As of Q4'25, Amazon's operating expenses reached their highest levels in the period, with R&D Expenses at USD 29.4B and SG&A Expenses at USD 17B. This marks a significant increase from the previous quarter, continuing the upward trajectory observed throughout 2025. From Q1'23 to Q4'25, both R&D and SG&A expenses displayed a generally upward trend, despite some quarterly fluctuations. R&D Expenses grew from USD 20.5B in Q1'23 to USD 29.4B in Q4'25, while SG&A Expenses increased from USD 13.2B to USD 17B over the same period. The most notable acceleration occurred in 2025, with both categories experiencing their largest quarterly jumps, indicating heightened investment in research, development, and administrative functions.