Amazon AMZN
Public, NASDAQ, reports in USD. Founded 1994.
Theme: Internet.
AWS + Retail.
2025-08-01 — Mature low-margin retail and high-margin AWS
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 716.9bn USD | 12.4 % | 51.8 % | – | 80.0bn USD | 11.2 % | 77.7bn USD | 7.19 | 23.5 | |
| 2024 | 638.0bn USD | 11.0 % | 48.9 % | 13.9 % | 68.6bn USD | 10.8 % | 59.2bn USD | 5.53 | 21.7 | |
| 2023 | 574.8bn USD | 11.8 % | 47.0 % | 14.9 % | 36.8bn USD | 6.4 % | 30.4bn USD | 2.90 | 18.2 | |
| 2022 | 514.0bn USD | – | 43.8 % | – | 12.2bn USD | 2.4 % | -2.7bn USD | -0.27 | – | |
| 2026-Q1 | 181.5bn USD | 16.6 % | 51.8 % | – | 23.9bn USD | 13.1 % | 30.3bn USD | 2.78 | 29.7 | |
| 2025-Q4 | 213.4bn USD | – | 48.5 % | – | 25.0bn USD | 11.7 % | 21.2bn USD | 1.95 | – | |
| 2025-Q3 | 180.2bn USD | – | 50.8 % | – | 17.4bn USD | 9.7 % | 21.2bn USD | 1.95 | – | |
| 2025-Q2 | 167.7bn USD | – | 51.8 % | – | 19.2bn USD | 11.4 % | 18.2bn USD | 1.68 | – | |
| 2025-Q1 | 155.7bn USD | – | 50.6 % | – | 18.4bn USD | 11.8 % | 17.1bn USD | – | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
- 2025-Q1: yfinance
Latest quarter 2026-Q1, ended 2026-03-31, vs 2025-Q1
| 2026-Q1 | 2025-Q1 | change | |
|---|---|---|---|
| Revenue | 181.5bn USD | 155.7bn USD | +25.9bn (+17 %) |
| Op. margin | 13.1 % | 11.8 % | +1.3 pts |
| FCF | -18.2bn USD | -8.0bn USD | -10.2bn |
| Op. income | 23.9bn USD | ||
| Net income | 30.3bn USD | ||
| EPS (diluted) | 2.78 |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 139.5bn USD | 131.8bn USD | 7.7bn USD | 1.1 % | 179.6 % | – | – | 17.4bn USD | 6.6bn USD |
| 2024 | 115.9bn USD | 83.0bn USD | 32.9bn USD | 5.2 % | 195.6 % | – | – | 21.1bn USD | 9.7bn USD |
| 2023 | 84.9bn USD | 52.7bn USD | 32.2bn USD | 5.6 % | 279.2 % | – | – | 16.3bn USD | 19.2bn USD |
| 2022 | 46.8bn USD | 63.6bn USD | -16.9bn USD | -3.3 % | – | – | – | -1.2bn USD | 18.9bn USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 248.67 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 2,682.2bn USD | 2026-09-15 | |
| 52w high | 287.20 USD | 2026-09-15 | |
| 52w low | 196.00 USD | 2026-09-15 | |
| EV/EBITDA | 20.0 | 2026-07-10 (stale) | |
| Off 52w high % | -13.4 % | ||
| P/S | 3.7 | ||
| Lifetime CAGR | 22.7 % |
Notes
- 2025-08-01 opinion Mature low-margin retail and high-margin AWS