| Income statement | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $716.92B | $637.96B | $574.78B | $513.98B | $469.82B | $386.06B |
| Cost of revenue | $356.41B | $326.29B | $304.74B | $288.83B | $272.34B | $233.31B |
| Gross margin | 50.3% | 48.9% | 47.0% | 43.8% | 42.0% | 39.6% |
| Operating income | $79.97B | $68.59B | $36.85B | $12.25B | $24.88B | $22.90B |
| Operating margin | 11.2% | 10.8% | 6.4% | 2.4% | 5.3% | 5.9% |
| Pretax income | $97.31B | $68.61B | $37.56B | -$5.94B | $38.15B | $24.18B |
| Income tax | $19.09B | $9.27B | $7.12B | -$3.22B | $4.79B | $2.86B |
| Net income | $77.67B | $59.25B | $30.43B | -$2.72B | $33.36B | $21.33B |
| Net margin | 10.8% | 9.3% | 5.3% | -0.5% | 7.1% | 5.5% |
| EPS (diluted) | $7.17 | $5.53 | $2.90 | $-0.27 | $3.24 | $2.09 |
| EPS (basic) | $7.29 | $5.66 | $2.95 | $-0.27 | $3.30 | $2.13 |
| Shares (diluted) | 10.83B | 10.72B | 10.49B | 10.19B | 10.30B | 10.20B |
| Shares (basic) | 10.66B | 10.47B | 10.30B | 10.19B | 10.12B | 10.01B |
| Balance sheet | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Total assets | $818.04B | $624.89B | $527.85B | $462.68B | $420.55B | $321.19B |
| Cash & equivalents | $86.81B | $78.78B | $73.39B | $53.89B | $36.22B | $42.12B |
| Stockholders' equity | $411.06B | $285.97B | $201.88B | $146.04B | $138.25B | $93.40B |
| Cash flow | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $139.51B | $115.88B | $84.95B | $46.75B | $46.33B | $66.06B |
| Capital expenditure | $131.82B | $83.00B | $52.73B | $63.65B | $61.05B | $40.14B |
| Free cash flow | $7.70B | $32.88B | $32.22B | -$16.89B | -$14.73B | $25.92B |
| Profitability | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Gross margin | 50.3% | 48.9% | 47.0% | 43.8% | 42.0% | 39.6% |
| Operating margin | 11.2% | 10.8% | 6.4% | 2.4% | 5.3% | 5.9% |
| EBITDA margin | 20.3% | 19.0% | 14.9% | 10.5% | 12.6% | 12.5% |
| Net margin | 10.8% | 9.3% | 5.3% | -0.5% | 7.1% | 5.5% |
| Returns | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Return on equity | 18.9% | 20.7% | 15.1% | -1.9% | 24.1% | 22.8% |
| Return on assets | 9.5% | 9.5% | 5.8% | -0.6% | 7.9% | 6.6% |
| Return on invested capital | 15.9% | 21.5% | 14.4% | 3.2% | 12.4% | 17.9% |
| Return on capital employed | 13.3% | 15.4% | 10.2% | 4.0% | 8.9% | 11.8% |
| Liquidity | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Current ratio | 1.05 | 1.06 | 1.05 | 0.94 | 1.14 | 1.05 |
| Quick ratio | 0.88 | 0.87 | 0.84 | 0.72 | 0.91 | 0.86 |
| Cash ratio | 0.40 | 0.44 | 0.44 | 0.35 | 0.25 | 0.33 |
| Working capital | $11.08B | $11.44B | $7.43B | -$8.60B | $19.31B | $6.35B |
| Leverage | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Debt to equity | 0.20 | 0.24 | 0.39 | 0.59 | 0.54 | 0.66 |
| Debt to assets | 0.10 | 0.11 | 0.15 | 0.19 | 0.18 | 0.19 |
| Net debt | -$5.67B | -$10.39B | $5.68B | $32.04B | $37.77B | $19.28B |
| Net debt / EBITDA | -0.04 | -0.09 | 0.07 | 0.59 | 0.64 | 0.40 |
| Interest coverage | 35.2× | 28.5× | 11.6× | 5.2× | 13.8× | 13.9× |
| Financial leverage | 1.99 | 2.19 | 2.61 | 3.17 | 3.04 | 3.44 |
| Efficiency | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Asset turnover | 0.88 | 1.02 | 1.09 | 1.11 | 1.12 | 1.20 |
| Inventory turnover | 9.30 | 9.54 | 9.15 | 8.40 | 8.34 | 9.80 |
| Receivables turnover | 10.59 | 11.50 | 11.00 | 12.13 | 14.28 | 15.73 |
| Days sales outstanding | 34 days | 32 days | 33 days | 30 days | 26 days | 23 days |
| Days inventory outstanding | 39 days | 38 days | 40 days | 43 days | 44 days | 37 days |
| Days payables outstanding | 125 days | 106 days | 102 days | 101 days | 105 days | 113 days |
| Cash flow | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Free cash flow | $7.70B | $32.88B | $32.22B | -$16.89B | -$14.73B | $25.92B |
| Free cash flow margin | 1.1% | 5.2% | 5.6% | -3.3% | -3.1% | 6.7% |
| Income quality (CFO / net income) | 1.80 | 1.96 | 2.79 | -17.18 | 1.39 | 3.10 |
| Capex to revenue | 18.4% | 13.0% | 9.2% | 12.4% | 13.0% | 10.4% |
| Per share | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue per share | $67.28 | $60.91 | $55.78 | $50.44 | $46.44 | $38.59 |
| Book value per share | $38.58 | $27.31 | $19.59 | $14.33 | $13.66 | $9.34 |
| Cash per share | $8.15 | $7.52 | $7.12 | $5.29 | $3.58 | $4.21 |
| Free cash flow per share | $0.72 | $3.14 | $3.13 | $-1.66 | $-1.46 | $2.59 |
| Growth | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue growth (YoY) | 12.4% | 11.0% | 11.8% | 9.4% | 21.7% | — |
| Net income growth (YoY) | 31.1% | 94.7% | 1217.7% | -108.2% | 56.4% | — |
| EPS growth (YoY) | 28.8% | 91.9% | 1192.6% | -108.2% | 54.9% | — |
Amazon.com is a global technology and retail company operating across e-commerce, cloud infrastructure (Amazon Web Services), digital advertising, subscription services (Prime), physical stores, hardware (Kindle, Echo, Fire), and a growing portfolio of AI products and services. The business reports across three segments: North America, International, and AWS.
Amazon Web Services is the largest hyperscale cloud platform globally by revenue, and the primary engine of operating income for Amazon overall. AWS provides compute (EC2, including GPU-accelerated instances on NVIDIA and AMD silicon and AWS's own Trainium and Inferentia chips), storage (S3), databases, networking, and an expanding portfolio of AI and machine learning services. Amazon Bedrock provides API access to foundation models from Anthropic, Meta (Llama), Mistral, Cohere, Stability AI, and Amazon's own Titan and Nova model families. The Anthropic partnership, including multi-billion-dollar investment commitments, gives AWS preferential distribution rights for Claude models and positions Bedrock as the cloud anchor for non-OpenAI foundation models.
The retail business operates Amazon's first-party online stores and Marketplace platform for third-party sellers. Third-party seller services (which include fulfillment via Fulfillment by Amazon) have grown to represent more than half of unit volume on the marketplace. The combination of first-party retail, third-party marketplace, fulfillment infrastructure, and Prime subscription has built one of the largest consumer logistics operations in history.
Amazon Advertising has emerged as one of the largest digital advertising platforms globally, ranking third behind Google and Meta. Advertising on Amazon properties (search results, product detail pages, Prime Video) is highly performance-attributable because the ad and the transaction occur on the same platform, a structural advantage that has compounded the segment's growth.
Prime, the subscription service, bundles free shipping, video streaming (Prime Video, which licenses major sports rights including NFL Thursday Night Football and includes Amazon Studios original content), music streaming, gaming benefits, and grocery delivery. Prime membership has become a foundational customer relationship that drives retention and frequency across the rest of the business.
Amazon's AI strategy combines three layers: infrastructure (AWS compute including custom Trainium and Inferentia silicon for AI workloads, alongside merchant NVIDIA and AMD GPUs), platform (Bedrock, SageMaker, expanding AI agents and tools), and application (Alexa with generative AI integration, Q for code and business intelligence, embedded AI across the retail and advertising businesses). The custom silicon strategy is a direct play to reduce structural dependence on NVIDIA for AWS AI workloads.
The principal regulatory exposures include ongoing antitrust review of Amazon's marketplace practices (FTC litigation in the United States, regulatory actions in the European Union), labor relations across the fulfillment workforce, and data and competition regulation around the dual role as marketplace operator and first-party retailer.
Princeton-educated computer scientist and former hedge fund executive at D.E. Shaw. Founded Amazon in 1994 in Seattle as an online bookstore. Served as CEO until July 2021, when Andy Jassy succeeded him. Continues as Executive Chairman and the company's largest individual shareholder.
Amazon's customer base spans nearly every category of consumer and enterprise buyer. Consumers shop on Amazon.com properties globally and subscribe to Prime, video streaming, and music services. Third-party sellers on the marketplace include small businesses, mid-market brands, and global enterprises using Amazon as a distribution channel. Advertisers buy Amazon Advertising inventory to reach the same consumer surface. AWS serves nearly the full spectrum of enterprise IT buyers: hyperscale internet companies, Fortune 500 enterprises, AI labs (Anthropic is the anchor reference customer for AWS AI infrastructure), startups, public sector and defense, and developers consuming AWS through the free tier or pay-as-you-go pricing. Healthcare and life sciences have emerged as a major AWS vertical. Automotive customers use AWS for connected-car, autonomy training, and digital services.
| Date | Insider | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | Herrington Douglas J | CEO Worldwide Amazon Stores | Sell | 1,000 | $239.77 | $239,770 |
| Jun 1, 2026 | Herrington Douglas J | CEO Worldwide Amazon Stores | Sell | 1,000 | $266.19 | $266,190 |
| May 22, 2026 | Zapolsky David | Senior Vice President | Sell | 9,270 | $268.53 | $2M |
| May 21, 2026 | Herrington Douglas J | CEO Worldwide Amazon Stores | Option exercise | 7,500 | — | — |
| May 21, 2026 | Olsavsky Brian T | Senior Vice President and CFO | Option exercise | 9,920 | — | — |
| May 21, 2026 | Reynolds Shelley | Vice President | Option exercise | 1,820 | — | — |
| May 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Option exercise | 4,860 | — | — |
| May 21, 2026 | Jassy Andrew R | President and CEO · Director | Option exercise | 50,000 | — | — |
| May 21, 2026 | Zapolsky David | Senior Vice President | Option exercise | 9,920 | — | — |
| May 21, 2026 | Olsavsky Brian T | Senior Vice President and CFO | Option exercise | 5,530 | — | — |
| May 21, 2026 | Zapolsky David | Senior Vice President | Option exercise | 5,530 | — | — |
| May 21, 2026 | Garman Matthew S | CEO Amazon Web Services | Option exercise | 1,500 | — | — |
| May 21, 2026 | Reynolds Shelley | Vice President | Option exercise | 543 | — | — |
| May 21, 2026 | Jassy Andrew R | President and CEO · Director | Sell | 5,206 | $261.95 | $1M |
| May 21, 2026 | Herrington Douglas J | CEO Worldwide Amazon Stores | Option exercise | 2,860 | — | — |
Source: SEC Form 4. Grants, gifts and option exercises show no market value.
697 institutional holders · $17.9B · 13F, Jun 2026
| Holder | Shares | Value |
|---|---|---|
| Assenagon Asset Management S.A. | 17,832,409 | $4.3B |
| Handelsbanken Fonder Ab | 5,180,597 | $1.2B |
| Wellcome Trust Ltd (The) As Trustee Of The Wellcome Trust | 3,300,000 | $787M |
| Cardano Risk Management B.V. | 2,909,831 | $694M |
| Czech National Bank | 2,786,316 | $664M |
| Pinestone Asset Management Inc. | 2,778,800 | $662M |
| Davenport & Co Llc | 1,920,943 | $458M |
| Sarasin & Partners Llp | 1,918,208 | $457M |
| Pensiondanmark Pensionsforsikringsaktieselskab | 1,901,634 | $453M |
| Qrg Capital Management, Inc. | 1,602,570 | $382M |
| Aegon Asset Management Uk Plc | 1,455,542 | $347M |
| Hyperion Asset Management Ltd | 1,227,545 | $293M |
| E. Ohman J:Or Asset Management Ab | 816,066 | $195M |
| Congress Asset Management Co | 733,843 | $175M |
| Eastern Bank | 670,857 | $160M |
| Fisher Funds Management Ltd | 597,393 | $142M |
| Gradient Investments Llc | 597,018 | $142M |
| Douglas Lane & Associates, Llc | 531,483 | $127M |
| Riverbridge Partners Llc | 504,618 | $120M |
| Steelpeak Wealth, Llc | 490,421 | $117M |
Source: SEC Form 13F (latest reported quarter; managers file up to 45 days after quarter-end).
What does Amazon do?
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What are Trainium and Inferentia?
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