{
 "slug": "amazon-revenue-mix-advertising",
 "no": 2,
 "date": "2026-10-27",
 "updated": "2026-10-27",
 "title": "Amazon's ad business made $68.6 billion in 2025",
 "description": "Interactive donut: how Amazon's $716.9B of 2025 net sales split across stores, seller services, AWS, ads and subscriptions. Ads grew 5.4× since 2019.",
 "topics": [
  "Marketplaces",
  "Retail Media",
  "E-commerce"
 ],
 "big": {
  "v": 68.6,
  "f": {
   "d": 1,
   "p": "$",
   "s": "B"
  },
  "l": "Amazon advertising services revenue in 2025, up from $12.6B in 2019",
  "src": [
   "10k25",
   "10k21"
  ]
 },
 "stats": [
  {
   "v": "9.6%",
   "l": "of Amazon's 2025 net sales came from advertising. XENA calculation",
   "src": [
    "10k25"
   ]
  },
  {
   "v": "+22.1%",
   "l": "advertising growth in 2025, versus +12.4% for total net sales",
   "src": [
    "10k25"
   ]
  },
  {
   "v": "2022",
   "l": "the first year ad revenue topped subscription revenue ($37.7B vs $35.2B)",
   "src": [
    "10k22"
   ]
  }
 ],
 "sources": [
  {
   "id": "10k25",
   "t": "Amazon.com, Inc. Form 10-K for 2025: net sales by groups of similar products and services",
   "pub": "Amazon via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/R33.htm"
  },
  {
   "id": "10k22",
   "t": "Amazon.com, Inc. Form 10-K for 2022: disaggregation of revenue",
   "pub": "Amazon via SEC EDGAR",
   "y": 2023,
   "u": "https://www.sec.gov/Archives/edgar/data/1018724/000101872423000004/R84.htm"
  },
  {
   "id": "10k21",
   "t": "Amazon.com, Inc. Form 10-K for 2021: disaggregation of revenue (2019–2021)",
   "pub": "Amazon via SEC EDGAR",
   "y": 2022,
   "u": "https://www.sec.gov/Archives/edgar/data/1018724/000101872422000005/R81.htm"
  },
  {
   "id": "q425",
   "t": "Amazon.com announces fourth quarter results (Q4 2025)",
   "pub": "Amazon via SEC EDGAR, exhibit 99.1",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000002/amzn-20251231xex991.htm"
  }
 ],
 "notes": [
  "All figures are reported net sales in US dollars, in billions, rounded to one decimal. Amazon's groups are defined by Amazon. Advertising services includes sponsored ads, display and video advertising.",
  "Third-party seller services covers commissions and fulfillment and shipping fees paid by marketplace sellers, not the full value of goods those sellers sell.",
  "Growth multiples, CAGR and shares of total are XENA calculations from the reported figures."
 ],
 "blocks": [
  {
   "id": "mix",
   "type": "donut",
   "title": "Where Amazon's net sales come from",
   "sub": "Net sales by group, 2019–2025. Drag the year slider, press play, or tap a slice.",
   "x": [
    "2019",
    "2020",
    "2021",
    "2022",
    "2023",
    "2024",
    "2025"
   ],
   "segs": [
    {
     "name": "Online stores",
     "color": "#FFC2D8",
     "v": [
      141.2,
      197.3,
      222.1,
      220.0,
      231.9,
      247.0,
      269.3
     ]
    },
    {
     "name": "Third-party seller services",
     "color": "#FA649B",
     "v": [
      53.8,
      80.5,
      103.4,
      117.7,
      140.1,
      156.1,
      172.2
     ]
    },
    {
     "name": "AWS",
     "color": "#7733FF",
     "v": [
      35.0,
      45.4,
      62.2,
      80.1,
      90.8,
      107.6,
      128.7
     ]
    },
    {
     "name": "Advertising services",
     "color": "#F8157F",
     "v": [
      12.6,
      19.8,
      31.2,
      37.7,
      46.9,
      56.2,
      68.6
     ]
    },
    {
     "name": "Subscription services",
     "color": "#A98BFF",
     "v": [
      19.2,
      25.2,
      31.8,
      35.2,
      40.2,
      44.4,
      49.6
     ]
    },
    {
     "name": "Physical stores",
     "color": "#8C415C",
     "v": [
      17.2,
      16.2,
      17.1,
      19.0,
      20.0,
      21.2,
      22.6
     ]
    },
    {
     "name": "Other",
     "color": "#858585",
     "v": [
      1.5,
      1.7,
      2.2,
      4.2,
      5.0,
      5.4,
      5.9
     ]
    }
   ],
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "hl": "Advertising services",
   "src": [
    "10k25",
    "10k22",
    "10k21"
   ],
   "note": "Amazon reports these as net sales by groups of similar products and services. Totals may differ from the sum of rounded parts."
  },
  {
   "id": "lines",
   "type": "line",
   "title": "Each business line, year by year",
   "sub": "Tap the legend to show or hide a line. Switch to indexed to compare growth rates.",
   "x": [
    "2019",
    "2020",
    "2021",
    "2022",
    "2023",
    "2024",
    "2025"
   ],
   "yoy": 1,
   "modes": [
    {
     "key": "usd",
     "label": "$ billions",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     },
     "series": [
      {
       "name": "Online stores",
       "color": "#FFC2D8",
       "v": [
        141.2,
        197.3,
        222.1,
        220.0,
        231.9,
        247.0,
        269.3
       ]
      },
      {
       "name": "Third-party seller services",
       "color": "#FA649B",
       "v": [
        53.8,
        80.5,
        103.4,
        117.7,
        140.1,
        156.1,
        172.2
       ]
      },
      {
       "name": "AWS",
       "color": "#7733FF",
       "v": [
        35.0,
        45.4,
        62.2,
        80.1,
        90.8,
        107.6,
        128.7
       ]
      },
      {
       "name": "Advertising services",
       "color": "#F8157F",
       "v": [
        12.6,
        19.8,
        31.2,
        37.7,
        46.9,
        56.2,
        68.6
       ]
      },
      {
       "name": "Subscription services",
       "color": "#A98BFF",
       "v": [
        19.2,
        25.2,
        31.8,
        35.2,
        40.2,
        44.4,
        49.6
       ]
      },
      {
       "name": "Physical stores",
       "color": "#8C415C",
       "v": [
        17.2,
        16.2,
        17.1,
        19.0,
        20.0,
        21.2,
        22.6
       ]
      }
     ]
    },
    {
     "key": "idx",
     "label": "Indexed (2019 = 100)",
     "f": {
      "d": 0
     },
     "series": [
      {
       "name": "Online stores",
       "color": "#FFC2D8",
       "v": [
        100,
        140,
        157,
        156,
        164,
        175,
        191
       ]
      },
      {
       "name": "Third-party seller services",
       "color": "#FA649B",
       "v": [
        100,
        150,
        192,
        219,
        261,
        290,
        320
       ]
      },
      {
       "name": "AWS",
       "color": "#7733FF",
       "v": [
        100,
        130,
        178,
        229,
        259,
        307,
        368
       ]
      },
      {
       "name": "Advertising services",
       "color": "#F8157F",
       "v": [
        100,
        157,
        247,
        299,
        372,
        445,
        544
       ]
      },
      {
       "name": "Subscription services",
       "color": "#A98BFF",
       "v": [
        100,
        131,
        165,
        183,
        209,
        231,
        258
       ]
      },
      {
       "name": "Physical stores",
       "color": "#8C415C",
       "v": [
        100,
        94,
        99,
        110,
        117,
        123,
        131
       ]
      }
     ]
    }
   ],
   "src": [
    "10k25",
    "10k22",
    "10k21"
   ]
  },
  {
   "id": "race",
   "type": "ranked",
   "title": "The growth race, 2019 → 2025",
   "sub": "Sort Amazon's business lines by growth multiple, compound annual growth, 2025 growth, or 2025 size.",
   "metrics": [
    {
     "key": "mult",
     "label": "Growth multiple",
     "f": {
      "d": 1,
      "s": "×"
     }
    },
    {
     "key": "cagr",
     "label": "CAGR",
     "f": {
      "d": 1,
      "s": "%"
     }
    },
    {
     "key": "g25",
     "label": "2025 growth",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     }
    },
    {
     "key": "usd",
     "label": "2025 size",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     }
    }
   ],
   "items": [
    {
     "name": "Online stores",
     "v": {
      "mult": 1.91,
      "cagr": 11.4,
      "usd": 269.3,
      "g25": 9.0
     }
    },
    {
     "name": "Third-party seller services",
     "v": {
      "mult": 3.2,
      "cagr": 21.4,
      "usd": 172.2,
      "g25": 10.3
     }
    },
    {
     "name": "AWS",
     "v": {
      "mult": 3.68,
      "cagr": 24.2,
      "usd": 128.7,
      "g25": 19.7
     }
    },
    {
     "name": "Advertising services",
     "v": {
      "mult": 5.44,
      "cagr": 32.6,
      "usd": 68.6,
      "g25": 22.1
     }
    },
    {
     "name": "Subscription services",
     "v": {
      "mult": 2.58,
      "cagr": 17.1,
      "usd": 49.6,
      "g25": 11.8
     }
    },
    {
     "name": "Physical stores",
     "v": {
      "mult": 1.31,
      "cagr": 4.6,
      "usd": 22.6,
      "g25": 6.3
     }
    },
    {
     "name": "Other",
     "v": {
      "mult": 4.07,
      "cagr": 26.3,
      "usd": 5.9,
      "g25": 9.4
     }
    }
   ],
   "hl": "Advertising services",
   "src": [
    "10k25",
    "10k21"
   ],
   "note": "Multiples and CAGR (compound annual growth rate) are XENA calculations from reported net sales."
  },
  {
   "id": "guess",
   "type": "guess",
   "q": "Guess: how much did Amazon earn from advertising in 2025?",
   "min": 0,
   "max": 120,
   "step": 1,
   "start": 30,
   "a": 68.6,
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "reveal": "$68.6 billion, per Amazon's 2025 10-K. That is 9.6% of Amazon's net sales and more than it made from Prime and other subscriptions ($49.6B).",
   "src": [
    "10k25"
   ]
  }
 ],
 "url": "https://xenaintelligenceapp.com/xenalytics/amazon-revenue-mix-advertising",
 "publisher": "XENA Intelligence (Xenalytics)"
}