Amazon

AMZN Nasdaq Broadline Retail Financials FY2016–FY2025

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.

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Last close · Oct 26, 2026

$249.09

0.4%

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Earnings calendar · Amazon

Every quarter, companies publish how much they sold and earned. These are the days Amazon did it, and the next one. Share prices often move a lot on those days.

Next results

October 29, 2026

Thursday · in 2 days

Time: After the market closes
Covers: Period ended Sep 30, 2026
Expected EPS: $2.01
Source: Earnings calendar

See who else reports that week →

Date	Results for	Time	Source
Jul 30, 2026	Q2 '26	After the market closes	8-K ↗
Apr 29, 2026	Q1 '26	After the market closes	8-K ↗
Feb 5, 2026	Q4 '25	After the market closes	8-K ↗
Oct 30, 2025	Q3 '25	After the market closes	8-K ↗
Jul 31, 2025	Q2 '25	After the market closes	8-K ↗
May 1, 2025	Q1 '25	After the market closes	8-K ↗
Feb 6, 2025	Q4 '24	After the market closes	8-K ↗
Oct 31, 2024	Q3 '24	After the market closes	8-K ↗

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Results coming up

Results in 2 days

Amazon will publish its results for the period ended Sep 30, 2026 on Thursday October 29, 2026.

October 29, 2026
After the market closes
Date from the earnings calendar

Analysts expect EPS of $2.01

Consensus estimate, usually adjusted, so it may differ from the reported (GAAP) figure.

Last results Jul 30, 2026

Share prices often move a lot around results. Dates can change: the company’s own announcement is final. Not investment advice.

KIRA’s summary AI analyst

Hi! I read Amazon’s latest annual report (fiscal 2025). Here is what stands out:

6 strengths

1.Sales and profit

See section →

Amazon had $716.9B of revenue in fiscal 2025, up 12.4% on the year before. Over five years, revenue changed +13.2% a year on average.
Its operating margin was 11.2%, up 0.4 pts: of every 100 in sales, about 11 is left after running the business.
Amazon made $77.7B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 45.2% a year.

2.Cash and shareholders

See section →

Free cash flow was $7.7B in fiscal 2025, 1.1% of revenue.
Amazon returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 1.0%.
In the last 12 months, insiders sold $457M of shares on the open market and bought none.

3.Financial health

See section →

Amazon has $41.5B more cash than debt.
Its return on capital was 20.6%: every 100 invested in the business earned about 21 in a year.
Amazon passes 6 of 9 financial health tests (Piotroski F-score).

4.Price and value

See section →

At $249.09 a share, the company is worth $2.72T: 20.0 times its earnings of the last four quarters.
Amazon grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 1 of 2.

Biggest risks, in its own words

Intense competition across its stores, devices, media and cloud businesses, which could force it to cut prices or spend more.
Running its warehouses, delivery network and data centers well as demand swings up and down.
Fraud or unlawful products from the third-party sellers that use its stores.
Outages or a lack of backup systems that could interrupt its websites and cloud services.
Lawsuits, government investigations and changing regulation that could raise its costs or limit how it operates.

Amazon in 30 seconds

Good So-so Weak

Are sales growing?

+12.4%

Yes. Sales grew 12.4% last year.

Does it make a profit?

10.8%

Yes. It keeps 10.8% of every sale as profit.

Does profit turn into cash?

1.1%

Partly. 1.1% of sales ends up as free cash.

Is debt under control?

Net cash

Yes. It has more cash than debt.

How healthy are the accounts?

6 / 9

Mixed. It passes 6 of 9 health tests.

How is the share priced?

20.0x

One share costs 20.0 times its yearly profit per share. Typical for its sector: 17.7x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap

$2.72T

Oct 26 close

P/E

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.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA · Amazon had $716.9B of revenue in fiscal 2025, up 12.4% on the year before. Over five years, revenue changed +13.2% a year on average. Its operating margin was 11.2%, up 0.4 pts: of every 100 in sales, about 11 is left after running the business.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

FY16

Revenue $136.0B

FY17

Revenue $177.9B

FY18

Revenue $232.9B

FY19

Revenue $280.5B

FY20

Revenue $386.1B

FY21

Revenue $469.8B

FY22

Revenue $514.0B

FY23

Revenue $574.8B

FY24

Revenue $638.0B

FY25

Revenue $716.9B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Revenue

Q3 '23

Revenue $143.1B

Q4 '23

Revenue $170.0B

Q1 '24

Revenue $143.3B

Q2 '24

Revenue $148.0B

Q3 '24

Revenue $158.9B

Q4 '24

Revenue $187.8B

Q1 '25

Revenue $155.7B

Q2 '25

Revenue $167.7B

Q3 '25

Revenue $180.2B

Q4 '25

Revenue $213.4B

Q1 '26

Revenue $181.5B

Q2 '26

Revenue $200.6B

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Margins, % of revenue

FY16

Gross 35.1%

Operating 3.1%

Net 1.7%

FCF 7.7%

FY17

Gross 37.1%

Operating 2.3%

Net 1.7%

FCF 3.6%

FY18

Gross 40.3%

Operating 5.3%

Net 4.3%

FCF 7.4%

FY19

Gross 41.0%

Operating 5.2%

Net 4.1%

FCF 7.7%

FY20

Gross 39.6%

Operating 5.9%

Net 5.5%

FCF 6.7%

FY21

Gross 42.0%

Operating 5.3%

Net 7.1%

FCF −3.1%

FY22

Gross 43.8%

Operating 2.4%

Net −0.5%

FCF −3.3%

FY23

Gross 47.0%

Operating 6.4%

Net 5.3%

FCF 5.6%

FY24

Gross 48.9%

Operating 10.8%

Net 9.3%

FCF 5.2%

FY25

Gross 50.3%

Operating 11.2%

Net 10.8%

FCF 1.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Gross Operating Net FCF

Margins, % of revenue

Q3 '23

Gross 47.6%

Operating 7.8%

Net 6.9%

FCF 6.1%

Q4 '23

Gross 45.5%

Operating 7.8%

Net 6.3%

FCF 16.4%

Q1 '24

Gross 49.3%

Operating 10.7%

Net 7.3%

FCF 2.8%

Q2 '24

Gross 50.1%

Operating 9.9%

Net 9.1%

FCF 5.2%

Q3 '24

Gross 49.0%

Operating 11.0%

Net 9.7%

FCF 2.1%

Q4 '24

Gross 47.3%

Operating 11.3%

Net 10.7%

FCF 9.5%

Q1 '25

Gross 50.6%

Operating 11.8%

Net 11.0%

FCF −5.1%

Q2 '25

Gross 51.8%

Operating 11.4%

Net 10.8%

FCF 0.2%

Q3 '25

Gross 50.8%

Operating 9.7%

Net 11.8%

FCF 0.2%

Q4 '25

Gross 48.5%

Operating 11.7%

Net 9.9%

FCF 7.0%

Q1 '26

Gross 51.8%

Operating 13.1%

Net 16.7%

FCF −10.0%

Q2 '26

Gross 52.3%

Operating 13.7%

Net 31.2%

FCF −4.4%

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Gross Operating Net FCF

Net income and earnings per share

KIRA · Amazon made $77.7B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 45.2% a year.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

FY16

Net income $2.4B

FY17

Net income $3.0B

FY18

Net income $10.1B

FY19

Net income $11.6B

FY20

Net income $21.3B

FY21

Net income $33.4B

FY22

Net income −$2.7B

FY23

Net income $30.4B

FY24

Net income $59.2B

FY25

Net income $77.7B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Net income

Q3 '23

Net income $9.9B

Q4 '23

Net income $10.6B

Q1 '24

Net income $10.4B

Q2 '24

Net income $13.5B

Q3 '24

Net income $15.3B

Q4 '24

Net income $20.0B

Q1 '25

Net income $17.1B

Q2 '25

Net income $18.2B

Q3 '25

Net income $21.2B

Q4 '25

Net income $21.2B

Q1 '26

Net income $30.3B

Q2 '26

Net income $62.6B

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Diluted EPS

FY16

Diluted EPS $0.25

FY17

Diluted EPS $0.31

FY18

Diluted EPS $1.01

FY19

Diluted EPS $1.15

FY20

Diluted EPS $2.09

FY21

Diluted EPS $3.24

FY22

Diluted EPS −$0.27

FY23

Diluted EPS $2.90

FY24

Diluted EPS $5.53

FY25

Diluted EPS $7.17

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Diluted EPS

Q3 '23

Diluted EPS $0.94

Q4 '23

Diluted EPS $1.01

Q1 '24

Diluted EPS $0.98

Q2 '24

Diluted EPS $1.26

Q3 '24

Diluted EPS $1.43

Q4 '24

Diluted EPS $1.86

Q1 '25

Diluted EPS $1.59

Q2 '25

Diluted EPS $1.68

Q3 '25

Diluted EPS $1.95

Q4 '25

Diluted EPS $1.95

Q1 '26

Diluted EPS $2.78

Q2 '26

Diluted EPS $5.75

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA · Free cash flow was $7.7B in fiscal 2025, 1.1% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

FY16

Free cash flow $10.5B

FY17

Free cash flow $6.4B

FY18

Free cash flow $17.3B

FY19

Free cash flow $21.7B

FY20

Free cash flow $25.9B

FY21

Free cash flow −$14.7B

FY22

Free cash flow −$16.9B

FY23

Free cash flow $32.2B

FY24

Free cash flow $32.9B

FY25

Free cash flow $7.7B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Free cash flow

Q3 '23

Free cash flow $8.7B

Q4 '23

Free cash flow $27.9B

Q1 '24

Free cash flow $4.1B

Q2 '24

Free cash flow $7.7B

Q3 '24

Free cash flow $3.4B

Q4 '24

Free cash flow $17.8B

Q1 '25

Free cash flow −$8.0B

Q2 '25

Free cash flow $332M

Q3 '25

Free cash flow $430M

Q4 '25

Free cash flow $14.9B

Q1 '26

Free cash flow −$18.2B

Q2 '26

Free cash flow −$8.8B

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations vs capital spending

FY16

Cash from operations $17.2B

Capital spending $6.7B

FY17

Cash from operations $18.4B

Capital spending $12.0B

FY18

Cash from operations $30.7B

Capital spending $13.4B

FY19

Cash from operations $38.5B

Capital spending $16.9B

FY20

Cash from operations $66.1B

Capital spending $40.1B

FY21

Cash from operations $46.3B

Capital spending $61.1B

FY22

Cash from operations $46.8B

Capital spending $63.6B

FY23

Cash from operations $84.9B

Capital spending $52.7B

FY24

Cash from operations $115.9B

Capital spending $83.0B

FY25

Cash from operations $139.5B

Capital spending $131.8B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations Capital spending

Cash from operations vs capital spending

Q3 '23

Cash from operations $21.2B

Capital spending $12.5B

Q4 '23

Cash from operations $42.5B

Capital spending $14.6B

Q1 '24

Cash from operations $19.0B

Capital spending $14.9B

Q2 '24

Cash from operations $25.3B

Capital spending $17.6B

Q3 '24

Cash from operations $26.0B

Capital spending $22.6B

Q4 '24

Cash from operations $45.6B

Capital spending $27.8B

Q1 '25

Cash from operations $17.0B

Capital spending $25.0B

Q2 '25

Cash from operations $32.5B

Capital spending $32.2B

Q3 '25

Cash from operations $35.5B

Capital spending $35.1B

Q4 '25

Cash from operations $54.5B

Capital spending $39.5B

Q1 '26

Cash from operations $26.0B

Capital spending $44.2B

Q2 '26

Cash from operations $45.4B

Capital spending $54.2B

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations Capital spending

Dividends, buybacks and share count

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

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

FY16

Dividends $0.0M

Buybacks $0.0M

FY17

Dividends $0.0M

Buybacks $0.0M

FY18

Dividends $0.0M

Buybacks $0.0M

FY19

Dividends $0.0M

Buybacks $0.0M

FY20

Dividends $0.0M

Buybacks $0.0M

FY21

Dividends $0.0M

Buybacks $0.0M

FY22

Dividends $0.0M

Buybacks $6.0B

FY23

Dividends $0.0M

Buybacks $0.0M

FY24

Dividends $0.0M

Buybacks $0.0M

FY25

Dividends $0.0M

Buybacks $0.0M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Dividends Buybacks

Dividends and buybacks

Q3 '23

Dividends $0.0M

Buybacks $0.0M

Q4 '23

Dividends $0.0M

Buybacks $0.0M

Q1 '24

Dividends $0.0M

Buybacks $0.0M

Q2 '24

Dividends $0.0M

Buybacks $0.0M

Q3 '24

Dividends $0.0M

Buybacks $0.0M

Q4 '24

Dividends $0.0M

Buybacks $0.0M

Q1 '25

Dividends $0.0M

Buybacks $0.0M

Q2 '25

Dividends $0.0M

Buybacks $0.0M

Q3 '25

Dividends $0.0M

Buybacks $0.0M

Q4 '25

Dividends $0.0M

Buybacks $0.0M

Q1 '26

Dividends $0.0M

Buybacks $0.0M

Q2 '26

Dividends $0.0M

Buybacks $0.0M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Dividends Buybacks

Diluted shares outstanding (annual)

FY16

Diluted shares 9.68B

FY17

Diluted shares 9.86B

FY18

Diluted shares 10.00B

FY19

Diluted shares 10.08B

FY20

Diluted shares 10.20B

FY21

Diluted shares 10.30B

FY22

Diluted shares 10.19B

FY23

Diluted shares 10.49B

FY24

Diluted shares 10.72B

FY25

Diluted shares 10.83B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Insider trades

KIRA · In the last 12 months, insiders sold $457M of shares on the open market and bought none.

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.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$457M

10 insiders

Of sales under plans

100%

$457M

Date	Insider	Trade	Shares	Price	Value	Filing
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	Shelley ReynoldsVice President	Sold plan	2,343	$259.01	$0.6M	Form 4
Aug 21, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	6,362	$259.01	$1.6M	Form 4
Aug 21, 2026	David ZapolskySenior Vice President	Sold plan	6,172	$259.14	$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	Brian T OlsavskySenior Vice President and CFO	Sold plan	6,172	$260.31	$1.6M	Form 4
Aug 21, 2026	Andrew R JassyPresident and CEO, Director	Sold plan	20,000	$259.01	$5.2M	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
Jul 1, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	1,000	$239.77	$0.2M	Form 4
Jun 1, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	1,000	$266.19	$0.3M	Form 4
May 22, 2026	David ZapolskySenior Vice President	Sold plan	9,270	$268.53	$2.5M	Form 4
May 21, 2026	David ZapolskySenior Vice President	Sold plan	6,180	$263.43	$1.6M	Form 4
May 21, 2026	Andrew R JassyPresident and CEO, Director	Sold plan	20,000	$263.42	$5.3M	Form 4
May 21, 2026	Shelley ReynoldsVice President	Sold plan	2,363	$262.38	$0.6M	Form 4
May 21, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	6,370	$262.39	$1.7M	Form 4
May 21, 2026	Matthew S GarmanCEO Amazon Web Services	Sold plan	15,467	$263.40	$4.1M	Form 4
May 15, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	3,742	$262.59	$1.0M	Form 4
May 15, 2026	Matthew S GarmanCEO Amazon Web Services	Sold plan	11,475	$262.66	$3.0M	Form 4
May 4, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	27,500	$275.00	$7.6M	Form 4
May 4, 2026	Andrew R JassyPresident and CEO, Director	Sold plan	31,352	$275.00	$8.6M	Form 4
May 1, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	1,000	$265.65	$0.3M	Form 4
Apr 30, 2026	Jonathan RubinsteinDirector	Sold plan	3,706	$273.02	$1.0M	Form 4
Apr 24, 2026	Jonathan RubinsteinDirector	Sold plan	3,849	$260.00	$1.0M	Form 4
Apr 17, 2026	Andrew R JassyPresident and CEO, Director	Sold plan	31,000	$255.00	$7.9M	Form 4
Apr 14, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	20,500	$245.00	$5.0M	Form 4
Apr 1, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	1,000	$210.50	$0.2M	Form 4
Mar 2, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	1,000	$204.25	$0.2M	Form 4
Feb 24, 2026	David ZapolskySenior Vice President	Sold plan	10,649	$205.43	$2.2M	Form 4
Feb 23, 2026	Andrew R JassyPresident and CEO, Director	Sold plan	19,872	$205.18	$4.1M	Form 4
Feb 23, 2026	Shelley ReynoldsVice President	Sold plan	2,695	$205.90	$0.6M	Form 4
Feb 23, 2026	David ZapolskySenior Vice President	Sold plan	7,100	$205.35	$1.5M	Form 4
Feb 23, 2026	Matthew S GarmanCEO Amazon Web Services	Sold plan	17,751	$205.22	$3.6M	Form 4
Feb 23, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	6,835	$205.82	$1.4M	Form 4
Feb 17, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	4,784	$198.36	$0.9M	Form 4
Feb 12, 2026	Keith Brian AlexanderDirector	Sold plan	900	$203.88	$0.2M	Form 4
Feb 11, 2026	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	1,000	$208.00	$0.2M	Form 4
Dec 1, 2025	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	2,500	$233.22	$0.6M	Form 4
Nov 24, 2025	David ZapolskySenior Vice President	Sold plan	13,570	$222.49	$3.0M	Form 4
Nov 21, 2025	Matthew S GarmanCEO Amazon Web Services	Sold plan	17,768	$216.90	$3.9M	Form 4
Nov 21, 2025	Andrew R JassyPresident and CEO, Director	Sold plan	19,872	$216.94	$4.3M	Form 4
Nov 21, 2025	Shelley ReynoldsVice President	Sold plan	2,695	$216.41	$0.6M	Form 4
Nov 21, 2025	David ZapolskySenior Vice President	Sold plan	7,100	$216.94	$1.5M	Form 4
Nov 21, 2025	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	6,835	$216.40	$1.5M	Form 4
Nov 20, 2025	Daniel P HuttenlocherDirector	Sold plan	1,237	$226.61	$0.3M	Form 4
Nov 17, 2025	Keith Brian AlexanderDirector	Sold plan	900	$233.00	$0.2M	Form 4
Nov 17, 2025	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	4,784	$232.71	$1.1M	Form 4
Nov 3, 2025	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	2,500	$255.44	$0.6M	Form 4
Oct 31, 2025	Jonathan RubinsteinDirector	Sold plan	8,173	$250.03	$2.0M	Form 4
Oct 31, 2025	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	22,000	$250.03	$5.5M	Form 4
Oct 1, 2025	Douglas J HerringtonCEO Worldwide Amazon Stores	Sold plan	2,500	$217.10	$0.5M	Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA · Amazon has $41.5B more cash than debt.

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

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

FY16

Cash $26.0B

Debt $8.8B

FY17

Cash $31.0B

Debt $24.9B

FY18

Cash $41.3B

Debt $25.0B

FY19

Cash $55.0B

Debt $51.8B

FY20

Cash $84.4B

Debt $61.6B

FY21

Cash $96.0B

Debt $74.3B

FY22

Cash $70.0B

Debt $86.3B

FY23

Cash $86.8B

Debt $79.4B

FY24

Cash $101.2B

Debt $68.8B

FY25

Cash $123.0B

Debt $81.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash Debt

Fiscal year end	FY21	FY22	FY23	FY24	FY25
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	−0.4x	0.3x	−0.1x	−0.3x	−0.3x
Debt / equity	0.5x	0.6x	0.4x	0.2x	0.2x
Interest coverage	13.8x	5.2x	11.6x	28.5x	35.2x
Current ratio	1.1x	0.9x	1.1x	1.1x	1.1x
Quick ratio	0.9x	0.7x	0.8x	0.9x	0.9x
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

Returns on capital

KIRA · Its return on capital was 20.6%: every 100 invested in the business earned about 21 in a year.

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

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

FY16

Return on capital —

Return on equity 14.5%

Return on assets 3.2%

FY17

Return on capital 27.5%

Return on equity 12.9%

Return on assets 2.8%

FY18

Return on capital 45.4%

Return on equity 28.3%

Return on assets 6.9%

FY19

Return on capital 28.0%

Return on equity 22.0%

Return on assets 6.0%

FY20

Return on capital 31.2%

Return on equity 27.4%

Return on assets 7.8%

FY21

Return on capital 23.3%

Return on equity 28.8%

Return on assets 9.0%

FY22

Return on capital 6.9%

Return on equity −1.9%

Return on assets −0.6%

FY23

Return on capital 16.7%

Return on equity 17.5%

Return on assets 6.1%

FY24

Return on capital 26.5%

Return on equity 24.3%

Return on assets 10.3%

FY25

Return on capital 20.6%

Return on equity 22.3%

Return on assets 10.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA · Amazon passes 6 of 9 financial health tests (Piotroski F-score).

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

Test	FY23	FY24	FY25
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 / 9	7 / 9	6 / 9
Accruals ratio	−11.0%	−9.8%	−8.6%
Altman Z''	1.91	2.65	2.80

Price and value

What does the share cost, and how does it compare?

Value Amazon yourself

KIRA · At $249.09 a share, the company is worth $2.72T: 20.0 times its earnings of the last four quarters.

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.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

—

Starting free cash flow Growth, years 1–5 Growth, years 6–10 Growth after year 10 Discount rate

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

—

Earnings per share EPS growth a year P/E multiple Years ahead Discount rate

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

Similar companies

KIRA · Amazon grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 1 of 2.

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

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

Company	Market cap	Growth	Op. margin	FCF margin	ROIC	P/E	F-score
Amazon AMZN	$2.72T	12.4%	11.2%	1.1%	20.6%	20.0x	6
Walmart WMT	$959.7B	4.7%	4.2%	2.1%	16.1%	43.4x	7	Compare →
Costco COST	$446.7B	10.1%	3.9%	3.1%	40.7%	—	7	Compare →
Microsoft MSFT	$3.97T	17.8%	46.8%	20.2%	30.9%	—	6	Compare →
Alphabet GOOGL	$3.90T	15.1%	32.0%	18.2%	36.7%	15.9x	8	Compare →

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
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.

Amazon

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Key numbers, fiscal 2025

Revenue

Operating margin

Net income

Free cash flow

Return on capital

Sales and profit

Revenue and margins

Net income and earnings per share

Cash and shareholders

Cash flow

Dividends, buybacks and share count

Insider trades

Financial health

Balance sheet

Returns on capital

Piotroski F-score

Price and value

Value Amazon yourself

Discounted cash flow

Earnings multiple

Similar companies

All figures

10 years of figures