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Amazon's finances, and what holding AMZN would have done
Amazon's revenue, profit, cash flow and debt from SEC filings, and what holding AMZN would have done in the past.
Amazon (AMZN) was the number 5 US company by market value on 5 November 2026, at about $2.9 trillion, on the companiesmarketcap.com ranking. Its figures come from its SEC filings, read on 5 November 2026. A figure a filing lacks is marked as not reported.
What Amazon sells
Amazon runs an online store that sells its own goods and those of other sellers, and it ships them through its own warehouses. It also runs Amazon Web Services, a large cloud computing business, plus Prime subscriptions, advertising and Alexa devices.
The finances
- Revenue: $717 billion in the year to 31 December 2025 (10-K), up 12.4% from $638 billion. The 12 months to 30 September 2026: $797 billion. Double-digit growth is solid at this size.
- Net income: $77.7 billion in the year to 31 December 2025 (10-K), against $59.2 billion a year earlier; net margin 10.8%. The 12 months to 30 September 2026: $136 billion. About $11 of every $100 of sales stayed as profit.
- Free cash flow: $7.7 billion in the year to 31 December 2025 (10-K), which is $140 billion of operating cash flow minus $132 billion of capital spending. The 12 months to 30 September 2026: negative $49.8 billion. Heavy spending took much of the cash it earned.
- Cash and debt: $55.8 billion in cash and $181 billion of debt (10-Q, 30 September 2026). Debt was several times its cash.
- Share count: 10.83 billion average diluted shares in the year to 31 December 2025 (10-K), up 1.0% from 10.72 billion. More shares, often from pay in stock, make each one a smaller slice.
One thing to notice: Over the 12 months to 30 September 2026 Amazon spent $226.9 billion on equipment and buildings, more than the $177.1 billion its operations brought in. Free cash flow over that stretch was negative.
What holding it would have done
From our free long-term checker, which looks back only:
- Past returns, price only: 1-year -1% (SPY +10%), 3-year +81% (SPY +74%), 5-year +48% (SPY +62%), 10-year +575% (SPY +248%). That 10-year gain is 21.1% a year, against 13.3% for SPY.
- Worst fall: -56.1%, from the close on 8 July 2021 to the low on 28 December 2022 (538 days). Getting back to that high took another 470 days, to 11 April 2024. SPY's worst fall was -34.1%.
- How often holding ended higher: 80% of 1-year holds (worst -52%) and 100% of 5-year holds (worst +14%).
- Monthly buying against a lump sum: over the past 10 years, $100 a month ($12,100 in total) would have grown to $28,358. The same money in on day one would have grown to $81,720; in SPY, monthly buying ends at $24,571 and the lump sum at $42,078.
Price only: no dividends, fees or tax. Daily closes, 10 November 2016 to 3 November 2026. SPY is an S&P 500 fund.
What this does and does not tell you
Profit tells you what the business earned. The price history tells you what shareholders were paid for holding it. Those two can drift apart for years, and neither says what comes next.
This is one company over one stretch of history: an in-sample look at the past, not a promise. It is general information, not a call to buy or sell AMZN, and it sets no price target.
More
The other 24 are in The 25 biggest US stocks. To check any other stock, use the long-term checker.
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