What was Amazon's total GMV in 2025?

Amazon's total gross merchandise value surpassed $830 billion globally in 2025, with third-party sellers accounting for approximately $575 billion of that total.

How much did Amazon's ad revenue grow in Q4 2025?

Amazon's advertising revenue grew 22% year-over-year to $21.3 billion in Q4 2025, representing a $75 billion annual run rate.

What percentage of Amazon sales come from third-party sellers?

Third-party sellers now account for 69% of all units sold on Amazon, a record share that continues to climb as Amazon shifts toward a marketplace model.

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Important

Operations

Amazon GMV Surpasses $830B in 2025

Q: How are seller margins being affected by Amazon's growth?

While Amazon's own operating margin expanded to 11.3%, average seller net margins have compressed by 2-3 percentage points over the past two years due to rising FBA fees, inbound placement charges, and increasing advertising costs.

Max

March 3, 2026

6 min

Summarize with AI

COO at Nova Analytics

Max leads operations at Nova Analytics, helping Amazon sellers optimize their business performance through data-driven insights and strategic automation.

Quick Summary

•Amazon's total GMV surpassed $830 billion globally in 2025, with $716.9B in annual revenue
•3P sellers now account for 69% of all units sold, roughly $575B in marketplace GMV
•Ad revenue jumped 22% to $21.3B in Q4 alone, a $75B annual run rate
•Amazon's operating margin expanded to 11.3% while seller margins compressed 2-3 points

Nova surfaces every Amazon fee, refund, and margin shift in your live P&L, across 23 marketplaces. Check the SKU-level breakdown

What's Happening

Amazon posted record Q4 2025 earnings on February 6, 2026. Revenue hit $213.4 billion for the quarter and $716.9 billion for the full year. Both numbers topped analyst expectations. But the headline number that matters most for sellers? Total GMV across Amazon's marketplace surpassed $830 billion globally. For the FBM sellers on Nova, the angle that matters here is different from FBA, and it's worth flagging up front.

Third-party sellers now account for 69% of all units sold on Amazon. That translates to roughly $575 billion in 3P GMV. It's a record share, and it's still climbing. Amazon's advertising revenue also jumped 22% year-over-year to $21.3 billion in Q4 alone. That's now a $75 billion annual run rate for ads.

Here's what's less visible in the headlines: Amazon is prioritizing its own profitability. Operating margins expanded to 11.3% in Q4, up from 7.8% a year ago. The company plans to spend over $200 billion in capex in 2026, mostly on AI infrastructure and logistics. For sellers, this means the platform is getting more expensive to operate on, even as it grows.

Annual Revenue

$716.9B

Up 11% YoY, record full-year revenue

Total GMV

$830B+

Global marketplace gross merchandise value

3P Seller Share

69%

Of all units sold, roughly $575B in 3P GMV

Key Dates & Deadlines

Feb 6, 2026

Q4 2025 Earnings Released

Amazon reports $213.4B in Q4 revenue, beating Wall Street estimates by $3.2B

Full Year 2025

$716.9B Annual Revenue

Record full-year revenue, up 11% YoY. Operating income reaches $68.6B.

2026 Outlook

$200B+ Capital Expenditure Planned

Amazon signals massive infrastructure spend focused on AI, logistics, and AWS capacity

Impact on Amazon Sellers

Ad Costs Keep Climbing

Amazon's ad revenue hit $21.3 billion in Q4. That money comes directly from sellers. Average CPCs have risen 15-20% year-over-year in competitive categories. With Amazon pushing ad placements into more surfaces (including streaming TV and Rufus results), sellers face growing pressure to spend more just to maintain visibility. If you're not tracking your ad efficiency at the product level, you're likely overspending.

Margin Compression Is Real

Amazon's own operating margin expanded to 11.3%. Sellers aren't seeing the same improvement. Between rising FBA fees, inbound placement charges, and increasing ad costs, the average seller's net margin has compressed by 2-3 percentage points over the past two years. The sellers who survive this environment are the ones who know their unit economics cold. Product-level profit and loss tracking isn't optional anymore.

3P vs 1P Channel Dynamics

With 3P sellers now at 69% unit share, Amazon continues to shift toward a marketplace model. This creates opportunity for brands that can operate efficiently at scale. But it also means more competition for the same customers. The brands winning right now are the ones combining strong organic rankings with disciplined ad spend and fast fulfillment.

Metric	Q4 2024	Q4 2025	Change
Quarterly Revenue	$187.8B	$213.4B	+13.6%
Ad Revenue	$17.3B	$21.3B	+22%
Operating Margin	7.8%	11.3%	+3.5pp
3P Unit Share	62%	69%	+7pp

What You Should Do Now

1.
Track Unit Economics at the Product Level
With margins compressing, you can't afford to guess which products are profitable. Calculate your true net margin per SKU after all Amazon fees, ad spend, COGS, and shipping. Kill or fix anything running negative. Double down on your winners.
2.
Optimize Ad Efficiency, Not Just Ad Spend
Ad costs aren't coming down. Focus on TACoS (Total Advertising Cost of Sale) rather than ACoS alone. Build organic ranking through better listings and review velocity so you're less dependent on paid traffic. Use product-level performance data to cut waste.
3.
Diversify Beyond Amazon
Amazon's GMV growth is real, but so is the fee pressure. Sellers who build their own DTC channels, expand to Walmart or TikTok Shop, or invest in wholesale relationships have more use. Don't put all your revenue into a platform that's actively optimizing for its own margins.

How Nova Helps

Navigate the Margin Squeeze

Nova's Profit and Loss Analytics show you exactly where your money goes at the product level. Track every fee, ad dollar, and cost input so you can make decisions based on real margins, not revenue vanity metrics.

Use PPC Management to identify wasted ad spend and reallocate budget to high-converting keywords. With ad costs rising 22% YoY, efficiency is the only sustainable strategy.

Winners and Losers automatically flags products losing money so you can take action before the damage compounds. In a margin-compressed environment, speed matters.

Sources

Marketplace Pulse: Amazon GMV Analysis

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Verified Sources

All information verified from official Amazon sources and trusted industry analysts as of publication date.

Deep Dive: Related Guides

For more comprehensive analysis on these topics:

→ TACoS Explained: Total Advertising Cost of Sale vs ACoS

Most Amazon sellers track ACoS religiously. But if you're not watching TACoS, you're missing the bigger picture of your business health.

Quick Summary

What's Happening

Annual Revenue

Total GMV

3P Seller Share

Key Dates & Deadlines

Impact on Amazon Sellers

Ad Costs Keep Climbing

Margin Compression Is Real

3P vs 1P Channel Dynamics

What You Should Do Now

How Nova Helps

Navigate the Margin Squeeze

Sources

Ready to Transform Your Amazon Business?

Verified Sources

Deep Dive: Related Guides

Ask Claude about your Amazon data

Ask Claude about your Amazon data

What's Happening

Annual Revenue

Total GMV

3P Seller Share

Key Dates & Deadlines

Impact on Amazon Sellers

Ad Costs Keep Climbing

Margin Compression Is Real

3P vs 1P Channel Dynamics

What You Should Do Now

How Nova Helps

Navigate the Margin Squeeze

Sources

Ready to Transform Your Amazon Business?

Frequently Asked Questions

What was Amazon's total GMV in 2025?

How much did Amazon's ad revenue grow in Q4 2025?

What percentage of Amazon sales come from third-party sellers?

How are seller margins being affected by Amazon's growth?

Frequently Asked Questions

What was Amazon's total GMV in 2025?

How much did Amazon's ad revenue grow in Q4 2025?

What percentage of Amazon sales come from third-party sellers?

How are seller margins being affected by Amazon's growth?