Amazon.com Announces Fourth Quarter Results
SEATTLE--( BUSINESS WIRE)--Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its fourth quarter ended December 31, 2025.
Fourth Quarter 2025
Full Year 2025
“AWS growing 24% (our fastest growth in 13 quarters), Advertising growing 22%, Stores growing briskly across North America and International, our chips business growing triple digit percentages year-over-year—this growth is happening because we’re continuing to innovate at a rapid rate, and identify and knock down customer problems,” said Andy Jassy, President and CEO, Amazon. “With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital.”
Some other highlights since the company’s last earnings announcement include that Amazon:
Financial Guidance
The following forward-looking statements reflect Amazon.com’s expectations as of February 5, 2026, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates and energy prices, changes in global economic and geopolitical conditions, tariff and trade policies, resource and supply volatility, including for memory chips, and customer demand and spending (including the impact of recessionary fears), inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed below.
First Quarter 2026 Guidance
Conference Call Information
A conference call will be webcast live today at 2:00 p.m. PT/5:00 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company’s financial and operating results.
Forward-Looking Statements
These forward-looking statements are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security incidents, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and subsequent filings.
Additional Information
Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
AMAZON.COM, INC.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2025
2024
2025
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD
$
78,677
$
70,464
$
73,890
$
82,312
OPERATING ACTIVITIES:
Net income
20,004
21,192
59,248
77,670
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other
15,631
19,471
52,795
65,756
Stock-based compensation
4,995
4,397
22,011
19,467
Non-operating expense (income), net
(486
)
(693
)
2,012
(14,880
)
Deferred income taxes
(1,608
)
822
(4,648
)
11,470
Changes in operating assets and liabilities:
Inventories
934
3,101
(1,884
)
(3,002
)
Accounts receivable, net and other
(4,023
)
(5,478
)
(3,249
)
(7,333
)
Other assets
(4,190
)
(5,220
)
(14,483
)
(15,632
)
Accounts payable
8,726
11,065
2,972
11,231
Accrued expenses and other
4,042
5,993
(2,904
)
(5,019
)
Unearned revenue
1,611
(191
)
4,007
(214
)
Net cash provided by (used in) operating activities
45,636
54,459
115,877
139,514
INVESTING ACTIVITIES:
Purchases of property and equipment
(27,834
)
(39,522
)
(82,999
)
(131,819
)
Proceeds from property and equipment sales and incentives
1,782
1,053
5,341
3,499
Acquisitions, net of cash acquired, non-marketable investments, and other, net
(2,535
)
(1,403
)
(7,082
)
(3,841
)
Sales and maturities of marketable securities
3,677
8,841
16,403
44,386
Purchases of marketable securities
(12,533
)
(16,214
)
(26,005
)
(54,770
)
Net cash provided by (used in) investing activities
(37,443
)
(47,245
)
(94,342
)
(142,545
)
FINANCING ACTIVITIES:
Proceeds from short-term debt, and other
2,554
2,189
5,142
9,320
Repayments of short-term debt, and other
(2,607
)
(3,126
)
(5,060
)
(8,426
)
Proceeds from long-term debt
—
14,927
—
15,673
Repayments of long-term debt
(2,500
)
(1,262
)
(9,182
)
(5,021
)
Principal repayments of finance leases
(333
)
(385
)
(2,043
)
(1,557
)
Principal repayments of financing obligations
(422
)
(52
)
(669
)
(328
)
Net cash provided by (used in) financing activities
(3,308
)
12,291
(11,812
)
9,661
Foreign currency effect on cash, cash equivalents, and restricted cash
(1,250
)
137
(1,301
)
1,164
Net increase (decrease) in cash, cash equivalents, and restricted cash
3,635
19,642
8,422
7,794
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD
$
82,312
$
90,106
$
82,312
$
90,106
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest
$
643
$
450
$
1,858
$
1,458
Cash paid for operating leases
3,225
3,563
12,341
15,038
Cash paid for interest on finance leases
70
76
287
295
Cash paid for interest on financing obligations
58
37
219
196
Cash paid for income taxes, net of refunds
4,146
1,521
12,308
8,295
Assets acquired under operating leases
4,189
5,931
15,424
19,930
Property and equipment acquired under finance leases, net of remeasurements and modifications
445
943
854
2,911
Increase (decrease) in property and equipment acquired but not yet paid
2,246
5,306
7,039
10,155
AMAZON.COM, INC.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2025
2024
2025
Net product sales
$
82,226
$
89,992
$
272,311
$
296,266
Net service sales
105,566
123,394
365,648
420,658
Total net sales
187,792
213,386
637,959
716,924
Operating expenses:
Cost of sales
98,893
109,959
326,288
356,414
Fulfillment
27,962
30,826
98,505
109,074
Technology and infrastructure
23,571
29,399
88,544
108,521
Sales and marketing
13,124
14,264
43,907
47,129
General and administrative
2,863
2,704
11,359
11,172
Other operating expense (income), net
176
1,257
763
4,639
Total operating expenses
166,589
188,409
569,366
636,949
Operating income
21,203
24,977
68,593
79,975
Interest income
1,248
1,130
4,677
4,381
Interest expense
(570
)
(679
)
(2,406
)
(2,274
)
Other income (expense), net
468
1,177
(2,250
)
15,229
Total non-operating income
1,146
1,628
21
17,336
Income before income taxes
22,349
26,605
68,614
97,311
Provision for income taxes
(2,325
)
(4,946
)
(9,265
)
(19,087
)
Equity-method investment activity, net of tax
(20
)
(467
)
(101
)
(554
)
Net income
$
20,004
$
21,192
$
59,248
$
77,670
Basic earnings per share
$
1.90
$
1.98
$
5.66
$
7.29
Diluted earnings per share
$
1.86
$
1.95
$
5.53
$
7.17
Weighted-average shares used in computation of earnings per share:
Basic
10,552
10,709
10,473
10,656
Diluted
10,771
10,863
10,721
10,827
AMAZON.COM, INC.
Consolidated Statements of Comprehensive Income
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2025
2024
2025
Net income
$
20,004
$
21,192
$
59,248
$
77,670
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $183, $(13), $226, and $(194)
(3,511
)
67
(3,333
)
4,226
Available-for-sale debt securities:
Change in net unrealized gains (losses), net of tax of $(1,804), $(4,934), $(2,086), and $(8,754)
5,395
15,830
6,339
28,304
Less: reclassification adjustment for net losses (gains) included in “Other income (expense), net,” net of tax of $(1), $1, $(2), and $1,327
1
(7
)
5
(4,273
)
Net change
5,396
15,823
6,344
24,031
Other, net of tax of $0, $(1), $1, and $(1)
(1
)
7
(5
)
7
Total other comprehensive income (loss)
1,884
15,897
3,006
28,264
Comprehensive income
$
21,888
$
37,089
$
62,254
$
105,934
AMAZON.COM, INC.
Segment Information
(in millions)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2025
2024
2025
North America
Net sales
$
115,586
$
127,083
$
387,497
$
426,305
Operating expenses
106,330
115,611
362,530
396,686
Operating income
$
9,256
$
11,472
$
24,967
$
29,619
International
Net sales
$
43,420
$
50,724
$
142,906
$
161,894
Operating expenses
42,105
49,684
139,114
157,144
Operating income
$
1,315
$
1,040
$
3,792
$
4,750
AWS
Net sales
$
28,786
$
35,579
$
107,556
$
128,725
Operating expenses
18,154
23,114
67,722
83,119
Operating income
$
10,632
$
12,465
$
39,834
$
45,606
Consolidated
Net sales
$
187,792
$
213,386
$
637,959
$
716,924
Operating expenses
166,589
188,409
569,366
636,949
Operating income
21,203
24,977
68,593
79,975
Total non-operating income
1,146
1,628
21
17,336
Provision for income taxes
(2,325
)
(4,946
)
(9,265
)
(19,087
)
Equity-method investment activity, net of tax
(20
)
(467
)
(101
)
(554
)
Net income
$
20,004
$
21,192
$
59,248
$
77,670
Segment Highlights:
Y/Y net sales growth:
North America
10
%
10
%
10
%
10
%
International
8
17
9
13
AWS
19
24
19
20
Consolidated
10
14
11
12
Net sales mix:
North America
62
%
59
%
61
%
59
%
International
23
24
22
23
AWS
15
17
17
18
Consolidated
100
%
100
%
100
%
100
%
AMAZON.COM, INC.
Consolidated Balance Sheets
(in millions, except per share data)
(unaudited)
December 31, 2024
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
78,779
$
86,810
Marketable securities
22,423
36,219
Inventories
34,214
38,325
Accounts receivable, net and other
55,451
67,729
Total current assets
190,867
229,083
Property and equipment, net
252,665
357,025
Operating leases
76,141
86,054
Goodwill
23,074
23,273
Other assets
82,147
122,607
Total assets
$
624,894
$
818,042
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
94,363
$
121,909
Accrued expenses and other
66,965
75,520
Unearned revenue
18,103
20,576
Total current liabilities
179,431
218,005
Long-term lease liabilities
78,277
87,339
Long-term debt
52,623
65,648
Other long-term liabilities
28,593
35,985
Commitments and contingencies
Stockholders’ equity:
Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)
—
—
Common stock ($0.01 par value; 100,000 shares authorized; 11,108 and 11,246 shares issued; 10,593 and 10,731 shares outstanding)
111
112
Treasury stock, at cost
(7,837
)
(7,837
)
Additional paid-in capital
120,864
140,024
Accumulated other comprehensive income (loss)
(34
)
28,230
Retained earnings
172,866
250,536
Total stockholders’ equity
285,970
411,065
Total liabilities and stockholders’ equity
$
624,894
$
818,042
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except per share data)
(unaudited)
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Y/Y %
Change
Cash Flows and Shares
Operating cash flow -- trailing twelve months (TTM)
$
112,706
$
115,877
$
113,903
$
121,137
$
130,691
$
139,514
20
%
Operating cash flow -- TTM Y/Y growth
57
%
36
%
15
%
12
%
16
%
20
%
N/A
Purchases of property and equipment, net of proceeds from sales and incentives -- TTM
$
64,959
$
77,658
$
87,978
$
102,953
$
115,903
$
128,320
65
%
Free cash flow -- TTM (1)
$
47,747
$
38,219
$
25,925
$
18,184
$
14,788
$
11,194
(71
)%
Common shares and stock-based awards outstanding
10,872
10,876
10,876
10,952
10,955
10,953
1
%
Common shares outstanding
10,511
10,593
10,613
10,660
10,687
10,731
1
%
Stock-based awards outstanding
361
283
263
292
268
222
(21
)%
Stock-based awards outstanding -- % of common shares outstanding
3.4
%
2.7
%
2.5
%
2.7
%
2.5
%
2.1
%
N/A
Results of Operations
Worldwide (WW) net sales
$
158,877
$
187,792
$
155,667
$
167,702
$
180,169
$
213,386
14
%
WW net sales -- Y/Y growth, excluding F/X
11
%
11
%
10
%
12
%
12
%
12
%
N/A
WW net sales -- TTM
$
620,128
$
637,959
$
650,313
$
670,038
$
691,330
$
716,924
12
%
WW net sales -- TTM Y/Y growth, excluding F/X
12
%
11
%
11
%
11
%
11
%
12
%
N/A
Operating income
$
17,411
$
21,203
$
18,405
$
19,171
$
17,422
$
24,977
18
%
F/X impact -- favorable
$
16
$
14
$
53
$
153
$
129
$
23
N/A
Operating income -- Y/Y growth (decline), excluding F/X
55
%
60
%
20
%
30
%
(1
)%
18
%
N/A
Operating margin -- % of WW net sales
11.0
%
11.3
%
11.8
%
11.4
%
9.7
%
11.7
%
N/A
Operating income -- TTM
$
60,599
$
68,593
$
71,691
$
76,190
$
76,201
$
79,975
17
%
Operating income -- TTM Y/Y growth, excluding F/X
129
%
86
%
51
%
40
%
25
%
16
%
N/A
Operating margin -- TTM % of WW net sales
9.8
%
10.8
%
11.0
%
11.4
%
11.0
%
11.2
%
N/A
Net income
$
15,328
$
20,004
$
17,127
$
18,164
$
21,187
$
21,192
6
%
Net income per diluted share
$
1.43
$
1.86
$
1.59
$
1.68
$
1.95
$
1.95
5
%
Net income -- TTM
$
49,868
$
59,248
$
65,944
$
70,623
$
76,482
$
77,670
31
%
Net income per diluted share -- TTM
$
4.67
$
5.53
$
6.13
$
6.55
$
7.08
$
7.17
30
%
____________________
(1)
Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions)
(unaudited)
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Y/Y %
Change
Segments
North America Segment:
Net sales
$
95,537
$
115,586
$
92,887
$
100,068
$
106,267
$
127,083
10
%
Net sales -- Y/Y growth, excluding F/X
9
%
10
%
8
%
11
%
11
%
10
%
N/A
Net sales -- TTM
$
377,425
$
387,497
$
394,043
$
404,078
$
414,808
$
426,305
10
%
Operating income
$
5,663
$
9,256
$
5,841
$
7,517
$
4,789
$
11,472
24
%
F/X impact -- unfavorable
$
(28
)
$
(49
)
$
(32
)
$
(46
)
$
(53
)
$
(73
)
N/A
Operating income -- Y/Y growth (decline), excluding F/X
32
%
44
%
18
%
49
%
(14
)%
25
%
N/A
Operating margin -- % of North America net sales
5.9
%
8.0
%
6.3
%
7.5
%
4.5
%
9.0
%
N/A
Operating income -- TTM
$
22,172
$
24,967
$
25,825
$
28,277
$
27,403
$
29,619
19
%
Operating margin -- TTM % of North America net sales
5.9
%
6.4
%
6.6
%
7.0
%
6.6
%
6.9
%
N/A
International Segment:
Net sales
$
35,888
$
43,420
$
33,513
$
36,761
$
40,896
$
50,724
17
%
Net sales -- Y/Y growth, excluding F/X
12
%
9
%
8
%
11
%
10
%
11
%
N/A
Net sales -- TTM
$
139,729
$
142,906
$
144,484
$
149,582
$
154,590
$
161,894
13
%
Operating income
$
1,301
$
1,315
$
1,017
$
1,494
$
1,199
$
1,040
(21
)%
F/X impact -- favorable (unfavorable)
$
43
$
6
$
(56
)
$
338
$
302
$
319
N/A
Operating income -- Y/Y growth (decline), excluding F/X
N/A
N/A
19
%
324
%
(31
)%
(45
)%
N/A
Operating margin -- % of International net sales
3.6
%
3.0
%
3.0
%
4.1
%
2.9
%
2.1
%
N/A
Operating income -- TTM
$
2,058
$
3,792
$
3,906
$
5,127
$
5,025
$
4,750
25
%
Operating margin -- TTM % of International net sales
1.5
%
2.7
%
2.7
%
3.4
%
3.2
%
2.9
%
N/A
AWS Segment:
Net sales
$
27,452
$
28,786
$
29,267
$
30,873
$
33,006
$
35,579
24
%
Net sales -- Y/Y growth, excluding F/X
19
%
19
%
17
%
17
%
20
%
24
%
N/A
Net sales -- TTM
$
102,974
$
107,556
$
111,786
$
116,378
$
121,932
$
128,725
20
%
Operating income
$
10,447
$
10,632
$
11,547
$
10,160
$
11,434
$
12,465
17
%
F/X impact -- favorable (unfavorable)
$
1
$
57
$
141
$
(139
)
$
(120
)
$
(223
)
N/A
Operating income -- Y/Y growth, excluding F/X
50
%
48
%
21
%
10
%
11
%
19
%
N/A
Operating margin -- % of AWS net sales
38.1
%
36.9
%
39.5
%
32.9
%
34.6
%
35.0
%
N/A
Operating income -- TTM
$
36,369
$
39,834
$
41,960
$
42,786
$
43,773
$
45,606
14
%
Operating margin -- TTM % of AWS net sales
35.3
%
37.0
%
37.5
%
36.8
%
35.9
%
35.4
%
N/A
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except employee data)
(unaudited)
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Y/Y %
Change
Net Sales
Online stores (1)
$
61,411
$
75,556
$
57,407
$
61,485
$
67,407
$
82,988
10
%
Online stores -- Y/Y growth, excluding F/X
8
%
8
%
6
%
10
%
8
%
8
%
N/A
Physical stores (2)
$
5,228
$
5,579
$
5,533
$
5,595
$
5,578
$
5,855
5
%
Physical stores -- Y/Y growth, excluding F/X
5
%
8
%
6
%
7
%
7
%
5
%
N/A
Third-party seller services (3)
$
37,864
$
47,485
$
36,512
$
40,348
$
42,486
$
52,816
11
%
Third-party seller services -- Y/Y growth, excluding F/X
10
%
9
%
7
%
10
%
11
%
10
%
N/A
Advertising services (4)
$
14,331
$
17,288
$
13,921
$
15,694
$
17,703
$
21,317
23
%
Advertising services -- Y/Y growth, excluding F/X
19
%
18
%
19
%
22
%
22
%
22
%
N/A
Subscription services (5)
$
11,278
$
11,508
$
11,715
$
12,208
$
12,574
$
13,122
14
%
Subscription services -- Y/Y growth, excluding F/X
11
%
10
%
11
%
11
%
10
%
12
%
N/A
AWS
$
27,452
$
28,786
$
29,267
$
30,873
$
33,006
$
35,579
24
%
AWS -- Y/Y growth, excluding F/X
19
%
19
%
17
%
17
%
20
%
24
%
N/A
Other (6)
$
1,313
$
1,590
$
1,312
$
1,499
$
1,415
$
1,709
7
%
Other -- Y/Y growth, excluding F/X
5
%
17
%
4
%
18
%
7
%
7
%
N/A
Stock-based Compensation Expense
Cost of sales
$
193
$
205
$
148
$
250
$
197
$
182
(11
)%
Fulfillment
$
696
$
697
$
497
$
880
$
685
$
641
(8
)%
Technology and infrastructure
$
2,961
$
2,747
$
2,060
$
3,655
$
2,697
$
2,459
(10
)%
Sales and marketing
$
1,012
$
916
$
653
$
1,207
$
832
$
753
(18
)%
General and administrative
$
471
$
430
$
331
$
542
$
436
$
362
(16
)%
Total stock-based compensation expense
$
5,333
$
4,995
$
3,689
$
6,534
$
4,847
$
4,397
(12
)%
Other
WW shipping costs
$
23,501
$
28,549
$
22,495
$
23,370
$
25,384
$
31,492
10
%
WW shipping costs -- Y/Y growth
8
%
4
%
3
%
6
%
8
%
10
%
N/A
WW paid units -- Y/Y growth (7)
12
%
11
%
8
%
12
%
11
%
12
%
N/A
WW seller unit mix -- % of WW paid units (7)
60
%
62
%
61
%
62
%
62
%
61
%
N/A
Employees (full-time and part-time; excludes contractors & temporary personnel)
1,551,000
1,556,000
1,560,000
1,546,000
1,578,000
1,576,000
1
%
Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth
3
%
2
%
3
%
1
%
2
%
1
%
N/A
____________________
(1)
Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.”
(2)
Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.”
(3)
Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.
(4)
Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising.
(5)
Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.
(6)
Includes sales related to various other offerings (such as shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements.
(7)
Excludes the impact of Whole Foods Market.
Amazon.com, Inc.
Certain Definitions
Customer Accounts
Seller Accounts
AWS Customers
Units