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Amazon

AMZN Nasdaq Broadline Retail Financials FY2016–FY2025

Amazon's revenue rose 12.4% to $716.9 billion in fiscal 2025. Its operating margin was 11.2%, up from 10.8% a year earlier. Free cash flow was $7.7 billion, down 76.6%. The diluted share count rose 1.0%.

Last close · Oct 23, 2026

$248.00

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$716.9B
12.4% vs prior year
Operating margin Operating income as a share of revenue.
11.2%
0.4 pts
Net income Profit after all expenses, interest and tax.
$77.7B
31.1%
Free cash flow Cash from operations minus capital spending.
$7.7B
76.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.6%
5.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.70T
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.0x
On $12.43 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (20-for-1), so every year is on today's share basis.

What Amazon does

Amazon sells a huge range of products to consumers through its websites, apps and physical stores, and lets other businesses sell in its stores too. It makes its own devices, including Kindle, Echo, Fire TV and Ring, and produces films and series. Its Prime membership bundles fast, free shipping with streaming video, live sports and other perks. Through Amazon Web Services (AWS) it rents computing power, storage, databases and AI tools over the internet to companies, start-ups and government agencies.

Amazon reports three segments: North America, International and AWS. In 2025 the International segment made up 23% of revenue, and AWS sales rose 20% from the year before. Besides selling goods itself, Amazon earns fees from third-party sellers, which can include a cut of each sale and charges for storing and shipping their orders. It also earns money from ads shown to shoppers, and from subscriptions. Amazon says it competes with a very wide field, including other retailers, media companies, search engines and social networks, cloud and technology providers, delivery firms and grocers.

At the end of 2025 Amazon had about 1,576,000 full-time and part-time employees, and it runs its own network of warehouses and delivery services. Sales are usually highest in the fourth quarter, which includes the holidays.

Legal name
AMAZON COM INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 6, 2026
Accession · CIK
0001018724-26-000004
0001018724

Revenue and margins

Amazon had $716.9B of revenue in fiscal 2025, up 12.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 45.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $7.7B in fiscal 2025, 1.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Amazon returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 1.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Amazon yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $41.5B and divides by 10,827.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.0x · peers 36.3x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Amazon can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $96.0B$70.0B$86.8B$101.2B$123.0B
Debt incl. finance leases $74.3B$86.3B$79.4B$68.8B$81.6B
Net debt / EBITDA −0.4x0.3x−0.1x−0.3x−0.3x
Debt / equity 0.5x0.6x0.4x0.2x0.2x
Interest coverage 13.8x5.2x11.6x28.5x35.2x
Current ratio 1.1x0.9x1.1x1.1x1.1x
Quick ratio 0.9x0.7x0.8x0.9x0.9x
Total assets $420.5B$462.7B$527.9B$624.9B$818.0B
Total liabilities $282.3B$316.6B$326.0B$338.9B$407.0B
Shareholders' equity $138.2B$146.0B$201.9B$286.0B$411.1B
Net debt (− = net cash) −$21.7B$16.3B−$7.3B−$32.4B−$41.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$365M

7 insiders

Of sales under plans

100%

$365M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Douglas J HerringtonCEO Worldwide Amazon Stores Sold plan 1,000 $251.50 $0.3M Form 4
Sep 1, 2026 Douglas J HerringtonCEO Worldwide Amazon Stores Sold plan 1,000 $254.77 $0.3M Form 4
Aug 24, 2026 David ZapolskySenior Vice President Sold plan 9,258 $259.77 $2.4M Form 4
Aug 21, 2026 Andrew R JassyPresident and CEO, Director Sold plan 20,000 $259.01 $5.2M Form 4
Aug 21, 2026 Brian T OlsavskySenior Vice President and CFO Sold plan 6,172 $260.31 $1.6M Form 4
Aug 21, 2026 David ZapolskySenior Vice President Sold plan 6,172 $259.14 $1.6M Form 4
Aug 21, 2026 Douglas J HerringtonCEO Worldwide Amazon Stores Sold plan 6,362 $259.01 $1.6M Form 4
Aug 21, 2026 Matthew S GarmanCEO Amazon Web Services Sold plan 14,541 $259.06 $3.8M Form 4
Aug 21, 2026 Shelley ReynoldsVice President Sold plan 2,343 $259.01 $0.6M Form 4
Aug 17, 2026 Douglas J HerringtonCEO Worldwide Amazon Stores Sold plan 3,741 $262.77 $1.0M Form 4
Aug 3, 2026 Douglas J HerringtonCEO Worldwide Amazon Stores Sold plan 1,000 $278.39 $0.3M Form 4
Aug 3, 2026 Jeffrey P BezosExecutive Chair, Director Sold plan 1,209,649 $286.41 $346M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 97 / 96 / 9
Accruals ratio −11.0%−9.8%−8.6%
Altman Z'' 1.912.652.80

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Amazon AMZN $2.70T 12.4% 11.2% 1.1% 20.6% 20.0x 6
Walmart WMT $956.5B 4.7% 4.2% 2.1% 16.1% 43.3x 7 Compare →
Costco COST $445.9B 10.1% 3.9% 3.1% 40.7% 48.3x 7 Compare →
Microsoft MSFT $3.91T 17.8% 46.8% 20.2% 30.9% 29.2x 6 Compare →
Alphabet GOOGL $3.94T 15.1% 32.0% 18.2% 36.7% 16.1x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $136.0B $177.9B $232.9B $280.5B $386.1B $469.8B $514.0B $574.8B $638.0B $716.9B
Gross profit $47.7B $65.9B $93.7B $115.0B $152.8B $197.5B $225.2B $270.0B $311.7B $360.5B
Operating income $4.2B $4.1B $12.4B $14.5B $22.9B $24.9B $12.2B $36.9B $68.6B $80.0B
Interest expense $484M $848M $1.4B $1.6B $1.6B $1.8B $2.4B $3.2B $2.4B $2.3B
Pretax income $3.9B $3.8B $11.3B $14.0B $24.2B $38.2B −$5.9B $37.6B $68.6B $97.3B
Income tax $1.4B $769M $1.2B $2.4B $2.9B $4.8B −$3.2B $7.1B $9.3B $19.1B
Net income $2.4B $3.0B $10.1B $11.6B $21.3B $33.4B −$2.7B $30.4B $59.2B $77.7B
Diluted EPS $0.25 $0.31 $1.01 $1.15 $2.09 $3.24 −$0.27 $2.90 $5.53 $7.17
Diluted shares 9.68B 9.86B 10.00B 10.08B 10.20B 10.30B 10.19B 10.49B 10.72B 10.83B
Cash flow
Cash from operations $17.2B $18.4B $30.7B $38.5B $66.1B $46.3B $46.8B $84.9B $115.9B $139.5B
Capital expenditure $6.7B $12.0B $13.4B $16.9B $40.1B $61.1B $63.6B $52.7B $83.0B $131.8B
Free cash flow $10.5B $6.4B $17.3B $21.7B $25.9B −$14.7B −$16.9B $32.2B $32.9B $7.7B
Depreciation and amortization $8.1B $11.5B $15.3B $21.8B $25.2B $34.4B $41.9B $48.7B $52.8B $65.8B
Stock-based compensation $3.0B $4.2B $5.4B $6.9B $9.2B $12.8B $19.6B $24.0B $22.0B $19.5B
Acquisitions $116M $14.0B $2.2B $2.5B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $6.0B $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $6.0B $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $26.0B $31.0B $41.3B $55.0B $84.4B $96.0B $70.0B $86.8B $101.2B $123.0B
Total debt $8.8B $24.9B $25.0B $24.8B $33.2B $50.6B $70.5B $67.3B $58.2B $69.3B
Finance lease liabilities $0.0M $0.0M $0.0M $27.0B $28.4B $23.8B $15.8B $12.1B $10.6B $12.3B
Current assets $45.8B $60.2B $75.1B $96.3B $132.7B $161.6B $146.8B $172.4B $190.9B $229.1B
Current liabilities $43.8B $57.9B $68.4B $87.8B $126.4B $142.3B $155.4B $164.9B $179.4B $218.0B
Inventory $11.5B $16.0B $17.2B $20.5B $23.8B $32.6B $34.4B $33.3B $34.2B $38.3B
Property and equipment, net $29.1B $48.9B $61.8B $72.7B $113.1B $160.3B $186.7B $204.2B $252.7B $357.0B
Total assets $83.4B $131.3B $162.6B $225.2B $321.2B $420.5B $462.7B $527.9B $624.9B $818.0B
Total liabilities $64.1B $103.6B $119.1B $163.2B $227.8B $282.3B $316.6B $326.0B $338.9B $407.0B
Shareholders' equity $19.3B $27.7B $43.5B $62.1B $93.4B $138.2B $146.0B $201.9B $286.0B $411.1B
Margins
Gross margin 35.1% 37.1% 40.3% 41.0% 39.6% 42.0% 43.8% 47.0% 48.9% 50.3%
Operating margin 3.1% 2.3% 5.3% 5.2% 5.9% 5.3% 2.4% 6.4% 10.8% 11.2%
EBITDA margin 9.1% 8.8% 11.9% 13.0% 12.5% 12.6% 10.5% 14.9% 19.0% 20.3%
Net margin 1.7% 1.7% 4.3% 4.1% 5.5% 7.1% −0.5% 5.3% 9.3% 10.8%
FCF margin 7.7% 3.6% 7.4% 7.7% 6.7% −3.1% −3.3% 5.6% 5.2% 1.1%
Returns
Return on capital — 27.5% 45.4% 28.0% 31.2% 23.3% 6.9% 16.7% 26.5% 20.6%
Return on capital employed 11.9% 7.3% 14.8% 12.6% 13.8% 10.5% 4.2% 11.0% 17.0% 15.3%
Return on equity 14.5% 12.9% 28.3% 22.0% 27.4% 28.8% −1.9% 17.5% 24.3% 22.3%
Return on assets 3.2% 2.8% 6.9% 6.0% 7.8% 9.0% −0.6% 6.1% 10.3% 10.8%
Growth
Revenue growth 27.1% 30.8% 30.9% 20.5% 37.6% 21.7% 9.4% 11.8% 11.0% 12.4%
Net income growth 297.8% 27.9% 232.1% 15.0% 84.1% 56.4% −108.2% — 94.7% 31.1%
EPS growth 292.0% 25.5% 227.5% 14.3% 81.7% 55.0% −108.3% — 90.7% 29.7%
FCF growth 40.5% −38.8% 169.8% 25.2% 19.7% −156.8% — — 2.1% −76.6%
Share count change 1.5% 1.9% 1.4% 0.8% 1.2% 1.0% −1.0% 3.0% 2.2% 1.0%
Financial health
Net debt / EBITDA −1.4x −0.4x −0.6x −0.1x −0.5x −0.4x 0.3x −0.1x −0.3x −0.3x
Debt / equity 0.5x 0.9x 0.6x 0.8x 0.7x 0.5x 0.6x 0.4x 0.2x 0.2x
Interest coverage 8.7x 4.8x 8.8x 9.1x 13.9x 13.8x 5.2x 11.6x 28.5x 35.2x
Current ratio 1.0x 1.0x 1.1x 1.1x 1.1x 1.1x 0.9x 1.1x 1.1x 1.1x
Quick ratio 0.8x 0.8x 0.9x 0.9x 0.9x 0.9x 0.7x 0.8x 0.9x 0.9x
Capital allocation
Capex / revenue 5.0% 6.7% 5.8% 6.0% 10.4% 13.0% 12.4% 9.2% 13.0% 18.4%
Stock comp / revenue 2.2% 2.4% 2.3% 2.5% 2.4% 2.7% 3.8% 4.2% 3.5% 2.7%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% — — 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 7.0 5.0 7.0 5.0 5.0 6.0 4.0 8.0 7.0 6.0
Altman Z'' 1.0 0.8 1.6 1.5 1.6 1.9 1.1 1.9 2.7 2.8
Accruals ratio −20.0% −14.3% −14.1% −13.9% −16.4% −3.5% −11.2% −11.0% −9.8% −8.6%

Source: SEC EDGAR XBRL filings (CIK 0001018724). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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