Is Amazon.com financially healthy?

On 30 September 2026 Amazon.com held 114.23B USD in cash and short-term investments against total debt of 271.95B USD. Its current ratio is 0.99: what falls due within a year against what turns into cash within a year. Over the last twelve months its free cash flow was -46.89B USD: it spent more cash than it brought in.

Is Amazon.com growing?

Amazon.com's revenue grew 13.2% a year over its last five fiscal years, from 386.06B USD in fiscal year 2020 to 716.92B USD in fiscal year 2025. Over the last twelve months it was up 15.4% on the twelve months before.

Where can I find Amazon.com's annual report (10-K)?

Amazon.com files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Amazon.com
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266.22

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Post Trading·266.02USD-0.20(-0.08%)

Last updated: 11 Nov, 17:17 GMT-5 · Delayed 15 min

Fair value276.36Plus-4%224Price 266.22384

Q4 FY2026 · Earnings report

EPS estimate 2.41Revenue estimate 245.12B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 2.41Revenue estimate 245.12B

Fair value276.36Plus-4%224Price 266.22384

Q4 FY2026 · Earnings report

EPS estimate 2.41Revenue estimate 245.12B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 2.41Revenue estimate 245.12B

Overview Financials Signals News Forecast Earnings Company

Amazon.com financials

Yes. Amazon.com earned 134.78B USD of net income over the last twelve months, 16.9% of its revenue. It made a profit in 20 of its 30 fiscal years since 1996. Its last loss was in fiscal year 2022.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 797.46B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 134.78B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: -46.89B USD
Cash and short-term investments: 114.23B USD
Total debt: 271.95B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 613.60B USD

Cash, debt and equity as of 30 Sept 2026.

Amazon.com earnings

Next earnings · Q4 FY2026

4 Feb 2027

EPS estimate

2.41 USD

Revenue estimate

245.12B USD

Last quarter · Q3 FY2026

EPS1.89Missed -4.1%Revenue201.94BMissed -0.1%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2027	—	2.63	—	—	+39.25%	238.46B	—	—	+18.08%
Q2 FY2027	—	2.54	—	—	-55.76%	230.85B	—	—	+15.07%
Q1 FY2027	—	2.29	—	—	-17.61%	210.49B	—	—	+15.96%
Q4 FY2026	4 Feb 2027	2.41	—	—	+23.59%	245.12B	—	—	+14.87%
Q3 FY2026	29 Oct 2026	1.97	1.89	-4.06%	-3.08%	202.22B	201.94B	-0.14%	+12.09%
Q2 FY2026	30 Jul 2026	1.82	5.75	+215.93%	+242.26%	197.03B	200.61B	+1.81%	+19.62%
Q1 FY2026	29 Apr 2026	1.63	2.78	+70.55%	+74.84%	177.28B	181.52B	+2.39%	+16.61%
Q4 FY2025	5 Feb 2026	1.97	1.95	-1.02%	+4.84%	211.45B	213.39B	+0.91%	+13.63%
Q3 FY2025	30 Oct 2025	1.57	1.95	+24.20%	+36.36%	177.91B	180.17B	+1.27%	+13.40%
Q2 FY2025	31 Jul 2025	1.31	1.68	+28.24%	+33.33%	161.78B	167.70B	+3.66%	+13.33%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	14.66	—	—	+36.20%	1.13T	—	—	+17.22%
FY2027	10.76	—	—	-16.13%	961.59B	—	—	+15.93%
FY2026	12.83	—	—	+78.97%	829.46B	—	—	+15.70%
FY2025	7.15	7.17	+0.24%	+29.66%	714.69B	716.92B	+0.31%	+12.38%
FY2024	5.15	5.53	+7.30%	+90.69%	637.88B	637.96B	+0.01%	+10.99%
FY2023	2.70	2.90	+7.59%	—	570.87B	574.79B	+0.69%	+11.83%
FY2022	-0.11	-0.05	+54.96%	-101.48%	510.35B	513.98B	+0.71%	+9.40%

Amazon.com growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 797.46B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 134.78B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 51.37%
Operating margin: 13.09%
Net margin: 16.90%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	716.92B	+12.38%	77.67B	+31.09%	50.29%	11.16%	10.83%	165.34B	+33.54%
FY2024	637.96B	+10.99%	59.25B	+94.73%	48.85%	10.75%	9.29%	123.82B	+38.49%
FY2023	574.79B	+11.83%	30.43B	—	46.98%	6.41%	5.29%	89.40B	+133.11%
FY2022	513.98B	+9.40%	-2.72B	-108.16%	43.81%	2.38%	-0.53%	38.35B	-48.45%
FY2021	469.82B	+21.70%	33.36B	+56.41%	42.03%	5.30%	7.10%	74.39B	+45.85%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	201.94B	20.69B	53.17%	13.90%	10.24%
Q2 FY2026	200.61B	62.65B	52.26%	13.69%	31.23%
Q1 FY2026	181.52B	30.26B	51.82%	13.14%	16.67%
Q4 FY2025	213.39B	21.19B	48.47%	11.71%	9.93%
Q3 FY2025	180.17B	21.19B	50.79%	9.67%	11.76%

How Amazon.com makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Online Stores269.29B 37.6%

Third-Party Seller Services172.16B 24.0%

Amazon Web Services128.73B 18.0%

Advertising Services68.64B 9.6%

Subscription Services49.62B 6.9%

Physical Stores22.56B 3.1%

Other Services5.94B 0.8%

Revenue716.92B 100.0%

Cost of revenue356.41B 49.7%

Gross profit360.51B 50.3%

Research and development108.52B 15.1%

Selling and administration58.30B 8.1%

Other operating expenses113.71B 15.9%

Operating income79.98B 11.2%

Tax19.09B 2.7%

Net income77.67B 10.8%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Amazon.com revenue breakdown

By product

FY2025

37.6%Online Stores24.0%Third-Party Seller Services18.0%Amazon Web Services9.6%Advertising Services6.9%Subscription Services3.1%Physical Stores

Segment	Revenue	Share of revenue	Change on the year
Online Stores	269.29B	37.6%	+9.0%
Third-Party Seller Services	172.16B	24.0%	+10.3%
Amazon Web Services	128.73B	18.0%	+19.7%
Advertising Services	68.64B	9.6%	+22.1%
Subscription Services	49.62B	6.9%	+11.8%
Physical Stores	22.56B	3.1%	+6.3%
Other Services	5.94B	0.8%	+9.4%

By region

FY2025

59.5%North America22.6%International18.0%Amazon Web Services

Region	Revenue	Share of revenue	Change on the year
North America	426.31B	59.5%	-2.7%
International	161.89B	22.6%	+72.5%
Amazon Web Services	128.73B	18.0%	—

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	139.51B	7.70B
FY2024	115.88B	32.88B
FY2023	84.95B	32.22B
FY2022	46.75B	-16.89B
FY2021	46.33B	-14.73B
FY2020	66.06B	25.92B
FY2019	38.51B	21.65B
FY2018	30.72B	17.30B
FY2017	18.37B	6.41B
FY2016	17.20B	9.40B

Amazon.com financial health

Full balance sheet

Cash and short-term investments: 114.23B USD
Total debt: 271.95B USD
Net cash: -157.72B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: -46.89B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 0.99
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.44
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 5 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 4.26

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	123.03B	152.99B	7.70B
FY2024	101.20B	130.90B	32.88B
FY2023	86.78B	135.61B	32.22B
FY2022	70.03B	140.12B	-16.89B
FY2021	96.05B	116.40B	-14.73B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	818.04B	406.98B	411.07B
FY2024	624.89B	338.92B	285.97B
FY2023	527.85B	325.98B	201.88B
FY2022	462.68B	316.63B	146.04B
FY2021	420.55B	282.30B	138.25B
FY2020	321.20B	227.79B	93.40B
FY2019	225.25B	163.19B	62.06B
FY2018	162.65B	119.10B	43.55B
FY2017	131.31B	103.60B	27.71B
FY2016	83.40B	64.12B	19.29B

Amazon.com valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 21.23
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 20.75
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 3.61
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 4.69
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 11.77

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

2.88T USD

Total debt

271.95B USD

−

Cash and short-term investments

114.23B USD

Enterprise value

3.04T USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	18.16	—	—	—	—
FY2027 (est.)	24.74	18.16	—	—	—
FY2026 (est.)	20.75	24.74	—	—	—
Now (TTM)	21.23	24.10	3.61	4.69	11.77
FY2025	31.66	17.99	3.43	5.98	15.28
FY2024	38.76	30.67	3.60	8.03	18.98
FY2023	51.51	29.56	2.72	7.76	18.21
FY2022	-311.11	31.25	1.67	5.86	24.56
FY2021	50.52	9,845.30	3.59	12.20	23.76

Amazon.com against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

P/E (today)Below its median21.2
19.2322.4
Gross marginHighest in 5 years50.3%
42.0%50.3%
Operating marginHighest in 5 years11.2%
2.4%11.2%
Net marginHighest in 5 years10.8%
-0.5%10.8%
Return on equityAt its median18.9%
-1.9%24.1%
Free cash flow marginAt its median1.1%
-3.3%5.6%
Revenue growthAbove its median12.4%
9.4%21.7%
EPS growthBelow its median29.7%
-108.3%90.7%
Debt to EBITDALowest in 5 years0.93×
0.93×3.65×
Current ratioAt its median1.05
0.941.14

Figure	FY2025	5-year low – high	Against its history
P/E (today)	21.2	19.2322.4	Below its median
Gross margin	50.3%	42.0%50.3%	Highest in 5 years
Operating margin	11.2%	2.4%11.2%	Highest in 5 years
Net margin	10.8%	-0.5%10.8%	Highest in 5 years
Return on equity	18.9%	-1.9%24.1%	At its median
Free cash flow margin	1.1%	-3.3%5.6%	At its median
Revenue growth	12.4%	9.4%21.7%	Above its median
EPS growth	29.7%	-108.3%90.7%	Below its median
Debt to EBITDA	0.93×	0.93×3.65×	Lowest in 5 years
Current ratio	1.05	0.941.14	At its median

Compared with the company's own past, not with other companies.

Amazon.com ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 67.82%
Institutional holders: 6,497 (+150)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 90.98%

Who owns the shares

Institutions 67.8% Others 32.2%

As of 30 Jun 2026

Shares free to trade

Free float 9.84B shares ·91.0% Closely held 975.52M shares ·9.0%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	2	0.00	2.00K
Q3 2026	27	134.81K	1.85M
Q2 2026	36	770.16K	1.59M
Q1 2026	32	142.30K	214.88K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	10.66B	10.83B	+0.99%
FY2024	10.47B	10.72B	+2.18%
FY2023	10.30B	10.49B	+2.97%
FY2022	10.19B	10.19B	-1.08%
FY2021	10.12B	10.30B	+0.98%

Common questions about Amazon.com's financials

Source: Financial Modeling PrepVerified against SEC filings

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Amazon.com financials

Amazon.com earnings

Revenue

EPS

Amazon.com growth and profitability

Revenue / Net income

How Amazon.com makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Amazon.com revenue breakdown

By product

By region

Operating and free cash flow

Amazon.com financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Amazon.com valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Amazon.com against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Amazon.com ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Amazon.com's financials

Is Amazon.com profitable?

Is Amazon.com financially healthy?

Is Amazon.com growing?

Where can I find Amazon.com's annual report (10-K)?

Need help?

Amazon.com DQuotes are delayed by 15 minutes

AMZN

Amazon.com financials

Amazon.com earnings

Revenue

EPS

Amazon.com growth and profitability

Revenue / Net income

How Amazon.com makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Amazon.com revenue breakdown

By product

By region

Operating and free cash flow

Amazon.com financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Amazon.com valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Amazon.com against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Amazon.com ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Amazon.com's financials

Is Amazon.com profitable?

Is Amazon.com financially healthy?

Is Amazon.com growing?

Where can I find Amazon.com's annual report (10-K)?

Need help?

Amazon.com
D
Quotes are delayed by 15 minutes