EBITDA Margin snapshot
Amazon's ebitda margin was 20.3% in FY2025, compared with 19.0% in FY2024. On a trailing-twelve-month basis it was 19.6% as of Q1 FY26. EBITDA margin is earnings before interest, taxes, depreciation, and amortization, divided by revenue. It approximates operating cash profitability by adding back non-cash depreciation and amortization to operating income.
EBITDA Margin (latest FY)
20.3%
EBITDA Margin (TTM)
19.6%
Operating margin (latest FY)
11.2%
Net margin (latest FY)
10.8%
Amazon EBITDA Margin
EBITDA ÷ revenue
EBITDA Margin vs. related metrics
Amazon EBITDA Margin — by fiscal year
| Fiscal year | EBITDA margin | Operating margin | Net margin |
|---|---|---|---|
| FY2025 | 20.3% | 11.2% | 10.8% |
| FY2024 | 19.0% | 10.8% | 9.3% |
| FY2023 | 14.9% | 6.4% | 5.3% |
| FY2022 | 10.5% | 2.4% | -0.5% |
| FY2021 | 12.6% | 5.3% | 7.1% |
| FY2020 | 12.5% | 5.9% | 5.5% |
| FY2019 | 13.0% | 5.2% | 4.1% |
| FY2018 | 11.9% | 5.3% | 4.3% |
| FY2017 | 8.8% | 2.3% | 1.7% |
| FY2016 | 9.0% | 3.1% | 1.7% |
| FY2015 | 8.0% | 2.1% | 0.6% |
| FY2014 | 4.3% | 0.2% | -0.3% |
| FY2013 | 4.3% | 1.0% | 0.4% |
| FY2012 | 3.8% | 1.1% | -0.1% |
| FY2011 | 3.9% | 1.8% | 1.3% |
| FY2010 | 5.7% | 4.1% | 3.4% |
| FY2009 | 6.2% | 4.6% | 3.7% |
| FY2008 | 6.0% | 4.4% | 3.4% |
| FY2007 | 6.1% | 4.4% | 3.2% |
| FY2006 | — | — | — |
By quarter (trailing-twelve-month basis)
| Quarter | EBITDA margin | Operating margin | Net margin |
|---|---|---|---|
| Q1 FY26 | 19.6% | 11.5% | 10.6% |
| Q4 FY25 | 18.9% | 11.2% | 9.2% |
| Q3 FY25 | 20.0% | 11.0% | 11.1% |
| Q2 FY25 | 20.1% | 11.4% | 10.5% |
| Q1 FY25 | 19.5% | 11.0% | 10.1% |
| Q4 FY24 | 19.0% | 10.8% | 9.3% |
| Q3 FY24 | 18.0% | 9.8% | 8.0% |
| Q2 FY24 | 17.2% | 9.0% | 7.4% |
| Q1 FY24 | 16.4% | 8.0% | 6.4% |
| Q4 FY23 | 14.9% | 6.4% | 5.3% |
| Q3 FY23 | 13.3% | 4.8% | 3.6% |
| Q2 FY23 | 11.8% | 3.3% | 2.4% |
Figures normalized from SEC filings. See the full Amazon ratios & metrics.