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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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Amazon.com Inc., consolidated cash flow 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 Income (Loss)
- The net income exhibited significant volatility over the periods analyzed. Initial quarters show strong profitability with peak values such as $14,323 million in December 2020. However, from March 2022 onward, fluctuations include notable losses, for instance, -$3,844 million in March 2022, followed by recovery and high profitability again by late 2023 and into 2025, reaching above $18,000 million. The pattern suggests episodic challenges, but a general trend of increasing profitability toward the later quarters.
- Depreciation and Amortization
- Depreciation and amortization expenses steadily increased over the period, from $5,429 million in March 2020 to peaks surpassing $15,000 million in 2025. This pattern suggests ongoing significant investment in property, equipment, and capitalized content assets, reflecting substantial growth or asset expansion activities.
- Stock-based Compensation
- Stock-based compensation costs generally trended upward from early 2020 through 2023 with notable spikes, such as $7,127 million in June 2023. Although occasional decreases were observed, the overall pattern points to growing employee incentive expenses consistent with workforce expansion or compensation adjustments.
- Non-operating Income/Expense
- Non-operating income and expenses displayed dramatic swings, including large negative spikes in December 2021 (-$11,932 million), followed by periods of positive and negative fluctuations. These results indicate volatile non-core income components, possibly related to investments, foreign exchange, or other one-time items affecting profitability.
- Deferred Income Taxes
- Deferred income taxes fluctuated considerably, with both positive and negative values across the quarters. A noticeable increase occurred in March 2021 ($1,703 million), followed by declines, pointing to variable tax liabilities and assets, possibly linked to earnings volatility and tax planning strategies.
- Working Capital Components (Inventories, Accounts Receivable, Accounts Payable, Accrued Expenses)
- Inventories and accounts receivable generally demonstrated high volatility, with recurrent negative adjustments indicating periods of inventory reductions or write-downs and variable collection efficiency. Accounts payable saw large oscillations with both significant increases and decreases, reflecting changes in payment timing or vendor negotiations. Accrued expenses similarly fluctuated, implying variability in accrued liabilities management. These movements collectively highlight dynamics in operational efficiency and working capital management throughout the quarters.
- Operating Cash Flow
- Net cash from operating activities showed considerable variability but mostly positive values, notably surging in some quarters such as $45,636 million in December 2024. Despite some negative periods (e.g., March 2022), the overall trend indicates strong cash generation capabilities from core operations.
- Investing Activities
- Cash used in investing activities was consistently negative, reflecting substantial outflows mainly attributable to purchases of property and equipment, which showed a rising trend in spending, approaching over $32,000 million in mid-2025. Acquisition activities showed some lumpiness but generally modest outflows compared to asset purchases. The trend confirms robust capital investments aimed at growth and infrastructure expansion.
- Financing Activities
- Financing cash flows fluctuated markedly between positive and negative values. Early positive inflows were offset intermittently by significant outflows related to debt repayments and share repurchases. The variability suggests active capital management involving debt issuance, repayments, and repurchases aligned with strategic financial positioning during the period.
- Cash Position Changes
- The net increase or decrease in cash and equivalents was highly volatile, mirroring the shifts in operating, investing, and financing cash flows. Periods of significant cash accumulation alternated with notable cash declines, indicative of underlying earnings swings, investment cycles, and debt management activities.