XML 24 R13.htm IDEA: XBRL DOCUMENT v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2024 or 2025. As of June 30, 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 quarterly in the relevant compensation year.
Stock Award Activity
Common shares outstanding plus shares underlying outstanding stock awards totaled 10.9 billion and 11.0 billion as of December 31, 2024 and June 30, 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
June 30,		Six Months Ended
June 30,
2024202520242025
Cost of sales$266 $250 $440 $398 
Fulfillment944 880 1,580 1,377 
Technology and infrastructure3,670 3,655 6,442 5,715 
Sales and marketing1,224 1,207 2,156 1,860 
General and administrative618 542 1,065 873 
Total stock-based compensation expense$6,722 $6,534 $11,683 $10,223 
The following table summarizes our restricted stock unit activity for the six months ended June 30, 2025 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2024283.1 $145 
Units granted94.9 195 
Units vested(67.7)132 
Units forfeited(18.6)148 
Outstanding as of June 30, 2025291.7 164 
Scheduled vesting for outstanding restricted stock units as of June 30, 2025, is as follows (in millions):
 Six Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Scheduled vesting — restricted stock units72.3 114.7 70.5 26.7 5.5 2.0 291.7 
As of June 30, 2025, there was $22.7 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
June 30,		Six Months Ended
June 30,
2024202520242025
Total beginning stockholders’ equity$216,661 $305,867 $201,875 $285,970 
Beginning common stock109 111 109 111 
Stock-based compensation and issuance of employee benefit plan stock1 1 1 1 
Ending common stock110 112 110 112 
Beginning and ending treasury stock(7,837)(7,837)(7,837)(7,837)
Beginning additional paid-in capital103,938 124,514 99,025 120,864 
Stock-based compensation and issuance of employee benefit plan stock6,695 6,409 11,608 10,059 
Ending additional paid-in capital110,633 130,923 110,633 130,923 
Beginning accumulated other comprehensive income (loss)(3,598)(914)(3,040)(34)
Other comprehensive income (loss)(395)3,334 (953)2,454 
Ending accumulated other comprehensive income (loss)(3,993)2,420 (3,993)2,420 
Beginning retained earnings124,049 189,993 113,618 172,866 
Net income13,485 18,164 23,916 35,291 
Ending retained earnings137,534 208,157 137,534 208,157 
Total ending stockholders’ equity$236,447 $333,775 $236,447 $333,775