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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	59,248)	30,425)	(2,722)	33,364)	21,331)
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other	52,795)	48,663)	41,921)	34,433)	25,180)
Stock-based compensation	22,011)	24,023)	19,621)	12,757)	9,208)
Non-operating (income) expense, net	2,012)	(748)	16,966)	(14,306)	(2,582)
Deferred income taxes	(4,648)	(5,876)	(8,148)	(310)	(554)
Inventories	(1,884)	1,449)	(2,592)	(9,487)	(2,849)
Accounts receivable, net and other	(3,249)	(8,348)	(8,622)	(9,145)	(8,169)
Other assets	(14,483)	(12,265)	(13,275)	(9,018)	—)
Accounts payable	2,972)	5,473)	2,945)	3,602)	17,480)
Accrued expenses and other	(2,904)	(2,428)	(1,558)	2,123)	5,754)
Unearned revenue	4,007)	4,578)	2,216)	2,314)	1,265)
Changes in operating assets and liabilities	(15,541)	(11,541)	(20,886)	(19,611)	13,481)
Adjustments to reconcile net income (loss) to net cash from operating activities	56,629)	54,521)	49,474)	12,963)	44,733)
Net cash provided by operating activities	115,877)	84,946)	46,752)	46,327)	66,064)
Purchases of property and equipment	(82,999)	(52,729)	(63,645)	(61,053)	(40,140)
Proceeds from property and equipment sales and incentives	5,341)	4,596)	5,324)	5,657)	5,096)
Acquisitions, net of cash acquired, non-marketable investments, and other	(7,082)	(5,839)	(8,316)	(1,985)	(2,325)
Sales and maturities of marketable securities	16,403)	5,627)	31,601)	59,384)	50,237)
Purchases of marketable securities	(26,005)	(1,488)	(2,565)	(60,157)	(72,479)
Net cash used in investing activities	(94,342)	(49,833)	(37,601)	(58,154)	(59,611)
Common stock repurchased	—)	—)	(6,000)	—)	—)
Proceeds from short-term debt, and other	5,142)	18,129)	41,553)	7,956)	6,796)
Repayments of short-term debt, and other	(5,060)	(25,677)	(37,554)	(7,753)	(6,177)
Proceeds from long-term debt	—)	—)	21,166)	19,003)	10,525)
Repayments of long-term debt	(9,182)	(3,676)	(1,258)	(1,590)	(1,553)
Principal repayments of finance leases	(2,043)	(4,384)	(7,941)	(11,163)	(10,642)
Principal repayments of financing obligations	(669)	(271)	(248)	(162)	(53)
Net cash provided by (used in) financing activities	(11,812)	(15,879)	9,718)	6,291)	(1,104)
Foreign currency effect on cash, cash equivalents, and restricted cash	(1,301)	403)	(1,093)	(364)	618)
Net increase (decrease) in cash, cash equivalents, and restricted cash	8,422)	19,637)	17,776)	(5,900)	5,967)
Cash, cash equivalents, and restricted cash, beginning of period	73,890)	54,253)	36,477)	42,377)	36,410)
Cash, cash equivalents, and restricted cash, end of period	82,312)	73,890)	54,253)	36,477)	42,377)

Based on: 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), 10-K (reporting date: 2020-12-31).

Net Income (Loss): The net income shows considerable volatility during the period. After substantial growth from $21,331 million in 2020 to $33,364 million in 2021, it declined sharply to a loss of $2,722 million in 2022. This was followed by a strong recovery in 2023 to $30,425 million and further growth to $59,248 million in 2024, indicating a robust rebound in profitability.
Depreciation and Amortization: Depreciation and amortization expenses have steadily increased over the years, from $25,180 million in 2020 to $52,795 million in 2024. This trend suggests continued investment in assets subject to depreciation, as well as capitalized content costs and lease assets.
Stock-based Compensation: Stock-based compensation costs rose significantly from $9,208 million in 2020 to a peak of $24,023 million in 2023, before slightly declining to $22,011 million in 2024. This reflects increased employee compensation through equity awards, peaking in 2023.
Non-operating (Income) Expense: Non-operating results were negative in 2020 and 2021, indicating income, with a substantial positive expense of $16,966 million in 2022. The item reverted to near breakeven or minor expense in 2023 and 2024, implying volatility in gains or losses from non-core activities.
Deferred Income Taxes: Deferred income taxes were negative throughout the period, with a marked increase in the negative balance in 2022 (-$8,148 million) continuing in 2023 and 2024. This may indicate recognition of deferred tax assets or tax-related adjustments affecting earnings.
Working Capital Changes (Inventories, Accounts Receivable, Accounts Payable, Accrued Expenses, Unearned Revenue): Inventories showed fluctuations, with substantial negative changes in 2020 and 2021, a moderate negative in 2022, a positive change in 2023, and negative again in 2024. Accounts receivable exhibited consistent negative adjustments, decreasing from -$8,169 million to -$3,249 million over the period, suggesting improved collection or reduced sales on credit. Accounts payable declined sharply in 2021 and remained relatively low through 2024 compared to 2020. Accrued expenses and other liabilities moved from positive to increasingly negative, indicating settlement or reduction of accrued items. Unearned revenue increased steadily, reflecting rising deferred income. Overall, the changes in operating assets and liabilities were positive in 2020 but turned negative thereafter, indicating growing working capital requirements or less favorable timing on cash flows from operations.
Net Cash Provided by Operating Activities: Operating cash flow decreased from $66,064 million in 2020 to $46,327 million in 2021 and stabilized around similar levels in 2022 before markedly increasing to $84,946 million in 2023 and $115,877 million in 2024. This reflects improving core cash generation capacity consistent with the recovery in net income.
Investing Activities: Capital expenditure on property and equipment remained high, peaking at $82,999 million in 2024 after fluctuations in prior years. Proceeds from sales and incentives stayed relatively stable. Acquisitions showed an overall increase in outflows, reflecting active investment or expansion strategies. Marketable securities sales declined significantly after 2021, while purchases diminished, signaling adjustments in investment strategy. Net cash used in investing activities increased substantially in 2024 to nearly $94,342 million, indicating heavy investment in the business or assets.
Financing Activities: Financing activities demonstrated variability. After a positive net cash inflow in 2021 and 2022, the net cash outflows increased markedly in 2023 and 2024, reaching -$11,812 million in 2024. Short-term debt proceeds and repayments fluctuated, with repayments generally matching or exceeding proceeds in later years. Long-term debt issuance ceased after 2022 while repayments increased, suggesting debt reduction efforts. Finance lease principal repayments decreased steadily, reflecting lessening lease liabilities. There was notable common stock repurchase only in 2022.
Cash and Cash Equivalents: Cash levels experienced a decline in 2021 by $5,900 million but showed strong growth afterward, increasing cash by $17,776 million in 2022, $19,637 million in 2023, and $8,422 million in 2024. Ending cash balances rose from $42,377 million in 2020 to $82,312 million in 2024, indicative of enhanced liquidity and cash reserves despite significant investing activities.

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Amazon.com Inc. (NASDAQ:AMZN)

Cash Flow Statement