Amazon.com (AMZN) financial statements
Amazon.com reported revenue of $716.9B in fiscal 2025, up 20.3% a year over 9 years.
Net income was $77.7B and the operating margin 11.2%, against 3.1% in 2016.
Free cash flow was $7.7B.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Amazon.com's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $136.0B | $177.9B | $232.9B | $280.5B | $386.1B | $469.8B | $514.0B | $574.8B | $638.0B | $716.9B |
| Cost of revenue | $88.3B | $111.9B | $139.2B | $165.5B | $233.3B | $272.3B | $288.8B | $304.7B | $326.3B | $356.4B |
| Gross profit | $47.7B | $65.9B | $93.7B | $115.0B | $152.8B | $197.5B | $225.2B | $270.0B | $311.7B | $360.5B |
| Selling, general and admin | $9.7B | $13.7B | $18.1B | $24.1B | $28.7B | $41.4B | $54.1B | $56.2B | $55.3B | $58.3B |
| Operating income | $4.2B | $4.1B | $12.4B | $14.5B | $22.9B | $24.9B | $12.2B | $36.9B | $68.6B | $80.0B |
| Interest expense | $484M | $848M | $1.4B | $1.6B | $1.6B | $1.8B | $2.4B | $3.2B | $2.4B | $2.3B |
| Pre-tax income | $3.9B | $3.8B | $11.3B | $14.0B | $24.2B | $38.2B | -$5.9B | $37.6B | $68.6B | $97.3B |
| Income tax | $1.4B | $769M | $1.2B | $2.4B | $2.9B | $4.8B | -$3.2B | $7.1B | $9.3B | $19.1B |
| Net income | $2.4B | $3.0B | $10.1B | $11.6B | $21.3B | $33.4B | -$2.7B | $30.4B | $59.2B | $77.7B |
| EPS (diluted) | $0.25 | $0.31 | $1.01 | $1.15 | $2.09 | $3.24 | -$0.27 | $2.90 | $5.53 | $7.17 |
| Diluted shares | 9.68B | 9.86B | 10.00B | 10.08B | 10.20B | 10.30B | 10.19B | 10.49B | 10.72B | 10.83B |
| Gross margin | 35.1% | 37.1% | 40.2% | 41.0% | 39.6% | 42.0% | 43.8% | 47.0% | 48.9% | 50.3% |
| Operating margin | 3.1% | 2.3% | 5.3% | 5.2% | 5.9% | 5.3% | 2.4% | 6.4% | 10.8% | 11.2% |
| Net margin | 1.7% | 1.7% | 4.3% | 4.1% | 5.5% | 7.1% | -0.5% | 5.3% | 9.3% | 10.8% |
Balance sheet
Fiscal years, from Amazon.com's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $26.0B | $31.0B | $41.2B | $55.0B | $84.4B | $96.0B | $70.0B | $86.8B | $101.2B | $123.0B |
| Receivables | $8.3B | $13.2B | $16.7B | $20.8B | $24.5B | $32.9B | $42.4B | $52.3B | $55.5B | $67.7B |
| Inventory | $11.5B | $16.0B | $17.2B | $20.5B | $23.8B | $32.6B | $34.4B | $33.3B | $34.2B | $38.3B |
| Total current assets | $45.8B | $60.2B | $75.1B | $96.3B | $132.7B | $161.6B | $146.8B | $172.4B | $190.9B | $229.1B |
| Property, plant and equipment | $29.1B | $48.9B | $61.8B | $72.7B | $113.1B | $160.3B | $186.7B | $204.2B | $252.7B | $357.0B |
| Goodwill | $3.8B | $13.3B | $14.5B | $14.8B | $15.0B | $15.4B | $20.3B | $22.8B | $23.1B | $23.3B |
| Total assets | $83.4B | $131.3B | $162.6B | $225.2B | $321.2B | $420.5B | $462.7B | $527.9B | $624.9B | $818.0B |
| Total current liabilities | $43.8B | $57.9B | $68.4B | $87.8B | $126.4B | $142.3B | $155.4B | $164.9B | $179.4B | $218.0B |
| Long-term debt | $7.7B | $24.7B | $23.5B | $23.4B | $31.8B | $48.7B | $67.2B | $58.3B | $52.6B | $65.6B |
| Total liabilities | $64.1B | $103.6B | $119.1B | $163.2B | $227.8B | $282.3B | $316.6B | $326.0B | $338.9B | $407.0B |
| Shareholders' equity | $19.3B | $27.7B | $43.5B | $62.1B | $93.4B | $138.2B | $146.0B | $201.9B | $286.0B | $411.1B |
| Net debt | -$10.6B | $4.3B | -$6.9B | -$11.4B | -$9.2B | $14.0B | $16.3B | -$6.6B | -$21.1B | -$18.4B |
Cash flow
Fiscal years, from Amazon.com's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.2B | $18.4B | $30.7B | $38.5B | $66.1B | $46.3B | $46.8B | $84.9B | $115.9B | $139.5B |
| Capital spending | $6.7B | $12.0B | $13.4B | $16.9B | $40.1B | $61.1B | $63.6B | $52.7B | $83.0B | $131.8B |
| Free cash flow | $10.5B | $6.4B | $17.3B | $21.7B | $25.9B | -$14.7B | -$16.9B | $32.2B | $32.9B | $7.7B |
| Stock-based compensation | $3.0B | $4.2B | $5.4B | $6.9B | $9.2B | $12.8B | $19.6B | $24.0B | $22.0B | $19.5B |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$6.0B | $0 | $0 | — |
| Net borrowing | $291M | $14.9B | $27M | -$295M | $9.0B | $17.4B | $19.9B | -$3.7B | -$9.2B | $10.7B |
| Free cash flow margin | 7.7% | 3.6% | 7.4% | 7.7% | 6.7% | -3.1% | -3.3% | 5.6% | 5.2% | 1.1% |
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Open AMZN in InvestinglyQuestions
What was Amazon.com's revenue in 2025?
$716.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Amazon.com generate?
$7.7B in fiscal 2025 (operating cash flow minus capital spending).
From Amazon.com's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.