Cash Flow Statement

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.

Amazon.com Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income (loss)	77,670)	59,248)	30,425)	(2,722)	33,364)
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other	65,756)	52,795)	48,663)	41,921)	34,433)
Stock-based compensation	19,467)	22,011)	24,023)	19,621)	12,757)
Non-operating (income) expense, net	(14,880)	2,012)	(748)	16,966)	(14,306)
Deferred income taxes	11,470)	(4,648)	(5,876)	(8,148)	(310)
Inventories	(3,002)	(1,884)	1,449)	(2,592)	(9,487)
Accounts receivable, net and other	(7,333)	(3,249)	(8,348)	(8,622)	(9,145)
Other assets	(15,632)	(14,483)	(12,265)	(13,275)	(9,018)
Accounts payable	11,231)	2,972)	5,473)	2,945)	3,602)
Accrued expenses and other	(5,019)	(2,904)	(2,428)	(1,558)	2,123)
Unearned revenue	(214)	4,007)	4,578)	2,216)	2,314)
Changes in operating assets and liabilities	(19,969)	(15,541)	(11,541)	(20,886)	(19,611)
Adjustments to reconcile net income (loss) to net cash from operating activities	61,844)	56,629)	54,521)	49,474)	12,963)
Net cash provided by operating activities	139,514)	115,877)	84,946)	46,752)	46,327)
Purchases of property and equipment	(131,819)	(82,999)	(52,729)	(63,645)	(61,053)
Proceeds from property and equipment sales and incentives	3,499)	5,341)	4,596)	5,324)	5,657)
Acquisitions, net of cash acquired, non-marketable investments, and other, net	(3,841)	(7,082)	(5,839)	(8,316)	(1,985)
Sales and maturities of marketable securities	44,386)	16,403)	5,627)	31,601)	59,384)
Purchases of marketable securities	(54,770)	(26,005)	(1,488)	(2,565)	(60,157)
Net cash used in investing activities	(142,545)	(94,342)	(49,833)	(37,601)	(58,154)
Common stock repurchased	—)	—)	—)	(6,000)	—)
Proceeds from short-term debt, and other	9,320)	5,142)	18,129)	41,553)	7,956)
Repayments of short-term debt, and other	(8,426)	(5,060)	(25,677)	(37,554)	(7,753)
Proceeds from long-term debt	15,673)	—)	—)	21,166)	19,003)
Repayments of long-term debt	(5,021)	(9,182)	(3,676)	(1,258)	(1,590)
Principal repayments of finance leases	(1,557)	(2,043)	(4,384)	(7,941)	(11,163)
Principal repayments of financing obligations	(328)	(669)	(271)	(248)	(162)
Net cash provided by (used in) financing activities	9,661)	(11,812)	(15,879)	9,718)	6,291)
Foreign currency effect on cash, cash equivalents, and restricted cash	1,164)	(1,301)	403)	(1,093)	(364)
Net increase (decrease) in cash, cash equivalents, and restricted cash	7,794)	8,422)	19,637)	17,776)	(5,900)
Cash, cash equivalents, and restricted cash, beginning of period	82,312)	73,890)	54,253)	36,477)	42,377)
Cash, cash equivalents, and restricted cash, end of period	90,106)	82,312)	73,890)	54,253)	36,477)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The cash flow statement reveals a dynamic financial picture over the five-year period. While net income experienced volatility, with a significant loss in 2022, it demonstrated a strong recovery and growth through 2025. Operating cash flow consistently remained positive and increased substantially over the period, while investing and financing activities presented more complex trends.

Operating Activities: Net cash provided by operating activities exhibited a consistent upward trend, increasing from US$46.327 billion in 2021 to US$139.514 billion in 2025. This growth was driven by adjustments to net income, which increased from US$12.963 billion to US$61.844 billion over the same period. Significant non-cash adjustments, including depreciation and amortization, and stock-based compensation, consistently contributed to this positive trend. Changes in operating assets and liabilities, while negative, became less substantial in absolute terms over time.
Investing Activities: Net cash used in investing activities was consistently negative, indicating substantial investment. The magnitude of this cash outflow increased significantly from US$58.154 billion in 2021 to US$142.545 billion in 2025. This was primarily due to increasing purchases of property and equipment, which rose from US$61.053 billion to US$131.819 billion. While sales and maturities of marketable securities provided some cash inflow, it was insufficient to offset the significant capital expenditures. Acquisitions also contributed to the cash outflow, though with a decreasing impact over the period.
Financing Activities: Net cash provided by (used in) financing activities fluctuated considerably. Positive cash flow was observed in 2021, 2022, and 2025, while negative cash flow occurred in 2023 and 2024. Proceeds from debt offerings were a key contributor to positive cash flow in several years, particularly 2021 and 2025. Repayments of both short-term and long-term debt consistently represented a cash outflow. A significant common stock repurchase program was implemented in 2022, resulting in a US$6 billion outflow.
Cash Position: The company experienced a net decrease in cash in 2021, followed by consistent increases from 2022 through 2025. The ending cash balance grew from US$36.477 billion in 2021 to US$90.106 billion in 2025. The net increase in cash, cash equivalents, and restricted cash mirrored the trends in overall cash flow, with a substantial increase in 2022 and continued growth through 2025.
Working Capital: Changes in inventories, accounts receivable, and other assets generally resulted in cash outflows, though the magnitude varied. Accounts payable and unearned revenue often provided cash inflows, but accrued expenses and other liabilities frequently represented cash outflows. Overall, changes in operating assets and liabilities consistently represented a net cash outflow, though the outflow decreased in 2023 and 2024 before increasing again in 2025.

In summary, the company demonstrated strong operational cash generation, coupled with significant investment in property and equipment. Financing activities were utilized strategically to manage liquidity and capital structure. The overall trend indicates a growing and financially healthy organization, despite some volatility in net income and financing cash flows.

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Amazon.com Inc. (NASDAQ:AMZN)

Cash Flow Statement