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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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Amazon.com Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-06-30), 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).
- Net Sales Performance
- There is a consistent upward trend in total net sales, rising from $75.45 billion in March 2020 to a projected $167.70 billion by June 2025. Both product and service sales contribute to this growth; however, net service sales have grown at a comparatively faster pace, increasing from $33.61 billion in March 2020 to an estimated $99.46 billion in June 2025. Net product sales also show growth but with a more fluctuating pattern, moving from $41.84 billion to $68.25 billion within the same period.
- Cost and Gross Profit
- Cost of sales has steadily increased in line with sales, moving from $44.26 billion in March 2020 to an anticipated $80.81 billion in June 2025, reflecting the expanding scale of operations. Despite this increase in costs, gross profit has maintained a positive trajectory, increasing from $31.20 billion to $86.89 billion over the same period. This indicates an overall improvement in gross margins, supported by stronger sales growth than the rise in costs.
- Operating Expenses
- Fulfillment, technology and infrastructure, sales and marketing, and general and administrative expenses have all experienced growth. Fulfillment expenses rose substantially from $11.53 billion in March 2020 to about $25.98 billion projected for June 2025, reflecting investment in logistics and delivery capabilities. Technology and infrastructure costs increased from $9.33 billion to $27.17 billion, indicating continuous investment in digital and IT resources. Sales and marketing expenses showed an increase from $4.83 billion to $11.42 billion, and general and administrative expenses rose from $1.45 billion to about $2.97 billion, showing expansion in administrative support and promotional efforts.
- Operating Income
- Operating income has fluctuated but with a general upward trend, starting at $3.99 billion in March 2020 and projected to reach approximately $19.17 billion by June 2025. Periods such as Q4 2021 saw a relative dip, but subsequent quarters recovered strongly, demonstrating improving operational efficiency and profitability despite rising expenses.
- Interest Income and Expense
- Interest income has shown a gradual increase over time, indicating better returns on investments or cash reserves, rising from $202 million to over $1 billion. Interest expense has also increased, though at a more moderate pace, suggesting some rise in debt or financing costs but managed effectively relative to income.
- Non-Operating Income (Expense)
- Non-operating income and expenses have shown high volatility, with significant positive spikes such as in Q4 2021 with $11.48 billion and notable negative values in other periods, which introduces variability in total profitability beyond operational results.
- Net Income
- Net income has generally increased over the analyzed quarters, albeit with considerable volatility. Starting at $2.54 billion in March 2020, net income saw peaks such as $14.32 billion in Q4 2021 before dropping in some quarters. In recent periods, net income is expected to grow further, reaching around $18.16 billion by June 2025. This overall growth reflects strong operational performance, albeit influenced by fluctuations in taxes, non-operating items, and income before taxes.
- Income Tax Provision
- The provision for income taxes has varied significantly, with some quarters showing benefits and others showing large provisions. The tax expense increased notably during 2021 but has generally remained at a level reflecting the growing pre-tax income.
- Summary of Trends
- The financial data demonstrates robust growth in sales and profitability over the five-year horizon, supported by continual investments in technology, infrastructure, fulfillment, and marketing. The company has managed to expand gross profit and operating income despite rising costs and expenses. Non-operating items add volatility to profitability, but overall net income shows a positive upward trend. Interest income gains indicate improved asset utilization, while controlled interest expenses suggest prudent financial management. Fluctuations in tax provisions mirror income variability but do not detract from the growth trajectory.