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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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- 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: 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 shows significant volatility over the periods analyzed. Initial quarters through early 2021 demonstrate strong positive net income, peaking notably in the final quarter of 2021. This is followed by a substantial decline into negative territory during early 2022, indicating a period of loss. From mid-2022 onwards, net income rebounds strongly, culminating in the highest values recorded in late 2024 and early 2025, suggesting recovery and growth.
- Depreciation and Amortization
- Depreciation and amortization expenses consistently increased across the timeframe, beginning around 5,400 million USD and rising steadily to exceed 15,000 million USD by early 2025. This trend reflects ongoing capital investments and increasing intangible asset charges.
- Stock-Based Compensation
- Stock-based compensation costs fluctuated throughout the periods, with initial moderate levels around 1,700 million USD rising sharply in mid-2022. Although some reduction occurred in late 2023, expenses remained elevated compared to earlier years, indicating sustained stock-based employee incentives.
- Non-Operating Income/Expense, Net
- Non-operating income/expense exhibited high volatility, with net income recorded in 2020 turning sharply negative at the end of 2021, reaching an extreme negative value. This was followed by erratic oscillations between gains and losses, including large positive and negative outliers, denoting significant non-operational financial impacts in some quarters.
- Deferred Income Taxes
- Deferred income taxes revealed inconsistency, oscillating between positive and negative values over the periods, with no clear directional trend. This reflects fluctuating tax-related timing differences and one-off adjustments during the intervals.
- Inventories
- Inventory values displayed strong fluctuations, moving between positive and negative figures, signaling varying inventory management or valuation adjustments. Recent periods show a slight inclination towards positive inventory changes, which may suggest inventory build-up or shifts in supply chain dynamics.
- Accounts Receivable, Net and Other
- Accounts receivable and other related assets presented notable volatility with considerable negative and positive swings, implying variability in collections, credit policies, or business volume fluctuations over the quarters.
- Other Assets
- In later periods, other assets consistently declined, representing either asset sales, impairments, or reclassifications contributing to diminishing balances.
- Accounts Payable
- Accounts payable experienced wide oscillations, alternating between large negative and positive values. This indicates significant fluctuations in payment timing to suppliers and operational cash flow management efforts.
- Accrued Expenses and Other
- Accrued expenses similarly fluctuated substantially, occasionally reaching high positive spikes or negative troughs, further confirming dynamic operational liability management and expense recognition patterns.
- Unearned Revenue
- Unearned revenue increased modestly overall, though with some quarters showing contraction. Late 2023 and 2024 periods suggest some normalization after previous fluctuations.
- Changes in Operating Assets and Liabilities
- This line showed significant variability, with large positive and negative movements consistent with operational cash flow swings, underscoring the cyclical nature of working capital changes during the periods.
- Adjustments to Reconcile Net Income to Net Cash from Operating Activities
- Adjustments showed considerable variation, coinciding with changes in non-cash charges and working capital adjustments. High peaks in certain quarters indicate complex reconciliation between accounting income and cash flow.
- Net Cash Provided by (Used in) Operating Activities
- Operating cash flow demonstrated strong cyclical patterns, with sharp increases typically coinciding with peak net income quarters. There were notable troughs when net income was negative or volatile. Overall, operating cash flow recovered strongly in late periods, indicating robust core business cash generation.
- Purchases of Property and Equipment
- Capital expenditures consistently increased over the timeline, reflecting ongoing investments in property and equipment. Peaks in purchases toward the later periods signal an acceleration in asset growth aligned with long-term expansion strategies.
- Proceeds from Property and Equipment Sales and Incentives
- Proceeds from asset sales remained relatively stable through the periods, contributing a steady offset to capital expenditures but not decreasing the net investment trend.
- Acquisitions, Net of Cash Acquired, Non-Marketable Investments, and Other
- Acquisition-related cash flows were mostly negative, reflecting ongoing investments and purchases in various entities or assets. Some periods recorded significant outflows, signifying more active acquisition phases.
- Sales and Maturities of Marketable Securities
- Sales and maturities of marketable securities peaked at various points, indicating active portfolio management and liquidity generation through financial asset disposals, especially notable in mid-2022 and late 2024.
- Purchases of Marketable Securities
- Purchases of marketable securities fluctuated substantially, with high outflows in some quarters, especially mid-2020 and late 2024, suggesting aggressive investing activity that partially offsets proceeds from sales.
- Net Cash Used in Investing Activities
- Investing cash flows consistently remained negative except for one quarter showing a positive inflow, marking the company's ongoing commitment to capital expenditure and strategic investments resulting in net cash outflow from investing activities.
- Common Stock Repurchased
- Repurchases were noted sparsely during multiple late 2021 quarters, implying some level of capital return to shareholders through buybacks within that period.
- Proceeds from and Repayments of Short-Term Debt
- Short-term debt saw significant fluctuations with periods of large inflows followed closely by repayments, indicating active short-term debt management and liquidity adjustments across the quarters.
- Proceeds from and Repayments of Long-Term Debt
- Long-term debt proceeds surged notably in mid-2021, aligning with heightened capital needs, while repayments escalated in the second half of the timeline, denoting debt amortization efforts.
- Principal Repayments of Finance Leases and Financing Obligations
- These outflows decreased gradually, showing successful reduction in lease and financing obligations over the periods, contributing to lower fixed financing costs.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows were erratic with alternating inflows and outflows that reflect debt issuances, repayments, stock repurchases, and other financing activities, indicating flexible capital structure management.
- Foreign Currency Effects
- Foreign currency impacts on cash showed relatively small values with erratic positive and negative adjustments, reflecting exposure to currency fluctuations but without material impact on overall cash balances.
- Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- The net cash change showed volatile movements throughout, including quarters with large increases offset by others with significant decreases, consistent with variations seen in operating, investing, and financing activities. Strong positive changes in late 2023 and 2024 align with improved operating cash performance.