Amazon

Consumer Discretionary Broadline Retail Seattle, Washington Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$716.9B
                    3y CAGR +11.7%
                    
                    P82
                    
                    +12.4%
                    
                    Net income
                    FY2025
                
$77.7B
                    Net margin +10.8%
                    
                    P69
                    
                    +31.1%
                    
                    Total assets
                    FY2025
                
$818.0B
                    ROA +9.5%
                    
                    P55
                    
                    +30.9%
                    
                    Operating cash flow
                    FY2025
                
$139.5B
                    FCF margin +1.1%
                    
                    P7
                    
                    +20.4%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

24 accounts · 3 years

Total assets $818.0B

Total liabilities ~$407.0B

Shareholders equity $411.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	10.6%	12.6%	13.9%
Short Term Investments	4.4%	3.6%	2.5%
Accounts Receivable	8.3%	8.9%	9.9%
Inventory	4.7%	5.5%	6.3%
Total Current Assets	28.0%	30.5%	32.7%
Property,Plant and Equipment	43.6%	40.4%	38.7%
Operating Lease Assets	10.5%	12.2%	13.7%
Goodwill	2.8%	3.7%	4.3%
Other Noncurrent Assets	15.0%	13.1%	10.6%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	14.9%	15.1%	16.1%
Accrued Liabilities	9.2%	10.7%	12.3%
Deferred Revenue	2.5%	2.9%	2.9%
Total Current Liabilities	26.6%	28.7%	31.2%
Long Term Debt	8.0%	8.4%	11.0%
Other Noncurrent Liabilities	15.1%	17.1%	19.5%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	17.1%	19.3%	18.8%
Retained Earnings	30.6%	27.7%	21.5%
Treasury Stock	1.0%	1.3%	1.5%
Accumulated Other Comprehensive Income	3.5%	-0.0%	-0.6%
Total Stockholders Equity	50.2%	45.8%	38.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $716.9B

Operating income $80.0B

Net income $77.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	87.6%	102.1%	108.9%
Expenses Cost of Revenue	43.6%	52.2%	57.7%
Expenses Selling,General and Administrative	7.1%	8.8%	10.6%
Expenses Other Operating Expenses	27.2%	30.1%	33.5%
Other Income Expense Operating Income	9.8%	11.0%	7.0%
Other Income Expense Interest Income	0.5%	0.7%	0.6%
Other Income Expense Interest Expense	0.3%	0.4%	0.6%
Other Income Expense Other Income/expense	1.9%	-0.4%	0.2%
Other Income Expense Income Before Tax	11.9%	11.0%	7.1%
Income Tax Income Tax Expense	2.3%	1.5%	1.3%
net Income Other Items Below Tax	-0.1%	-0.0%	-0.0%
net Income net Income	9.5%	9.5%	5.8%
net Income Comprehensive Income	12.9%	10.0%	6.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.3%	1.7%	2.0%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 3 years

Operating cash flow $139.5B

Investing cash flow $-142.5B

Financing cash flow $9.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	9.5%	9.5%	5.8%
Operating Activities Depreciation and Amortization	8.0%	8.4%	9.2%
Operating Activities Stock Based Compensation	2.4%	3.5%	4.6%
Operating Activities Deferred Income Taxes	1.4%	-0.7%	-1.1%
Operating Activities Changes In Operating Assets and Liabilities	-2.4%	-2.5%	-2.2%
Operating Activities Other Non Cash Items	-1.8%	0.3%	-0.1%
Operating Activities net Cash From Operating Activities	17.1%	18.5%	16.1%
Investing Activities Capital Expenditures	-16.1%	-13.3%	-10.0%
Investing Activities Business Acquisitions	-0.5%	-1.1%	-1.1%
Investing Activities Purchases of Investments	-6.7%	-4.2%	-0.3%
Investing Activities Proceeds From Sale of Investments	5.4%	2.6%	1.1%
Investing Activities Other Investing Activities	0.4%	0.9%	0.9%
Investing Activities net Cash From Investing Activities	-17.4%	-15.1%	-9.4%
Financing Activities Proceeds From Debt	3.1%	0.8%	3.4%
Financing Activities Repayment of Debt	-1.9%	-2.7%	-6.4%
Financing Activities net Cash From Financing Activities	1.2%	-1.9%	-3.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.2%	0.1%
Cash Reconciliation net Change In Cash	1.0%	1.3%	3.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+50.3%	+48.9%	+47.0%
Operating margin	+11.2%	+10.8%	+6.4%
Net margin	+10.8%	+9.3%	+5.3%
FCF margin	+1.1%	+5.2%	+5.6%
Growth
Revenue CAGR (3y)	+11.7%	+10.7%	+14.2%
Returns
ROE	+18.9%	+20.7%	+15.1%
ROA	+9.5%	+9.5%	+5.8%
ROIC	+16.5%	+22.8%	+16.0%
Liquidity
Current ratio	1.05x	1.06x	1.05x
Quick ratio	0.71x	0.75x	0.76x
Leverage
D/E	0.99x	1.19x	1.61x
Interest coverage	35.17x	28.51x	11.58x
Efficiency
Asset turnover	0.88x	1.02x	1.09x
Cash conversion cycle	-51d	-36d	-29d

Valuation

Price against fundamentals

AMZN $222 · 2025-09-29 · 397d old · FY2025

Market cap $2.4T

P/E 30.97x

P/S 3.36x

P/B 5.85x

EV $2.4T

EV/EBITDA —

FCF yield +0.3%

Dividend yield —

Notes

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