Amazon Com Financials

AMZN

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE June

This page shows Amazon Com (AMZN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 20 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AMZN FY2026 2026-07-31

Amazon’s earnings model now combines expanding margins with a deliberate choice to recycle most operating cash into infrastructure.

In the latest full year, operating cash flow was $139.5B while free cash flow was only $7.7B, showing that the core business is throwing off cash but very little is left after reinvestment. Capex reached $131.8B, up from $83.0B the year before, so better profitability did not translate into proportionately more residual cash.

The clearest operating shift is margin shape: gross margin moved from 43.8% to 50.3% over the last three full years, which usually signals a more favorable revenue mix and better absorption of fixed costs before overhead. Operating margin also stepped up materially, so the improvement is reaching deeper into the income statement rather than being canceled out by operating expense growth.

Leverage eased as debt-to-equity fell from 0.5x to 0.2x, meaning expansion has become less dependent on borrowed capital even as the asset base grew rapidly. At the same time, the current ratio stayed near 1.0x, which suggests Amazon runs with a tightly managed short-term liquidity posture instead of holding a large idle working-capital cushion.

Financial Health Signals

Financial health score pending refresh

We are recalculating Amazon Com's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Amazon Com passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

1.19x

For every $1 of reported earnings, Amazon Com generates $1.19 in operating cash flow ($161.4B OCF vs $135.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$135.3B

YoY+74.2%

5Y CAGR+32.3%

10Y CAGR+49.8%

Amazon Com reported $135.3B in net income in fiscal year 2026. This represents an increase of 74.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$11.6B

YoY-251.1%

Amazon Com generated -$11.6B in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 251.1% from the prior year.

Cash & Debt

$78.2B

YoY-9.9%

5Y CAGR+16.6%

10Y CAGR+15.0%

Amazon Com held $78.2B in cash against $128.9B in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

10.79B

YoY+0.5%

Amazon Com had 10.79B shares outstanding in fiscal year 2026. This represents an increase of 0.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

24.5%

YoY+5.6pp

5Y CAGR+0.4pp

10Y CAGR+12.2pp

Amazon Com's ROE was 24.5% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 5.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$173.0B

YoY+31.3%

5Y CAGR+23.2%

10Y CAGR+38.3%

Amazon Com invested $173.0B in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 31.3% from the prior year.

AMZN Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	$716.9B+12.4%	$638.0B+11.0%	$574.8B+11.8%	$514.0B+9.4%	$469.8B
Cost of Revenue	N/A	$356.4B+9.2%	$326.3B+7.1%	$304.7B+5.5%	$288.8B+6.1%	$272.3B
Gross Profit	N/A	$360.5B+15.7%	$311.7B+15.4%	$270.0B+19.9%	$225.2B+14.0%	$197.5B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$11.2B-1.6%	$11.4B-3.9%	$11.8B-0.6%	$11.9B+34.8%	$8.8B
Operating Income	N/A	$80.0B+16.6%	$68.6B+86.1%	$36.9B+200.9%	$12.2B-50.8%	$24.9B
Interest Expense	N/A	$2.3B-5.5%	$2.4B-24.4%	$3.2B+34.4%	$2.4B+30.8%	$1.8B
Income Tax	N/A	$19.1B+106.0%	$9.3B+30.1%	$7.1B+321.3%	-$3.2B-167.1%	$4.8B
Net Income	$135.3B+74.2%	$77.7B+31.1%	$59.2B+94.7%	$30.4B+1217.7%	-$2.7B-108.2%	$33.4B
EPS (Diluted)	N/A	$7.17+29.7%	$5.53+90.7%	$2.90+1174.1%	$-0.27	$3.24

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$200.6B+10.5%	$181.5B-14.9%	$213.4B+18.4%	$180.2B+7.4%	$167.7B+7.7%	$155.7B-17.1%	$187.8B+18.2%	$158.9B
Cost of Revenue	$95.8B+9.5%	$87.5B-20.5%	$110.0B+24.0%	$88.7B+9.7%	$80.8B+5.0%	$77.0B-22.2%	$98.9B+22.1%	$81.0B
Gross Profit	$104.8B+11.5%	$94.1B-9.1%	$103.4B+13.0%	$91.5B+5.3%	$86.9B+10.4%	$78.7B-11.5%	$88.9B+14.1%	$77.9B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.8B+7.8%	$2.6B-4.3%	$2.7B-5.9%	$2.9B-3.0%	$3.0B+12.8%	$2.6B-8.2%	$2.9B+5.5%	$2.7B
Operating Income	$27.5B+15.1%	$23.9B-4.5%	$25.0B+43.4%	$17.4B-9.1%	$19.2B+4.2%	$18.4B-13.2%	$21.2B+21.8%	$17.4B
Interest Expense	$1.3B+64.3%	$800.0M+17.8%	$679.0M+26.2%	$538.0M+4.3%	$516.0M-4.6%	$541.0M-5.1%	$570.0M-5.5%	$603.0M
Income Tax	$18.2B+90.4%	$9.6B+93.3%	$4.9B-28.4%	$6.9B+158.0%	$2.7B-41.2%	$4.6B+95.8%	$2.3B-14.1%	$2.7B
Net Income	$62.6B+107.1%	$30.3B+42.8%	$21.2B0.0%	$21.2B+16.6%	$18.2B+6.1%	$17.1B-14.4%	$20.0B+30.5%	$15.3B
EPS (Diluted)	$5.75+106.8%	$2.78	N/A	$1.95+16.1%	$1.68+5.7%	$1.59	N/A	$1.43

AMZN Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.1T+33.9%	$818.0B+30.9%	$624.9B+18.4%	$527.9B+14.1%	$462.7B+10.0%	$420.5B
Current Assets	$249.3B+8.8%	$229.1B+20.0%	$190.9B+10.7%	$172.4B+17.4%	$146.8B-9.2%	$161.6B
Cash & Equivalents	$78.2B-9.9%	$86.8B+10.2%	$78.8B+7.3%	$73.4B+36.2%	$53.9B+48.8%	$36.2B
Inventory	$38.2B-0.4%	$38.3B+12.0%	$34.2B+2.7%	$33.3B-3.2%	$34.4B+5.4%	$32.6B
Accounts Receivable	$88.1B+30.1%	$67.7B+22.1%	$55.5B+6.1%	$52.3B+23.4%	$42.4B+28.8%	$32.9B
Goodwill	$23.5B+1.0%	$23.3B+0.9%	$23.1B+1.3%	$22.8B+12.3%	$20.3B+32.0%	$15.4B
Total Liabilities	$544.1B+33.7%	$407.0B+20.1%	$338.9B+4.0%	$326.0B+3.0%	$316.6B+12.2%	$282.3B
Current Liabilities	$241.3B+10.7%	$218.0B+21.5%	$179.4B+8.8%	$164.9B+6.1%	$155.4B+9.2%	$142.3B
Long-Term Debt	$128.9B+96.3%	$65.6B+24.8%	$52.6B-9.8%	$58.3B-13.2%	$67.2B+37.8%	$48.7B
Total Equity	$551.6B+34.2%	$411.1B+43.7%	$286.0B+41.7%	$201.9B+38.2%	$146.0B+5.6%	$138.2B
Retained Earnings	$343.4B+37.1%	$250.5B+44.9%	$172.9B+52.1%	$113.6B+36.6%	$83.2B-3.2%	$85.9B

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$1.1T+19.5%	$916.6B+12.1%	$818.0B+12.4%	$727.9B+6.7%	$682.2B+6.0%	$643.3B+2.9%	$624.9B+6.9%	$584.6B
Current Assets	$249.3B-2.3%	$255.2B+11.4%	$229.1B+16.4%	$196.9B+2.8%	$191.4B+3.7%	$184.6B-3.3%	$190.9B+8.6%	$175.8B
Cash & Equivalents	$78.2B-23.2%	$101.8B+17.3%	$86.8B+29.7%	$66.9B+15.9%	$57.7B-12.8%	$66.2B-16.0%	$78.8B+4.9%	$75.1B
Inventory	$38.2B+4.5%	$36.5B-4.7%	$38.3B-7.6%	$41.5B+1.6%	$40.8B+13.8%	$35.9B+4.8%	$34.2B-5.2%	$36.1B
Accounts Receivable	$88.1B+16.6%	$75.5B+11.5%	$67.7B+10.7%	$61.2B+6.5%	$57.4B+5.9%	$54.2B-2.2%	$55.5B+7.4%	$51.6B
Goodwill	$23.5B+0.2%	$23.4B+0.8%	$23.3B+0.1%	$23.3B+0.5%	$23.2B+0.3%	$23.1B+0.1%	$23.1B0.0%	$23.1B
Total Liabilities	$544.1B+14.6%	$474.7B+16.6%	$407.0B+13.6%	$358.3B+2.8%	$348.4B+3.3%	$337.4B-0.5%	$338.9B+4.1%	$325.5B
Current Liabilities	$241.3B+11.3%	$216.8B-0.6%	$218.0B+11.7%	$195.2B+4.4%	$186.9B+6.1%	$176.2B-1.8%	$179.4B+11.1%	$161.5B
Long-Term Debt	$128.9B+8.2%	$119.1B+81.4%	$65.6B+29.4%	$50.7B0.0%	$50.7B-5.0%	$53.4B+1.4%	$52.6B-4.1%	$54.9B
Total Equity	$551.6B+24.8%	$441.9B+7.5%	$411.1B+11.2%	$369.6B+10.7%	$333.8B+9.1%	$305.9B+7.0%	$286.0B+10.3%	$259.2B
Retained Earnings	$343.4B+22.3%	$280.8B+12.1%	$250.5B+9.2%	$229.3B+10.2%	$208.2B+9.6%	$190.0B+9.9%	$172.9B+13.1%	$152.9B

AMZN Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$161.4B+15.7%	$139.5B+20.4%	$115.9B+36.4%	$84.9B+81.7%	$46.8B+0.9%	$46.3B
Capital Expenditures	$173.0B+31.3%	$131.8B+58.8%	$83.0B+57.4%	$52.7B-17.2%	$63.6B+4.2%	$61.1B
Free Cash Flow	-$11.6B-251.1%	$7.7B-76.6%	$32.9B+2.1%	$32.2B+290.7%	-$16.9B-14.7%	-$14.7B
Investing Cash Flow	-$216.8B-52.1%	-$142.5B-51.1%	-$94.3B-89.3%	-$49.8B-32.5%	-$37.6B+35.3%	-$58.2B
Financing Cash Flow	$75.2B+678.0%	$9.7B+181.8%	-$11.8B+25.6%	-$15.9B-263.4%	$9.7B+54.5%	$6.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0	$0-100.0%	$6.0B	$0

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$45.4B+74.4%	$26.0B-52.2%	$54.5B+53.3%	$35.5B+9.3%	$32.5B+91.1%	$17.0B-62.7%	$45.6B+75.7%	$26.0B
Capital Expenditures	$54.2B+22.6%	$44.2B+11.8%	$39.5B+12.6%	$35.1B+9.0%	$32.2B+28.6%	$25.0B-10.1%	$27.8B+23.1%	$22.6B
Free Cash Flow	-$8.8B+51.5%	-$18.2B-221.7%	$14.9B+3373.7%	$430.0M+29.5%	$332.0M+104.1%	-$8.0B-145.0%	$17.8B+431.2%	$3.4B
Investing Cash Flow	-$79.2B-23.4%	-$64.2B-35.9%	-$47.2B-81.2%	-$26.1B+33.9%	-$39.4B-32.3%	-$29.8B+20.4%	-$37.4B-121.6%	-$16.9B
Financing Cash Flow	$10.1B-80.8%	$52.8B+329.3%	$12.3B+28034.1%	-$44.0M+98.3%	-$2.5B-5302.1%	-$47.0M+98.6%	-$3.3B-19.9%	-$2.8B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AMZN Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	50.3%+1.4pp	48.9%+1.9pp	47.0%+3.2pp	43.8%+1.8pp	42.0%
Operating Margin	N/A	11.2%+0.4pp	10.8%+4.3pp	6.4%+4.0pp	2.4%-2.9pp	5.3%
Net Margin	N/A	10.8%+1.5pp	9.3%+4.0pp	5.3%+5.8pp	-0.5%-7.6pp	7.1%
Return on Equity	24.5%+5.6pp	18.9%-1.8pp	20.7%+5.6pp	15.1%+16.9pp	-1.9%-26.0pp	24.1%
Return on Assets	12.3%+2.9pp	9.5%+0.0pp	9.5%+3.7pp	5.8%+6.3pp	-0.6%-8.5pp	7.9%
Current Ratio	1.03-0.0	1.05-0.0	1.06+0.0	1.05+0.1	0.94-0.2	1.14
Debt-to-Equity	0.23+0.1	0.16-0.0	0.18-0.1	0.29-0.2	0.46+0.1	0.35
FCF Margin	N/A	1.1%-4.1pp	5.1%-0.5pp	5.6%+8.9pp	-3.3%-0.2pp	-3.1%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	52.3%+0.4pp	51.8%+3.3pp	48.5%-2.3pp	50.8%-1.0pp	51.8%+1.3pp	50.5%+3.2pp	47.3%-1.7pp	49.0%
Operating Margin	13.7%+0.6pp	13.1%+1.4pp	11.7%+2.0pp	9.7%-1.8pp	11.4%-0.4pp	11.8%+0.5pp	11.3%+0.3pp	11.0%
Net Margin	31.2%+14.6pp	16.7%+6.7pp	9.9%-1.8pp	11.8%+0.9pp	10.8%-0.2pp	11.0%+0.4pp	10.7%+1.0pp	9.7%
Return on Equity	11.4%+4.5pp	6.9%+1.7pp	5.2%-0.6pp	5.7%+0.3pp	5.4%-0.2pp	5.6%-1.4pp	7.0%+1.1pp	5.9%
Return on Assets	5.7%+2.4pp	3.3%+0.7pp	2.6%-0.3pp	2.9%+0.3pp	2.7%0.0pp	2.7%-0.5pp	3.2%+0.6pp	2.6%
Current Ratio	1.03-0.1	1.18+0.1	1.05+0.0	1.01-0.0	1.02-0.0	1.05-0.0	1.06-0.0	1.09
Debt-to-Equity	0.23-0.0	0.27+0.1	0.16+0.0	0.14-0.0	0.15-0.0	0.170.0	0.18-0.0	0.21
FCF Margin	-4.4%+5.6pp	-10.0%-17.0pp	7.0%+6.8pp	0.2%+0.0pp	0.2%+5.3pp	-5.1%-14.6pp	9.5%+7.4pp	2.1%

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Frequently Asked Questions

Is Amazon Com profitable?

Yes, Amazon Com (AMZN) reported a net income of $135.3B in fiscal year 2026.

How much debt does Amazon Com have?

As of fiscal year 2026, Amazon Com (AMZN) had $78.2B in cash and equivalents against $128.9B in long-term debt.

What is Amazon Com's return on equity (ROE)?

Amazon Com (AMZN) has a return on equity of 24.5% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Amazon Com's free cash flow?

Amazon Com (AMZN) generated -$11.6B in free cash flow during fiscal year 2026. This represents a -251.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Amazon Com's operating cash flow?

Amazon Com (AMZN) generated $161.4B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Amazon Com's total assets?

Amazon Com (AMZN) had $1.1T in total assets as of fiscal year 2026, including both current and long-term assets.

What are Amazon Com's capital expenditures?

Amazon Com (AMZN) invested $173.0B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How many shares does Amazon Com have outstanding?

Amazon Com (AMZN) had 10.79B shares outstanding as of fiscal year 2026.

What is Amazon Com's current ratio?

Amazon Com (AMZN) had a current ratio of 1.03 as of fiscal year 2026, which is considered adequate.

What is Amazon Com's debt-to-equity ratio?

Amazon Com (AMZN) had a debt-to-equity ratio of 0.23 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Amazon Com's return on assets (ROA)?

Amazon Com (AMZN) had a return on assets of 12.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Amazon Com's Piotroski F-Score?

Amazon Com (AMZN) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Amazon Com's earnings high quality?

Amazon Com (AMZN) has an earnings quality ratio of 1.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.