Net Revenues

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Net Revenues

Net Revenues

Details of total net revenues were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Net retail sales	$	6,744	$	6,507	$	13,220	$	12,595
Third-party merchant services	1,832		1,755		3,599		3,317
Other revenue	280		262		541		520
Total net revenues	$	8,856	$	8,524	$	17,360	$	16,432

This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from owned inventory product sales to consumers. Third-party merchant services represent commissions, advertising, and delivery fees earned from merchants and restaurants that sell their products through our online businesses. Other revenue includes revenue earned from our WOW membership programs and various other offerings.

Contract liabilities consist of payments in advance of delivery and customer loyalty credits, which are included in “Deferred revenue” on the condensed consolidated balance sheets. We recognized revenue of $182 million and $139 million for the six months ended June 30, 2026 and 2025, respectively, which were included in “Deferred revenue” on the consolidated balance sheets as of the beginning of the respective years.