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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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Amazon.com Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 cash flow statement reveals a fluctuating pattern of cash generation over the analyzed period, spanning from March 2021 to December 2025. While operating activities generally provide a net cash inflow, significant variations exist, and investing and financing activities demonstrate considerable volatility.
- Operating Activities
- Net cash provided by operating activities exhibited substantial swings. A peak was observed in December 2021 at US$22,086 million, followed by a decline and subsequent recovery. The period from March 2023 through December 2025 shows consistently strong positive cash flow from operations, culminating in US$54,459 million in December 2025. Adjustments to reconcile net income to net cash from operating activities, particularly related to stock-based compensation and non-operating items, consistently contribute to the overall cash flow. Changes in operating assets and liabilities also demonstrate significant impact, with a large outflow in several periods, offset by inflows in others.
- Investing Activities
- Investing activities consistently represent a net cash outflow, primarily driven by purchases of property and equipment and marketable securities. Purchases of property and equipment remained relatively stable, ranging from approximately US$12 billion to US$39.5 billion over the period. Significant fluctuations are observed in sales and maturities of marketable securities, and purchases of marketable securities, contributing to the overall volatility. Acquisitions also represent a notable cash outflow in certain periods. The net cash used in investing activities reached a peak outflow of US$47.2 billion in December 2025.
- Financing Activities
- Financing activities demonstrate the most erratic behavior. Large inflows were seen in June 2021 (US$15,643 million) and December 2025 (US$12,291 million), largely attributable to proceeds from debt. Common stock repurchases occurred in 2022. Repayments of both short-term and long-term debt, along with principal repayments of finance leases and financing obligations, consistently contribute to cash outflows. The foreign currency effect on cash flow also introduces variability, though generally remains within a range of plus or minus US$1 billion, except for a significant outflow of US$1.3 billion in September 2022 and an inflow of US$1.0 billion in June 2025.
- Net Income Trend
- Net income experienced considerable fluctuation. A loss was recorded in the first quarter of 2022, followed by a return to profitability. From March 2023, net income generally increased, reaching US$21.192 million in December 2025. Depreciation and amortization consistently contribute a substantial positive amount to cash flow, as does stock-based compensation. Deferred income taxes show significant variability, sometimes contributing to cash flow and other times representing an outflow.
- Working Capital
- Changes in inventories, accounts receivable, accounts payable, accrued expenses, and unearned revenue all impact cash flow. Significant fluctuations are observed in accounts receivable and payable, indicating potential shifts in credit terms and payment practices. Inventory changes also demonstrate considerable volatility, with a large outflow in September 2021 and inflows in subsequent periods. The impact of "Other assets" is notable, particularly with a large outflow in March 2023 and continuing through December 2025.
Overall, the company demonstrates the ability to generate substantial cash from operating activities, particularly in recent periods. However, significant cash is consistently used for investing activities, and financing activities are highly variable, influenced by debt issuance and repayment, and stock repurchase programs. The fluctuations in net income and working capital components contribute to the overall complexity of the cash flow pattern.