
Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Y/Y %
Cash Flows and Shares
Operating cash flow -- trailing twelve months (TTM)$35,332 $38,514 $39,732 $51,220 $55,292 $66,064 72 %
Operating cash flow -- TTM Y/Y growth33 %25 %16 %42 %56 %72 %N/A
Purchases of property and equipment, net of proceeds from sales and incentives -- TTM$11,868 $12,689 $15,395 $19,368 $25,791 $35,044 176 %
Principal repayments of finance leases -- TTM (1)$8,754 $9,628 $10,013 $10,504 $11,054 $10,642 11 %
Principal repayments of financing obligations -- TTM (1)$129 $27 $43 $56 $68 $53 96 %
Equipment acquired under finance leases -- TTM (1) (2)$12,580 $12,916 $12,209 $11,952 $11,116 $9,104 (30)%
Principal repayments of all other finance leases -- TTM (1) (3)$302 $392 $407 $415 $413 $427 %
Free cash flow -- TTM (4)$23,464 $25,825 $24,337 $31,852 $29,501 $31,020 20 %
Free cash flow less principal repayments of finance leases and financing obligations
-- TTM (1) (5)
$14,581 $16,170 $14,281 $21,292 $18,379 $20,325 26 %
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations -- TTM (1) (6)$10,453 $12,490 $11,678 $19,429 $17,904 $21,436 72 %
Common shares and stock-based awards outstanding511 512 513 517 518 518 %
Common shares outstanding495 498 499 501 502 503 %
Stock-based awards outstanding16 14 14 16 16 15 %
Stock-based awards outstanding -- % of common shares outstanding3.2 %2.9 %2.8 %3.2 %3.3 %3.0 %N/A
Results of Operations
Worldwide (WW) net sales$69,981 $87,437 $75,452 $88,912 $96,145 $125,555 44 %
WW net sales -- Y/Y growth, excluding F/X25 %21 %27 %41 %36 %42 %N/A
WW net sales -- TTM$265,469 $280,522 $296,274 $321,782 $347,946 $386,064 38 %
WW net sales -- TTM Y/Y growth, excluding F/X22 %22 %23 %28 %31 %37 %N/A
Operating income$3,157 $3,879 $3,989 $5,843 $6,194 $6,873 77 %
F/X impact -- favorable (unfavorable)$22 $16 $63 $111 $133 $142 N/A
Operating income -- Y/Y growth (decline), excluding F/X(16)%%(11)%86 %92 %74 %N/A
Operating margin -- % of WW net sales4.5 %4.4 %5.3 %6.6 %6.4 %5.5 %N/A
Operating income -- TTM$14,448 $14,541 $14,109 $16,868 $19,905 $22,899 57 %
Operating income -- TTM Y/Y growth (decline), excluding F/X32 %16 %(6)%11 %36 %54 %N/A
Operating margin -- TTM % of WW net sales5.4 %5.2 %4.8 %5.2 %5.7 %5.9 %N/A
Net income$2,134 $3,268 $2,535 $5,243 $6,331 $7,222 121 %
Net income per diluted share$4.23 $6.47 $5.01 $10.30 $12.37 $14.09 118 %
Net income -- TTM$11,347 $11,588 $10,563 $13,180 $17,377 $21,331 84 %
Net income per diluted share -- TTM$22.57 $23.01 $20.93 $26.04 $34.21 $41.83 82 %
(1)On January 1, 2019, we adopted accounting guidance amending the accounting for leases, which did not have a material impact on our 2019 operating results. Prior period amounts were not retrospectively adjusted. Under this new guidance, leases we previously referred to as “capital leases” are now referred to as “finance leases.” Leases we previously referred to as “finance leases” are now referred to as “financing obligations.”
(2)For the twelve months ended December 31, 2019 and 2020, this amount relates to equipment included in “Property and equipment acquired under finance leases” of $13,723 million and $11,588 million.
(3)For the twelve months ended December 31, 2019 and 2020, this amount relates to property included in “Principal repayments of finance leases” of $9,628 million and $10,642 million.
(4)Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”
(5)Free cash flow less principal repayments of finance leases and financing obligations is free cash flow reduced by “Principal repayments of finance leases” and “Principal repayments of financing obligations.”
(6)Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations is free cash flow reduced by equipment acquired under finance leases, which is included in “Property and equipment acquired under finance leases,” principal repayments of all other finance lease liabilities, which is included in “Principal repayments of finance leases,” and “Principal repayments of financing obligations.” 

Supplemental Financial Information and Business Metrics
(in millions)
Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Y/Y %
North America Segment:
  Net sales$42,638 $53,670 $46,127 $55,436 $59,373 $75,346 40 %
  Net sales -- Y/Y growth, excluding F/X24 %22 %29 %44 %39 %40 %N/A
  Net sales -- TTM$161,228 $170,773 $181,088 $197,871 $214,606 $236,282 38 %
  Operating income$1,282 $1,900 $1,312 $2,141 $2,252 $2,946 55 %
  F/X impact -- favorable (unfavorable)$$(3)$$(4)$— $N/A
  Operating income -- Y/Y growth (decline), excluding F/X(37)%(16)%(43)%37 %76 %55 %N/A
  Operating margin -- % of North America net sales3.0 %3.5 %2.8 %3.9 %3.8 %3.9 %N/A
  Operating income -- TTM$7,384 $7,033 $6,057 $6,634 $7,604 $8,651 23 %
  Operating margin -- TTM % of North America net sales4.6 %4.1 %3.4 %3.4 %3.5 %3.7 %N/A
International Segment:
  Net sales$18,348 $23,813 $19,106 $22,668 $25,171 $37,467 57 %
  Net sales -- Y/Y growth, excluding F/X21 %15 %20 %41 %33 %50 %N/A
  Net sales -- TTM$71,740 $74,723 $77,637 $83,935 $90,758 $104,412 40 %
  Operating income (loss)$(386)$(617)$(398)$345 $407 $363 N/A
  F/X impact -- favorable (unfavorable)$(34)$(7)$(5)$32 $152 $232 N/A
  Operating income/loss -- Y/Y growth (decline), excluding F/X(8)%(5)%338 %N/AN/AN/AN/A
  Operating margin -- % of International net sales(2.1)%(2.6)%(2.1)%1.5 %1.6 %1.0 %N/A
  Operating income (loss) -- TTM$(1,718)$(1,693)$(2,001)$(1,055)$(262)$717 N/A
  Operating margin -- TTM % of International net sales(2.4)%(2.3)%(2.6)%(1.3)%(0.3)%0.7 %N/A
AWS Segment:
  Net sales$8,995 $9,954 $10,219 $10,808 $11,601 $12,742 28 %
  Net sales -- Y/Y growth, excluding F/X35 %34 %33 %29 %29 %28 %N/A
  Net sales -- TTM$32,501 $35,026 $37,549 $39,976 $42,582 $45,370 30 %
  Operating income$2,261 $2,596 $3,075 $3,357 $3,535 $3,564 37 %
  F/X impact -- favorable (unfavorable)$50 $26 $63 $83 $(20)$(96)N/A
  Operating income -- Y/Y growth, excluding F/X%18 %36 %54 %57 %41 %N/A
  Operating margin -- % of AWS net sales25.1 %26.1 %30.1 %31.1 %30.5 %28.0 %N/A
  Operating income -- TTM$8,782 $9,201 $10,053 $11,289 $12,563 $13,531 47 %
  Operating margin -- TTM % of AWS net sales27.0 %26.3 %26.8 %28.2 %29.5 %29.8 %N/A

Supplemental Financial Information and Business Metrics
(in millions, except employee data)
Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Y/Y %
Net Sales
Online stores (1)$35,039 $45,657 $36,652 $45,896 $48,350 $66,451 46 %
Online stores -- Y/Y growth, excluding F/X22 %15 %25 %49 %37 %43 %N/A
Physical stores (2)$4,192 $4,363 $4,640 $3,774 $3,788 $4,022 (8)%
Physical stores -- Y/Y growth, excluding F/X(1)%(1)%%(13)%(10)%(7)%N/A
Third-party seller services (3)$13,212 $17,446 $14,479 $18,195 $20,436 $27,327 57 %
Third-party seller services -- Y/Y growth, excluding F/X28 %31 %31 %53 %53 %54 %N/A
Subscription services (4)$4,957 $5,235 $5,556 $6,018 $6,572 $7,061 35 %
Subscription services -- Y/Y growth, excluding F/X35 %32 %29 %30 %32 %34 %N/A
AWS$8,995 $9,954 $10,219 $10,808 $11,601 $12,742 28 %
AWS -- Y/Y growth, excluding F/X35 %34 %33 %29 %29 %28 %N/A
Other (5)$3,586 $4,782 $3,906 $4,221 $5,398 $7,952 66 %
Other -- Y/Y growth, excluding F/X45 %41 %44 %41 %49 %64 %N/A
Stock-based Compensation Expense
Cost of sales$39 $43 $41 $76 $75 $91 112 %
Fulfillment$301 $286 $260 $417 $316 $364 27 %
Technology and content$966 $1,007 $961 $1,421 $1,267 $1,412 40 %
Marketing$298 $322 $332 $456 $446 $476 48 %
General and administrative$175 $182 $163 $231 $184 $219 20 %
Total stock-based compensation expense$1,779 $1,840 $1,757 $2,601 $2,288 $2,562 39 %
WW shipping costs$9,608 $12,884 $10,936 $13,652 $15,063 $21,465 67 %
WW shipping costs -- Y/Y growth46 %43 %49 %68 %57 %67 %N/A
WW paid units -- Y/Y growth (6)22 %22 %32 %57 %46 %47 %N/A
WW seller unit mix -- % of WW paid units (6)53 %53 %52 %53 %54 %55 %N/A
Employees (full-time and part-time; excludes contractors & temporary personnel)750,000 798,000 840,400 876,800 1,125,300 1,298,000 63 %
Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth22 %23 %33 %34 %50 %63 %N/A
(1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital product subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.”
(2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.”
(3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.
(4)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.
(5)Primarily includes sales of advertising services, as well as sales related to our other service offerings.
(6)Excludes the impact of Whole Foods Market.

Amazon.com, Inc.
Certain Definitions
Customer Accounts
References to customers mean customer accounts established when a customer places an order through one of our stores. Customer accounts exclude certain customers, including customers associated with certain of our acquisitions, Amazon Payments customers, AWS customers, and the customers of select companies with whom we have a technology alliance or marketing and promotional relationship. Customers are considered active when they have placed an order during the preceding twelve-month period.
Seller Accounts
References to sellers means seller accounts, which are established when a seller receives an order from a customer account. Sellers are considered active when they have received an order from a customer during the preceding twelve-month period.

AWS Customers

References to AWS customers mean unique AWS customer accounts, which are unique customer account IDs that are eligible to use AWS services. This includes AWS accounts in the AWS free tier. Multiple users accessing AWS services via one account ID are counted as a single account. Customers are considered active when they have had AWS usage activity during the preceding one-month period.
References to units mean physical and digital units sold (net of returns and cancellations) by us and sellers in our stores as well as Amazon-owned items sold in other stores. Units sold are paid units and do not include units associated with AWS, certain acquisitions, certain subscriptions, rental businesses, or advertising businesses, or Amazon gift cards.

Amazon Investor Relations Amazon Public Relations
Dave Fildes, amazon-ir@amazon.com Dan Perlet, amazon-pr@amazon.com
amazon.com/ir amazon.com/pr

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