AMAZON COM INC (AMZN)
Income Statement
Consolidated Statement of Income
AMAZON.COM, INC. (AMZN)
Year Ended (In millions, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | |
|---|---|---|---|
| Total net sales | $716,924 | $637,959 | $574,785 |
| Net product sales | $296,266 | $272,311 | $255,887 |
| Net service sales | $420,658 | $365,648 | $318,898 |
| Cost of sales | $356,414 | $326,288 | $304,739 |
| Fulfillment | $109,074 | $98,505 | $90,619 |
| Technology and infrastructure | $108,521 | $88,544 | $85,622 |
| Sales and marketing | $47,129 | $43,907 | $44,370 |
| General and administrative | $11,172 | $11,359 | $11,816 |
| Other operating expense (income), net | $4,639 | $763 | $767 |
| Total operating expenses | $636,949 | $569,366 | $537,933 |
| Operating income | $79,975 | $68,593 | $36,852 |
| Interest income | $4,381 | $4,677 | $2,949 |
| Interest expense | $(2,274) | $(2,406) | $(3,182) |
| Other income (expense), net | $15,229 | $(2,250) | $938 |
| Total non-operating income | $17,336 | $21 | $705 |
| Income before income taxes | $97,311 | $68,614 | $37,557 |
| Provision for income taxes | $(19,087) | $(9,265) | $(7,120) |
| Equity-method investment activity, net of tax | $(554) | $(101) | $(12) |
| Net income | $77,670 | $59,248 | $30,425 |
| Basic earnings per share (in dollars per share) | 7.29 | 5.66 | 2.95 |
| Diluted earnings per share (in dollars per share) | 7.17 | 5.53 | 2.90 |
| Basic (in shares) | 10,656 | 10,473 | 10,304 |
| Diluted (in shares) | 10,827 | 10,721 | 10,492 |
Balance Sheet
Consolidated Balance Sheets
AMAZON.COM, INC. (AMZN)
As of December 31, 2025 and December 31, 2024 (In millions, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $86,810 | $78,779 |
| Marketable securities | $36,219 | $22,423 |
| Inventories | $38,325 | $34,214 |
| Accounts receivable, net and other | $67,729 | $55,451 |
| Customer receivables | $40,400 | $34,300 |
| Vendor receivables | $15,900 | $11,600 |
| Other Receivables | $4,500 | $3,400 |
| Total current assets | $229,083 | $190,867 |
| Property and equipment, net | $357,025 | $252,665 |
| Operating leases | $86,054 | $76,141 |
| Goodwill | $23,273 | $23,074 |
| Other assets | $122,607 | $82,147 |
| Total assets | $818,042 | $624,894 |
| Accounts payable | $121,909 | $94,363 |
| Accrued expenses and other | $75,520 | $66,965 |
| Unearned revenue | $20,576 | $18,103 |
| Total current liabilities | $218,005 | $179,431 |
| Long-term lease liabilities | $87,339 | $78,277 |
| Long-term debt | $65,648 | $52,623 |
| Other long-term liabilities | $35,985 | $28,593 |
| Commitments and contingencies (Note 7) | ||
| Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding) | ||
| Common stock ($0.01 par value; 100,000 shares authorized; 11,108 and 11,246 shares issued; 10,593 and 10,731 shares outstanding) | $112 | $111 |
| Treasury stock, at cost | $(7,837) | $(7,837) |
| Additional paid-in capital | $140,024 | $120,864 |
| Accumulated other comprehensive income (loss) | $28,230 | $(34) |
| Retained earnings | $250,536 | $172,866 |
| Total stockholders’ equity | $411,065 | $285,970 |
| Total liabilities and stockholders’ equity | $818,042 | $624,894 |
Cash Flow
Consolidated Statement of Cash Flows
AMAZON.COM, INC. (AMZN)
Year Ended (In millions, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | |
|---|---|---|---|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | |||
| Net income | $77,670 | $59,248 | $30,425 |
| Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other | $65,756 | $52,795 | $48,663 |
| Stock-based compensation | $19,467 | $22,011 | $24,023 |
| Non-operating expense (income), net | $(14,880) | $2,012 | $(748) |
| Deferred income taxes | $11,470 | $(4,648) | $(5,876) |
| Inventories | $(3,002) | $(1,884) | $1,449 |
| Accounts receivable, net and other | $(7,333) | $(3,249) | $(8,348) |
| Other assets | $(15,632) | $(14,483) | $(12,265) |
| Accounts payable | $11,231 | $2,972 | $5,473 |
| Accrued expenses and other | $(5,019) | $(2,904) | $(2,428) |
| Unearned revenue | $(214) | $4,007 | $4,578 |
| Net cash provided by (used in) operating activities | $139,514 | $115,877 | $84,946 |
| Purchases of property and equipment | $(131,819) | $(82,999) | $(52,729) |
| Proceeds from property and equipment sales and incentives | $3,499 | $5,341 | $4,596 |
| Acquisitions, net of cash acquired, non-marketable investments, and other, net | $(3,841) | $(7,082) | $(5,839) |
| Sales and maturities of marketable securities | $44,386 | $16,403 | $5,627 |
| Purchases of marketable securities | $(54,770) | $(26,005) | $(1,488) |
| Net cash provided by (used in) investing activities | $(142,545) | $(94,342) | $(49,833) |
| Proceeds from short-term debt, and other | $9,320 | $5,142 | $18,129 |
| Repayments of short-term debt, and other | $(8,426) | $(5,060) | $(25,677) |
| Proceeds from long-term debt | $15,673 | ||
| Repayments of long-term debt | $(5,021) | $(9,182) | $(3,676) |
| Principal repayments of finance leases | $(1,557) | $(2,043) | $(4,384) |
| Principal repayments of financing obligations | $(328) | $(669) | $(271) |
| Net cash provided by (used in) financing activities | $9,661 | $(11,812) | $(15,879) |
| Foreign currency effect on cash, cash equivalents, and restricted cash | $1,164 | $(1,301) | $403 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $7,794 | $8,422 | $19,637 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD |