Seattle, WA · Founded 1994 · 1,576,000 employees
Amazon generated $716.9B in revenue for fiscal year 2025, a +12.4% year-over-year change. Gross margin was 50.3%. Net income reached $77.7B.
Amazon is currently a story of 'Growth at any Cost.' While AWS and Advertising remain powerhouses, the collapse in free cash flow and reliance on non-cash AI valuation marks to boost earnings suggest investors must weigh long-term AI dominance against significant near-term execution and regulatory risks. Executive summary: Amazon reported a strong top-line and GAAP net income beat in Q3 2025 driven materially by non-operating valuation gains (primarily Anthropic-related) and solid AWS growth. At the same time, the filing shows a meaningful shift in the cash profile and capital intensity: trailing-12-month free cash flow collapsed to $14.8B, capital expenditures and AWS net additions ramped sharply, and the company recorded a $2.5B FTC settlement plus roughly $1.8B of severance in the quarter.
| Fiscal Year | Revenue | YoY Growth | Gross Margin | Op. Margin | Net Income | EPS |
|---|---|---|---|---|---|---|
| FY2025 | $716.9B | +12.4% | 50.3% | 11.2% | $77.7B | $7.17 |
| FY2024 | $638.0B | +11.0% | 48.9% | 10.8% | $59.2B | $5.53 |
| FY2023 | $574.8B | +11.8% | 47.0% | 6.4% | $30.4B | $2.90 |
| FY2022 | $514.0B | +9.4% | 43.8% | 2.4% | $-2.7B | $-0.27 |
| FY2021 | $469.8B | +21.7% | 42.0% | 5.3% | $33.4B | $64.81 |
| FY2020 | $386.1B | +37.6% | 39.6% | 5.9% | $21.3B | $41.83 |
| FY2019 | $280.5B | +20.5% | 41.0% | 5.2% | $11.6B | $23.01 |
| FY2018 | $232.9B | — | 40.2% | 5.3% | $10.1B | $20.14 |
| Fiscal Year | Operating Cash Flow | Capital Expenditures | Free Cash Flow | Investing | Financing |
|---|---|---|---|---|---|
| FY2025 | $139.5B | $-128.3B | $11.2B | $-142.5B | $9.7B |
| FY2024 | $115.9B | $-83.0B | $38.2B | $-94.3B | $-11.8B |
| FY2023 | $84.9B | $-48.1B | $36.8B | $-49.8B | $-15.9B |
| FY2022 | $46.8B | $-63.6B | $-11.6B | $-37.6B | $9.7B |
| FY2021 | $46.3B | $-55.4B | $-9.1B | $-58.2B | $6.3B |
| FY2020 | $66.1B | $-40.1B | $31.0B | $-59.6B | $-1.1B |
| FY2019 | $38.5B | $-16.9B | $25.8B | $-24.3B | $-10.1B |
| FY2018 | $30.7B | $-13.4B | $19.4B | $-12.4B | $-7.7B |
| Fiscal Year | Total Assets | Total Liabilities | Total Equity | Cash | Total Debt |
|---|---|---|---|---|---|
| FY2025 | $818.0B | $407.0B | $411.1B | $86.8B | $68.8B |
| FY2024 | $624.9B | $338.9B | $286.0B | $78.8B | $52.6B |
| FY2023 | $527.9B | $326.0B | $201.9B | $73.4B | $0 |
| FY2022 | $462.7B | $316.6B | $146.0B | $53.9B | $70.5B |
| FY2021 | $420.5B | $282.3B | $138.2B | $36.2B | $0 |
| FY2020 | $321.2B | $227.8B | $93.4B | $42.1B | $33.2B |
| FY2019 | $225.2B | $163.2B | $62.1B | $36.1B | $24.8B |
| FY2018 | $162.6B | $119.1B | $43.5B | $31.8B | $25.0B |
Amazon generated $716.9B in revenue for fiscal year 2025. That represents a +12.4% change from $638.0B in fiscal year 2024.
Yes, Amazon is profitable. The company reported net income of $77.7B in fiscal year 2025, representing a net profit margin of 10.8%. In the prior fiscal year 2024, net income was $59.2B.
Amazon's gross margin for fiscal year 2025 was 50.3%, calculated from gross profit of $360.5B on revenue of $716.9B. Over the past 5 years, gross margins have ranged between 42% and 50%.
Amazon employs approximately 1,576,000 people worldwide. The company is headquartered in Seattle, WA and was founded in 1994.
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