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Amazon.com, Inc. AMZN

Consumer Cyclical  —  Internet Retail
249.67 0.29 0.12% as of 25 Sep
Market cap
$2.70T
P/E
19.8×
S&P 500 Member Cash Flow Champion (3y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Amazon.com, Inc. (AMZN) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Amazon.com reported market capitalisation of $2.69 trillion as of September 24, 2026. Revenue was $716.9 billion in FY2025, while gross profit was $360.5 billion in FY2025 and operating income was $80.0 billion in FY2025.

In Q2 FY2026, revenue was $200.6 billion, gross profit was $104.8 billion, operating income was $27.5 billion, and net income was $62.6 billion. Diluted EPS was $5.75 in Q2 FY2026. The trailing-twelve-month period to Q2 FY2026 recorded revenue of $775.7 billion and net income of $135.3 billion.

Growth

Revenue increased 12.4% in FY2025 against FY2024, with a 11.7% compound annual growth rate in FY2022–FY2025 and a 13.2% compound annual growth rate in FY2020–FY2025. Diluted EPS increased 29.7% in FY2025 against FY2024 and had a 27.9% compound annual growth rate in FY2020–FY2025.

Free cash flow was $11.2 billion in FY2025, down −70.7% in FY2025 against FY2024; its compound annual growth rate was −18.4% in FY2020–FY2025. Revenue was $200.6 billion in Q2 FY2026, up 19.6% in Q2 FY2026 against Q2 FY2025, while diluted EPS was $5.75 in Q2 FY2026, up 242.3% over the same period.

Profitability

Gross margin was 50.3% in FY2025, an increase of 10.7 percentage points in FY2020–FY2025. Operating margin was 11.2% in FY2025, an increase of 5.2 percentage points in FY2020–FY2025. Pre-tax margin was 13.6% in FY2025, an increase of 7.3 percentage points in FY2020–FY2025, while net margin was 10.8% in FY2025, an increase of 5.3 percentage points over the same period.

Return on equity was 22.3% in FY2025, return on assets was 10.8% in FY2025, and return on invested capital was 14.1% in FY2025. Gross margin was 52.3% and operating margin was 13.7% in Q2 FY2026. No industry-median comparisons are reported.

Balance sheet

Cash and short-term investments were $123.0 billion in FY2025, compared with total debt of $65.6 billion in FY2025. Net debt was −$57.4 billion in FY2025, indicating a net cash position, while shareholders’ equity was $411.1 billion in FY2025. Working capital was $11.1 billion in FY2025.

By Q2 FY2026, net debt was $5.9 billion and the current ratio was 1.0×. Debt to equity was 0.2× in Q2 FY2026. Net debt increased by $48.4 billion in Q2 FY2026 against Q2 FY2025, moving from the net cash position recorded at the end of FY2025 to net debt in the latest quarter.

Cash flow & capital return

Operating cash flow was $139.5 billion in FY2025, increasing 20.4% in FY2025 against FY2024. Capital expenditure was $128.3 billion in FY2025, and free cash flow was $11.2 billion in FY2025. Free cash flow represented 14.4% of net income in FY2025.

In the trailing twelve months to Q2 FY2026, operating cash flow was $161.4 billion, up 33.2% against the trailing twelve months to Q2 FY2025, while free cash flow was −$7.6 billion. Weighted average shares were 10.7 billion shares in FY2025, with share count up 6.51% in FY2020–FY2025. Net share repurchases were $6.0 billion in FY2022. Dividend payments are not reported.

Valuation

Amazon.com had a market capitalisation of $2.69 trillion as of September 24, 2026. Its P/E was 19.8× as of September 24, 2026, below its 50.6× five-year median as of September 24, 2026, over the five fiscal years to FY2025. Its P/S was 3.5× as of September 24, 2026, above its 3.4× five-year median and 3.2× ten-year median as of September 24, 2026, over the respective fiscal-year periods to FY2025.

P/B was 4.9× as of September 24, 2026, below its 7.7× five-year median and 13.5× ten-year median as of September 24, 2026, over the respective fiscal-year periods to FY2025. EV/Sales was 3.5× as of September 24, 2026, above its 3.4× five-year median and 3.2× ten-year median. No industry-median comparisons are reported.

What changed since last quarter

Revenue was $200.6 billion in Q2 FY2026, up 10.5% in Q2 FY2026 against Q1 FY2026 and up 19.6% in Q2 FY2026 against Q2 FY2025. Diluted EPS was $5.75 in Q2 FY2026, up 106.8% sequentially and 242.3% year over year. Gross margin was 52.3% and operating margin was 13.7% in Q2 FY2026, with increases of 0.4 percentage points and 0.5 percentage points, respectively, against Q1 FY2026.

Free cash flow was −$7.7 billion in Q2 FY2026, compared with −$17.2 billion in Q1 FY2026 and $1.1 billion in Q2 FY2025. Net debt was $5.9 billion in Q2 FY2026, an increase of $29.9 billion against Q1 FY2026. No reason for these movements is reported.

Open questions

  • What drove the increase in net debt during the latest quarter?
  • What activities accounted for the negative free cash flow in the latest trailing period?
  • Which factors contributed to the increase in net income in the latest quarter?
  • How is capital expenditure allocated across the company’s operations?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.