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AMZN

Amazon.com, Inc.

AMZN

Amazon.com, Inc. • NASDAQ
$233.18 ▲ 1.75% (+4.02)
Market Cap $2.49 T
52w High $258.60
52w Low $161.38
Dividend Yield 0%
P/E 32.94
Volume 20.13M
Outstanding Shares 10.69B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $180.169B ▲ $74.077B ▲ $21.187B ▲ 11.76% ▲ $1.98 ▲ $45.504B ▲
Q2-2025 $167.702B ▲ $67.722B ▲ $18.164B ▲ 10.831% ▼ $1.71 ▲ $36.6B ▲
Q1-2025 $155.667B ▼ $60.286B ▼ $17.127B ▼ 11.002% ▲ $1.62 ▼ $36.482B ▼
Q4-2024 $187.792B ▲ $67.696B ▲ $20.004B ▲ 10.652% ▲ $1.9 ▲ $38.55B ▲
Q3-2024 $158.877B $60.489B $15.328B 9.648% $1.46 $32.082B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $94.197B ▲ $727.921B ▲ $358.29B ▲ $369.631B ▲
Q2-2025 $93.18B ▼ $682.17B ▲ $348.395B ▲ $333.775B ▲
Q1-2025 $94.565B ▼ $643.256B ▲ $337.389B ▼ $305.867B ▲
Q4-2024 $101.202B ▲ $624.894B ▲ $338.924B ▲ $285.97B ▲
Q3-2024 $88.051B $584.626B $325.475B $259.151B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $21.187B ▲ $35.525B ▲ $-26.073B ▲ $-44M ▲ $9.011B ▲ $430M ▲
Q2-2025 $18.164B ▲ $32.515B ▲ $-39.424B ▼ $-2.539B ▼ $-8.44B ▲ $332M ▲
Q1-2025 $17.127B ▼ $17.015B ▼ $-29.803B ▲ $-47M ▲ $-12.419B ▼ $-8.004B ▼
Q4-2024 $20.004B ▲ $45.636B ▲ $-37.443B ▼ $-3.308B ▼ $3.635B ▼ $17.802B ▲
Q3-2024 $15.328B $25.971B $-16.899B $-2.758B $7.004B $3.351B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising Services
Advertising Services
 $17.29Bn ▲$13.92Bn ▼$15.69Bn ▲$17.70Bn ▲
Amazon Web Services
Amazon Web Services
 $28.79Bn ▲$29.27Bn ▲$30.87Bn ▲$33.01Bn ▲
Online Stores
Online Stores
 $75.56Bn ▲$57.41Bn ▼$61.48Bn ▲$67.41Bn ▲
Other Services
Other Services
 $1.59Bn ▲$1.31Bn ▼$1.50Bn ▲$1.42Bn ▼
Physical Stores
Physical Stores
 $5.58Bn ▲$5.53Bn ▼$5.59Bn ▲$5.58Bn ▼
Subscription Services
Subscription Services
 $11.51Bn ▲$11.71Bn ▲$12.21Bn ▲$12.57Bn ▲
ThirdParty Seller Services
ThirdParty Seller Services
 $47.48Bn ▲$36.51Bn ▼$40.35Bn ▲$42.49Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Amazon’s income statement over the past several years shows a business that has grown rapidly and recently become much more profitable again after a soft patch. Sales have climbed steadily each year, and the company has turned more of those sales into gross profit as higher‑margin areas like cloud and advertising grow. Operating profit dipped sharply in the middle of this period when costs and investments were elevated, but has since rebounded strongly, with margins improving as Amazon tightened expenses and gained efficiency in logistics and data centers. After a brief year of losses, net income has surged back to record levels, and earnings per share have followed the same pattern. Overall, the trend tells a story of scale, diversification, and renewed operating leverage after a reset period.

Balance Sheet

Balance Sheet The balance sheet has grown significantly, reflecting Amazon’s evolution into a very large, diversified platform company. Total assets have expanded as Amazon has added warehouses, data centers, technology infrastructure, and acquisitions. Cash on hand has increased over time, providing more financial flexibility and a bigger buffer against shocks. Debt remains meaningful but has become more manageable relative to the company’s growing size and equity base, and shareholders’ equity has risen consistently, suggesting that retained profits and asset growth are strengthening the company’s underlying financial foundation. In simple terms, Amazon looks financially sturdier and more resilient than it did a few years ago, even though it still carries notable obligations from years of heavy investment.

Cash Flow

Cash Flow Cash flow data highlight a key transition: from a period of very heavy investment that weighed on free cash flow to a phase where the business is again generating solid surplus cash after funding growth. Operating cash flow has risen substantially, showing that the core businesses—retail, cloud, and advertising—are throwing off much more cash than before. At the same time, capital spending has remained high, reflecting ongoing build‑outs of logistics infrastructure and cloud capacity. For a couple of years, this led to negative free cash flow, effectively meaning Amazon was plowing more cash into growth than it generated. Recently, however, free cash flow has turned solidly positive again, indicating that the company can now finance sizable investments internally while still adding to its cash reserves.

Competitive Edge

Competitive Edge Amazon’s competitive position is built on several reinforcing strengths. In e‑commerce, it benefits from enormous scale, a huge product selection, and a logistics network that is extremely difficult and costly for competitors to replicate. Its marketplace model creates a powerful network effect: more sellers attract more buyers, and vice versa. Prime membership deepens customer loyalty by bundling fast shipping with media and other perks, making it inconvenient for many users to switch away. In cloud computing, AWS is one of the global leaders with a broad and mature set of services used by companies of all sizes. On top of this, Amazon’s growing advertising business monetizes the traffic on its platform. These advantages are balanced by real challenges: intense competition from big retailers and tech firms, regulatory and antitrust scrutiny, and ongoing pressure around labor, pricing, and data practices. Even so, Amazon currently operates from a position of considerable strength in its key markets.

Innovation and R&D

Innovation and R&D Innovation is central to how Amazon operates and allocates capital. The company consistently spends heavily on research and development across many fronts: artificial intelligence, machine learning, robotics, and cloud technologies. AWS remains a major innovation engine, with Amazon pushing into advanced areas like custom AI chips and generative AI services. In retail and logistics, the company keeps refining automation in fulfillment centers and experimenting with advanced delivery methods, including drones and more efficient last‑mile solutions. Alexa and connected devices aim to keep Amazon embedded in daily consumer habits, while newer bets such as Project Kuiper (satellite internet) and healthcare initiatives show a willingness to enter entirely new industries. This broad innovation agenda offers meaningful upside but also carries execution risk, as not every project will succeed and the cost of experimenting at this scale is high.

Summary

Putting it all together, Amazon today looks like a mature but still strongly growing platform business that has come through a period of heavy investment and short‑term profit pressure into a phase of stronger earnings and cash generation. The income statement shows renewed profitability, the balance sheet reflects a larger and more robust financial base, and cash flows indicate that the company is again self‑funding its ambitious growth plans. Competitively, Amazon benefits from deep moats in e‑commerce and cloud, reinforced by Prime, its logistics network, and a fast‑growing advertising business, though it faces serious competition and regulatory oversight. Its sustained commitment to innovation—in AI, cloud, logistics, devices, satellites, and healthcare—creates substantial long‑term opportunity but also introduces complexity and risk. Overall, the data portray a financially stronger, highly diversified company whose future path will be shaped by how well it navigates regulation, competition, and the payoff from its many large‑scale innovation bets.

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