Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Analysis of Revenues
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Amazon.com Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The financial data indicates a period of aggressive capital expansion paired with a strong recovery and acceleration in operating cash generation. While net income experienced volatility, including losses in early 2022, the overall trend demonstrates significant growth in profitability and cash flow from core business operations over the analyzed period.
- Operating Cash Flow Trends
- Net cash provided by operating activities shows a substantial long-term increase, growing from 4,213 million in March 2021 to a peak of 54,459 million by December 2025. This growth is supported by a marked increase in net income, which surged to 62,647 million by June 2026. The consistent gap between net income and operating cash flow is primarily driven by high non-cash charges, specifically depreciation and amortization, which rose steadily from approximately 7,500 million per quarter to nearly 20,000 million, reflecting a massive increase in the company's asset base.
- Capital Expenditure and Investment Strategy
- A dominant trend is the aggressive escalation in capital expenditures. Purchases of property and equipment increased from 12,082 million in March 2021 to 54,208 million by June 2026. This trajectory suggests a strategic shift toward massive infrastructure investment. To fund these activities and manage liquidity, the company frequently utilized the sales of marketable securities, with significant liquidations appearing in early 2022 and again in 2025 and 2026.
- Financing Activities and Debt Management
- Financing activities exhibit high volatility, characterized by strategic borrowing cycles. Long-term debt proceeds were utilized sporadically but heavily, with a notable spike to 53,441 million in the latter part of the dataset. This suggests the use of debt markets to facilitate the aforementioned surge in capital expenditures. Principal repayments of finance leases remained relatively stable, gradually decreasing from 3,406 million in early 2021 to 395 million by June 2026, indicating a shift in how assets are financed.
- Working Capital and Liquidity Patterns
- Changes in operating assets and liabilities show strong seasonality and volatility. Significant outflows are frequently observed in the first quarter of the year, often offset by substantial inflows in the fourth quarter, particularly within accounts payable and accrued expenses. This pattern is consistent with retail and logistics cycles, where inventory and payable builds precede peak sales periods.
In summary, the company transitioned from a phase of volatile earnings and moderate investment to a phase of high profitability and massive capital deployment. The scaling of operating cash flows has provided a foundation for exponentially higher capital expenditures, supplemented by strategic debt issuance and the liquidation of marketable securities.