Not quite. Firstly, retail is not a huge loss maker like people make it seem. Amazon has shown in the past that it can make a 6.6% margin on retail (which is fairly huge). Even right now North American retail makes about as big a profit as AWS, losses are coming from international retail.
So in the end you can imagine Amazon being something like 6-7% margin on retail (that's not assuming any technological paradigm shifts like fully automated warehouses, amazon owned banking and payments, fully amazon owned logistics) and 25% margins on AWS.
On top of that you have a fast growing ads business that is destined to rival Google and Facebook (if not displace them) with fat margins, and a big chunk of the smarthome/IoT market via Alexa and AWS.
