Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stock-based compensation expense is as follows (in millions):


	Three Months Ended March 31,
	2025		2026
Cost of sales	$	148	$	171
Fulfillment	497		601
Technology and infrastructure	2,060		2,286
Sales and marketing	653		663
General and administrative	331		311
Total stock-based compensation expense	$	3,689	$	4,032

The following table summarizes our restricted stock unit activity for the three months ended March 31, 2026 (in millions):


	Number of Units	Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2025	222.5	$	178
Units granted	7.8	224
Units vested	(23.3)	152
Units forfeited	(11.9)	175
Outstanding as of March 31, 2026	195.1	183

Scheduled vesting for outstanding restricted stock units as of March 31, 2026, is as follows (in millions):


	Nine Months Ended December 31,	Year Ended December 31,
	2026	2027	2028	2029	2030	Thereafter	Total
Scheduled vesting — restricted stock units	83.0	67.3	31.3	11.5	1.2	0.8	195.1

The following table shows changes in stockholders’ equity (in millions):


	Three Months Ended March 31,
	2025		2026
Total beginning stockholders’ equity	$	285,970	$	411,065

Beginning common stock	111		112
Stock-based compensation and issuance of employee benefit plan stock	—		1
Ending common stock	111		113



Beginning and ending treasury stock	(7,837)		(7,837)

Beginning additional paid-in capital	120,864		140,024
Stock-based compensation and issuance of employee benefit plan stock	3,650		3,955
Ending additional paid-in capital	124,514		143,979

Beginning accumulated other comprehensive income (loss)	(34)		28,230
Other comprehensive income (loss)	(880)		(3,362)
Ending accumulated other comprehensive income (loss)	(914)		24,868

Beginning retained earnings	172,866		250,536

Net income	17,127		30,255
Ending retained earnings	189,993		280,791

Total ending stockholders’ equity	$	305,867	$	441,914

The following table summarizes the changes in “Accumulated other comprehensive income (loss)” by separate components (in millions):


	Three Months Ended March 31,
	2025		2026
Total beginning accumulated other comprehensive income (loss), net of tax of $(1,762) and $(9,384)	$	(34)	$	28,230


Foreign currency translation adjustments:
Beginning balance, net of tax of $292 and $98	(6,174)		(1,948)
Foreign currency translation adjustments, net of tax of $(66) and $(13)	1,535		(764)
Ending balance, net of tax of $226 and $85	(4,639)		(2,712)




Unrealized gains (losses) on net investment hedging instruments:
Beginning balance, net of tax of $0 and $0	—		—
Change in net unrealized gains (losses), net of tax of $0 and $24	—		(85)
Ending balance, net of tax of $0 and $24	—		(85)




Unrealized gains (losses) on available-for-sale debt securities:
Beginning balance, net of tax of $(2,054) and $(9,481)	6,139		30,170
Change in net unrealized gains (losses), net of tax of $(11) and $(340)	37		826
Reclassification adjustments for net losses (gains) included in “Other income (expense), net,” net of tax of $809 and $1,142	(2,454)		(3,337)
Ending balance, net of tax of $(1,256) and $(8,679)	3,722		27,659





Other:
Beginning balance, net of tax of $0 and $(1)	1		8
Other, net of tax of $1 and $(2)	2		(2)
Ending balance, net of tax of $1 and $(3)	3		6




Total ending accumulated other comprehensive income (loss), net of tax of $(1,029) and $(8,573)	$	(914)	$	24,868