Where Data Tells the Story
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Since 2022, Amazon’s service revenue has outpaced its product sales, reaching $403 billion in the twelve months ending Q3 2025—40% higher than product sales of $289 billion. Services, fueled by AWS, advertising, and subscription segments, have expanded at a remarkable 37% CAGR from $3.4 billion in 2010 to $403 billion in 2025, far outpacing the 16% CAGR in product sales growth from $30.8 billion to $289 billion over the same period. This shift underscores Amazon’s transformation into a services-driven enterprise anchored by scalable, high-margin business lines.