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Stockholders' Equity
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 or 2025. As of September 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 September 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
September 30,		Nine Months Ended
September 30,
2024202520242025
Cost of sales$193 $197 $633 $595 
Fulfillment696 685 2,276 2,062 
Technology and infrastructure2,961 2,697 9,403 8,412 
Sales and marketing1,012 832 3,168 2,692 
General and administrative471 436 1,536 1,309 
Total stock-based compensation expense$5,333 $4,847 $17,016 $15,070 
The following table summarizes our restricted stock unit activity for the nine months ended September 30, 2025 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2024283.1 $145 
Units granted106.6 198 
Units vested(93.9)137 
Units forfeited(27.7)153 
Outstanding as of September 30, 2025268.1 168 
Scheduled vesting for outstanding restricted stock units as of September 30, 2025, is as follows (in millions):
 Three Months Ended December 31,Year Ended December 31,  
 20252026202720282029ThereafterTotal
Scheduled vesting — restricted stock units44.5 112.8 70.9 29.7 8.3 1.9 268.1 
As of September 30, 2025, there was $20.1 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
September 30,		Nine Months Ended
September 30,
2024202520242025
Total beginning stockholders’ equity$236,447 $333,775 $201,875 $285,970 
Beginning common stock110 112 109 111 
Stock-based compensation and issuance of employee benefit plan stock— — 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 capital110,633 130,923 99,025 120,864 
Stock-based compensation and issuance of employee benefit plan stock5,301 4,756 16,909 14,815 
Ending additional paid-in capital115,934 135,679 115,934 135,679 
Beginning accumulated other comprehensive income (loss)(3,993)2,420 (3,040)(34)
Other comprehensive income (loss)2,075 9,913 1,122 12,367 
Ending accumulated other comprehensive income (loss)(1,918)12,333 (1,918)12,333 
Beginning retained earnings137,534 208,157 113,618 172,866 
Net income15,328 21,187 39,244 56,478 
Ending retained earnings152,862 229,344 152,862 229,344 
Total ending stockholders’ equity$259,151 $369,631 $259,151 $369,631