Amazon.com Inc. (AMZN)
																	Most recent
	Quarterly																Quarter:	Est	Est	Est		Annual					Est	Est	Est	Est	Est	Est
	Mar-04	Jun-04	Sep-04	Dec-04	Mar-05	Jun-05	Sep-05	Dec-05	Mar-06	Jun-06	Sep-06	Dec-06	Mar-07	Jun-07	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08		Dec-03	Dec-04	Dec-05	Dec-06	Dec-07	Dec-08	Dec-09	Dec-10	Dec-11	Dec-12	Dec-13	Comments:
CONSOLIDATED STATEMENTS OF OPERATIONS
	1,084	1,100	1,134	1,946														Consensus:									Consensus:
Net sales	1,530	1,387	1,463	2,541	1,902	1,753	1,858	2,977	2,279	2,139	2,307	3,986	3,015	2,886	3,262	5,672	4,135	3,960	4,230	7,265		5,264	6,921	8,490	10,711	14,835	19,590	24,390	29,390	34,590	39,990	45,590	21%
Y-Y growth	41.1%	26.1%	29.0%	30.6%	24.3%	26.4%	27.0%	17.2%	19.8%	22.0%	24.2%	33.9%	32.3%	34.9%	41.4%	42.3%	37.1%	37.2%	29.7%	28.1%			31.5%	22.7%	26.2%	38.5%	32.1%	24.5%	20.5%	17.7%	15.6%	14.0%
Y-Y incremental $ growth	446	287	329	595	372	366	395	436	377	386	449	1,009	736	747	955	1,686	1,120	1,074	968	1,593			1,657	1,569	2,221	4,124	4,755	4,800	5,000	5,200	5,400	5,600
Cost of sales	1,169	1,046	1,107	1,997	1,444	1,303	1,395	2,309	1,732	1,630	1,758	3,135	2,296	2,185	2,500	4,501	3,179					4,007	5,319	6,451	8,255	11,482
Gross profit	361	341	356	544	458	450	463	668	547	509	549	851	719	701	762	1,171	956					1,257	1,602	2,039	2,456	3,353
Gross profit margin	23.59%	24.59%	24.33%	21.41%	24.08%	25.67%	24.92%	22.44%	24.00%	23.80%	23.80%	21.35%	23.85%	24.29%	23.36%	20.65%	23.12%					23.88%	23.15%	24.02%	22.93%	22.60%
Y-Y chg					0.49%	1.08%	0.59%	1.03%	-0.08%	-1.87%	-1.12%	-1.09%	-0.15%	0.49%	-0.44%	-0.70%	-0.73%						-0.73%	0.87%	-1.09%	-0.33%
Operating expenses (1):
Fulfillment	129	126	138	208	166	158	171	250	193	189	217	338	260	258	296	478	354					495	601	745	937	1,292
Marketing	34	34	34	60	45	42	44	67	54	53	64	92	72	65	74	133	103					128	162	198	263	344
Technology and content	58	71	69	85	92	106	121	132	146	167	172	177	186	201	209	222	234					257	283	451	662	818
General and administrative	30	31	29	34	46	38	32	50	45	50	54	46	56	58	57	64	61					104	124	166	195	235
Other operating expense, net	0	-7	5	-6	1	2	40	4	3	3	2	2	0	3	3	3	6					3	-8	47	10	9
Total operating expenses	251	255	275	381	350	346	408	503	441	462	509	655	574	585	639	900	758					987	1,162	1,607	2,067	2,698
Operating expense margin	16.4%	18.4%	18.8%	15.0%	18.4%	19.7%	22.0%	16.9%	19.4%	21.6%	22.1%	16.4%	19.0%	20.3%	19.6%	15.9%	18.3%					18.8%	16.8%	18.9%	19.3%	18.2%
Y-Y chg					2.00%	1.35%	3.16%	1.90%	0.95%	1.86%	0.10%	-0.46%	-0.31%	-1.33%	-2.47%	-0.57%	-0.71%						-1.96%	2.14%	0.37%	-1.11%
Income from operations	110	86	81	163	108	104	55	165	106	47	40	196	145	116	123	271	198	159	160	347		270	440	432	389	655	904	1,272	1,533	1,804	2,086	2,378
Y-Y chg					-1.8%	20.9%	-32.1%	1.2%	-1.9%	-54.8%	-27.3%	18.8%	36.8%	146.8%	207.5%	38.3%	36.6%	37.2%	29.7%	28.1%			63.0%	-1.8%	-10.0%	68.4%	38.0%	40.7%	20.5%	17.7%	15.6%	14.0%
Y-Y incremental growth					-2	18	-26	2	-2	-57	-15	31	39	69	83	75	53	43	37	76			170	-8	-43	266	249	368	261	271	282	292
Operating income margin	7.19%	6.20%	5.54%	6.41%	5.68%	5.93%	2.96%	5.54%	4.65%	2.20%	1.73%	4.92%	4.81%	4.02%	3.77%	4.78%	4.79%	4.02%	3.77%	4.78%		5.13%	6.36%	5.09%	3.63%	4.42%	4.62%	5.22%	5.22%	5.22%	5.22%	5.22%
Y-Y chg					-1.51%	-0.27%	-2.58%	-0.87%	-1.03%	-3.74%	-1.23%	-0.63%	0.16%	1.82%	2.04%	-0.14%	-0.02%	0.00%	0.00%	0.00%			1.23%	-1.27%	-1.46%	0.78%
Interest income	6	5	7	10	9	9	12	14	15	13	14	17	20	20	23	27	26					22	28	44	59	90
Interest expense	-28	-26	-26	-27	-26	-22	-22	-22	-21	-19	-21	-17	-19	-19	-19	-20	-22					-130	-107	-92	-78	-77
Other income (expense), net	1	0	0	-6	3	-1	0	0	-1	1	4	-8	0	-1	-1	1	3					7	-5	2	-4	-1
Remeasurements and other	20	16	-5	-32	14	18	6	4	-3	12	1	1	-2	-5	-2	2	2					-130	-1	42	11	-7
Total non-operating income (expense)	-1	-5	-24	-55	0	4	-4	-4	-10	7	-2	-7	-1	-5	1	10	9					-231	-85	-4	-12	5
Income before income taxes	109	81	57	108	108	108	51	161	96	54	38	189	144	111	124	281	207	159	160	347		39	355	428	377	660	904	1,272	1,533	1,804	2,086	2,378
Provision for income taxes	-2	5	3	-239	56	56	21	-38	45	32	19	91	33	33	44	74	62	48	48	104		4	-233	95	187	184	271	382	460	541	626	713
Tax rate	-2%	6%	5%	-221%	52%	52%	41%	-24%	47%	59%	50%	48%	23%	30%	35%	26%	30%	30%	30%	30%		10%	-66%	22%	50%	28%	30%	30%	30%	30%	30%	30%
Net income	111	76	54	347	52	52	30	199	51	22	19	98	111	78	80	207	143	111	112	243		35	588	333	190	476	633	890	1,073	1,263	1,460	1,664
Basic earnings per share:	0.28	0.19	0.13	0.85	0.13	0.13	0.07	0.48	0.12	0.05	0.05	0.24	0.27	0.19	0.19	0.50	0.34	Consensus:				0.09	1.45	0.81	0.46	1.15	Consensus:
																		0.26	0.28	0.62							1.50	2.11
Diluted earnings per share:	0.26	0.18	0.13	0.82	0.12	0.12	0.07	0.47	0.12	0.05	0.05	0.23	0.26	0.19	0.19	0.48	0.34	0.27	0.27	0.58		0.08	1.39	0.78	0.45	1.12	1.49	2.10	2.53	2.98	3.44	3.93
Trailing 4Q:				1.39	1.25	1.19	1.13	0.78	0.78	0.71	0.69	0.45	0.59	0.73	0.87	1.12	1.20	1.28	1.35	1.46
Y-Y change					-53.8%	-33.3%	-46.2%	-42.7%	0.0%	-58.3%	-28.6%	-51.1%	116.7%	280.0%	280.0%	108.7%	30.8%	36.8%	47.4%	28.7%			1637.5%	-43.9%	-42.3%	148.9%	33.3%	40.7%	20.5%	17.7%	15.6%	14.0%
Weighted average shares used in computation of earnings per share:
Basic	404	405	407	409	410	411	413	415	417	418	417	415	412	412	414	416	417	417	417	417		395	406	412	416	413
Diluted	425	425	425	425	424	425	428	427	426	426	424	422	420	423	425	426	426	426	426	426		419	425	426	424	424	424	424	424	424	424	424
Y-Y change					-0.2%	0.0%	0.7%	0.6%	0.5%	0.2%	-0.9%	-1.2%	-1.4%	-0.7%	0.2%	0.8%	1.4%	0.7%	0.2%	0.1%			1.4%	0.2%	-0.5%	0.0%
Fulfillment	1	3	2	4	4	5	5	2	3	7	8	6	7	10	11	11	11					18	10	16	24	39
Marketing	1	2	0	1	1	2	2	1	0	1	1	2	1	2	2	3	2					5	4	6	4	8
Technology and content	3	13	4	12	10	13	13	9	8	16	16	14	19	25	28	31	31					50	32	45	54	103
General and administrative	2	4	3	3	4	6	6	4	0	6	5	8	7	9	10	9	10					15	12	20	19	35
Technology and content ex employee shareholder expense	55	58	65	73	82	93	108	123	138	151	156	163	167	176	181	191	203
T&C margin	3.6%	4.2%	4.4%	2.9%	4.3%	5.3%	5.8%	4.1%	6.1%	7.1%	6.8%	4.1%	5.5%	6.1%	5.5%	3.4%	4.9%
Information on reportable segments and reconciliation to consolidated net income was as follows:
North America
Net sales	847	791	816	1,393	1,027	960	1,041	1,683	1,247	1,157	1,257	2,208	1,622	1,601	1,788	3,084	2,126					3,259	3,847	4,711	5,869	8,095
Incremental Y-Y change					180	169	225	290	220	197	216	525	375	444	531	876	504						588	864	1,158	2,226
Y-Y growth					21.3%	21.4%	27.6%	20.8%	21.4%	20.5%	20.7%	31.2%	30.1%	38.4%	42.2%	39.7%	31.1%						18.0%	22.5%	24.6%	37.9%
Cost of sales	621	571	593	1,038	748	682	749	1,265	906	848	914	1,676	1,183	1,167	1,328	2,386	1,557					2,392	2,823	3,444	4,344	6,064
Gross profit	226	220	223	355	279	278	292	418	341	309	343	532	439	434	460	698	569					867	1,024	1,267	1,525	2,031
Direct segment operating expenses	150	154	166	233	213	206	226	326	279	284	321	411	353	352	381	545	439					584	703	971	1,295	1,631
Segment operating income	76	66	57	123	66	72	66	92	62	25	22	121	86	82	79	153	130					283	321	296	230	400
Operating margin	8.9%	8.3%	7.0%	8.8%	6.4%	7.5%	6.3%	5.5%	5.0%	2.2%	1.8%	5.5%	5.3%	5.1%	4.4%	5.0%	6.1%
International
Net sales	684	596	647	1,148	875	793	817	1,294	1,032	982	1,050	1,778	1,393	1,285	1,474	2,588	2,009					2,005	3,074	3,779	4,842	6,740
Incremental Y-Y change					192	197	170	147	157	189	233	484	361	303	424	810	616						1,069	705	1,063	1,898
Y-Y growth					28.0%	33.1%	26.3%	12.8%	17.9%	23.8%	28.5%	37.4%	35.0%	30.9%	40.4%	45.6%	44.2%						53.3%	22.9%	28.1%	39.2%
Cost of sales	549	475	514	959	696	621	646	1,044	826	782	844	1,459	1,113	1,018	1,172	2,115	1,622					1,615	2,496	3,007	3,911	5,418
Gross profit	135	121	133	189	179	172	171	250	206	200	206	319	280	267	302	473	387					390	578	772	931	1,322
Direct segment operating expenses	94	86	95	135	117	112	116	157	148	145	156	212	187	184	204	298	259					312	409	502	661	873
Segment operating income	42	35	38	55	62	60	55	93	58	55	50	107	93	83	98	175	128					78	169	270	270	449
Operating margin	6.1%	5.9%	5.9%	4.7%	7.1%	7.6%	6.7%	7.2%	5.6%	5.6%	4.8%	6.0%	6.7%	6.5%	6.6%	6.8%	6.4%
Consolidated
Net sales	1,530	1,387	1,463	2,541	1,902	1,753	1,858	2,977	2,279	2,139	2,307	3,986	3,015	2,886	3,262	5,672	4,135					5,264	6,921	8,490	10,711	14,835
Cost of sales	1,169	1,046	1,107	1,997	1,444	1,303	1,395	2,309	1,732	1,630	1,758	3,135	2,296	2,185	2,500	4,501	3,179					4,007	5,319	6,451	8,255	11,482
Gross profit	361	341	356	544	458	450	463	668	547	509	549	851	719	701	762	1,171	956					1,257	1,602	2,039	2,456	3,353
Direct segment operating expenses	244	240	261	367	330	318	342	483	427	429	477	623	540	536	585	843	698					896	1,112	1,473	1,956	2,504
Segment operating income	117	101	95	177	128	132	121	185	120	80	72	228	179	165	177	328	258					361	490	566	500	849
Y-Y growth					9.4%	30.7%	27.4%	4.5%	-6.3%	-39.4%	-40.5%	23.2%	49.2%	106.3%	145.8%	43.9%	44.1%
Stock-based compensation	-7	-22	-9	-20	-19	-26	-26	-16	-11	-30	-30	-30	-34	-46	-51	-54	-54					-88	-58	-87	-101	-185
Other operating expense, net	1	7	-5	6	-1	-2	-40	-4	-3	-3	-2	-2	0	-3	-3	-3	-6					-3	8	-47	-10	-9
Income from operations	110	86	81	163	108	104	55	165	106	47	40	196	145	116	123	271	198					270	440	432	389	655
Total non-operating income (expense), net	-1	-5	-24	-55	0	4	-4	-4	-10	7	-2	-7	-1	-5	1	10