A Business at a Glance
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This Annual Report on Form 10-K and the documents incorporated herein by reference contain forward-looking statements based on expectations, estimates, and projections as of the date of this filing. Actual results and outcomes may differ materially from those expressed in forward-looking statements. See Item 1A of Part I — “Risk Factors.” As used herein, “Amazon.com,” “we,” “our,” and similar terms include Amazon.com, Inc. and its subsidiaries, unless the context indicates otherwise. We seek to be Earth’s most customer-centric company. We are guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. In each of our segments, we serve our primary customer sets, consisting of consumers, sellers, developers, enterprises, content creators, advertisers, and employees. We have organized our operations into three segments: North America, International, and Amazon Web Services (“AWS”).
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Net service sales | $228.03B | $271.08B | $318.90B | $365.65B | $420.66B | 29% |
Net product sales | $241.79B | $242.90B | $255.89B | $272.31B | $296.27B | 21% |
Online stores | $222.07B | $220.00B | $231.87B | $247.03B | $269.29B | 19% |
Third-party seller services | $103.37B | $117.72B | $140.05B | $156.15B | $172.16B | 12% |
AWS | $62.20B | $80.10B | $90.76B | $107.56B | $128.72B | 9% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 716.9B | 716.9B | 638.0B | 574.8B | 514.0B | 469.8B |
| Net Income | 77.7B | 77.7B | 59.2B | 30.4B | -2.7B | 33.4B |
| EPS | $7.17 | $7.17 | $5.53 | $2.90 | $-0.27 | $3.24 |
| Free Cash Flow | 7.7B | 7.7B | 32.9B | 32.2B | -16.9B | -14.7B |
| ROIC | 16.3% | 21.6% | 24.5% | 16.4% | 8.4% | 23.5% |
| Gross Margin | 50.3% | 50.3% | 48.9% | 47.0% | 43.8% | 42.0% |
| Debt/Equity | 0.17 | 0.17 | 0.20 | 0.33 | 0.48 | 0.36 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 80.0B | 80.0B | 68.6B | 36.9B | 12.2B | 24.9B |
| Operating Margin | 11.2% | 11.2% | 10.8% | 6.4% | 2.4% | 5.3% |
| ROE | 18.9% | 22.3% | 20.7% | 15.1% | -1.9% | 24.1% |
| Shares Outstanding | 10,833M | 10,833M | 10,714M | 10,491M | 10,081M | 10,298M |
AMAZON COM INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
AMAZON COM INC trades at 33.5x trailing earnings, compared to its 15-year median P/E of 52.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 334.7x vs a median of 49.9x. The company's 5-year average ROIC is 18.9% with a gross margin of 46.4%. At current prices, the estimated annualized return to fair value is -1.3%.
AMAZON COM INC (AMZN) has a current P/E ratio of 33.5, compared to its historical median P/E of 52.9. The stock is currently considered Cheap based on its historical valuation range.
AMAZON COM INC (AMZN) has a 5-year average return on invested capital (ROIC) of 18.9%. This indicates strong capital allocation and a potential competitive advantage.
AMAZON COM INC (AMZN) has a market capitalization of $2.6T. It is classified as a mega-cap stock.
AMAZON COM INC (AMZN) does not currently pay a regular dividend.
Based on historical P/E analysis, AMAZON COM INC (AMZN) appears cheap. The current P/E of 33.5 is 37% below its historical median of 52.9. The estimated fair value CAGR (P/E method) is 27.0%.
AMAZON COM INC (AMZN) operates in the Retail-Catalog & Mail-Order Houses industry, within the Consumer Cyclical sector.
AMAZON COM INC (AMZN) reported annual revenue of $716.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
AMAZON COM INC (AMZN) has a net profit margin of 10.8%. This is a healthy margin.
AMAZON COM INC (AMZN) generated $7.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AMAZON COM INC (AMZN) has a debt-to-equity ratio of 0.17. This indicates a conservatively financed balance sheet.
AMAZON COM INC (AMZN) reported earnings per share (EPS) of $7.17 in its most recent fiscal year.
AMAZON COM INC (AMZN) has a return on equity (ROE) of 22.3%. This indicates the company generates strong returns for shareholders.
AMAZON COM INC (AMZN) has a 5-year average gross margin of 46.4%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for AMAZON COM INC (AMZN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AMAZON COM INC (AMZN) has a book value per share of $37.95, based on its most recent annual SEC filing.