Amazon vs Blinkit: Revenue, Profit and Business Model
Amazon had $716.9B of annual revenue in FY2025 and $77.7B of net income. Blinkit had ~$4.4B of annual revenue in FY2026.
Latest financial snapshot
Financial summary
Amazon
Amazon's headline revenue understates how concentrated its profit is. FY2025 net sales were $716.9B and operating income was $80.0B, of which AWS supplied $45.6B on $128.7B of sales. The North America segment turned $426.3B of sales into $29.6B of operating income, and International turned $161.9B into $4.8B. Advertising services, which Amazon reports inside the retail segments, grew from $56.2B in FY2024 to $68.6B in FY2025. Operating cash flow was $139.5B; $128.3B of net cash capital expenditures left $11.2B of free cash flow, down from $38.2B a year earlier. Amazon says most technology-infrastructure spending supports AWS, while fulfillment capacity also requires investment. See its FY2025 Form 10-K for the segment and cash-flow reconciliations.
Blinkit
Eternal's quick-commerce segment reported revenue from external customers of ₹37,779 crore in FY2026, compared with ₹5,206 crore in FY2025. That increase is not a like-for-like measure of order growth: during FY2026 Blinkit shifted from mainly recording marketplace commissions to also recording the full value of goods it sells from owned inventory. In the September 2026 quarter (Q2 FY2027), the segment reported ₹19,152 crore of revenue, while net order value (NOV) grew 79.3% year over year to ₹20,940 crore. Adjusted EBITDA was ₹184 crore, equal to 0.9% of NOV, and the network ended the quarter with 2,751 stores. Adjusted EBITDA is Eternal's non-GAAP operating measure; Eternal does not disclose standalone Blinkit net profit. The segment's reported result was ₹488 crore in the quarter, which is a different measure from adjusted EBITDA. These figures come from Eternal's Q4 FY2026 and Q2 FY2027 results and should not be combined with parent-company totals as additional revenue.
Revenue and profit by year
Amazon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $716.9B | $77.7B | 10.8% | +12.4% | Source |
| FY2024 | $638B | $59.2B | 9.3% | +11.0% | Source |
| FY2023 | $574.8B | $30.4B | 5.3% | +11.8% | Source |
| FY2022 | $514B | -$2.7B | -0.5% | +9.4% | Source |
| FY2021 | $469.8B | $33.4B | 7.1% | +21.7% | Source |
| FY2020 | $386.1B | $21.3B | 5.5% | +37.6% | Source |
| FY2019 | $280.5B | $11.6B | 4.1% | +20.5% | Source |
| FY2018 | $232.9B | $10.1B | 4.3% | +30.9% | Source |
| FY2017 | $177.9B | $3B | 1.7% | +30.8% | Source |
| FY2016 | $136B | $2.4B | 1.7% | — | Source |
Where the revenue comes from
Amazon
- Online stores37.6%
First-party product and digital media sales recorded gross. $269.3B of FY2025 net sales.
- Third-party seller services24.0%
Referral commissions plus related fulfillment and shipping fees charged to independent sellers. $172.2B of FY2025 net sales.
- AWS18.0%
Cloud compute, storage, database, and AI services sold on consumption pricing. $128.7B of FY2025 net sales and $45.6B of operating income.
- Advertising services9.6%
Sponsored ads, display, and video advertising sold to sellers, vendors, publishers, and authors. $68.6B of FY2025 net sales.
- Subscription services6.9%
Prime membership fees plus digital video, music, audiobook, and e-book subscriptions. $49.6B of FY2025 net sales.
- Physical stores3.1%
Sales where customers select items in a store, mainly Whole Foods Market and Amazon Fresh. $22.6B of FY2025 net sales.
- Other0.8%
Shipping services, healthcare services, certain video licensing, and co-branded credit card agreements. $5.9B of FY2025 net sales.
Blinkit
- Sale of Goods (Owned Inventory)
Not formally reported
Since September 1, 2025, Blinkit buys stock from brands and distributors and sells it directly, so the full value of goods sold is booked as revenue. This is now the bulk of reported revenue.
- Advertising (Blinkit Ads)
Not formally reported
Brands pay for sponsored search results, banners and product placements inside the app. Eternal does not break out Blinkit's ad revenue.
- Customer Delivery and Platform Fees
Not formally reported
Delivery charges, handling fees and small-cart fees paid by customers on qualifying orders.
- Marketplace Commissions (Before September 2025)
Not formally reported
Until the inventory switch, Blinkit earned commissions and warehousing fees from sellers listing products on its marketplace, which is why revenue was much smaller before FY26.
Business model and strategy
Amazon
How it makes money
Amazon runs a hybrid model: it buys inventory and sells it directly, and it rents its store, warehouses, and ad inventory to independent sellers. In FY2025 online stores produced $269.3B of net sales, third-party seller services $172.2B, advertising services $68.6B, subscription services $49.6B, physical stores $22.6B, and AWS $128.7B.
Growth strategy
Amazon's growth now comes mostly from the higher-margin layers on top of its infrastructure. Advertising services grew from $56.2B in FY2024 to $68.6B in FY2025 as Amazon added inventory in Prime Video, grocery, and its demand-side platform.
Competitive advantage
Amazon's advantages depend on scale rather than patents. It carried $534.1B of gross property and equipment at the end of FY2025, including $155.1B of land and buildings and $172.5B of servers and networking equipment, which pays for delivery speed and cloud capacity smaller rivals cannot fund.
Blinkit
How it makes money
Blinkit runs a network of small warehouses that are closed to walk-in shoppers (dark stores), placed close to dense residential areas. Customers order in the Blinkit app, staff pick and pack the order inside the store, and delivery partners ride it to the door, usually within minutes.
Growth strategy
Blinkit's stated plan rests on three levers: assortment expansion, geographic expansion and demand densification. Assortment means taking more cities closer to the roughly 80,000 SKUs offered in Delhi-NCR and adding categories such as electronics, toys, beauty and premium groceries.
Competitive advantage
Blinkit's edge is store density and assortment built ahead of rivals. It ended June 2026 with 2,443 dark stores, more than any competitor, and a 2026 CLSA count found 969 Blinkit stores across India's top 10 cities against 828 for Zepto and 627 for Flipkart Minutes.
Questions about Amazon vs Blinkit
Which company has higher revenue — Amazon.com, Inc. or Blinkit?
Amazon.com, Inc. had $716.9B (FY2025), while Blinkit had ~$4.4B (FY2026). By latest annual revenue, Amazon.com, Inc. is the larger business, with Blinkit showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Amazon.com, Inc. vs Blinkit?
Amazon.com, Inc. has a market capitalisation of $2.69T. A public market cap figure for Blinkit was not available (it may be privately held).
How does revenue per employee compare for Amazon.com, Inc. and Blinkit?
Amazon.com, Inc. generates $455k / employee in revenue per employee. A comparable figure for Blinkit requires matching employee and revenue data from the same reporting period.
How do Amazon.com, Inc. and Blinkit make money?
Amazon.com, Inc. and Blinkit generate revenue in fundamentally different ways. Amazon.com, Inc.: Amazon runs a hybrid model: it buys inventory and sells it directly, and it rents its store, warehouses, and ad inventory to independent sellers. Blinkit: Blinkit runs a network of small warehouses that are closed to walk-in shoppers (dark stores), placed close to dense residential areas.
Is Amazon.com, Inc. bigger than Blinkit?
By last reported revenue, Amazon.com, Inc. ($716.9B (FY2025)) is the larger company compared to Blinkit (~$4.4B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Amazon vs Blinkit overview