Amazon vs Myntra: Revenue, Profit and Business Model
Amazon had $716.9B of annual revenue in FY2025 and $77.7B of net income. Myntra had ~$701M of annual revenue in FY2025 and ~$63.6M of net income.
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.
Myntra
Myntra Designs reported operating revenue of ~$594 million (₹5,121.8 crore) in FY24 and ~$701 million (₹6,043 crore) in FY25 (+18%). It swung from a ~$90.7 million (₹782 crore) loss in FY23 to a ~$3.58 million (₹30.9 crore) profit in FY24, then to ~$63.6 million (₹548 crore) in FY25; about $15.7 million (₹135 crore) of the FY25 profit came from a deferred tax credit. Advertising income rose 28% to ~$106 million (₹914 crore) in FY25, while marketing spend climbed to about $244 million (₹2,105 crore). Myntra does not publish GMV, and as a private Flipkart subsidiary it has no public market capitalisation.
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 |
Myntra
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$701M | ~$63.6M | 9.1% | +18.0% | Source |
| FY2024 | ~$594.1M | ~$3.6M | 0.6% | +14.7% | Source |
| FY2023 | ~$517.9M | ~-$90.7M | -17.5% | — | 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.
Myntra
- Marketplace & Seller Services
Not formally reported
Commissions and fees charged to third-party brands and sellers on the marketplace.
- Advertising
Not formally reported
Sponsored listings and brand campaigns; ad revenue was ~$106 million (₹914 crore) in FY25, up 28%.
- Logistics & Fulfilment Services
Not formally reported
Fulfilment, delivery and related service income.
- Private Labels
Not formally reported
In-house brands such as Roadster, HRX, Mast & Harbour, DressBerry and Anouk.
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.
Myntra
How it makes money
Myntra earns money in two ways. Its marketplace sells global brands such as Nike, H&M and Levi's, which bring in shoppers. Its private brands, such as Roadster and HRX, are designed using data on what Indian shoppers search for. Because Myntra owns those brands and controls their manufacturing, their margins are much higher than on third-party products.
Growth strategy
After building its base in India's largest cities, Myntra is expanding into Tier 2 and Tier 3 cities and into beauty and personal care. Myntra Beauty sells cosmetics and premium skincare in competition with Nykaa, a category with higher margins and more frequent repeat purchases than apparel. It is also investing in live commerce, where influencers sell through video streams in the app.
Competitive advantage
Myntra's advantage is fashion curation and a returns operation built for clothing. Return rates are high in online fashion because fit is hard to judge, so Myntra runs its own logistics arm, Myntra Logistics, to handle returns quickly. Its app is designed for browsing fashion and uses AI to recommend outfits.
Questions about Amazon vs Myntra
Which company has higher revenue — Amazon.com, Inc. or Myntra?
Amazon.com, Inc. had $716.9B (FY2025), while Myntra had ~$701M (FY2025). By latest annual revenue, Amazon.com, Inc. is the larger business, with Myntra showing a smaller revenue base.
What is the market cap of Amazon.com, Inc. vs Myntra?
Amazon.com, Inc. has a market capitalisation of $2.69T. A public market cap figure for Myntra was not available (it may be privately held).
How does revenue per employee compare for Amazon.com, Inc. and Myntra?
Amazon.com, Inc. has $455k / employee in revenue per employee, while Myntra has $127k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Amazon.com, Inc. and Myntra make money?
Amazon.com, Inc. and Myntra 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. Myntra: Myntra earns money in two ways.
Is Amazon.com, Inc. bigger than Myntra?
By last reported revenue, Amazon.com, Inc. ($716.9B (FY2025)) is the larger company compared to Myntra (~$701M (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 Myntra overview