Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Stock-based compensation expense is as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
Cost of sales	$	266	$	250	$	440	$	398
Fulfillment	944		880		1,580		1,377
Technology and infrastructure	3,670		3,655		6,442		5,715
Sales and marketing	1,224		1,207		2,156		1,860
General and administrative	618		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 Units	Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2024	283.1	$	145
Units granted	94.9	195
Units vested	(67.7)	132
Units forfeited	(18.6)	148
Outstanding as of June 30, 2025	291.7	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,
	2025	2026	2027	2028	2029	Thereafter	Total
Scheduled vesting — restricted stock units	72.3	114.7	70.5	26.7	5.5	2.0	291.7

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
Total beginning stockholders’ equity	$	216,661	$	305,867	$	201,875	$	285,970

Beginning common stock	109		111		109		111
Stock-based compensation and issuance of employee benefit plan stock	1		1		1		1
Ending common stock	110		112		110		112



Beginning and ending treasury stock	(7,837)		(7,837)		(7,837)		(7,837)

Beginning additional paid-in capital	103,938		124,514		99,025		120,864
Stock-based compensation and issuance of employee benefit plan stock	6,695		6,409		11,608		10,059
Ending additional paid-in capital	110,633		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 earnings	124,049		189,993		113,618		172,866

Net income	13,485		18,164		23,916		35,291
Ending retained earnings	137,534		208,157		137,534		208,157

Total ending stockholders’ equity	$	236,447	$	333,775	$	236,447	$	333,775

AMAZON COM INC 10-Q