North America and International
Online and physical stores, third-party seller services, advertising and subscriptions such as Prime, reported as two geographic segments.
Stock research
Amazon.com, Inc. (AMZN) Stock Research
Amazon runs the largest US e-commerce marketplace and, through AWS, the leading cloud-computing platform.
For the fiscal year ended December 31, 2025, Amazon.com, Inc. reported revenue of $716.9B and net income of $77.7B, with operating cash flow of $139.5B. Source: Form 10-K filed February 6, 2026
- $716.9B
- FY ending 2025-12-31
- $77.7B
- FY ending 2025-12-31
- $7.17
- 10.8%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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How Amazon.com makes money
It also holds sizeable positions in advertising, logistics, and streaming media.
Amazon Web Services (AWS)
Compute, storage, database, AI and other cloud services sold to developers, enterprises, governments and startups.
- NASDAQ: AMZN
- Consumer Discretionary
- Retail-Catalog & Mail-Order Houses (SIC 5961)
- December 31
- Seattle, Washington
- 1994
AMZN key financials
Reported figures from Amazon.com, Inc.'s filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $716.9B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $77.7B | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $139.5B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $7.17 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 10.8% | 2025-01-01 – 2025-12-31 | SEC filing |
| Shares outstanding | 10.73B | As of 2026-01-28 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in AMZN
For Amazon.com, Inc., the most important recurring operating and market variables are:
- ◆AWS revenue growth and the pace of AI-related infrastructure spending
- ◆Third-party seller services, advertising, and Prime subscription fees within North America and International
- ◆Fulfillment network and data-center utilization and cost per unit
- ◆Cash capital expenditures relative to operating cash flow
- ◆Tariff policy, inventory risk, and reliance on China-based sellers and suppliers
Key questions for the AMZN thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
How much of Amazon is now AWS and advertising?
The 10-K reports AWS net sales of $128.7 billion in 2025 within total net sales of $716.9 billion, and Item 1 lists advertising, third-party seller fees, and Prime as the main service revenue lines. Compare segment operating income in Note 10 with segment sales to see how much consolidated profit the cloud business carries versus retail.
Is the capital-spending step-up paying for itself?
Cash capital expenditures rose from $77.7 billion in 2024 to $128.3 billion in 2025, most of it for technology infrastructure supporting AWS, and free cash flow fell to $11.2 billion. Track the liquidity discussion in Item 7 for whether operating cash flow of $139.5 billion keeps pace with the build-out.
How exposed is the retail business to trade policy and sellers?
Item 1A flags tariff policy changes as an inventory-risk factor and notes that China-based sellers and suppliers contribute materially to seller-services and advertising revenue. Watch International, which was 23% of revenue, and the settlements and tax charges recorded in 2025 for signs of regulatory friction.
What does net income actually reflect?
Audited 2025 net income was $77.7 billion, or $7.17 per diluted share, but the year included a $2.5 billion FTC settlement charge and further Q4 settlement, severance, and impairment charges. Adjust for these one-offs and for depreciation changes before comparing margins across years.
Does AMZN's reported profit turn into cash?
Operating cash flow was $139.5B, 1.80 times net income of $77.7B, for the fiscal year ended December 31, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of AMZN's revenue is left as profit?
Net income was 10.8% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
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Sandisk’s NAND pricing, BiCS8 and enterprise qualification as of December 1, 2025, and why that was already a late entry.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchAMZN primary sources
- Latest annual report: Form 10-K filed February 6, 2026
- Latest quarterly report: Form 10-Q filed July 31, 2026
- Amazon investor relations
- Amazon filings at the SEC
How we source and review company pages: research methodology.
Congressional trading in AMZN
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Cory Booker | 2026-08-11 | Sale | Spouse | $100,001 - $250,000 | Filing #e5144197-e49c-4f74-bec4-19f1f3124668 |
| Thomas Kean | 2026-07-08 | Purchase | Self | $1,001 - $15,000 | Filing #20035273 |
| Michael Rulli | 2026-06-25 | Sale | Self | $1,001 - $15,000 | Filing #20035147 |
| Matt Van Epps | 2026-06-16 | Sale | Self | $1,001 - $15,000 | Filing #20034807 |
| David Taylor | 2026-06-05 | Sale | Self | $1,001 - $15,000 | Filing #20034780 |
| Dan Crenshaw | 2026-06-01 | Sale | Self | $1,001 - $15,000 | Filing #20035024 |
| Gilbert Cisneros | 2026-04-22 | Purchase | Self | $1,001 - $15,000 | Filing #20034500 |
| Gilbert Cisneros | 2026-04-14 | Purchase | Self | $1,001 - $15,000 | Filing #20034500 |
| John Fetterman | 2026-03-30 | Purchase | Unknown | $1,001 - $15,000 | Filing #8d93e30a-19a8-43a9-93d8-e95d629b1039 |
| Alan Armstrong | 2026-03-27 | Purchase | Self | $15,001 - $50,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
All verified AMZN congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare AMZN with similar companies
Amazon.com peers
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Research that covers Amazon.com
AMZN — frequently asked questions
What does Amazon.com, Inc. do?
Amazon runs the largest US e-commerce marketplace and, through AWS, the leading cloud-computing platform. Its filings describe these business lines: North America and International, Amazon Web Services (AWS).
What were AMZN's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, Amazon.com, Inc. reported revenue of $716.9B and net income of $77.7B, with operating cash flow of $139.5B. The figures come from Amazon.com, Inc.'s SEC XBRL filings.
When does Amazon.com, Inc.'s fiscal year end?
The SEC lists Amazon.com, Inc.'s fiscal year end as December 31.
Do members of Congress trade AMZN?
The current verified House and Senate snapshot contains 119 transaction rows for AMZN, each linked to the original filing.
Where is Amazon.com, Inc. headquartered?
Amazon.com, Inc. is headquartered in Seattle, Washington and was founded in 1994.
Is AMZN a good investment?
This page does not rate AMZN as a buy or sell. It sets out what Amazon.com, Inc. reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the AMZN numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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