Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Repurchase Activity

In March 2022, the Board of Directors authorized a program to repurchase up to $10.0 billion of our common stock, with no fixed expiration. There were no repurchases of our common stock during the three months ended March 31, 2024 or 2025. As of March 31, 2025, we have $6.1 billion remaining under the repurchase program.

Stock Award Plans

Employees vest in restricted stock unit awards over the corresponding service term, generally between two and five years. The majority of restricted stock unit awards are granted at the date of hire or in Q2 as part of the annual compensation review and primarily vest semi-annually in Q2 and Q4 of the relevant compensation year.

Stock Award Activity

Common shares outstanding plus shares underlying outstanding stock awards totaled 10.9 billion as of December 31, 2024 and March 31, 2025. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited. Stock-based compensation expense is as follows (in millions):

	Three Months Ended March 31,
	2024		2025
Cost of sales	$	174	$	148
Fulfillment	636		497
Technology and infrastructure	2,772		2,060
Sales and marketing	932		653
General and administrative	447		331
Total stock-based compensation expense	$	4,961	$	3,689

The following table summarizes our restricted stock unit activity for the three months ended March 31, 2025 (in millions):

	Number of Units	Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2024	283.1	$	145
Units granted	8.3	214
Units vested	(19.7)	137
Units forfeited	(8.7)	142
Outstanding as of March 31, 2025	263.0	148

Scheduled vesting for outstanding restricted stock units as of March 31, 2025, is as follows (in millions):

	Nine Months Ended December 31,	Year Ended December 31,
	2025	2026	2027	2028	2029	Thereafter	Total
Scheduled vesting — restricted stock units	122.9	86.7	35.9	13.9	2.2	1.4	263.0

As of March 31, 2025, there was $13.9 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with more than half of the compensation expected to be expensed in the next twelve months, and has a remaining weighted-average recognition period of 1.0 year.

Changes in Stockholders’ Equity

The following table shows changes in stockholders’ equity (in millions):

	Three Months Ended March 31,
	2024		2025
Total beginning stockholders’ equity	$	201,875	$	285,970
Beginning and ending common stock	109		111
Beginning and ending treasury stock	(7,837)		(7,837)
Beginning additional paid-in capital	99,025		120,864
Stock-based compensation and issuance of employee benefit plan stock	4,913		3,650
Ending additional paid-in capital	103,938		124,514
Beginning accumulated other comprehensive income (loss)	(3,040)		(34)
Other comprehensive income (loss)	(558)		(880)
Ending accumulated other comprehensive income (loss)	(3,598)		(914)
Beginning retained earnings	113,618		172,866
Net income	10,431		17,127
Ending retained earnings	124,049		189,993
Total ending stockholders’ equity	$	216,661	$	305,867