v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Stock Repurchase Activity
In March 2022, the Board of Directors authorized a program to repurchase up to $10.0 billion of our common stock, with no fixed expiration. There were no repurchases of our common stock during the six months ended June 30, 2025 or 2026. As of June 30, 2026, we have $6.1 billion remaining under the repurchase program.
Stock Award Plans
Employees vest in restricted stock unit awards over the corresponding service term, generally between two and five years. The majority of outstanding restricted stock unit awards are granted at the date of hire or in Q2 as part of the annual compensation review and primarily vest quarterly in the relevant compensation year.
Stock Award Activity
Common shares outstanding plus shares underlying outstanding stock awards totaled 11.0 billion as of December 31, 2025 and June 30, 2026. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited. Stock-based compensation expense is as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Cost of sales$250 $208 $398 $379 
Fulfillment880 764 1,377 1,365 
Technology and infrastructure3,655 3,701 5,715 5,987 
Sales and marketing1,207 845 1,860 1,508 
General and administrative542 520 873 831 
Total stock-based compensation expense$6,534 $6,038 $10,223 $10,070 
The following table summarizes our restricted stock unit activity for the six months ended June 30, 2026 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2025222.5 $178 
Units granted98.4 218 
Units vested(52.0)162 
Units forfeited(24.5)181 
Outstanding as of June 30, 2026244.4 197 
Scheduled vesting for outstanding restricted stock units as of June 30, 2026, is as follows (in millions):
 Six Months Ended December 31,Year Ended December 31,  
 20262027202820292030ThereafterTotal
Scheduled vesting — restricted stock units53.2 100.3 61.8 22.2 4.8 2.1 244.4 
As of June 30, 2026, there was $24.8 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with more than half of the compensation expected to be expensed in the next twelve months, and has a remaining weighted-average recognition period of one year.
Changes in Stockholders’ Equity
The following table shows changes in stockholders’ equity (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Total beginning stockholders’ equity$305,867 $441,914 $285,970 $411,065 
Beginning common stock111 113 111 112 
Stock-based compensation and issuance of employee benefit plan stock1 — 1 1 
Ending common stock112 113 112 113 
Beginning and ending treasury stock(7,837)(7,837)(7,837)(7,837)
Beginning additional paid-in capital124,514 143,979 120,864 140,024 
Stock-based compensation and issuance of employee benefit plan stock6,409 5,640 10,059 9,595 
Ending additional paid-in capital130,923 149,619 130,923 149,619 
Beginning accumulated other comprehensive income (loss)(914)24,868 (34)28,230 
Other comprehensive income (loss)3,334 41,419 2,454 38,057 
Ending accumulated other comprehensive income (loss)2,420 66,287 2,420 66,287 
Beginning retained earnings189,993 280,791 172,866 250,536 
Net income18,164 62,647 35,291 92,902 
Ending retained earnings208,157 343,438 208,157 343,438 
Total ending stockholders’ equity$333,775 $551,620 $333,775 $551,620 
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in “Accumulated other comprehensive income (loss)” by separate components (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Total beginning accumulated other comprehensive income (loss), net of tax of $(1,029), $(8,573), $(1,762), and $(9,384)
$(914)$24,868 $(34)$28,230 
Foreign currency translation adjustments:
Beginning balance, net of tax of $226, $85, $292, and $98
(4,639)(2,712)(6,174)(1,948)
Foreign currency translation adjustments, net of tax of $(142), $(66), $(208), and $(79)
3,314 (799)4,849 (1,563)
Ending balance, net of tax of $84, $19, $84, and $19
(1,325)(3,511)(1,325)(3,511)
Unrealized gains (losses) on net investment hedging instruments:
Beginning balance, net of tax of $0, $24, $0, and $0
— (85)— — 
Change in net unrealized gains (losses), net of tax of $0, $(69), $0, and $(45)
— 229 — 144 
Ending balance, net of tax of $0, $(45), $0, and $(45)
— 144 — 144 
Unrealized gains (losses) on available-for-sale debt securities:
Beginning balance, net of tax of $(1,256), $(8,679), $(2,054), and $(9,481)
3,722 27,659 6,139 30,170 
Change in net unrealized gains (losses), net of tax of $(12), $(13,695), $(23), and $(14,035)
40 41,988 77 42,814 
Reclassification adjustments for net losses (gains) included in “Other income (expense), net,” net of tax of $5, $0, $814, and $1,142
(17)— (2,471)(3,337)
Ending balance, net of tax of $(1,263), $(22,374), $(1,263), and $(22,374)
3,745 69,647 3,745 69,647 
Other:
Beginning balance, net of tax of $1, $(3), $0, and $(1)
3 6 1 8 
Other, net of tax of $(1), $1, $0, and $(1)
(3)1 (1)(1)
Ending balance, net of tax of $0, $(2), $0, and $(2)
— 7 — 7 
Total ending accumulated other comprehensive income (loss), net of tax of $(1,179), $(22,402), $(1,179), and $(22,402)
$2,420 $66,287 $2,420 $66,287