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Amazon Com Financials

AMZN
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Amazon Com (AMZN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AMZN FY2025

Amazon's core engine is becoming materially more profitable, but most of that cash is being recycled into a much larger asset base.

In the latest year, operating cash flow reached $139.5B while free cash flow was only $7.7B, so accounting and operating strength translated into little leftover cash. That gap mainly reflects capital spending climbing to $131.8B even as operating margin hit 11.2%, which means the business became more efficient and then immediately reinvested the gain.

Gross margin moved from 43.8% to 50.3% across the recent three-year span, while SG&A stayed roughly flat in dollars. That combination says the profit step-up came from a richer revenue mix and better fixed-cost absorption, not just from pushing more sales through the same model.

Debt-to-equity fell from 0.5x to 0.2x as retained earnings accumulated faster than borrowings, even with heavy investment continuing. With the current ratio sitting near 1.1x instead of a large cash buffer, the balance sheet looks tightly run, liquid enough for operations, and increasingly self-financed.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 50 / 100
Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Amazon Com's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
45

Amazon Com has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 45/100, indicating healthy but not exceptional operating efficiency. This is up from 10.8% the prior year.

Growth
53

Amazon Com's revenue grew 12.4% year-over-year to $716.9B, a solid pace of expansion. This earns a growth score of 53/100.

Leverage
99

Amazon Com carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
16

Amazon Com's current ratio of 1.05 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
33

While Amazon Com generated $139.5B in operating cash flow, capex of $131.8B consumed most of it, leaving $7.7B in free cash flow. This results in a low score of 33/100, reflecting heavy capital investment rather than weak cash generation.

Returns
53

Amazon Com's ROE of 18.9% shows moderate profitability relative to equity, earning a score of 53/100. This is down from 20.7% the prior year.

Altman Z-Score Safe
5.88

Amazon Com scores 5.88, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.9T) relative to total liabilities ($407.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Amazon Com passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.80x

For every $1 of reported earnings, Amazon Com generates $1.80 in operating cash flow ($139.5B OCF vs $77.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
35.2x

Amazon Com earns $35.2 in operating income for every $1 of interest expense ($80.0B vs $2.3B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$716.9B
YoY+12.4%
5Y CAGR+13.2%
10Y CAGR+21.0%

Amazon Com generated $716.9B in revenue in fiscal year 2025. This represents an increase of 12.4% from the prior year.

EBITDA
$145.7B
YoY+20.1%
5Y CAGR+24.8%
10Y CAGR+32.8%

Amazon Com's EBITDA was $145.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.1% from the prior year.

Net Income
$77.7B
YoY+31.1%
5Y CAGR+29.5%
10Y CAGR+62.7%

Amazon Com reported $77.7B in net income in fiscal year 2025. This represents an increase of 31.1% from the prior year.

EPS (Diluted)
$7.17
YoY+29.7%

Amazon Com earned $7.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$7.7B
YoY-76.6%
5Y CAGR-21.6%
10Y CAGR+0.3%

Amazon Com generated $7.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 76.6% from the prior year.

Cash & Debt
$86.8B
YoY+10.2%
5Y CAGR+15.6%
10Y CAGR+18.5%

Amazon Com held $86.8B in cash against $65.6B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
10.73B
YoY+1.3%

Amazon Com had 10.73B shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Margins & Returns

Gross Margin
50.3%
YoY+1.4pp
5Y CAGR+10.7pp
10Y CAGR+17.3pp

Amazon Com's gross margin was 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.

Operating Margin
11.2%
YoY+0.4pp
5Y CAGR+5.2pp
10Y CAGR+9.1pp

Amazon Com's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.

Net Margin
10.8%
YoY+1.5pp
5Y CAGR+5.3pp
10Y CAGR+10.3pp

Amazon Com's net profit margin was 10.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.5 percentage points from the prior year.

Return on Equity
18.9%
YoY-1.8pp
5Y CAGR-3.9pp
10Y CAGR+14.4pp

Amazon Com's ROE was 18.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.8 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$131.8B
YoY+58.8%
5Y CAGR+26.8%
10Y CAGR+39.9%

Amazon Com invested $131.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 58.8% from the prior year.

AMZN Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $181.5B-14.9% $213.4B+18.4% $180.2B+7.4% $167.7B+7.7% $155.7B-17.1% $187.8B+18.2% $158.9B+7.4% $148.0B
Cost of Revenue $87.5B-20.5% $110.0B+24.0% $88.7B+9.7% $80.8B+5.0% $77.0B-22.2% $98.9B+22.1% $81.0B+9.7% $73.8B
Gross Profit $94.1B-9.1% $103.4B+13.0% $91.5B+5.3% $86.9B+10.4% $78.7B-11.5% $88.9B+14.1% $77.9B+5.0% $74.2B
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $2.6B-4.3% $2.7B-5.9% $2.9B-3.0% $3.0B+12.8% $2.6B-8.2% $2.9B+5.5% $2.7B-10.8% $3.0B
Operating Income $23.9B-4.5% $25.0B+43.4% $17.4B-9.1% $19.2B+4.2% $18.4B-13.2% $21.2B+21.8% $17.4B+18.7% $14.7B
Interest Expense $800.0M+17.8% $679.0M+26.2% $538.0M+4.3% $516.0M-4.6% $541.0M-5.1% $570.0M-5.5% $603.0M+2.4% $589.0M
Income Tax $9.6B+93.3% $4.9B-28.4% $6.9B+158.0% $2.7B-41.2% $4.6B+95.8% $2.3B-14.1% $2.7B+53.1% $1.8B
Net Income $30.3B+42.8% $21.2B0.0% $21.2B+16.6% $18.2B+6.1% $17.1B-14.4% $20.0B+30.5% $15.3B+13.7% $13.5B
EPS (Diluted) $2.78 N/A $1.95+16.1% $1.68+5.7% $1.59 N/A $1.43+13.5% $1.26

AMZN Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $916.6B+12.1% $818.0B+12.4% $727.9B+6.7% $682.2B+6.0% $643.3B+2.9% $624.9B+6.9% $584.6B+5.4% $554.8B
Current Assets $255.2B+11.4% $229.1B+16.4% $196.9B+2.8% $191.4B+3.7% $184.6B-3.3% $190.9B+8.6% $175.8B+1.4% $173.3B
Cash & Equivalents $101.8B+17.3% $86.8B+29.7% $66.9B+15.9% $57.7B-12.8% $66.2B-16.0% $78.8B+4.9% $75.1B+5.5% $71.2B
Inventory $36.5B-4.7% $38.3B-7.6% $41.5B+1.6% $40.8B+13.8% $35.9B+4.8% $34.2B-5.2% $36.1B+5.8% $34.1B
Accounts Receivable $75.5B+11.5% $67.7B+10.7% $61.2B+6.5% $57.4B+5.9% $54.2B-2.2% $55.5B+7.4% $51.6B+3.1% $50.1B
Goodwill $23.4B+0.8% $23.3B+0.1% $23.3B+0.5% $23.2B+0.3% $23.1B+0.1% $23.1B0.0% $23.1B+0.9% $22.9B
Total Liabilities $474.7B+16.6% $407.0B+13.6% $358.3B+2.8% $348.4B+3.3% $337.4B-0.5% $338.9B+4.1% $325.5B+2.2% $318.4B
Current Liabilities $216.8B-0.6% $218.0B+11.7% $195.2B+4.4% $186.9B+6.1% $176.2B-1.8% $179.4B+11.1% $161.5B+2.1% $158.2B
Long-Term Debt $119.1B+81.4% $65.6B+29.4% $50.7B0.0% $50.7B-5.0% $53.4B+1.4% $52.6B-4.1% $54.9B0.0% $54.9B
Total Equity $441.9B+7.5% $411.1B+11.2% $369.6B+10.7% $333.8B+9.1% $305.9B+7.0% $286.0B+10.3% $259.2B+9.6% $236.4B
Retained Earnings $280.8B+12.1% $250.5B+9.2% $229.3B+10.2% $208.2B+9.6% $190.0B+9.9% $172.9B+13.1% $152.9B+11.1% $137.5B

AMZN Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $26.0B-52.2% $54.5B+53.3% $35.5B+9.3% $32.5B+91.1% $17.0B-62.7% $45.6B+75.7% $26.0B+2.7% $25.3B
Capital Expenditures $44.2B+11.8% $39.5B+12.6% $35.1B+9.0% $32.2B+28.6% $25.0B-10.1% $27.8B+23.1% $22.6B+28.4% $17.6B
Free Cash Flow -$18.2B-221.7% $14.9B+3373.7% $430.0M+29.5% $332.0M+104.1% -$8.0B-145.0% $17.8B+431.2% $3.4B-56.3% $7.7B
Investing Cash Flow -$64.2B-35.9% -$47.2B-81.2% -$26.1B+33.9% -$39.4B-32.3% -$29.8B+20.4% -$37.4B-121.6% -$16.9B+23.7% -$22.1B
Financing Cash Flow $52.8B+329.3% $12.3B+28034.1% -$44.0M+98.3% -$2.5B-5302.1% -$47.0M+98.6% -$3.3B-19.9% -$2.8B+38.6% -$4.5B
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

AMZN Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 51.8%+3.3pp 48.5%-2.3pp 50.8%-1.0pp 51.8%+1.3pp 50.5%+3.2pp 47.3%-1.7pp 49.0%-1.1pp 50.1%
Operating Margin 13.1%+1.4pp 11.7%+2.0pp 9.7%-1.8pp 11.4%-0.4pp 11.8%+0.5pp 11.3%+0.3pp 11.0%+1.0pp 9.9%
Net Margin 16.7%+6.7pp 9.9%-1.8pp 11.8%+0.9pp 10.8%-0.2pp 11.0%+0.4pp 10.7%+1.0pp 9.7%+0.5pp 9.1%
Return on Equity 6.9%+1.7pp 5.2%-0.6pp 5.7%+0.3pp 5.4%-0.2pp 5.6%-1.4pp 7.0%+1.1pp 5.9%+0.2pp 5.7%
Return on Assets 3.3%+0.7pp 2.6%-0.3pp 2.9%+0.3pp 2.7%0.0pp 2.7%-0.5pp 3.2%+0.6pp 2.6%+0.2pp 2.4%
Current Ratio 1.18+0.1 1.05+0.0 1.01-0.0 1.02-0.0 1.05-0.0 1.06-0.0 1.090.0 1.10
Debt-to-Equity 0.27+0.1 0.16+0.0 0.14-0.0 0.15-0.0 0.170.0 0.18-0.0 0.21-0.0 0.23
FCF Margin -10.0%-17.0pp 7.0%+6.8pp 0.2%+0.0pp 0.2%+5.3pp -5.1%-14.6pp 9.5%+7.4pp 2.1%-3.1pp 5.2%

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Frequently Asked Questions

Amazon Com (AMZN) reported $716.9B in total revenue for fiscal year 2025. This represents a 12.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Amazon Com (AMZN) revenue grew by 12.4% year-over-year, from $638.0B to $716.9B in fiscal year 2025.

Yes, Amazon Com (AMZN) reported a net income of $77.7B in fiscal year 2025, with a net profit margin of 10.8%.

Amazon Com (AMZN) reported diluted earnings per share of $7.17 for fiscal year 2025. This represents a 29.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Amazon Com (AMZN) had EBITDA of $145.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Amazon Com (AMZN) had $86.8B in cash and equivalents against $65.6B in long-term debt.

Amazon Com (AMZN) had a gross margin of 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Amazon Com (AMZN) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Amazon Com (AMZN) had a net profit margin of 10.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Amazon Com (AMZN) has a return on equity of 18.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Amazon Com (AMZN) generated $7.7B in free cash flow during fiscal year 2025. This represents a -76.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Amazon Com (AMZN) generated $139.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Amazon Com (AMZN) had $818.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Amazon Com (AMZN) invested $131.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Amazon Com (AMZN) had 10.73B shares outstanding as of fiscal year 2025.

Amazon Com (AMZN) had a current ratio of 1.05 as of fiscal year 2025, which is considered adequate.

Amazon Com (AMZN) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Amazon Com (AMZN) had a return on assets of 9.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Amazon Com (AMZN) has an Altman Z-Score of 5.88, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Amazon Com (AMZN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Amazon Com (AMZN) has an earnings quality ratio of 1.80x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Amazon Com (AMZN) has an interest coverage ratio of 35.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Amazon Com (AMZN) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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