Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Amazon.com Inc., profitability ratios (quarterly data)
Based on: 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), 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).
- Gross Profit Margin
- The gross profit margin displays a consistent upward trend from the first recorded period. Starting near 39.57%, it progressively increases each quarter, reaching 49.61% by the latest period. This steady improvement suggests enhanced efficiency in managing the cost of goods sold relative to revenue, which may reflect successful pricing strategies or cost control measures.
- Operating Profit Margin
- The operating profit margin exhibits some volatility in earlier periods, initially rising from 5.93% to around 6.68%, then declining to as low as 2.38%. After this trough, a significant recovery occurs, with margins expanding sharply to reach over 11% in the most recent quarters. This positive trajectory implies improved operational efficiency and potentially better cost management or revenue growth outpacing operating expenses.
- Net Profit Margin
- The net profit margin aligns with the operating margin trend but shows more pronounced fluctuations. After a peak near 7.1%, it drops sharply into negative territory in one quarter (-0.53%), before gradually recovering and advancing to over 10% in the latest period. This pattern indicates periods of higher non-operating expenses, taxes, or other charges impacting profitability, followed by stabilization and strong profitability growth.
- Return on Equity (ROE)
- Return on equity shows significant variability initially, with a peak above 26% followed by a sharp fall to negative values (-1.86%). Subsequently, it rebounds steadily, ultimately reaching levels above 21%. This recovery and sustained improvement reflect enhanced returns generated for shareholders, possibly due to better profit margins and capital allocation.
- Return on Assets (ROA)
- Return on assets mirrors the ROE pattern but at lower absolute levels, starting above 8%, dipping below zero in one quarter (-0.59%), and then recovering to over 10%. The overall upward trend in ROA suggests more effective utilization of assets to generate profits, indicative of operational improvements and asset management efficiency.
Return on Sales
Return on Investment
Gross Profit Margin
Amazon.com Inc., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Gross profit | 86,893) | 78,691) | 88,899) | 77,900) | 74,192) | 70,680) | 77,408) | 68,061) | 65,010) | 59,567) | 63,564) | 56,833) | 54,810) | 49,945) | 54,577) | 47,882) | 48,904) | 46,115) | 46,271) | 39,039) | 36,252) | 31,195) | |||||||
| Net sales | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | 137,412) | 110,812) | 113,080) | 108,518) | 125,555) | 96,145) | 88,912) | 75,452) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | 49.61% | 49.16% | 48.85% | 48.41% | 48.04% | 47.59% | 46.98% | 46.24% | 45.53% | 44.73% | 43.81% | 43.04% | 42.65% | 42.14% | 42.03% | 41.31% | 40.68% | 40.01% | 39.57% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Home Depot Inc. | 33.60% | 33.48% | 33.38% | 33.42% | 33.49% | 33.51% | 33.53% | 33.51% | 33.53% | 33.58% | 33.63% | 33.72% | 33.72% | 33.94% | 33.95% | 34.03% | 34.10% | 34.06% | 34.09% | — | — | — | |||||||
| Lowe’s Cos. Inc. | 33.21% | 33.27% | 33.39% | 33.33% | 33.25% | 33.14% | 33.23% | 33.38% | 33.33% | 33.49% | 33.30% | 33.06% | 32.97% | 33.06% | 33.01% | 32.94% | 32.89% | 32.23% | 31.80% | — | — | — | |||||||
| TJX Cos. Inc. | 30.27% | 30.22% | 30.00% | 28.99% | 28.48% | 27.85% | 27.61% | 27.92% | 28.03% | 28.45% | 28.50% | 28.78% | 28.91% | 27.61% | 23.66% | 23.97% | 23.61% | 25.04% | 28.46% | — | — | — | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Gross profit margin = 100
× (Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024)
÷ (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
= 100 × (86,893 + 78,691 + 88,899 + 77,900)
÷ (167,702 + 155,667 + 187,792 + 158,877)
= 49.61%
2 Click competitor name to see calculations.
- Gross Profit
- Gross profit demonstrated an overall increasing trend over the periods analyzed. Starting from 31,195 million US dollars in March 2020, it showed consistent quarterly growth with some fluctuations. Significant growth was noted toward the end of each year, reaching a peak of 77,408 million in December 2023. Despite some declines in certain quarters, notably in March 2025 with 78,691 million compared to the previous quarter, the trend resumed upward, reaching 86,893 million by June 2025. This pattern indicates strong and increasing operational profitability over time.
- Net Sales
- Net sales followed a growth trajectory similar to gross profit but on a larger scale, beginning at 75,452 million US dollars in March 2020. There were visible seasonal peaks at the year-end quarters, with December 2023 recording sales of 169,961 million. Although some periodic decreases were observed, overall sales increased steadily, peaking at 187,792 million in March 2025. After this peak, a decline to 155,667 million in June 2025 was noted, followed by a recovery to 167,702 million. The data suggests a strong capacity for revenue generation, with notable seasonality effects.
- Gross Profit Margin
- The gross profit margin exhibited a clear upward trend throughout the periods from approximately 39.57% in March 2020 to 49.61% in June 2025. This steady increment signifies improving cost efficiency or higher value-added sales over time. The margin increased consistently quarter over quarter without significant reversals, highlighting enhanced profitability relative to net sales and potentially better pricing strategies or cost management.
- Overall Insights
- The financial metrics collectively indicate robust growth in both revenue and profitability over the analyzed quarters. The increasing gross profit margin alongside growing net sales and gross profit reflects heightened operational efficiency and effective market performance. Seasonal effects are present, with stronger results typically recorded in the fourth quarter each year. The slight decreases in some recent quarters suggest cyclical fluctuations but do not detract from the overall positive trend. These patterns point toward sustained financial health and expanding margin strength over the assessed periods.
Operating Profit Margin
Amazon.com Inc., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating income | 19,171) | 18,405) | 21,203) | 17,411) | 14,672) | 15,307) | 13,209) | 11,188) | 7,681) | 4,774) | 2,737) | 2,525) | 3,317) | 3,669) | 3,460) | 4,852) | 7,702) | 8,865) | 6,873) | 6,194) | 5,843) | 3,989) | |||||||
| Net sales | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | 137,412) | 110,812) | 113,080) | 108,518) | 125,555) | 96,145) | 88,912) | 75,452) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | 11.37% | 11.02% | 10.75% | 9.77% | 9.00% | 8.02% | 6.41% | 4.76% | 3.29% | 2.54% | 2.38% | 2.58% | 3.15% | 4.12% | 5.30% | 6.18% | 6.68% | 6.63% | 5.93% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Home Depot Inc. | 13.91% | 13.97% | 14.21% | 14.51% | 14.88% | 15.19% | 15.27% | 15.33% | 15.30% | 15.20% | 15.24% | 15.10% | 14.79% | 14.70% | 13.84% | 14.01% | 13.99% | 13.85% | 14.37% | — | — | — | |||||||
| Lowe’s Cos. Inc. | 12.48% | 12.79% | 13.38% | 12.83% | 10.51% | 10.60% | 10.47% | 10.74% | 12.76% | 12.72% | 12.56% | 12.36% | 11.79% | 11.55% | 10.77% | 10.64% | 10.53% | 9.30% | 8.75% | — | — | — | |||||||
| TJX Cos. Inc. | 10.96% | 10.86% | 10.69% | 10.17% | 10.02% | 9.82% | 9.73% | 9.76% | 9.77% | 10.18% | 9.79% | 9.55% | 9.32% | 7.05% | 1.81% | 3.13% | 3.26% | 5.86% | 10.59% | — | — | — | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
= 100 × (19,171 + 18,405 + 21,203 + 17,411)
÷ (167,702 + 155,667 + 187,792 + 158,877)
= 11.37%
2 Click competitor name to see calculations.
- Net Sales Trends
- Net sales exhibit a generally increasing trend over the observed periods, with some fluctuations. Starting from approximately $75.5 billion in March 2020, sales increased significantly, peaking near $169.9 billion by December 2023. There is a pattern of seasonal variations with dips in certain quarters, such as March and June, followed by increases toward year-end. Despite occasional quarter-to-quarter declines, the overall trajectory is upward, reaching over $167.7 billion by June 2025.
- Operating Income Trends
- Operating income shows considerable volatility but with a strong upward trend in recent quarters. Initially, operating income rose from about $4 billion in March 2020 to around $8.9 billion by March 2021, then declined sharply through the latter part of 2021 and early 2022. From early 2023 onward, operating income increased markedly, reaching a peak near $21.2 billion by June 2025. The data indicates a recovery and growth phase following a period of decline and stability.
- Operating Profit Margin Trends
- The operating profit margin is only available from December 2020 onwards. It started near 5.93% and showed a downward trend throughout 2021 and early 2022, dipping to approximately 2.38% by December 2022. From early 2023, the margin began to recover, increasing steadily to exceed 11% by June 2025. This improvement implies enhanced operational efficiency and profitability over time, especially in the last several quarters.
- Insights and Overall Patterns
- The data indicates a strong growth trajectory in net sales, coupled with significant improvement in operating income and profit margins after a period of volatility. The decline in operating income and margins during 2021 and early 2022 suggests operational challenges or increased costs during that time. However, the subsequent recovery and growth suggest successful strategic adjustments or improved market conditions. The increasing operating profit margins in the later periods highlight enhanced cost management or pricing power, contributing to improved profitability.
Net Profit Margin
Amazon.com Inc., net profit margin calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | 14,323) | 3,156) | 7,778) | 8,107) | 7,222) | 6,331) | 5,243) | 2,535) | |||||||
| Net sales | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | 137,412) | 110,812) | 113,080) | 108,518) | 125,555) | 96,145) | 88,912) | 75,452) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | 10.54% | 10.14% | 9.29% | 8.04% | 7.35% | 6.38% | 5.29% | 3.62% | 2.43% | 0.82% | -0.53% | 2.25% | 2.39% | 4.48% | 7.10% | 5.73% | 6.64% | 6.42% | 5.53% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Home Depot Inc. | 9.71% | 9.79% | 9.92% | 10.22% | 10.48% | 10.75% | 10.87% | 10.87% | 10.88% | 10.83% | 10.87% | 10.79% | 10.55% | 10.45% | 9.74% | 9.94% | 9.91% | 9.79% | 10.20% | — | — | — | |||||||
| Lowe’s Cos. Inc. | 8.25% | 8.46% | 8.94% | 8.49% | 6.48% | 6.65% | 6.63% | 6.97% | 8.84% | 8.85% | 8.77% | 8.63% | 7.41% | 7.23% | 6.51% | 6.29% | 7.12% | 6.17% | 5.93% | — | — | — | |||||||
| TJX Cos. Inc. | 8.56% | 8.47% | 8.25% | 7.85% | 7.77% | 7.56% | 7.00% | 6.90% | 6.77% | 6.69% | 6.76% | 5.85% | 5.81% | 4.00% | 0.28% | 2.24% | 2.11% | 4.57% | 7.84% | — | — | — | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Net profit margin = 100
× (Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024)
÷ (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
= 100 × (18,164 + 17,127 + 20,004 + 15,328)
÷ (167,702 + 155,667 + 187,792 + 158,877)
= 10.54%
2 Click competitor name to see calculations.
- Net Income (Loss)
- The net income demonstrates considerable volatility over the analyzed quarters. Starting from a positive baseline of $2,535 million in March 2020, there was a general upward trend until December 2021 where it peaked significantly at $14,323 million. However, the following quarters in 2022 experienced notable declines, including two quarters with negative net income values (-$3,844 million and -$2,028 million). After this downturn, net income rebounded steadily starting in March 2023, reaching a new peak of $20,004 million in March 2025. Overall, the net income data indicates periods of strong growth, a pronounced dip in 2022, followed by a resilient recovery and sustained increase through mid-2025.
- Net Sales
- Net sales showed a general upward trajectory throughout the period. Beginning at $75,452 million in March 2020, there was a gradual increase with some fluctuations, culminating in a high of $187,792 million in June 2025. Notably, the sales experienced a relatively consistent growth pattern, except for minor dips and plateaus observed in some quarters such as the slight reductions in early 2022. The overall strong increase in net sales reflects expanding business volume and market penetration over the period.
- Net Profit Margin
- Net profit margin data becomes available in late 2020, starting at 5.53%. The margin increased steadily through late 2021, peaking at 7.1% in December 2021, yet declined in early 2022 to a negative margin (-0.53%) in December. Following this trough, the margin regained positive values and trended upward consistently, reaching 10.54% by June 2025. This progression indicates improving profitability relative to sales after a period of margin compression, demonstrating operational efficiencies or favorable business conditions boosting bottom-line performance.
Return on Equity (ROE)
Amazon.com Inc., ROE calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | 14,323) | 3,156) | 7,778) | 8,107) | 7,222) | 6,331) | 5,243) | 2,535) | |||||||
| Stockholders’ equity | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | 138,245) | 120,564) | 114,803) | 103,320) | 93,404) | 82,775) | 73,728) | 65,272) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | 21.16% | 21.56% | 20.72% | 19.24% | 18.79% | 17.39% | 15.07% | 10.97% | 7.75% | 2.78% | -1.86% | 8.24% | 8.83% | 15.98% | 24.13% | 21.78% | 25.64% | 26.04% | 22.84% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Home Depot Inc. | 334.21% | 817.03% | 1,450.48% | 1,098.18% | 1,215.96% | 4,626.24% | 1,095.07% | 1,317.03% | 7,124.47% | — | — | 1,539.90% | 736.64% | 844.74% | 390.00% | 813.68% | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,532.36% | 406.05% | 131.77% | 131.40% | 266.43% | 217.09% | — | — | — | |||||||
| TJX Cos. Inc. | 61.21% | 62.02% | 61.27% | 60.14% | 60.25% | 59.20% | 54.97% | 60.02% | 62.26% | 59.63% | 54.69% | 41.40% | 39.21% | 24.63% | 1.55% | 13.47% | 15.26% | 35.54% | 55.01% | — | — | — | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
ROE = 100
× (Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024)
÷ Stockholders’ equity
= 100 × (18,164 + 17,127 + 20,004 + 15,328)
÷ 333,775 = 21.16%
2 Click competitor name to see calculations.
- Net Income (Loss) Trends
- The net income exhibited significant fluctuations over the observed periods. Initially, there was a notable upward trend from March 31, 2020, through December 31, 2021, with net income increasing from $2,535 million to $14,323 million. However, this was followed by a sharp decline in the early part of 2022, resulting in negative net income values, including -$3,844 million as of March 31, 2022. Subsequently, the net income gradually recovered, showing consistent growth from June 30, 2023, through the end of the dataset, reaching a peak of $20,004 million by March 31, 2025. Despite some volatility, the overall trajectory after the 2022 downturn points to strengthening profitability.
- Stockholders' Equity Progression
- Stockholders’ equity demonstrated a steady and continuous increase across all periods. Starting at $65,272 million on March 31, 2020, equity rose progressively, reaching $138,245 million by December 31, 2021. This upward momentum persisted beyond 2021, with equity growing consistently and surpassing $333,775 million by June 30, 2025. This sustained expansion reflects ongoing asset accumulation and potential retention of earnings enhancing the company's financial base.
- Return on Equity (ROE) Pattern
- Return on equity displayed initial high values exceeding 20% through 2020 and 2021, peaking near 26.04% by June 30, 2020. However, ROE experienced a marked decline beginning in late 2021 and extending into early 2022, dropping to negative territory at -1.86% by December 31, 2022. The metric recovered gradually thereafter, rising to beyond 20% again by mid-2024 and maintaining stable levels above 20% through mid-2025. The ROE trend corresponds closely with the fluctuations in net income, indicating variability in profitability efficiency relative to shareholder equity during the period analyzed.
- Overall Financial Insights
- The data reveal a company that underwent a cycle of growth, followed by a temporary contraction, and then strong recovery. The contraction period in 2022, marked by net income losses and reduced ROE, suggests operational or market challenges during that time. Nevertheless, the continuous growth in stockholders’ equity throughout the entire timeline indicates stable financial foundation and shareholder value accumulation. The recovery and subsequent improvement in net income and ROE during 2023 to 2025 reflect a return to improved profitability and operational effectiveness.
Return on Assets (ROA)
Amazon.com Inc., ROA calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | 14,323) | 3,156) | 7,778) | 8,107) | 7,222) | 6,331) | 5,243) | 2,535) | |||||||
| Total assets | 682,170) | 643,256) | 624,894) | 584,626) | 554,818) | 530,969) | 527,854) | 486,883) | 477,607) | 464,378) | 462,675) | 428,362) | 419,728) | 410,767) | 420,549) | 382,406) | 360,319) | 323,077) | 321,195) | 282,179) | 258,314) | 221,238) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | 10.35% | 10.25% | 9.48% | 8.53% | 8.01% | 7.10% | 5.76% | 4.12% | 2.74% | 0.92% | -0.59% | 2.64% | 2.77% | 5.21% | 7.93% | 6.87% | 8.17% | 8.33% | 6.64% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Home Depot Inc. | 15.25% | 18.77% | 19.79% | 20.78% | 21.25% | 21.92% | 22.38% | 22.24% | 22.27% | 21.57% | 22.86% | 21.82% | 21.54% | 20.35% | 18.23% | 18.66% | 18.67% | 18.68% | 21.94% | — | — | — | |||||||
| Lowe’s Cos. Inc. | 15.42% | 15.92% | 18.49% | 18.02% | 13.58% | 13.86% | 14.73% | 14.23% | 18.04% | 17.00% | 18.91% | 16.63% | 14.19% | 13.32% | 12.49% | 10.55% | 11.06% | 9.98% | 10.85% | — | — | — | |||||||
| TJX Cos. Inc. | 15.59% | 15.68% | 15.04% | 13.54% | 13.77% | 13.25% | 12.34% | 11.96% | 12.40% | 12.04% | 11.53% | 8.87% | 8.73% | 4.99% | 0.29% | 2.38% | 2.68% | 6.63% | 13.55% | — | — | — | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
ROA = 100
× (Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024)
÷ Total assets
= 100 × (18,164 + 17,127 + 20,004 + 15,328)
÷ 682,170 = 10.35%
2 Click competitor name to see calculations.
- Net Income (Loss)
- The net income exhibited considerable volatility over the observed periods. Initially, there was a general upward trend from March 2020 through December 2021, peaking at $14,323 million. However, this was followed by a notable decline into negative territory in early 2022, with the lowest point at -$3,844 million in March 2022. A recovery phase ensued, with net income turning positive again and showing consistent growth reaching $10,624 million by December 2023. From early 2024 onward, net income continued to improve, achieving new highs by the end of the series at $18,164 million in June 2025. The fluctuations indicate periods of significant financial challenges followed by strong recovery and growth.
- Total Assets
- Total assets demonstrated a steady and consistent increase throughout the entire period. Starting from $221,238 million in March 2020, assets grew progressively quarter by quarter, reaching $420,549 million by December 2021. The upward trajectory continued without any notable declines, culminating in total assets of $682,170 million by June 2025. This steady growth in assets suggests ongoing investment and expansion activities.
- Return on Assets (ROA)
- The ROA was not available in the initial quarters but showed important trends from March 2021 onward. It started strong at 6.64%, peaked at 8.33% mid-2021, and then generally declined through early 2022, dipping below zero to -0.59% at one point, indicating a period of inefficiency in asset utilization during this time. Following this low, ROA rebounded progressively, reaching 4.12% by the end of 2023, and continued to strengthen through 2024 and into 2025. By June 2025, ROA had climbed to approximately 10.35%, reflecting improved profitability relative to asset base and an efficient use of assets in generating net income.
In summary, the data reflect an overall growth in asset size accompanied by fluctuating profitability. The company experienced significant earnings volatility, including a period of losses early in 2022, but demonstrated a recovery with increasing net income and improved asset utilization efficiency as indicated by the rising ROA in the latter periods. The continuous increase in total assets alongside improving profitability metrics suggests a strengthening financial position.