Amazon.com, Inc. (AMZN) fundamental analysis

From the Sep 28, 2026 report · Read the full report

Annual income statement

Fiscal year	Revenue	Growth	Gross margin	Operating margin	Net margin	Free cash flow	Diluted EPS
Dec 31, 2025	716.92B	12.4%	50.3%	11.2%	10.8%	7.7B	7.17
Dec 31, 2024	637.96B	11.0%	48.9%	10.8%	9.3%	32.88B	5.53
Dec 31, 2023	574.79B	11.8%	47.0%	6.4%	5.3%	32.22B	2.9
Dec 31, 2022	513.98B	—	43.8%	2.4%	-0.5%	-16.89B	-0.27

Balance sheet

Mar 31, 2026

Cash and short-term investments: 143.09B
Total debt: 209.89B
Shareholders' equity: 441.91B

Against its sector

	AMZN	Sector median
Forward P/E	23.5	—
Net margin	17.4%	—
Revenue growth	19.6%	—
ROE	30.6%	—
Debt / equity	45.6	—

From the Sep 28, 2026 report

AMZN reported Q2 2026 net income of $30.26B, up 66.7% YoY from $18.16B, driven by gross margin expansion to 51.8% (highest in three years) compared to 48.5% in Q1 2026 and 48.7% in Q2 2025. Operating expenses decreased 10.5% QoQ to $70.20B, offsetting a slight quarterly revenue dip to $181.52B (up 8.3% YoY). The company maintains strong balance sheet strength with $101.82B in cash and equivalents covering net debt of $17.26B. AWS growth accelerated to its fastest 18-quarter pace with $500B in contracted backlog, supporting cloud infrastructure scalability.

Frequently asked questions

How fast is AMZN revenue growing?

Amazon.com, Inc. reported revenue of 716.92B in the fiscal year ended Dec 31, 2025, 12.4% more than the year before.

Data as of Sep 29, 2026. Sources: Yahoo Finance (prices, financial statements and analysts' estimates) and the U.S. Treasury (10-year yield). Indicators and valuation are computed without AI.

AI-generated informational content. Not financial advice or a personalised investment recommendation. Investing involves risk, including loss of capital.

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