Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

LEASES

We have entered into non-cancellable operating and finance leases for fulfillment network, data center, office, and physical store facilities as well as server and networking equipment, aircraft, and vehicles. Gross assets acquired under finance leases, including those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $56.5 billion and $54.7 billion as of December 31, 2024 and March 31, 2025. Accumulated amortization associated with finance leases was $41.8 billion and $40.6 billion as of December 31, 2024 and March 31, 2025.

Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):

	Three Months Ended March 31,
	2024		2025
Operating lease cost	$	2,829	$	3,240
Finance lease cost:
Amortization of lease assets	941		873
Interest on lease liabilities	73		71
Finance lease cost	1,014		944
Variable lease cost	635		696
Total lease cost	$	4,478	$	4,880

Other information about lease amounts recognized in our consolidated financial statements is as follows:

	December 31, 2024		March 31, 2025
Weighted-average remaining lease term – operating leases	10.6 years		10.4 years
Weighted-average remaining lease term – finance leases	11.9 years		11.9 years
Weighted-average discount rate – operating leases	3.5	%	3.5	%
Weighted-average discount rate – finance leases	3.0	%	3.0	%

Our lease liabilities were as follows (in millions):

	December 31, 2024
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	95,294	$	12,520	$	107,814
Less: imputed interest	(15,698)		(1,918)		(17,616)
Present value of lease liabilities	79,596		10,602		90,198
Less: current portion of lease liabilities	(10,546)		(1,375)		(11,921)
Total long-term lease liabilities	$	69,050	$	9,227	$	78,277

	March 31, 2025
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	97,593	$	12,252	$	109,845
Less: imputed interest	(15,862)		(1,869)		(17,731)
Present value of lease liabilities	81,731		10,383		92,114
Less: current portion of lease liabilities	(10,884)		(1,359)		(12,243)
Total long-term lease liabilities	$	70,847	$	9,024	$	79,871

Leases

LEASES

We have entered into non-cancellable operating and finance leases for fulfillment network, data center, office, and physical store facilities as well as server and networking equipment, aircraft, and vehicles. Gross assets acquired under finance leases, including those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $56.5 billion and $54.7 billion as of December 31, 2024 and March 31, 2025. Accumulated amortization associated with finance leases was $41.8 billion and $40.6 billion as of December 31, 2024 and March 31, 2025.

Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):

	Three Months Ended March 31,
	2024		2025
Operating lease cost	$	2,829	$	3,240
Finance lease cost:
Amortization of lease assets	941		873
Interest on lease liabilities	73		71
Finance lease cost	1,014		944
Variable lease cost	635		696
Total lease cost	$	4,478	$	4,880

Other information about lease amounts recognized in our consolidated financial statements is as follows:

	December 31, 2024		March 31, 2025
Weighted-average remaining lease term – operating leases	10.6 years		10.4 years
Weighted-average remaining lease term – finance leases	11.9 years		11.9 years
Weighted-average discount rate – operating leases	3.5	%	3.5	%
Weighted-average discount rate – finance leases	3.0	%	3.0	%

Our lease liabilities were as follows (in millions):

	December 31, 2024
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	95,294	$	12,520	$	107,814
Less: imputed interest	(15,698)		(1,918)		(17,616)
Present value of lease liabilities	79,596		10,602		90,198
Less: current portion of lease liabilities	(10,546)		(1,375)		(11,921)
Total long-term lease liabilities	$	69,050	$	9,227	$	78,277

	March 31, 2025
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	97,593	$	12,252	$	109,845
Less: imputed interest	(15,862)		(1,869)		(17,731)
Present value of lease liabilities	81,731		10,383		92,114
Less: current portion of lease liabilities	(10,884)		(1,359)		(12,243)
Total long-term lease liabilities	$	70,847	$	9,024	$	79,871