Stock Analysis on Net
Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

$24.99

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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Amazon.com Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net income (loss)
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other
Stock-based compensation
Non-operating (income) expense, net
Deferred income taxes
Inventories
Accounts receivable, net and other
Other assets
Accounts payable
Accrued expenses and other
Unearned revenue
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to net cash from operating activities
Net cash provided by (used in) operating activities
Purchases of property and equipment
Proceeds from property and equipment sales and incentives
Acquisitions, net of cash acquired, non-marketable investments, and other, net
Sales and maturities of marketable securities
Purchases of marketable securities
Net cash (used in) provided by investing activities
Common stock repurchased
Proceeds from short-term debt, and other
Repayments of short-term debt, and other
Proceeds from long-term debt
Repayments of long-term debt
Principal repayments of finance leases
Principal repayments of financing obligations
Net cash provided by (used in) financing activities
Foreign currency effect on cash, cash equivalents, and restricted cash
Net increase (decrease) in cash, cash equivalents, and restricted cash

Based on: 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 trajectory demonstrates a significant expansion in both profitability and operational cash generation over the analyzed period. After experiencing volatility and net losses in early 2022, a sustained recovery began in 2023, leading to a substantial increase in quarterly net income, which reached 30.2 billion USD by March 2026.

Operating Cash Flow Dynamics
Net cash provided by operating activities exhibits a general upward trend characterized by strong seasonal peaks every December. The highest operational cash inflow occurred in December 2025 at 54.4 billion USD. This growth is bolstered by rising net income and a steady increase in non-cash charges, specifically depreciation and amortization, which grew from 7.5 billion USD in March 2021 to 18.9 billion USD by March 2026.
Capital Expenditure and Investment Scaling
A consistent and aggressive acceleration in capital investment is observed. Purchases of property and equipment increased from 12.1 billion USD in March 2021 to 44.2 billion USD in March 2026. This trend indicates a massive scaling of physical infrastructure, which has become the primary driver of net cash used in investing activities, culminating in a deficit of 64.2 billion USD in the final quarter analyzed.
Financing and Debt Positioning
Financing activities remained relatively moderate until a significant shift in March 2026, where net cash provided by financing activities surged to 52.7 billion USD. This spike was primarily driven by a large issuance of long-term debt totaling 53.4 billion USD. This suggests a strategic move to fund the aforementioned capital expenditures through leverage rather than purely operational cash flow.
Working Capital and Asset Management
Changes in operating assets and liabilities show high quarterly volatility. While December quarters typically provide cash inflows due to accrued expenses and accounts payable, the March 2026 quarter saw a substantial cash outflow of 24.3 billion USD. Additionally, the management of marketable securities shifted from heavy sales in 2021 to increased purchases by 2026, indicating a change in liquidity allocation.