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 in an 'all-in' cycle where nearly all operating cash is being consumed by capex and AI commitments. While the AWS backlog is massive, investors should ignore headline EPS—which is inflated by non-cash investment marks—and focus on when this unprecedented spending cycle will finally translate into real free cash flow. Q1 2026 looks strong on headline metrics but contains major caveats. Revenue grew 17% YoY to $181.5B and AWS grew 28% YoY, producing operating income of $23.9B. However, a large portion of the reported net income and EPS improvement was driven by non-operating, Level 3 fair value adjustments—not cash business performance: other income increased to $15.6B in Q1 2026 (vs $2.7B a year ago), largely from Anthropic and related private-equity marks.
| 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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