Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Amazon.com Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial data reveals several notable trends in the company's performance over the analyzed periods. Net sales show a generally increasing trajectory, rising from $75,452 million in March 2020 to peaking at $187,792 million by December 2024, before a moderation to $155,667 million in March 2025. Both net product sales and net service sales contribute to this growth, with service sales increasingly becoming a larger component, indicating a possible strategic emphasis on service-driven revenue.
Cost of sales has followed an upward trend as well, from -$44,257 million in March 2020 to -$98,893 million at its peak in December 2024, aligning with the overall increase in sales volume. Despite rising costs, gross profit has grown from $31,195 million to a peak of $88,899 million in December 2024, showing effective management of cost relative to sales, though a slight decline is noticed in early 2025.
Operating expenses, including fulfillment, technology and infrastructure, sales and marketing, and general and administrative costs, all exhibit increases consistent with scaling operations. Fulfillment costs grew substantially, peaking at -$27,962 million in December 2024. Technology and infrastructure expenses also showed a significant rise from -$9,325 million up to around -$23,571 million by the end of 2024. Sales and marketing expenses fluctuated but reached highs in the year-end periods, suggesting periods of intensified promotional activities. General and administrative expenses increased steadily, though at a more moderate pace.
Operating income initially increased from $3,989 million in March 2020 to a peak of $21,203 million in December 2024, indicating enhanced profitability. However, fluctuations within some quarters suggest variability in operational efficiency or margin pressure.
Interest income steadily increased over time, reflecting possibly higher investment income or cash reserves utilization, rising from $202 million to over $1,200 million by late 2024. Interest expense also increased but at a slower pace, implying some degree of leveraging or borrowing cost management.
Non-operating income and expenses have been volatile, with significant swings including a large positive spike in December 2020 and subsequent negative impacts early in 2022. This volatility impacted income before taxes, which showed growth peaking around late 2024, followed by a decline in the latest quarter.
Income tax provision showed variability, with some periods indicating tax benefits or reductions, while others had higher tax expenses, consistent with fluctuations in pre-tax income.
Net income demonstrated substantial growth from $2,535 million in March 2020 to a peak of $20,004 million in March 2025, with some volatility in between. The overall trend reflects improved profitability aligned with increasing sales and controlled costs, notwithstanding the noted fluctuations in non-operating results and tax provisions.
In summary, the data indicates strong revenue growth driven by both product and service sales, controlled increases in costs leading to improved gross margins, rising operating expenses reflecting business expansion, and overall enhanced profitability over the observed periods. Volatility in non-operating income and tax provisions has introduced some earnings variability, but the long-term trajectory appears positive.
- Net Sales
- Consistent increase over time with service sales increasingly contributing to total revenue.
- Cost of Sales
- Rising commensurately with sales; gross profit margins remain positively trending.
- Operating Expenses
- Steady growth across all categories, with fulfillment and technology costs showing significant increases.
- Operating Income
- Improved substantially, indicating enhanced operational efficiency despite some quarterly fluctuations.
- Interest Income and Expense
- Interest income increased steadily; interest expense grew but was managed effectively.
- Non-operating Income/Expense
- Highly variable, impacting pre-tax income significantly in some periods.
- Income Taxes
- Fluctuated in line with income before taxes, with both benefits and provisions noted.
- Net Income
- Strong overall growth with peaks aligning with highest sales and operating income quarters.