Revenue flow

Margins

Stage	AMZN	% of rev	GCT	% of rev	Gap · A − B
Revenue	$202B	100.00%	$424M	100.00%	AMZN ×476.77
Gross profit	$77.4B	38.31%	$105M	24.85%	AMZN +13.5pp
Operating income	$28.1B	13.90%	$59M	13.94%	0.0pp
Pre-tax income	$26.9B	13.31%	$62M	14.64%	GCT +1.3pp
Net income	$20.7B	10.24%	$51M	11.95%	GCT +1.7pp

Stage	AMZN	GCT	Gap · A − B
Revenue	$202B100.00%	$424M100.00%	AMZN ×476.77
Gross profit	38.31%$77.4B	24.85%$105M	AMZN +13.5pp
Operating income	13.90%$28.1B	13.94%$59M	0.0pp
Pre-tax income	13.31%$26.9B	14.64%$62M	GCT +1.3pp