Income Statement
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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Amazon.com Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Sales
- Net sales showed a consistent upward trend over the five-year period, increasing from $386,064 million in 2020 to $637,959 million in 2024. Both net product sales and net service sales contributed to this growth, with net service sales growing at a faster pace.
- Cost of Sales and Gross Profit
- Cost of sales increased steadily, rising from $233,307 million in 2020 to $326,288 million in 2024. Despite higher costs, gross profit increased significantly, from $152,757 million to $311,671 million over the same period, reflecting improved profitability and scale efficiencies.
- Operating Expenses
- All major operating expense categories—fulfillment, technology and infrastructure, sales and marketing, and general and administrative expenses—showed increases over time. Fulfillment expenses rose sharply from $58,517 million in 2020 to $98,505 million in 2024. Technology and infrastructure expenses also increased markedly, reaching $88,544 million in 2024. Sales and marketing expenses grew until 2022, peaking at $44,370 million, then slightly decreased to $43,907 million in 2024. General and administrative expenses increased until 2022 and then showed a slight decline by 2024.
- Operating Income
- Operating income fluctuated with increases and decreases. It increased moderately from $22,899 million in 2020 to $24,879 million in 2021, dropped significantly to $12,248 million in 2022, then rose sharply to $36,852 million in 2023 and further to $68,593 million in 2024, signaling strong operational improvements in the later years.
- Interest Income and Expense
- Interest income displayed an upward trend, increasing from $555 million in 2020 to $4,677 million in 2024. Interest expense also rose initially, peaking at $3,182 million in 2023, before declining to $2,406 million in 2024.
- Non-Operating Income (Expense)
- Non-operating income experienced significant volatility, with notable gains in 2021 ($13,272 million) but substantial losses in 2022 (-$18,184 million). Gains and losses related to marketable securities and equity warrants contributed to this volatility. Other items such as foreign currency effects and equity investments had relatively minor impacts.
- Income Before Taxes and Net Income
- Income before income taxes followed the pattern of operating income combined with non-operating results, rising from $24,178 million in 2020 to a peak of $38,151 million in 2021, dropping to a loss of $5,936 million in 2022, then recovering strongly to $37,557 million in 2023 and $68,614 million in 2024. Tax provisions fluctuated accordingly, with tax benefits recorded in 2022 due to losses. Net income mirrored this cycle, achieving growth from $21,331 million in 2020 to $33,364 million in 2021, falling to a loss in 2022, then recovering to $30,425 million in 2023 and reaching $59,248 million in 2024.
- Summary
- The financial data demonstrates sustained top-line growth driven by increasing sales, particularly in services. Operating expenses expanded but were managed effectively, enabling gross profit and operating income to improve notably in recent years. Volatility in non-operating items impacted overall earnings, particularly in 2022, but the company showed resilient recovery with strong earnings growth by 2024. Interest income growth is a positive contributor, while interest expense was moderated after peaking. Tax provisions reflect the impact of fluctuating profitability. Overall, the trends suggest expanding scale and profitability despite some periods of earnings volatility.