Amazon.com, Inc. (AMZN) Q3 2025 Earnings Call October 30, 2025 5:00 PM EDT
Company Participants
Dave Fildes - Vice President of Investor Relations
Andrew Jassy - President, CEO & Director
Brian Olsavsky - Senior VP & CFO
Conference Call Participants
Justin Post - BofA Securities, Research Division
Brian Nowak - Morgan Stanley, Research Division
Douglas Anmuth - JPMorgan Chase & Co, Research Division
Mark Stephen Mahaney - Evercore ISI Institutional Equities, Research Division
Eric Sheridan - Goldman Sachs Group, Inc., Research Division
John Blackledge - TD Cowen, Research Division
Colin Sebastian - Robert W. Baird & Co. Incorporated, Research Division
Presentation
Operator
Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Third Quarter 2025 Financial Results Teleconference. [Operator Instructions]
感谢各位耐心等待。大家好，欢迎参加 Amazon.com 2025 年第三季度财报电话会议。[操作提示]
Today's call is being recorded.
本次电话会议正在录音。
And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. Thank you, sir. Please go ahead.
接下来请允许我把会议交给投资者关系副总裁 Dave Fildes 先生致开场辞。谢谢，先生，请开始。
Dave Fildes
Vice President of Investor Relations
Hello, and welcome to our Q3 2025 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated. All comparisons in this call will be against our results for the comparable period of 2024. Our comments and responses to your questions reflect management's views as of today, October 30, 2025 only, and will include forward-looking statements.
大家好，欢迎参加我们 2025 年第三季度财报电话会议。今天与会并回答大家提问的有我们首席执行官 Andy Jassy 和首席财务官 Brian Olsavsky。在收听今天电话会议时，我们建议您同时参考我们的新闻稿，其中包含本季度的财务业绩以及关键指标和评论。请注意，除非另有说明，本次电话会议中的所有比较均以 2024 年同期业绩为基准。我们对问题的评论和回答仅代表管理层截至 2025 年 10 月 30 日的观点，并将包含前瞻性陈述。
Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings. During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website. You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.
实际结果可能与前瞻性陈述存在重大差异。有关可能影响我们财务业绩的因素的更多信息包含在今日新闻稿以及我们提交给 SEC 的文件中，包括最近的年度报告 Form 10-K 及后续文件。在本次电话会议中，我们可能会讨论某些非 GAAP 财务指标。在我们的新闻稿、配套幻灯片和提交给 SEC 的文件（均发布在我们的 IR 网站）中，您将找到关于这些非 GAAP 指标的更多披露，包括与 GAAP 可比指标的调节。
Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions, tariff and trade policies and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet, online commerce, cloud services and new and emerging technologies and the various factors detailed in our filings with the SEC. Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.
我们的业绩指引已纳入迄今为止所见的订单趋势，以及我们目前认为适当的假设。我们的业绩本质上不可预测，并可能受到多种因素的重大影响，包括外汇汇率波动、全球经济与地缘政治环境变化、关税及贸易政策、客户需求与支出（包括衰退担忧、通胀、利率、区域劳动力市场限制、世界事件）、互联网、在线商务、云服务、新兴技术的增长速度，以及在我们提交给 SEC 的文件中详述的各种因素。我们的指引假设，除其他事项外，我们不会完成任何额外的企业收购、重组或法律和解。由于无法准确预测对我们商品和服务的需求，因此我们的实际结果可能与指引存在重大差异。
And now I'll turn the call over to Andy.
现在我将会议交给 Andy。
Andrew Jassy
President, CEO & Director
Thanks, Dave. We saw strong growth across our business in Q3, and we're reporting $180.2 billion in revenue, up 12% year-over-year, excluding the impact from foreign exchange rates. Operating income was $17.4 billion, but would have been over $21 billion, if not for 2 special Q3 expenses, $2.5 billion for an FTC settlement and $1.8 billion for estimated severance costs. Trailing 12-month free cash flow was $14.8 billion.
感谢你，Dave。我们在第三季度全业务实现强劲增长，报告收入 1,802 亿美元，同比增长 12%（剔除汇率影响）。营业收入为 174 亿美元；若非两项第三季度特殊费用（25 亿美元的 FTC 和解金及 18 亿美元的预计遣散成本），本可超过 210 亿美元。过去 12 个月自由现金流为 148 亿美元。
I'll start with AWS. AWS is growing at a pace we haven't seen since 2022, reaccelerating to 20.2% year-over-year, our largest growth rate in 11 quarters. It's worth remembering that year-over-year percentage growth is a relative term. It's very different having 20% year-over-year growth on a $132 billion annualized run rate and to have a higher percentage growth rate on a meaningfully smaller annual revenue, which is the case with our competitors.
我先谈 AWS。AWS 的增长速度是自 2022 年以来所未见的，同比增长重新加速至 20.2%，为近 11 个季度来的最高增速。需要记住的是，同比百分比增长是相对概念。以 1,320 亿美元年化营收实现 20% 的同比增速，与在显著更小的年营收基数上取得更高百分比增速大为不同，而后者正是我们的竞争对手所处的情况。
Backlog grew to $200 billion by Q3 quarter end and doesn't include several unannounced new deals in October, which together are more than our total deal volume for all of Q3. AWS is gaining momentum. Customers want to be running their core and AI workloads in AWS given its stronger functionality, security and operational performance and the scale I see in front of us gives me significant confidence in what lies ahead. I'll share a little more detail on why.
截至第三季度末，未完成合同额增长至 2,000 亿美元，且不包含 10 月尚未公布的新交易，这些交易合计已超过整个第三季度的总交易量。AWS 正在加速前进。客户希望在 AWS 上运行其核心与 AI 工作负载，因其功能更强、安全性与运营表现更佳。我面前所见的规模让我对未来充满信心。下面我会进一步说明原因。
It starts with AWS having much broader infrastructure functionality. Start-ups, enterprises and governments want to move their production workloads to the place that has the broadest and deepest array of capabilities. AWS has more services and deeper features within those services than anybody else and continues to innovate at a rapid clip. These are key building blocks for anything that customers want to create, and they're a big part of why Gartner has named AWS leader in its strategic cloud platform services Magic Quadrant for 15 consecutive years.
首先，AWS 拥有更为广泛的基础设施功能。初创企业、企业与政府都希望将生产级工作负载迁移到拥有最广最深能力组合的平台。AWS 拥有最多的服务及其最深入的功能，并持续快速创新。这些都是客户想要构建任何事物的关键积木，也是 Gartner 连续 15 年将 AWS 评为战略云平台服务 Magic Quadrant 领导者的重要原因。
We're bringing the same building block approach to AI. SageMaker makes it much simpler for companies to build and deploy their own foundation models. Bedrock gives customers leading selection of foundation models and superior price performance to deploy inference into their next-generation applications. A lot of the future value companies will get from AI will be in the form of agents. AWS is heavily investing in this area and well positioned to be a leader.
我们正将同样的积木式方法带到 AI 领域。SageMaker 让企业更简单地构建和部署自己的基础模型；Bedrock 为客户提供领先的基础模型选择以及更优的性价比，以将推理部署到下一代应用程序中。未来企业从 AI 获得的价值很大部分将以“代理”形式呈现。AWS 正在这一领域进行大量投资，并有望成为领导者。
Companies will both create their own agents and use agents from other companies. For those building their own, it's been harder to build than it should be. It's why we launched Strands to make it much easier to create agents from any foundation model that builders desire. For companies who successfully built agents, they've hesitated putting them into production because they lack secure, scalable runtime services or memory or observability, built specifically for agents. It's why we launched AgentCore, a set of infrastructure building blocks that allow builders to deploy secure, scalable agents. Ericsson used AgentCore to deliver AI agents across their workforce, Sony used it to build a agentic AI platform with enterprise-level security, observability and scalability. And Cohere Health is using AgentCore to deploy agents that will reduce medical review times by up to 30% to 40%. AgentCore's SDK has already been downloaded over 1 million times, and our builders are excited about it. It's an enabler.
企业既会创建自己的代理，也会使用其他公司提供的代理。对自行构建者而言，原本比应有的更难，这也是我们推出 Strands 的原因——让开发者可从任意基础模型轻松创建代理。对于已成功构建代理的公司，他们在投入生产时犹豫，因为缺乏专为代理构建的安全、可扩展运行时服务、内存或可观测性。这也是我们推出 AgentCore 的原因——一套允许开发者部署安全、可扩展代理的基础设施积木。Ericsson 使用 AgentCore 为其员工部署 AI 代理；Sony 利用其构建具备企业级安全、可观测性和可扩展性的代理式 AI 平台；Cohere Health 正使用 AgentCore 部署代理，可将医学审查时间缩短 30% 至 40%。AgentCore 的 SDK 已被下载超过 100 万次，开发者对此热情高涨，它是真正的赋能者。
Companies will also use other agents, and AWS continues to build many of the agents we believe builders will use in the future. For coding, we've recently opened up our agentic coding IDE called Kiro. More than 100,000 developers jumped into Kiro in just the first few days of preview and that number has more than doubled since. It's processed trillions of tokens thus far, weekly actives are growing fast, and developers love its unique spec and tool calling capabilities. For migration and transformation, we offer an agent called Transform. Year-to-date, customers have already used it to save 700,000 hours of manual effort. The equivalent of 335 developer years of work. For example, Thomson Reuters used it to transform 1.5 million lines of code per month, moving from Windows to open source alternatives and completing tasks or at times faster than with other migration tools.
企业也将使用其他代理，AWS 仍在构建我们相信开发者未来会使用的众多代理。针对编码，我们最近开放了名为 Kiro 的代理式编码 IDE。仅预览的最初几天内，就有超过 10 万名开发者涌入 Kiro，此后这一数字已翻倍。迄今它已处理数万亿个 token，周活跃度快速增长，开发者喜爱其独特的规格与工具调用能力。针对迁移与转换，我们提供名为 Transform 的代理。今年以来，客户已使用它节省了 70 万小时的人工作业，相当于 335 名开发者年的工作量。例如，Thomson Reuters 每月使用它转换 150 万行代码，从 Windows 迁移至开源替代方案，任务完成速度比其他迁移工具快数倍。
Customers have also already used Transform to analyze nearly 1 billion lines of mainframe code as they move mainframe applications to the cloud. For business customers, we've recently launched Quick Suite to bring a consumer AI-like experience to work, making it easy to find insights, conduct deep research, automate tasks, visualize data and take actions. We've already seen users churn months long projects into days, get 80% plus time savings on complex tasks and realize 90% plus cost savings. And for contact centers, we offer Amazon Connect which creates a more personalized and efficient experience for contact center agents, managers and their customers. Connect has recently crested $1 billion annualized revenue run rate with 12 billion minutes of customer interactions being handled by AI in the last year and is being used by large enterprises like Capital One, Toyota, American Airlines and Ryanair. These are real practical results for customers, and there are many more examples like them.
客户还已使用 Transform 分析近 10 亿行主机代码，将主机应用迁移到云端。对于商业用户，我们最近推出 Quick Suite，将类消费者 AI 的体验带到职场，便于寻找洞见、进行深度研究、自动化任务、可视化数据并采取行动。我们已看到用户将需数月的项目压缩到数天，在复杂任务上节省 80% 以上时间，并实现逾 90% 的成本节约。对于联系中心，我们提供 Amazon Connect，为坐席、管理者及其客户打造更个性化、更高效的体验。Connect 最近年化营收已突破 10 亿美元，过去一年 AI 处理的客户互动时长达 120 亿分钟，并被 Capital One、Toyota、American Airlines、Ryanair 等大型企业采用。这些都是客户获得的实际成效，而且远不止这些。
Because of its advantaged capabilities, security, operational performance and customer focus, AWS continues to earn most of the big enterprise and government transformations to the cloud. As a result, AWS is where the preponderance of company's data and workloads reside and part of why most companies want to run AI and AWS. To enable customers to do so, we need to have the requisite capacity, and we've been focused on accelerating capacity the last several months, adding more than 3.8 gigawatts of power in the past 12 months, more than any other cloud provider.
凭借领先的能力、安全性、运营表现和以客户为中心的理念，AWS 继续赢得大部分企业和政府的云端转型。因此，AWS 成为大多数公司数据和工作负载的主要驻地，也解释了为何多数公司希望在 AWS 上运行 AI。为满足客户需求，我们必须具备相应容量，过去数月我们专注于加速扩容，在过去 12 个月新增了超过 3.8 吉瓦的电力，超过任何其他云服务商。
To put that into perspective, we're now double the power capacity that AWS was in 2022, and we're on track to double again by 2027. In the last quarter of this year alone, we expect to add at least another 1 gigawatt of power. This capacity consists of power, data center and chips, primarily our custom silicon, Tranium and NVIDIA.
换个角度看，我们现在的电力容量已是 2022 年 AWS 的两倍，并有望在 2027 年再次翻倍。仅今年最后一个季度，我们预计将再新增至少 1 吉瓦电力。这一容量包括电力、数据中心及芯片，主要是我们的定制硅 Tranium 和 NVIDIA。
We've recently brought Project Rainier online, our massive AI compute cluster spanning multiple U.S. data centers and containing nearly 500,000 of our Trainium2 chips. Anthoropic is using it now to build and deploy its industry-leading AI model cloud, which we expect to be on more than 1 million Trainium2 chips by year-end. Trainium2 continues to see strong adoption, is fully subscribed and is now a multibillion-dollar business that grew 150% quarter-over-quarter.
我们最近上线了 Project Rainier——一座横跨多个美国数据中心、配备近 50 万颗 Trainium2 芯片的大规模 AI 计算集群。目前 Anthoropic 正在利用该集群构建并部署其行业领先的 AI 模型云，我们预计到年底将有超过 100 万颗 Trainium2 芯片投入使用。Trainium2 的采用率持续强劲，产能已全部被预订，现已成为季度环比增长 150%、市值数十亿美元的业务。
Today, Trainium is being used by a small number of very large customers but we expect to accommodate more customers starting with Trainium3. We're building Bedrock to be the biggest inference engine in the world and in the long run, believe Bedrock could be as big a business for AWS as EC2, and the majority of token usage in Amazon Bedrock is already running on Trainium. We're also continuing to work closely with chip partners like NVIDIA, with whom we continue to order very significant amounts as well as with AMD and Intel. These are very important partners with whom we expect to keep growing our relationships over time.
目前，Trainium 主要被少数超大型客户使用，但从 Trainium3 开始，我们预计将服务更多客户。我们正将 Bedrock 打造成全球最大的推理引擎，并长期认为其业务规模有望与 EC2 相当；如今 Amazon Bedrock 中的大多数 token 已在 Trainium 上运行。我们也在与 NVIDIA 等芯片伙伴紧密合作，持续下单大量采购，同时与 AMD、Intel 等伙伴保持深度协作；这些都是我们希望长期深化合作的关键伙伴。
You're going to see us continue to be very aggressive in investing in capacity because we see the demand. As fast as we're adding capacity right now, we're monetizing it. It's still quite early and represents an unusual opportunity for customers in AWS.
鉴于强劲需求，大家将看到我们在扩充产能上继续保持积极投入。当前新增的产能能够快速实现变现；目前仍处于业务早期阶段，对 AWS 的客户而言，这是一次难得的机遇。
I'll now turn to stores. Where the team continues to deliver and innovate for customers across our key priorities, selection, low prices and convenience, particularly fast delivery, we're offering 14% more selection since last quarter from popular brands like The North Face and Charlotte Tilbury, and we've added hundreds of thousands of items from popular brands this year. Everyday Essentials continues to grow quickly, and year-to-date is growing nearly twice as fast as the rest of the business. We continue to make it easier for customers to order low-priced perishable groceries from Amazon, and customers in more than 1,000 cities and towns now can shop fresh groceries alongside millions of Amazon.com products with free same-day delivery. This is a game changer for customers who can now order milk alongside electronics, check out with one cart and have everything delivered to their doorstep within hours.
接下来谈零售业务。团队围绕核心重点——丰富选品、低价和便利性（尤其是快速配送）不断为客户交付和创新。与上季度相比，我们的选品增加了 14%，涵盖 The North Face、Charlotte Tilbury 等热门品牌；今年已新增数十万件热门品牌商品。Everyday Essentials 继续快速增长，年初至今增速几乎是整体业务的两倍。我们持续简化客户购买低价生鲜杂货的流程，目前超过 1,000 个城镇的客户可在免费当日达服务下，将生鲜杂货与 Amazon.com 上百万商品一起选购。客户如今可在同一购物车中将牛奶与电子产品一起下单，并在数小时内收货，这彻底改变了购物体验。
The team also invented a new add to delivery button that lets customers add items to previously scheduled orders and it's been used more than 80 million times since launch, and it's just launched. It's an example of one of those seemingly simple but powerful innovations that make customers' lives easier. We remain committed to staying sharp on price and meeting or beating prices of other major retailers. In July, we had our biggest Prime Day event ever, with customers saving billions of dollars across more than 35 categories. We continue to break records on speed. We're on track to deliver at our fastest speeds ever for Prime members globally once again this year, and we've started rolling out 3-hour delivery in select U.S. cities.
团队还发明了新的“Add to Delivery”按钮，让客户可向已安排的订单追加商品。自推出以来，该功能已被使用逾 8,000 万次，而且才刚上线。这是看似简单却极具威力、能让客户生活更便捷的创新之一。我们将继续在价格上保持敏锐，力求与其他大型零售商持平或更优。今年 7 月，我们举办了史上最大规模的 Prime Day，涵盖 35 个以上品类，为客户节省了数十亿美元。配送速度方面也持续刷新纪录；今年我们有望再次实现 Prime 会员全球最快配送，并已在部分美国城市开始推出 3 小时送达服务。
We're also continuing to invest in infrastructure to speed up rural deliveries and serve more customers in more communities. That includes committing over $4 billion to expand our rural delivery network across the U.S. These are small towns where people want fast delivery, but where other companies have been backing out and reducing service. In contrast, we've already increased the number of rural communities with access to our same-day and next-day delivery by 60%, reaching roughly half of the total communities we plan to expand to by the end of the year.
我们还在持续投资基础设施，加快农村地区配送速度，服务更多社区，其中包括投入逾 40 亿美元扩展美国农村配送网络。这些小镇居民渴望快捷配送，但其他公司却在退出或减少服务。相比之下，我们已将可享受当日/次日达服务的农村社区数量提升了 60%，达到今年计划扩展总数的大约一半。
The stores team is also innovating rapidly with AI. For example, Rufus, our AI-powered shopping assistant has had 250 million active customers this year with monthly users up 140% year-over-year, interactions up 210% year-over-year and customers using Rufus during a shopping trip being 60% more likely to complete a purchase. Rufus is on track to deliver over $10 billion in incremental annualized sales.
零售团队也在 AI 领域迅速创新。例如，AI 购物助手 Rufus 今年已拥有 2.5 亿活跃客户，月活同比增长 140%，交互量同比增长 210%，在购物过程中使用 Rufus 的客户完成购买的可能性高出 60%。预计 Rufus 将带来超过 100 亿美元的增量年化销售额。
Here are the highlights. Our generative AI-powered audio feature that combines product summaries and reviews to make shopping easier, has expanded from hundreds of products at launch to millions of products and millions of customers have used it streaming almost 3 million minutes. In Amazon Lens, an AI-powered visual search tool that lets customers find products with their phone’s camera, a screenshot or a bar code, now includes Lens Live, which instantly scans products and shows real-time matches in a swipeable carousel. Tens and millions of customers are using Amazon Lens each month.
以下是一些亮点。我们的生成式 AI 音频功能将商品摘要与评论结合，帮助用户更轻松购物，已从最初的数百款商品扩展至数百万款，数百万客户累计收听近 300 万分钟。AI 视觉搜索工具 Amazon Lens 允许客户通过手机摄像头、截图或条形码寻找商品，并新增 Lens Live 功能，可即时扫描商品并以可滑动轮播展示实时匹配结果。每月有数千万客户在使用 Amazon Lens。
Moving on to Amazon ads. We're pleased with the continued strong growth, generating $17.6 billion of revenue in the quarter and growing 22% year-over-year. We see strength across our broad portfolio of full-funnel advertising offerings that helps advertisers reach an average ad-supported audience of more than 300 million in the U.S. alone. We also continue to be excited about our demand side platform, Amazon DSP, which lets advertisers plan, activate and measure full-funnel investments.
接下来是 Amazon Ads。我们欣喜地看到该业务维持强劲增长，本季度营收 176 亿美元，同比增长 22%。我们丰富的全链路广告产品组合表现强劲，仅在美国就能帮助广告主触达平均超过 3 亿的广告支持受众。我们也对需求方平台 Amazon DSP 感到振奋，它可让广告主规划、投放并衡量全链路投资效果。
Last quarter, I mentioned our partnership with Roku and we've built on that with a partnership with Netflix, providing advertisers using Amazon DSP with direct access to Netflix's premium ad inventory. We announced integrations with Spotify and SiriusXM. With Spotify, we provide advertisers with direct programmatic access to a global audience of more than 400 million monthly ad-supported listeners. And with SiriusXM, brands can reach 160 million monthly digital listeners across services like Pandora and SoundCloud and we're excited about the advertising opportunity around Prime Video live sports. Live sports got a lot of interest from advertisers in upfront negotiations for 2025, '26, and we exceeded our own expectations for upfront commitments with significant growth across the board.
上季度我提到与 Roku 的合作，如今又与 Netflix 达成合作，为使用 Amazon DSP 的广告主直接提供 Netflix 高质量广告库存。我们还宣布与 Spotify、SiriusXM 集成：通过 Spotify，广告主可编程化触达全球逾 4 亿月活广告支持听众；通过 SiriusXM，品牌可覆盖 Pandora、SoundCloud 等服务的 1.6 亿月度数字听众。我们也对 Prime Video 直播体育赛事的广告机会感到兴奋。面向 2025、2026 年的预售谈判中，直播体育受到广告主广泛关注，我们的预售承诺大幅超出自身预期，各项指标显著增长。
Finally, we're continuing to innovate for advertisers with AI. For example, in September, we announced an Agentic AI tool and creative studio that plans and executes the entire creative process in a matter of hours instead of weeks. We're also inventing and seeing strong momentum in several other areas, and I'll mention just a few. In Prime Video live sports, NBA on Prime tipped off last week and our opening night doubleheader averaged 1.25 million viewers in the U.S., a double-digit increase over last season on cable. You'll see us bring the same constant innovation here that we brought to our NFL broadcast. We're adding golf with The Masters in 2026 and new skins competition with the PGA Tour on Black Friday this year. And we've added Peacock and FOX One to Prime Video's add-on subscription offering of over 100 channels in the U.S.
最后，我们正继续利用 AI 为广告主创新。例如，9 月我们推出 Agentic AI 工具及创意工作室，将整个创意流程从数周缩短至数小时。我们在其他多个领域也在积极创新并取得强劲势头，以下仅举几例：Prime Video 直播体育方面，NBA on Prime 上周揭幕战双赛在美国平均观众 125 万，较上赛季有线电视转播实现双位数增长；我们将延续 NFL 转播中的持续创新。我们将在 2026 年引入 The Masters 高尔夫赛事，并在今年黑色星期五推出 PGA Tour 新赛制 skins 比赛。此外，Prime Video 在美付费频道扩展至 100+，新加入了 Peacock 和 FOX One。
We continue to be energized by the response to Alexa+ compared to what we call the classic Alexa experience, Alexa+ customers are talking to Alexa 2x more. Those interactions are much longer, and they're covering a broader range of topics. So using Alexa+ and Fire TV at 2.5x the rate of classic using natural conversation to discover audio content 4x more, engaging with photos 4x more and customers are completing 4x more shopping conversations that end in a purchase.
与我们称之为经典版 Alexa 的体验相比，Alexa+ 的积极反馈令我们备受鼓舞；使用 Alexa+ 的客户与 Alexa 对话的次数是经典版的 2 倍，这些交互持续时间更长，话题范围更广。整体而言，Alexa+ 与 Fire TV 的使用率是经典版的 2.5 倍，通过自然对话发现音频内容的次数增加 4 倍，浏览照片的互动增加 4 倍，完成并产生购买的购物对话也增加 4 倍。
We've expanded the number of project hyper satellites and space to more than 150 and delivered over 1 gigabit per second speeds and test with our enterprise-grade customer terminal, the first commercial phased array we know of to clear that threshold. Finally, Zoox robotaxis are available to riders in Las Vegas, and we've announced Washington, D.C. as the eighth testing location. We're excited for these to continue rolling out to more riders. Q4 is one of our busiest and most energizing times of the year, and we're excited about the continued demand for AWS. The innovations will announce the reinvent in December, the positive customer response to our AI-powered experiences, all the guests will be delivering throughout the holiday season and a lot more. Thanks in advance to our teammates around the world who are gearing up to deliver for customers once again.
我们已将 Project Hyper 在轨卫星数量扩大到 150 颗以上，并在企业级客户终端的测试中实现了超过 1 Gbps 的速度，这是我们所知首个达到该阈值的商业相控阵终端。最后，Zoox 无人出租车已在 Las Vegas 向乘客开放，我们宣布 Washington, D.C. 成为第八个测试地点。我们期待这些服务继续推广到更多乘客。第四季度是一年中最忙碌、最振奋人心的时期之一，我们对 AWS 持续的需求感到兴奋。我们将在 12 月 re:Invent 大会上发布的创新、客户对我们 AI 驱动体验的积极反馈、假日季我们将交付的所有包裹以及更多精彩内容都令人期待。预先感谢全球团队再次为客户全力以赴。
With that, I'll turn it over to Brian for a financial update.
接下来请 Brian 带来财务更新。
Brian Olsavsky
Senior VP & CFO
Thanks, Andy. Starting with our top line financial results. Worldwide revenue was $180.2 billion, a 12% increase year-over-year, excluding a 90 basis point favorable impact of foreign exchange. In Q3, we reported worldwide operating income of $17.4 billion. This operating income includes 2 special charges, which reduced operating income by $4.3 billion. The first charge of $2.5 billion is related to a legal settlement with the Federal Trade Commission, which impacts the North America segment and is recorded in the other operating expense line.
谢谢你，Andy。首先是总体财务业绩。全球收入为 1,802 亿美元，同比增长 12%（不含 90 个基点的有利汇率影响）。第三季度，我们报告的全球营业收入为 174 亿美元，其中包含两项特殊费用，使营业收入减少 43 亿美元。首项 25 亿美元费用与 Federal Trade Commission 的法律和解有关，影响 North America 业务，并记入其他运营费用科目。
The second charge of $1.8 billion relates to severance costs for roll eliminations and impacts all 3 of our segments. This severance charge is recorded primarily in the technology and infrastructure, sales and marketing and general and administrative expense line items. Excluding these 2 charges, worldwide operating income would have been $21.7 billion or $1.2 billion above the high end of our guidance range.
第二项 18 亿美元费用与岗位裁撤的遣散成本相关，影响我们全部 3 个业务部门，主要记入技术与基础设施、销售与营销以及总务行政费用科目。若剔除这两项费用，全球营业收入将达 217 亿美元，比我们指引上限高出 12 亿美元。
Moving to our segment results. We remain encouraged by the innovation our teams are delivering for customers across all 3 segments. In the North America segment, third quarter revenue was $106.3 billion, an increase of 11% year-over-year. International segment revenue was $40.9 billion, an increase of 10% year-over-year, excluding the impact of foreign exchange. Worldwide paid units grew 11% year-over-year. We continue to prioritize the inputs that matter most to our customers. In the third quarter, our sharp pricing, broad selection and fast delivery speeds continue to resonate with customers. Customers appreciate the ability to quickly receive items essential for their daily needs, including perishable groceries and have them delivered in the same day. Our millions of global third-party sellers continue to be important contributors to our vast selection, which helps customers find the items they need at competitive prices.
接下来是分部业绩。我们对各团队为客户带来的创新成果仍然感到鼓舞。在 North America 业务中，第三季度收入为 1,063 亿美元，同比增长 11%。International 业务收入为 409 亿美元，同比增长 10%（不含汇率影响）。全球付费订单量同比增长 11%。我们继续优先关注客户最看重的要素。第三季度，我们的优惠价格、广泛选品和快速配送持续受到客户青睐。客户欣赏能够快速收到日常必需品（包括易腐生鲜）并在当日送达的体验。全球数百万第三方卖家仍是我们庞大选品的重要贡献者，帮助客户以具竞争力的价格找到所需商品。
We're committed to building innovative services and features for our sellers, including our ongoing advancements in generative AI. Today, more than 1.3 million sellers have used our generative AI capabilities to more quickly launch high-quality listings. Better listings translate into better traction with customers. And in Q3, worldwide third-party seller unit mix was 62%, up 200 basis points from Q3 of last year.
我们致力于为卖家构建创新服务与功能，包括在生成式 AI 方面的持续进展。目前已有超过 130 万卖家使用我们的生成式 AI 能力，更快速地创建高质量商品列表。更好的商品列表意味着更强的客户吸引力。第三季度，全球第三方卖家商品占比达到 62%，比去年同期提高 200 个基点。
Shifting to profitability. North America segment operating income was $4.8 billion, with an operating margin of 4.5%. Excluding the $2.5 billion charge related to the legal settlement with the FTC, North America segment operating income would have been $7.3 billion with an operating margin of 6.9%. North America segment operating margin also includes a portion of the severance charge. International segment operating income was $1.2 billion, with an operating margin of 2.9%. Excluding the impact of the severance charge International segment operating margins expanded year-over-year.
接着看盈利情况。North America 业务营业收入为 48 亿美元，营业利润率 4.5%。若剔除与 FTC 法律和解相关的 25 亿美元费用，North America 营业收入将达 73 亿美元，利润率 6.9%。North America 的利润率亦包含部分遣散费用。International 业务营业收入为 12 亿美元，利润率 2.9%。若剔除遣散费用影响，International 利润率同比提升。
Globally, our progress on key inputs is delivering a better customer experience, while driving a more efficient cost structure. For example, we're making notable strides in improving inventory placement to speed up delivery to customers. And as a result, for the third year in a row, we are on track to deliver our fastest speeds ever for Prime members in 2025. We continue to tune and improve our fulfillment operations and our regionalized network is operating at scale. We see many benefits from our inbound process improvements, including a reduction of U.S. inbound lead time by nearly 4 days compared to last year. This allows us to be more efficient with our inventory purchasing, which benefits working capital. We're also placing inventory more strategically throughout the network. And by leveraging our existing infrastructure, we're now offering U.S. customers the ability to order perishable groceries and receive them the same day in as little as 5 hours.
在全球范围内，我们在关键投入上的进展既提升了客户体验，又带来了更高的成本效率。例如，我们在优化库存布局、加快配送速度方面取得显著成果。因此，2025 年我们有望连续第三年为 Prime 会员提供史上最快的配送速度。我们持续调整并改进履约运营，区域化网络已规模化运行。入库流程的改进带来诸多益处，其中包括美国入库交货时间较去年缩短近 4 天，使我们在库存采购方面更高效，改善了营运资金。我们还在全网更具战略性地布置库存。借助现有基础设施，美国客户现已可下单易腐杂货并在最短 5 小时内当日送达。
We're seeing positive early results since launching in January, when customers start shopping fresh groceries on Amazon, they are visiting the site more often and returning twice as often as nonperishable shoppers.
自今年一月推出以来，我们已看到积极的早期成果：当客户开始在 Amazon 购买生鲜杂货后，他们访问网站的频率显著提高，回访次数是非生鲜购物者的两倍。
Looking ahead, we see further opportunity to improve productivity in our global fulfillment and transportation network.
展望未来，我们认为在全球履约与运输网络的生产力提升方面仍有巨大空间。
We continue to improve inventory placement to drive down distance travel and touches for package.
我们持续优化库存布局，以减少包裹运输距离和处理次数。
We will also build on the gains from our regionalized network through algorithmic improvements as well as launching robotics and automation. Operating margin may fluctuate quarter-to-quarter, we have a deliberate approach to achieve sustained progress over the long term. Shifting to advertising. Advertising revenue was $17.7 billion and growth accelerated for the third consecutive quarter. We continue to see strong growth on an increasingly large base, as our full funnel advertising approach of connecting brands with customers is resonating.
我们还将通过算法优化，并引入机器人与自动化技术，在区域化网络已有优势的基础上再攀新高。营业利润率或将季度间波动，但我们采取稳健策略，着眼于长期持续提升。转向广告业务。广告收入为 177 亿美元，增速已连续第三个季度加快。随着基数不断扩大，我们依旧保持强劲增长，得益于贯穿全漏斗、连接品牌与客户的广告方案日益受到认可。
Moving next to our AWS segment. Revenue was $33 billion, up 20.2% year-over-year. This is an acceleration of 270 basis points compared to last quarter, driven by strong growth across both our AI and core services and more capacity, which has come online to support customer demand.
接下来是 AWS 业务。收入 330 亿美元，同比增长 20.2%，较上季度增速提升 270 个基点，主要由 AI 与核心服务的强劲增长以及新增产能支撑客户需求所推动。
AWS revenue increased $2.1 billion quarter-over-quarter and now has an annualized revenue run rate of $132 billion.
AWS 收入环比增加 21 亿美元，年化营收规模现已达到 1,320 亿美元。
AWS operating income was $11.4 billion, and reflects our continued growth, coupled with our focus on driving efficiencies across the business.
AWS 营业收入为 114 亿美元，体现了业务持续增长与效率提升双轮驱动的成果。
We are expanding our data center footprint, largely to accommodate Gen AI. And to the extent those assets were placed into service, the related depreciation does impact our margins.
我们正在大幅扩张数据中心版图，以满足 Gen AI 需求；一旦这些资产投产，其相关折旧将对利润率产生影响。
As we've long said, we expect AWS operating margins to fluctuate over time, driven in part by the level of investments we're making at any point in time.
正如我们长期以来所述，AWS 的营业利润率将随时间波动，部分取决于各阶段投资力度。
Now turning to our cash CapEx, which was $34.2 billion in Q3. We've now spent $89.9 billion so far this year.
现在来看现金资本支出，第三季度为 342 亿美元，今年迄今累计 899 亿美元。
This primarily relates to AWS as we invest to support demand for our AI and core services and in custom silicon, like Trainium as well as tech infrastructure to support our North America and international segments.
这笔支出主要投向 AWS，用于支持 AI 与核心服务需求、定制芯片（如 Trainium）及支撑 North America 和 International 业务的技术基础设施。
We'll continue to make significant investments, especially in AI, as we believe it to be a massive opportunity with the potential for strong returns on invested capital over the long term.
我们将继续进行大规模投资，尤其是在 AI 领域；我们相信这一巨大机遇能在长期为资本投入带来可观回报。
Additionally, we continue to invest in our fulfillment and transportation network to support the growth of the business, improve delivery speeds and lower our cost to serve.
此外，我们持续投资履约与运输网络，以支撑业务增长、提升配送速度并降低服务成本。
These investments will support growth for many years to come.
这些投资将在未来多年支撑我们的增长。
Looking ahead, we expect our full year cash CapEx to be approximately $125 billion in 2025, and we expect that amount will increase in 2026.
展望未来，我们预计 2025 全年现金资本支出约为 1,250 亿美元，并将在 2026 年继续增长。
I'll finish up my remarks with net income. While we primarily focus our comments on operating income, our third quarter net income of $21.2 billion includes a pretax gain of $9.5 billion related to our investment in Anthroopic.
最后谈一谈净收入。虽然我们主要关注营业收入，但第三季度 212 亿美元的净收入中包含 95 亿美元与我们对 Anthroopic 投资相关的税前收益。
This investment activity is not related to Amazon's ongoing operations and is included in nonoperating income.
该投资活动与 Amazon 的持续经营无关，计入非经营收入。
We're encouraged by the start of the peak season and we are ready to serve customers in the coming months.
旺季开局向好令人鼓舞，我们已准备好在接下来的数月服务客户。
I want to thank our teams across Amazon for their hard work as we get ready to delight customers during the holiday season.
在此感谢 Amazon 全球团队的辛勤付出，助力我们在假日季为客户带来卓越体验。
Our commitment to elevating the customer experience is the only reliable way to drive sustainable value for our shareholders.
专注提升客户体验是为股东创造可持续价值的唯一可靠途径。
With that, let's move on to your questions.
接下来，我们进入提问环节。
Question-and-Answer Session
Operator
[Operator Instructions]
【操作提示】
And our first question comes from the line of Justin Post with Bank of America.
现在我们的第一个提问来自 Bank of America 的 Justin Post。
Justin Post
BofA Securities, Research Division
I'll ask on AWS. Can you just kind of go through how you're feeling about your capacity levels and how capacity constrained you are right now? And then in your prepared remarks, you mentioned Trainium3 demand and maybe broadening out your customer base. Can you talk about the demand you're seeing outside of your major customers for Trainium?
我想问一下 AWS。您能否谈谈目前我们对容量水平的判断——现在有多受限于容量？在您准备的发言中，您提到了 Trainium3 的需求以及可能拓宽客户基础的情况。请问除了那些大型客户之外，您在 Trainium 的需求方面看到了哪些来自其他客户的动向？
Andrew Jassy
President, CEO & Director
Yes. On the capacity side, we brought in quite a bit of capacity, as I mentioned in my opening comments, 3.8 gigawatts of capacity in the last year with another gigawatt plus coming in the fourth quarter and we expect to double our overall capacity by the end of 2027. So we're bringing in quite a bit of capacity today, overall in the industry, maybe the bottleneck is power. I think at some point, it may move to chips, but we're bringing in quite a bit of capacity. And as fast as we're bringing in right now, we are monetizing it.
是的。关于容量方面，正如我在开场所说，过去一年我们新增了相当多的容量——约 3.8 吉瓦，并且在第四季度还将新增超过 1 吉瓦，我们预计到 2027 年底将把整体容量翻倍。因此，目前我们在扩容方面投入很大；从整个行业看，短期瓶颈可能是电力供应。我认为某个阶段瓶颈可能会转向芯片，但我们正在持续大规模扩容。而且，我们新增的容量正被很快地实现变现。
And then on the Tranium demand, outside of our major customers. So first of all, as I mentioned on Trainium2, it's really doing well. It's fully subscribed on Trainium2. We have -- it's a multibillion-dollar business at this point. It grew 150% quarter-over-quarter in revenue. And you see really big projects at scale now, like our Project Rainier that we're doing with Anthropic, where they're running their next version of -- they're training the next version of Claude on top of Trainium2 on 500,000 Trainium2 chips going to 1 million Trainium2 chips by the end of the year.
再谈一下 Tranium 的需求（在我们大型客户之外的情况）。首先，正如我之前提到的，Trainium2 表现非常好。Trainium2 的产能已被全部预订，目前已成为一个数十亿美元规模的业务，环比营收增长约 150%。现在已经出现真正大规模的项目，例如我们与 Anthropic 一起开展的 Project Rainier：他们在 Trainium2 上训练下一代 Claude，目前使用大约 50 万颗 Trainium2 芯片，并预计在年底前扩展到 100 万颗。
As I mentioned, we have -- today, with Trainium2, we have a small number of very large customers on it. But because Trainium is 30% to 40% more price performant than other options out there, and because as customers, as they start to contemplate broader scale of their production workloads, moving to being AI-focused and using inference, they badly care about price performance. And so we have a lot of demand for Trainium. Trainium3 should preview at the end of this year with much fuller volumes coming in the beginning of '26, we have a lot of customers, both very large, and I'll call it, medium-sized who're quite interested in Trainium3.
正如我所说，当前在 Trainium2 上主要是少数几家超大型客户。但由于 Trainium 在价格性能比上比现有其它方案高出约 30% 至 40%，而当客户开始考虑将生产负载在更大规模上以 AI 为中心并使用推理时，他们非常在意价格性能比，因此我们看到了大量对 Trainium 的需求。Trainium3 预计将在今年年底做预览，2026 年初将进入更大规模的出货，我们已看到许多客户对 Trainium3 表现出浓厚兴趣，既有非常大型客户，也有我称之为中型的客户。
Operator
And the next question comes from the line of Brian Nowak with Morgan Stanley.
接下来我们将连线来自 Morgan Stanley 的 Brian Nowak 提问。
Brian Nowak
Morgan Stanley, Research Division
Congrats on the quarter, guys. So maybe 2. One, Andy, sort of a philosophical chip question. There's a lot of questions in the market about Trainium and sort of its positioning versus other third-party chips. So how do you think about the key hurdles of Trainium3 need to overcome to really make Trainium adoption broader, to your point on the last question and continue to drive Trainium as opposed to satisfying what could be broader demand with third-party chips in the near term?
祝贺你们这个季度的表现。想问两个问题。第一个，Andy，有点偏哲学性关于芯片的问题。市场上对 Trainium 的定位以及它与第三方芯片的比较有很多疑问。那么你如何看待 Trainium3 需要克服的关键障碍，才能真正让 Trainium 的采用更广泛（呼应上一个问题的要点），并在近-term 推动 Trainium，而不是在短期用第三方芯片去满足更广泛的需求？
Andrew Jassy
President, CEO & Director
Yes. Well, first of all, we're always going to have multiple chip options for our customers. It's been true in every major technology building block or component that we've had in AWS. Really in the history of AWS, it's never just one player that over a long period of time has the entire market segment and then it can satisfy everybody's needs on every dimension. And so we have a very deep relationship with NVIDIA. We have for a very long time. And we will for as long as I can foresee the future. We buy a lot of NVIDIA. We are not constrained in any way in buying NVIDIA, and I expect that we'll continue to buy more NVIDIA both next year and in the future.
是的。首先，我们始终会为客户保留多种芯片选项。这在 AWS 的每个主要技术构建模块或组件中都成立。回顾 AWS 的历史，从来没有一个厂商在长期内占据整个市场并能在各个维度满足所有人的需求。因此我们与 NVIDIA 有着非常深厚的关系——这种关系已维持很长时间，并将在我可预见的未来持续。我们大量采购 NVIDIA 的产品，在采购方面并不存在任何限制，我预计明年及未来我们仍将继续增加对 NVIDIA 的采购。
But we're different from most technology companies in that we have our own very strong chip team, and this is our Annapurna team. And you saw it first on the CPU side with what we built with Graviton which is about 40% better price performance than the other x86 processors, and you're seeing it again on the custom silicon on the AI side with Trainium, which is about the same amount of price performance benefit for customers relative to other GPU options.
但我们与大多数科技公司不同的一点是，我们拥有自己非常强的芯片团队——Annapurna 团队。你们首先在 CPU 端见证了这一点：我们的 Graviton 在性价比上比其他 x86 处理器大约高出 40%；现在在 AI 定制硅片上我们再次体现了这一能力，Trainium 相较于其它 GPU 选项为客户带来了大致相当量级的性价比提升。
And our customers to be able to use AI as expansively as they want. And remember, it's still relatively early days at this point. They're going to need better price performance and they care about it deeply. And so I mentioned earlier the momentum that Trainium2 has. And I think that for us, as we think about Trainium3, I expect Trainium3 will be about 40% better than Trainium2 and Trainium2 is already very advantaged on price performance.
我们的目标是让客户能够尽可能广泛地使用 AI。别忘了，目前仍处于相对早期阶段。客户将需要更高的性价比，并且对此非常在意。所以我之前提到 Trainium2 的势头。我认为展望 Trainium3，预计其性能将比 Trainium2 提升约 40%，而 Trainium2 本身在性价比上已经具有很大优势。
So we have to, of course, deliver the chip. We have to deliver it in volumes and deliver it quickly. And we have to continue to work on the software ecosystem, which gets better all the time. And as we have more proof points like we have with Project Rainier with what Anthropic is doing on Trainium2, it builds increasing credibility for Trainium, and I think customers are very bullish about it. I'm bullish about it as well.
因此我们必须完成几个要点：当然要把芯片做出来，必须以足够的量快速交付；同时要持续完善软件生态系统，生态会不断变好。随着越来越多的实证案例出现（例如 Anthropic 在 Trainium2 上进行的 Project Rainier），Trainium 的可信度在不断提升，我认为客户对其非常看好，我个人也是乐观看待。
Operator
And our next question comes from the line of Doug Anmuth with JPMorgan.
下一个问题来自 JPMorgan 的 Doug Anmuth。
Douglas Anmuth
JPMorgan Chase & Co, Research Division
I'll stick with basically the same topic, Andy. But can you just talk a little bit about the architecture of Project Rainier and how it's differentiated and what that means for customers and for AWS? And do you expect Rainier to expand beyond Anthropic? And how do you replicate Rainier with Trainium3 chips?
我还是沿着同一话题问，Andy。你能稍微讲讲 Project Rainier 的架构，它有哪些差异化特性，这对客户和 AWS 意味着什么？你是否预计 Rainier 会扩展到 Anthropic 之外？以及如何用 Trainium3 来复制 Rainier？
Andrew Jassy
President, CEO & Director
Yes. I think what is compelling for Anthropic around Project Rainier is really is the Trainium2 chip, which -- we built a very -- first of all, we built a very large cluster that they can use in a very expansive way. And it's not simple to be able to build a cluster that has 500,000 plus chips going to 1 million. That's an infrastructure feet that's hard to do at scale. And so some piece of it is the infrastructure capabilities that we've built over a long period of time in AWS that is unusual in the industry. But it's just also the performance of the chip and the price performance, both of which matter.
是的。我认为对 Anthropic 而言，Project Rainier 的吸引力主要体现在 Trainium2 芯片本身。首先，我们搭建了一个非常大的集群，供他们以极大规模使用。要搭建一个由 50 万颗芯片扩展到 100 万颗芯片的集群并非易事——这是一个难以大规模复制的基础设施壮举。因此，项目的部分核心在于我们长期在 AWS 中建设的那套在行业内罕见的基础设施能力。但同样重要的还有芯片的性能和性价比，这两点都至关重要。
And I think that Project Rainier is something that is specific for Anthropic, but we have a lot of other customers who are interested in employing large clusters of Trainium chips that we're going to hopefully give them a chance to do so with Trainium3.
我认为 Project Rainier 是为 Anthropic 量身打造的一个项目，但我们有许多其他客户也有意使用大规模 Trainium 集群，希望能在 Trainium3 上给他们提供实现这一愿望的机会。
Operator
The next question comes from the line of Mark Mahaney with Evercore ISI.
下一位提问来自 Evercore ISI 的 Mark Mahaney。
Mark Stephen Mahaney
Evercore ISI Institutional Equities, Research Division
I want to ask about 2 topics, groceries and then how to think about headcount in the future. And on groceries, I want to -- the perishables, I think last quarter, you talked about 70% or something of users had never purchased from perishables from Amazon before. Just talk about whether you -- I think you used the term, game changer, before. Does this mean that maybe we don't -- you no longer need to Amazon Fresh stores. You always had this DVD Delivery Van Density advantage. And have you kind of reached a point you think of scale and speed that you really can change people's habit and really have them consider Amazon as one of their first grocery options? Do you really feel like you're at that point?
我想问两个话题：生鲜杂货，以及如何看待未来的人力编制。关于生鲜，你上季度提到过大约 70% 的用户以前从未在 Amazon 购买过易腐品。请谈谈你之前用的“game changer（改变游戏规则）”一词是否意味着我们或许不再需要 Amazon Fresh 实体店？你们一直拥有 DVD Delivery Van Density 的优势（译注：原文如此表述），现在是否已达到那种规模与速度，能够真正改变用户习惯，使得消费者把 Amazon 作为首选的杂货购买渠道之一？你真觉得已经到了那个阶段吗？
And then secondly, just on the head count, some of the recent news. Just talk to us about how you think about headcount going forward? Are you seeing -- is the level of efficiencies that you're getting from AI such that you can keep headcount relatively flattish for the foreseeable future? Just talk about the pros and cons or the wins and losses in terms of that head count going forward?
其次，关于近期有关人力的新闻。请谈谈你对未来编制的看法：你是否认为由 AI 带来的效率能让人员规模在可预见的未来保持相对平稳？请就未来编制的利弊、得失做一番分析。
Andrew Jassy
President, CEO & Director
Yes. So I'll start with grocery, Mark. We have a very large grocery business. If you look at our entire grocery business, if I don't even count Whole Foods Market and Fresh, in the last 12 months to over $100 billion of gross merchandising sales, which would make us a top 3 grocery in the U.S. A good chunk of it is a lot of the items that you'd find in the middle aisle so consumables and canned goods and pet food and health and beauty, very significant and continues to grow at a very good clip.
好的。那我先从生鲜说起，Mark。我们的杂货业务规模非常大。看我们整个杂货业务，若不把 Whole Foods Market 和 Fresh 单独列出，过去 12 个月的商品总成交额已超过 1,000 亿美元，按此规模我们将位列美国前三的杂货零售商之一。其中很大一部分来自“中通道”商品——消耗品、罐装食品、宠物食品、个人护理与美妆等，这一块非常可观，且仍以良好速度增长。
But then we also have Whole Foods Market, which is the pioneer in organic foods, which is also growing at a faster clip than most grocery companies with an attractive trajectory on profitability, and we'll expand our Whole Foods physical presence over the coming years here. And I'm also very excited about this new concept, daily shop that we have, which is a smaller version of Whole Foods in urban settings, which we have 3 that we've launched that are off to very good starts that you should expect to see more of as well.
此外我们还有 Whole Foods Market，作为有机食品的先行者，其增长速度也快于大多数食品杂货公司，且盈利前景良好。未来几年我们会继续扩展 Whole Foods 的线下实体布局。我也对我们推出的这个新业态 Daily Shop（城市版更小型的 Whole Foods）非常兴奋，目前已上线 3 家，反响良好，未来会看到更多类似门店。
And we have always been -- as you referenced, we've talked a lot about having a larger mass physical presence. And we continue to experiment with various formats. But the one that we are most excited about is what you referenced, which is the ability to provide perishable groceries with same-day deliveries. And if you think about how many of our customers are buying from us multiple times a week and who are buying things like shampoo or detergent or paper cups or water, where the ability to add milk and eggs and yogurt and other perishables to their order and have it live in the same shop in cart and then show up a few hours later, is very compelling.
正如你提到的，我们一直在讨论扩大线下实体的覆盖，我们也持续尝试多种门店形态。但我们最为看重的，正是你所说的能力：提供易腐品的当日达配送。很多客户每周多次在我们平台购买洗发水、洗衣液、纸杯或瓶装水等消耗品，如果他们能在同一购物车里直接把牛奶、鸡蛋、酸奶等易腐品一并下单，并在几小时内送达，这对用户的吸引力非常强。
And we started with a few markets about a year ago, and we were really taken aback at the adoption, not just the number of people that started buying perishables from us very quickly, but how often they came back downstream to buy perishables and groceries from us in the future. And so we've now expanded that to 1,000 cities around the U.S. and will be in 2,300 by the end of the year. And it's really changing the trajectory and the size of our grocery business.
我们大约一年前在少数市场试点，采用率超出我们的预期——不仅是快速开始购买易腐品的人数多，更令人惊讶的是这些用户随后有多频繁地回头再次购买易腐品和其他杂货。因此我们已将该服务扩展到美国约 1,000 个城市，并计划在年底前达到 2,300 个城市。这确实正在改变我们杂货业务的发展轨迹与规模。
And I also believe that this many years tradition of the weekly stock up grocery stock up is changing. And I think we're a big part of that. And I think there's a lot of potential there for the grocery side. It doesn't mean that we won't continue to experiment with other physical formats, but we're on to something very significant with what we're doing with perishables from our same-day facilities.
我也认为那种“每周大采购”的长期消费习惯正在发生变化，我们在其中扮演重要角色。我认为杂货业务前景巨大。这并不意味着我们会放弃对其他实体形态的试验，但在同日达设施上提供易腐品的尝试已经找到非常重要的机会。
And then on your headcount question, what I would tell you is the announcement that we made a few days ago was not really financially driven and it's not even really AI-driven, not right now, at least. It really -- its culture. And if you grow as fast as we did for several years, the size of businesses, the number of people, the number of locations, the types of businesses you're in, you end up with a lot more people than what you had before, and you end up with a lot more layers.
至于你关于人力编制的问题，我要说的是，我们几天前的那项公告并非出于直接的财务考量，也并非目前主要由 AI 推动——更多是出于文化层面的考量。如果一个组织像我们过去几年那样快速扩张，业务规模、员工数量、门店与业态都会急剧增加，最终会比以前拥有更多的人手和更多的管理层级。
And when that happens, sometimes without realizing that you can weaken the ownership of the people that you have who are doing the actual work and who own most of the 2-way door decisions, the ones that should be made quickly and right at the front line, and it can lead to slowing you down. As a leadership team, we are committed to operating like the world's largest start-up. And that means removing layers. It means increasing the amount of ownership that people have, and it means inventing and moving quickly.
当这种情况发生时，往往会在不自觉间削弱那些在一线实际做事、负责“双向门”决策（应当迅速在一线作出的决定）的人员的所有权意识，从而导致组织变慢。作为管理团队，我们致力于像“全球最大的初创公司”那样运作：去层级化，提升个人的责任与自主权，保持快速创新与执行。
And I don't know if there's ever been a time in the history of Amazon or maybe business in general with the technology transformation happening right now, where it's important to be lean, it's important to be flat, and it's important to move fast, and that's what we're going to do.
我不确定在 Amazon 乃至商业史上，是否曾经有像当前这般的技术变革时期，这样的时代特别需要精简、扁平与快速行动——但这正是我们接下来要做的事。
Operator
And the next question comes from the line of Eric Sheridan with Goldman Sachs.
下一位提问来自 Goldman Sachs 的 Eric Sheridan。
Eric Sheridan
Goldman Sachs Group, Inc., Research Division
Wanted to know, Andy, if you could reflect on the opportunity that's continuing to present itself in terms of rolling out more robotics and automation and the broader theme of physical AI across your operations? And how should we be thinking about that as a driver of potential efficiencies, but also as a driver of the ability to possibly reinvest back in the business over the long term?
我想请教 Andy：在将更多机器人与自动化部署到运营中，以及更广泛推行“物理化 AI”这一主题方面，当前持续展现出的机会如何？我们应如何将其既视为潜在效率提升的驱动因素，也视为长期内可能为业务带来再投资能力的来源来考虑？
Andrew Jassy
President, CEO & Director
Robotics is a very substantial area of investment for us. We have over 1 million robots in our fulfillment network at this point. And I would say that while that's significant, we have a lot of invention in flight. So I expect that we'll have more over a period of time. Robotics are very important for us and for our customers and for our teammates because they improve safety, they boost productivity, they increase speed, and they let our human teammates focused on problem solving and what they do best.
机器人是我们非常重要的投资领域。到目前为止，我们在履约网络中已部署超过 100 万台机器人。尽管这一规模已很可观，但我们还有大量在研的发明与创新，所以我预期未来一段时间内数量还会增加。机器人对我们、对客户以及对员工都非常重要，因为它们能提升安全性、提高生产力、加快速度，并使我们的员工能够专注于解决问题与发挥其最大价值。
And we expect that our people remain at the heart in the center of our fulfillment network as they have from when we first started working the robotics, And we expect that over time, we will have a fulfillment network where robots and humans complement each other and work together. But I think you're going to continue to see us invest very significantly in robotics. It's going to help on the safety, the productivity, the speed and ultimately some of the cost pieces, which will allow us to continue to improve the customer experience.
我们预计员工依然会像在我们刚开始引入机器人时那样，处于履约网络的核心位置。随着时间推移，我们希望打造一个机器人与人类相互补充、协同工作的履约网络。我相信你们会继续看到我们在机器人领域进行大量投资——这将有助于提升安全性、生产力和速度，并最终改善部分成本结构，从而让我们能够持续提升客户体验。
Operator
And the next question comes from the line of John Blackledge with TD Cowen.
接下来一位提问来自 TD Cowen 的 John Blackledge。
John Blackledge
TD Cowen, Research Division
How does Amazon think about agentic commerce going forward? And how do you think Amazon will serve customers using agents to purchase goods on Amazon in the future?
Amazon 如何看待未来的 agentic commerce（代理式商业）？未来当客户使用代理在 Amazon 上购买商品时，Amazon 将如何为这些客户提供服务？
Andrew Jassy
President, CEO & Director
I'm very excited about -- and as a business, we're very excited about in the long term the prospect of agentic commerce. And it has a chance to be good for customers, it has a chance to be really good for e-commerce. And I think if you -- if you know what you want to buy, there are a few experiences that are better than coming to Amazon. But if you don't know what you want, it's -- physical store with a physical salesperson still has some advantages. Obviously, lots of people do it on Amazon all the time. But you very often want to ask questions and help -- get help narrowing what you're going to look for. And as you keep asking new questions, having a whole bunch of different options presented to you.
我对此感到非常兴奋——从企业角度来看，我们对 agentic commerce 的长期前景也充满期待。这既可能对客户有利，也可能对电子商务产生重大推动。我认为，如果你已经清楚自己想买什么，确实有一些体验比在 Amazon 购买更好。但如果你不知道自己想要什么，实体店加上现场销售员仍然具有一定优势。当然，很多人一直在 Amazon 上购物。但往往人们需要提问、寻求帮助来缩小选择范围，随着你不断提出新问题，希望能被呈现出一系列不同的选项。
And I think AI and agentic commerce are going to change the experience online where that experience where you're narrowing what you want when you don't know is going to get better online than it even is in physical environments.
我认为 AI 与代理式商业将改变线上购物体验——在你尚未明确需求时，线上帮助你缩小选择、明确需求的体验将变得比实体环境更为高效与优越。
Now we obviously have our own efforts here in agentic commerce. We have Rufus, which I talked about in my opening comments, which is continuing to get better and better and used more broadly. And we have features like Buy for Me where we will surface on Amazon, even items that we don't stock that other merchants have. And then if customers want us to go and buy it for them on those merchants' websites, we will do that. And both of those have been successful for us. But we're also having conversations with and expect over time to partner with third-party agents. And I think that it reminds me in some ways of the beginning of search engines many years ago being sources of discovery for commerce. And you had to kind of figure out the right way to work together.
目前我们在 agentic commerce 方面已有自己的努力。正如我在开场时提到的，我们有 Rufus，这项服务不断改进并逐步扩大使用范围。我们还有像 “Buy for Me” 这样的功能：即便是我们无库存但其他卖家有售的商品，我们也会在 Amazon 上展示；如果客户希望我们替他们在这些卖家的站点上购买，我们也可以代劳。这两项功能对我们都取得了成功。但我们也在与第三方代理进行对话，并预计随着时间推移会与其形成合作。这在某种程度上让我想起多年前搜索引擎初期作为商业发现来源的情形——需要去摸索出彼此协作的合适方式。
And today, search engines are a very small part of our referral traffic and third-party agents are a very small subset of that. But I do think that we will find ways to partner. We have to find a way, though, that makes the customer experience good. Right now, I would say the customer experience is not. There's no personalization, there's no shopping history, the delivery estimates are frequently wrong, the prices are often wrong.
如今，搜索引擎在我们的引荐流量中占比很小，第三方代理又只是其中的一个非常小的子集。但我确实认为我们会找到合作方式。不过前提是必须确保客户体验良好。就目前而言，我认为客户体验还不到位：缺乏个性化、没有购物历史记录、配送预估常常不准确、价格信息也常常有误。
So we've got to find a way to make the customer experience better and have the right exchange value. But I do think that the exciting part of this and the promise is that AI and agentic commerce solutions are going to expand the amount of shopping that happens online. And I think that's really good for customers, and I think it's really good for Amazon because at the end of the day, you're going to buy from the outfit that allows you to have the broadest selection, great value and continues to deliver for you very quickly and reliably. And I think that bodes well for us.
所以我们必须找到提升客户体验并确保合适价值交换的方法。但我认为最令人兴奋且充满希望的是，AI 与代理式商业解决方案将扩大线上购物的总量。这对客户非常有利，对 Amazon 也同样如此。归根结底，消费者会选择能够提供最广泛选品、优秀性价比并能快速可靠交付的平台，我认为这对我们是有利的。
Operator
And our final question comes from the line of Colin Sebastian with Baird.
我们最后一个提问来自 Baird 的 Colin Sebastian。
Colin Sebastian
Robert W. Baird & Co. Incorporated, Research Division
I guess first on AWS, following up there. How much of this acceleration is driven by core infrastructure versus AI workload monetization? And I think part of it is trying to understand how important newer services like AgentCore are becoming and bringing enterprises to AWS to build agents? And then I guess, secondly, regarding the acceleration in advertising, if you could potentially disaggregate the core advertising contribution versus DSP and Prime video. That would be helpful as well.
我想先追问 AWS：这轮加速有多大程度是由核心基础设施推动的，多少是由 AI 工作负载的货币化驱动的？我也想了解像 AgentCore 这样的新服务在多大程度上正在变得重要并把企业吸引到 AWS 来构建 agent？其次，关于广告业务的加速，能否把核心广告收入与 DSP（Amazon DSP）和 Prime Video 的贡献做个拆分？那样会很有帮助。
Andrew Jassy
President, CEO & Director
I'll start on the AWS side, we are seeing -- we're really pleased with the results from this quarter, 20% year-over-year on a annualized run rate of $132 billion is unusual. And we have momentum. You can see it. And we see the growth in both our AI area, where we see it in inference. We see it in training. We see it in the use of our Trainium custom silicon. Bedrock continues to grow really quickly. SageMaker continues to grow quickly. And I think that the number of companies who are working on building agents is very significant. I do believe that a lot of the value that companies will realize over time and AI will come from agents.
我先从 AWS 讲起。我们对本季度的业绩非常满意——在年化 1,320 亿美元运行规模上实现 20% 的同比增长是不寻常的，而且我们确实拥有动力，你们能看得到。我们在 AI 领域的增长既体现在推理（inference），也体现在训练（training），并且体现在对我们定制硅片 Trainium 的使用上。Bedrock 持续快速增长，SageMaker 也在快速增长。我认为正在构建 agent 的公司数量非常可观。我确实相信，随着时间推移，企业从 AI 中获得的很多价值将来自于 agent。
And I think that building agents today is still harder than it should be. You need tools to make it easier, which is why we built Strands, which is an open source capability that lets people build agents from any model that they can imagine. But even more so, when you talk to enterprises or companies that care a lot about security and scale. They're starting to build agents, and they don't really feel like they've got -- they've had building blocks that allow them to have the type of secure, scalable agents that they need to bet their businesses and their customer experience and their data on.
我认为，目前构建 agent 仍比应有的复杂。人们需要能简化这一过程的工具，这就是我们开发 Strands（开源能力）的原因，它允许开发者基于任意模型构建 agent。但更重要的是，当你与那些非常重视安全性与可扩展性的企业沟通时，你会发现他们已经开始构建 agent，却并不认为现有的构件足以让他们把业务、客户体验与数据押注在这些 agent 上——他们需要的是可安全部署、可大规模运行的构件。
And that's why -- that was really the inspiration behind AgentCore was to build another set of primitive building blocks like we built in the early days of AWS, where it was compute and storage and database. We defined a set of building blocks that you needed to be able to deploy agents securely and scalably that we provide in AgentCore. And then when we talk to our customers, it really resonates. There is not anything else like it, it's changing their time frame and their receptivity to building agents, and it's very compelling for them.
这也是 AgentCore 的初衷：去构建另一套原始且基础的构件，就像 AWS 早期所做的（计算、存储、数据库）那样。我们在 AgentCore 中定义并提供了部署 agent 所需的一套安全且可扩展的构件。与客户沟通时，这一方案产生了强烈共鸣——目前市面上没有类似的东西，它改变了客户的时间表与接受度，使得他们更愿意去构建 agent，这对他们很有吸引力。
So I do think the combination of what we're doing to enable agents to be built and run securely and scalably as well as some of the agents that we're building ourselves that our customers are excited about are compelling for them. And I think the other place we see a lot of growth in AWS also is just the number of enterprises who are -- who have gotten back to moving from on-premises infrastructure to the cloud. And we continue to earn the lion's share of those transformations. And I look at the momentum we have right now, and I believe that we can continue to grow at a clip like this for a while.
因此，我确实认为：我们在让 agent 能被安全且可扩展地构建与运行方面所做的工作，加上我们自己构建的一些令客户兴奋的 agent，对客户形成了强大的吸引力。另一个 AWS 的增长点是，越来越多的企业再次将本地（on-premises）基础设施迁移到云端，而我们持续获得这些迁移的大部分份额。看着目前的动量，我相信我们可以在一段时间内维持这样较快的增长速度。
I think on the advertising side, that is also an area where I think collectively, we feel very pleased about the progress. Every single one of our advertising offerings this quarter grew in a meaningful way. I think there's a few things going on for us. We have what I think of as a pretty unusual full funnel offering. And if you look at the top of the funnel, which typically tends to be awareness building and broad scale to be able to use our own Prime Video and our live sports capabilities as well as going all the way down to the bottom of the funnel at point of sale being able to use sponsored products, that's -- most people don't have a full funnel offering as robust as that. And then when you layer on top of it, the combination of the audience curation and development we can do, along with the advantage measurement, it just all leads to a return on advertising spend is very unusual.
在广告方面，我们整体对取得的进展也非常满意。本季度我们的每一项广告产品都实现了显著增长。我认为这背后有几方面因素：我们拥有一个相当少见的全漏斗（full-funnel）广告产品组合——从漏斗顶端的品牌认知与广泛触达（可利用 Prime Video 与直播体育资源）一直到漏斗底端的销售点（可以使用 Sponsored Products）。大多数玩家没有如此完备的全漏斗能力。当你再把我们能做的受众策划与开发能力以及卓越的衡量工具结合起来时，最终带来的广告投入回报率就非常独特。
And I think there are multiple places where we can expect to continue to grow. One is in our stores business. I still think if you look at the worldwide market segment share of retail, still 80% to 85% of it lives in physical stores. And that equation is going to flip over time. And I think AI is going to only accelerate that. So I think we have an opportunity -- a significant opportunity still in our existing stores. And then I think video, we've only been at this for a little bit of time, but it's already a very large amount of advertising revenue, and we're still relatively early stage.
我认为我们还有多个可持续增长的方向。其一是我们的零售（stores）业务：纵观全球零售市场，仍有约 80%–85% 的份额在实体店中，随着时间推移这一格局将发生改变，而 AI 只会加速这一转变。因此我们在现有门店中仍拥有显著机会。其二是视频广告，我们在这方面才起步不久，但已经贡献了很可观的广告收入，且仍处于相对早期阶段。
I think that will continue to be a big area of growth. And then as you referenced, the amount -- their demand-side platform or Amazon DSP, that is growing really quickly as well. And some of it had to do with the fact that we had some features. We always had a number of the core components people wanted around some of our properties, the measurement capabilities, Amazon Marketing Cloud, but we lack some features for a while as we were building out our DSP that customers told us mattered and the team over the last 20 months have closed those gaps in a very significant way so that now people feel like our DSP is fully featured.
我认为这些都将持续成为重要增长点。此外，正如你提到的，需求方平台（Amazon DSP）也在快速增长。这部分增长源自我们补齐了若干关键功能：我们长期拥有客户想要的一些核心组件，比如衡量能力（Amazon Marketing Cloud），但在扩展 DSP 的过程中，客户反映有些功能短期内缺失，过去 20 个月里团队大幅弥补了这些差距，使得市场普遍认为我们的 DSP 已具备完整功能。
And then you look at some of the partnerships that we've done, the Roku partnership gives us the largest connected TV footprint in the U.S. And you layer on top of that, what we've recently done in providing our DSP customers, the opportunity to integrate with the ad inventory in Netflix and Spotify and SiriusXM, it's powerful. And so we are growing very quickly on the demand side platform. So very optimistic about what we're doing there. We've work to do, obviously, but I don't think we're close to being able to grow there.
另外，看我们的一些合作伙伴关系：与 Roku 的合作让我们在美拥有最大的联网电视（CTV）覆盖。再叠加我们最近为 DSP 客户提供的与 Netflix、Spotify、SiriusXM 广告库存整合的机会，效果非常强劲。因此我们的需求方平台增长速度很快，对此我非常乐观。显然我们还有工作要做，但我认为我们在该领域还有很大成长空间。
Operator
Thanks for joining us on the call today and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest in Amazon and look forward to speaking with you again next quarter.