Amazon vs CoreWeave: Revenue, Profit and Business Model
Amazon reported $716.9B of revenue in FY2025 and $77.7B of net income. CoreWeave reported $5.1B of revenue in FY2025 and a net loss of $1.2B.
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, but capital spending on AWS and AI capacity reached $131.8B, leaving free cash flow of $11.2B against $38.2B a year earlier.
CoreWeave
CoreWeave's revenue was $229 million in 2023, $1.92 billion in 2024 and $5.13 billion in 2025, with a 2025 net loss of about $1.17 billion. Q2 2026 revenue was $2.575 billion versus $1.212 billion a year earlier; adjusted EBITDA was $1.51 billion (59% margin) but GAAP net loss widened to $626 million because of $640 million of net interest expense. The company raised 2026 revenue guidance to $12.4-$13.2 billion and expects an annualized revenue run-rate of $18.5-$19.5 billion by year-end. Total debt was roughly $35.1 billion at June 30, 2026, and market capitalization was about $44 billion in mid-September 2026.
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 |
CoreWeave
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.1B | -$1.2B | -22.7% | +167.9% | Source |
| FY2024 | $1.9B | -$863M | -45.1% | +736.2% | Source |
| FY2023 | $229M | -$594M | -259.4% | — | 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.
CoreWeave
- Committed GPU capacity contracts
Majority of revenue
Multi-year take-or-pay contracts for dedicated GPU clusters with AI labs, hyperscalers and enterprises.
- On-demand compute
Not disclosed
Usage-based access to GPU and CPU instances for shorter training, fine-tuning and inference jobs.
- Storage, networking, inference and software
Not disclosed
AI object storage, managed inference (over $100 million ARR as of Q2 2026) and developer tools such as Weights & Biases.
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.
CoreWeave
How it makes money
CoreWeave makes money by renting GPU compute, plus storage, networking and software, to AI developers. Most revenue comes from multi-year committed contracts in which a customer reserves a dedicated cluster and pays for it whether or not it is fully used; a smaller share is on-demand usage.
Growth strategy
CoreWeave grows by signing large multi-year contracts first and then financing and building the capacity to serve them. In 2025-2026 it expanded deals with OpenAI (initially about $11.9 billion over five years, later enlarged), Meta (including a $21 billion expansion announced in April 2026) and Anthropic, and broadened its enterprise base with customers such as Caterpillar, Bentley Systems and Databricks.
Competitive advantage
CoreWeave's edge is speed of deployment at scale. It is consistently among the first clouds to bring up new NVIDIA systems (first commercial GB200 NVL72 in early 2025, first GB300 NVL72 in July 2025, and first Vera Rubin NVL72 bring-up in 2026), and its Kubernetes-native platform and Mission Control software are built only for GPU clusters. NVIDIA is also a shareholder, adding a $2 billion investment in January 2026.
Questions about Amazon vs CoreWeave
Which company has higher revenue — Amazon.com, Inc. or CoreWeave, Inc.?
Amazon.com, Inc. reported $716.9B (FY2025), while CoreWeave, Inc. reported $5.1B (FY2025). By last reported revenue, Amazon.com, Inc. is the larger business, with CoreWeave, Inc. reporting a smaller revenue base.
What is the market cap of Amazon.com, Inc. vs CoreWeave, Inc.?
Amazon.com, Inc.'s market capitalisation stands at $2.69T, while CoreWeave, Inc.'s is $44.0B. Amazon.com, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to CoreWeave, Inc..
Which is more financially efficient — Amazon.com, Inc. or CoreWeave, Inc.?
Amazon.com, Inc. generates $455k / employee in revenue per employee, while CoreWeave, Inc. generates $2.34M / employee. CoreWeave, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Amazon.com, Inc. and CoreWeave, Inc. make money?
Amazon.com, Inc. and CoreWeave, Inc. 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. CoreWeave, Inc.: CoreWeave makes money by renting GPU compute, plus storage, networking and software, to AI developers.
Which company is valued higher relative to revenue — Amazon.com, Inc. or CoreWeave, Inc.?
On a price-to-sales (P/S) basis, Amazon.com, Inc. trades at 3.8x P/S and CoreWeave, Inc. at 8.6x P/S. CoreWeave, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Amazon.com, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amazon.com, Inc. bigger than CoreWeave, Inc.?
By last reported revenue, Amazon.com, Inc. ($716.9B (FY2025)) is the larger company compared to CoreWeave, Inc. ($5.1B (FY2025)). 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 CoreWeave overview