Detailed financial statements for Amazon.com, Inc. (AMZN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Amazon.com, Inc. operates a vast global retail enterprise, distributing consumer goods and subscription services through both its extensive online platforms and a network of physical stores across North America and internationally. Its operations are structured into three primary segments: North America, International, and Amazon Web Services (AWS).
Analysis Summary
Amazon.com, Inc. reported revenue of $716.92B in the most recent fiscal year, growing at a 5-year CAGR of 13.2%. Net income reached $77.67B, with a 29.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 50.8%, operating margin 12.1%, net margin 17.4%. Free cash flow grew at -21.6% CAGR over 5 years.
At the current price of $251.40, AMZN trades at a P/E of 19.96 and an ROE of 18.89%. Market capitalisation stands at $2.7T, placing it among large-cap names.
Balance sheet quality for AMZN: current ratio of 1.1, net debt of $29.96B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $7.70B represents 10% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.99B | $177.87B | $232.89B | $280.52B | $386.06B | $469.82B | $513.98B | $574.78B | $637.96B | $716.92B |
| Cost of Revenue | $88.27B | $111.93B | $139.16B | $165.54B | $233.31B | $272.34B | $288.83B | $304.74B | $326.29B | $356.41B |
| Gross Profit | $47.72B | $65.93B | $93.73B | $114.99B | $152.76B | $197.48B | $225.15B | $270.05B | $311.67B | $360.51B |
| Research & Development | $16.09B | $22.62B | $28.84B | $35.93B | $42.74B | $56.05B | $73.21B | $85.62B | $88.54B | $108.52B |
| Selling, General & Admin | $9.66B | $13.74B | $18.15B | $24.08B | $28.68B | $41.37B | $54.13B | $56.19B | $55.27B | $58.30B |
| Operating Expenses | $43.54B | $61.83B | $81.31B | $100.44B | $129.86B | $172.60B | $212.90B | $233.19B | $243.08B | $280.54B |
| Operating Income | $4.35B | $4.11B | $12.42B | $14.54B | $22.90B | $24.88B | $12.25B | $36.85B | $68.59B | $79.97B |
| EBITDA | $12.49B | $16.13B | $28.02B | $37.37B | $51.01B | $74.39B | $38.35B | $89.40B | $123.81B | $165.34B |
| Interest Expense | $484.0M | $848.0M | $1.42B | $1.60B | $1.65B | $1.81B | $2.37B | $3.18B | $2.41B | $2.27B |
| Pre-tax Income | $3.80B | $3.80B | $11.27B | $13.96B | $24.19B | $38.16B | -$5.94B | $37.55B | $68.51B | $96.76B |
| Income Tax | $1.43B | $769.0M | $1.20B | $2.37B | $2.86B | $4.79B | -$3.22B | $7.12B | $9.27B | $19.09B |
| Net Income | $2.37B | $3.03B | $10.07B | $11.59B | $21.33B | $33.36B | -$2.72B | $30.43B | $59.25B | $77.67B |
| EPS | $0.25 | $0.32 | $1.03 | $1.17 | $2.13 | $3.30 | $-0.27 | $2.95 | $5.66 | $7.29 |
| EPS (Diluted) | $0.25 | $0.31 | $1.01 | $1.15 | $2.09 | $3.24 | $-0.27 | $2.90 | $5.53 | $7.17 |
| Shares Outstanding (Diluted) | $9.68B | $9.86B | $10.00B | $10.08B | $10.20B | $10.30B | $10.19B | $10.49B | $10.72B | $10.83B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $180.17B | $213.39B | $181.52B | $200.61B |
| Gross Profit | $91.50B | $103.43B | $94.06B | $104.83B |
| Operating Income | $17.42B | $24.98B | $23.85B | $27.46B |
| EBITDA | $45.50B | $46.76B | $59.58B | $102.16B |
| Net Income | $21.19B | $21.19B | $30.25B | $62.65B |
| EPS | $1.98 | $1.98 | $2.82 | $5.82 |
| EPS (Diluted) | $1.95 | $1.95 | $2.78 | $5.75 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.33B | $20.52B | $31.75B | $36.09B | $42.12B | $36.22B | $53.89B | $73.39B | $78.78B | $86.81B |
| Short-term Investments | $6.65B | $10.46B | $9.50B | $18.93B | $42.27B | $59.83B | $16.14B | $13.39B | $22.42B | $36.22B |
| Receivables | $8.34B | $13.16B | $16.68B | $20.82B | $24.54B | $32.89B | $42.36B | $52.25B | $55.45B | $67.73B |
| Inventory | $11.46B | $16.05B | $17.17B | $20.50B | $23.80B | $32.64B | $34.41B | $33.32B | $34.21B | $38.33B |
| Total Current Assets | $45.78B | $60.20B | $75.10B | $96.33B | $132.73B | $161.58B | $146.79B | $172.35B | $190.87B | $229.08B |
| Property, Plant & Equipment | $29.11B | $48.87B | $61.80B | $97.85B | $150.67B | $216.36B | $252.84B | $276.69B | $328.81B | $443.08B |
| Goodwill | $3.78B | $13.35B | $14.55B | $14.75B | $15.02B | $15.37B | $20.29B | $22.79B | $23.07B | $23.27B |
| Intangible Assets | $854.0M | $3.37B | $4.11B | $4.05B | $4.98B | $5.11B | $6.10B | $7.69B | $8.60B | $9.20B |
| Total Assets | $83.40B | $131.31B | $162.65B | $225.25B | $321.19B | $420.55B | $462.68B | $527.85B | $624.89B | $818.04B |
| Accounts Payable | $25.31B | $34.62B | $38.19B | $47.18B | $72.54B | $78.66B | $79.60B | $84.98B | $94.36B | $121.91B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $43.82B | $57.88B | $68.39B | $87.81B | $126.39B | $142.27B | $155.39B | $164.92B | $179.43B | $218.00B |
| Long-term Debt | $7.69B | $24.74B | $23.50B | $23.41B | $31.82B | $48.74B | $67.15B | $58.31B | $52.62B | $65.65B |
| Total Liabilities | $64.12B | $103.60B | $119.10B | $163.19B | $227.79B | $282.30B | $316.63B | $325.98B | $338.92B | $406.98B |
| Retained Earnings | $4.92B | $8.64B | $19.62B | $31.22B | $52.55B | $85.92B | $83.19B | $113.62B | $172.87B | $250.54B |
| Total Equity | $19.29B | $27.71B | $43.55B | $62.06B | $93.40B | $138.25B | $146.04B | $201.88B | $285.97B | $411.06B |
| Total Debt | $15.21B | $37.93B | $33.15B | $63.20B | $84.39B | $116.39B | $140.12B | $135.61B | $130.90B | $152.99B |
| Net Debt | -$10.77B | $6.94B | -$8.11B | $8.18B | -$7.0M | $20.35B | $70.09B | $48.83B | $29.70B | $29.96B |
| Working Capital | $1.97B | $2.31B | $6.71B | $8.52B | $6.35B | $19.31B | -$8.60B | $7.43B | $11.44B | $11.08B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $66.92B | $86.81B | $101.82B | $78.21B |
| Total Assets | $727.92B | $818.04B | $916.63B | $1.10T |
| Total Liabilities | $358.29B | $406.98B | $474.72B | $544.07B |
| Total Equity | $369.63B | $411.06B | $441.91B | $551.62B |
| Total Debt | $135.42B | $152.99B | $209.89B | $223.23B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.37B | $3.03B | $10.07B | $11.59B | $21.33B | $33.36B | -$2.72B | $30.43B | $59.25B | $77.67B |
| Depreciation & Amortization | $8.12B | $11.48B | $15.34B | $21.79B | $25.25B | $34.30B | $41.92B | $48.66B | $52.80B | $65.76B |
| Stock-based Compensation | $2.98B | $4.21B | $5.42B | $6.86B | $9.21B | $12.76B | $19.62B | $24.02B | $22.01B | $19.47B |
| Change in Working Capital | $3.85B | -$242.0M | -$1.04B | -$2.44B | $13.48B | -$19.61B | -$20.89B | -$11.54B | -$15.54B | -$19.97B |
| Operating Cash Flow | $17.20B | $18.36B | $30.72B | $38.51B | $66.06B | $46.33B | $46.75B | $84.95B | $115.88B | $139.51B |
| Capital Expenditure | -$7.80B | -$11.96B | -$13.43B | -$16.86B | -$40.14B | -$61.05B | -$63.65B | -$52.73B | -$83.00B | -$131.82B |
| Acquisitions | -$116.0M | -$13.97B | -$2.19B | -$2.46B | -$2.33B | -$1.99B | -$8.32B | -$5.84B | -$7.08B | -$3.84B |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$6.00B | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $9.40B | $6.41B | $17.30B | $21.65B | $25.92B | -$14.73B | -$16.89B | $32.22B | $32.88B | $7.70B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $35.52B | $54.46B | $26.03B | $45.39B |
| Capital Expenditure | -$35.09B | -$39.52B | -$44.20B | -$54.21B |
| Free Cash Flow | $430.0M | $14.94B | -$18.17B | -$8.82B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.85B | $4.40B | $4.03B | $6.04B |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +30.8% | +30.9% | +20.5% | +37.6% | +21.7% | +9.4% | +11.8% | +11.0% | +12.4% | |
| Net Income Growth (YoY) | +27.9% | +232.1% | +15.0% | +84.1% | +56.4% | -108.2% | +1,217.7% | +94.7% | +31.1% | |
| EPS Growth (YoY) | +28.0% | +221.9% | +13.6% | +82.1% | +54.9% | -108.2% | +1,192.6% | +91.9% | +28.8% | |
| Shares Change (YoY) | +1.9% | +1.4% | +0.8% | +1.2% | +1.0% | -1.1% | +3.0% | +2.2% | +1.0% | |
| FCF Growth (YoY) | -31.8% | +169.8% | +25.2% | +19.7% | -156.8% | -14.7% | +290.7% | +2.1% | -76.6% | |
| Gross Margin | 35.1% | 37.1% | 40.2% | 41.0% | 39.6% | 42.0% | 43.8% | 47.0% | 48.9% | 50.3% |
| Operating Margin | 3.2% | 2.3% | 5.3% | 5.2% | 5.9% | 5.3% | 2.4% | 6.4% | 10.8% | 11.2% |
| EBITDA Margin | 9.2% | 9.1% | 12.0% | 13.3% | 13.2% | 15.8% | 7.5% | 15.6% | 19.4% | 23.1% |
| Net Margin | 1.7% | 1.7% | 4.3% | 4.1% | 5.5% | 7.1% | -0.5% | 5.3% | 9.3% | 10.8% |
| FCF Margin | 6.9% | 3.6% | 7.4% | 7.7% | 6.7% | -3.1% | -3.3% | 5.6% | 5.2% | 1.1% |
| Effective Tax Rate | 37.5% | 20.2% | 10.6% | 17.0% | 11.8% | 12.6% | 54.2% | 19.0% | 13.5% | 19.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.97 | $0.65 | $1.73 | $2.15 | $2.54 | $-1.43 | $-1.66 | $3.07 | $3.07 | $0.71 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9.48B | $9.60B | $9.74B | $9.88B | $10.00B | $10.12B | $10.19B | $10.30B | $10.47B | $10.66B |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 18.89% |
| Return on Invested Capital | 10.70% |
| Return on Assets | 9.49% |
| Gross Margin | 50.77% |
| Operating Margin | 12.08% |
| Net Margin | 17.44% |
Financial Health
| Debt / Equity | 0.40 |
| Current Ratio | 1.03 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 5.27 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 149.96 | 182.72 | 72.91 | 78.97 | 76.46 | 50.52 | -311.11 | 51.51 | 38.76 | 31.66 |
| P/B | 18.43 | 20.26 | 16.80 | 14.71 | 17.44 | 12.20 | 5.86 | 7.76 | 8.03 | 5.98 |
| P/S | 2.61 | 3.16 | 3.14 | 3.25 | 4.22 | 3.59 | 1.67 | 2.72 | 3.60 | 3.43 |
| Gross Margin | 35.1% | 37.1% | 40.2% | 41.0% | 39.6% | 42.0% | 43.8% | 47.0% | 48.9% | 50.3% |
| Operating Margin | 3.2% | 2.3% | 5.3% | 5.2% | 5.9% | 5.3% | 2.4% | 6.4% | 10.8% | 11.2% |
| Net Margin | 1.7% | 1.7% | 4.3% | 4.1% | 5.5% | 7.1% | -0.5% | 5.3% | 9.3% | 10.8% |
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Explore sector: Consumer Cyclical · Specialty Retail
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