Amazon: ad revenue is 3.2 times physical-store revenue
In July–September 2025, advertising brought Amazon $17.7 billion in revenue and its physical stores $5.6 billion. Revenue, not profit.
Source: Amazon: quarterly disclosureOpen on the chart →
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In Amazon’s quarterly disclosure, advertising generates considerably more revenue than the company’s physical stores.
Bars start at zero and show millions of US dollars in one quarter.
- Advertising services million US dollars
17,703 · 2025-07-01–2025-09-30
- Physical stores million US dollars
5,578 · 2025-07-01–2025-09-30
Two rows from the same quarterly table. Advertising revenue divided by physical-store revenue.
Amazon disclosure categories: Advertising services and Physical stores. Different businesses, with no margin comparison. Physical stores do not represent all Amazon commerce; revenue is not GMV.
A question for this picture
How much Amazon growth comes from commerce, advertising and seller services?