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: 2025-03-31), 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 shows a consistent upward trend from March 2020 to March 2025. Beginning at 39.57% in March 2020, it steadily increases each quarter, reaching 49.16% by March 2025. This indicates improving efficiency in production or sales activities, allowing the company to retain a larger portion of revenue as gross profit over time.
- Operating profit margin
- Operating profit margin exhibits more volatility but generally follows an increasing trajectory across the observed periods. Starting at 5.93% in March 2020, it experiences a dip to 2.38% by December 2022, indicating some operational challenges or increased expenses during that timeframe. However, from that point onward, it rebounds significantly, reaching 11.02% by March 2025, signaling enhanced operational efficiency and profitability.
- Net profit margin
- The net profit margin shows fluctuations with an overall upward movement. After starting reasonably strong at 5.53% in March 2020, it declines to negative territory (-0.53%) by December 2022, suggesting a period of net losses or extraordinary expenses. Subsequently, it recovers steadily to 10.14% by March 2025. This recovery phase signals improved bottom-line performance possibly due to effective cost management, revenue growth, or other favorable factors influencing net profitability.
- Return on equity (ROE)
- ROE reflects a similar pattern of volatility followed by strong recovery. Initially at 22.84% in March 2020, it decreases significantly, reaching a low point of -1.86% in December 2022. After this decline, the ROE recovers robustly to 21.56% by March 2025. This indicates periods of reduced efficiency in generating returns on shareholder equity but a subsequent restoration of value creation capacity.
- Return on assets (ROA)
- ROA trends align with other profitability measures, displaying a decline between 2020 and late 2022, with a low of -0.59% in December 2022, followed by a gradual and continuous recovery reaching 10.25% by March 2025. This reflects improved utilization of company assets to generate net income over time, enhancing overall asset efficiency.
Return on Sales
Return on Investment
Gross Profit Margin
Amazon.com Inc., gross profit margin calculation (quarterly data)
| 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 | 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 | 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 | 49.16% | 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. | 33.48% | 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. | 33.27% | 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. | 30.22% | 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: 2025-03-31), 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 Q1 2025 Calculation
Gross profit margin = 100
× (Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024
+ Gross profitQ2 2024)
÷ (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
= 100 × (78,691 + 88,899 + 77,900 + 74,192)
÷ (155,667 + 187,792 + 158,877 + 147,977)
= 49.16%
2 Click competitor name to see calculations.
The financial data over the analyzed periods reveals several noteworthy trends in the company's performance. Gross profit and net sales have displayed fluctuations, with an overall upward trajectory when viewed over the long term.
- Gross Profit
- Gross profit increased from 31,195 million US dollars in the first quarter of 2020 to a peak of 77,408 million in the fourth quarter of 2023. Despite some short-term declines, the overall trend indicates steady growth, especially pronounced from 2022 onwards. The figure recorded a slight dip in the first quarter of 2025 to 78,691 million after reaching its high point in late 2023.
- Net Sales
- Net sales followed a similar general upward pattern, starting at 75,452 million in early 2020 and reaching a remarkable 187,792 million by Q4 2024. This growth reflects strong revenue performance, although some intermediate quarters exhibited slower advancement or minor declines, particularly in early 2022 and early 2025.
- Gross Profit Margin
- The gross profit margin shows a sustained improving trend, rising from values around 39.57% in early 2020 to consistently exceeding 48% by 2025. This incremental increase in margin percentage suggests enhanced operational efficiency or better pricing strategies, as the company managed to retain a larger portion of revenue as profit over time.
In summary, the data indicates robust growth in both gross profit and net sales, accompanied by an improving gross profit margin. These elements together suggest effective cost management and successful revenue generation over the periods observed. The company's financial performance signals strengthening profitability and operational efficiency moving forward.
Operating Profit Margin
Amazon.com Inc., operating profit margin calculation (quarterly data)
| 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 | 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 | 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 | 11.02% | 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. | 13.97% | 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. | 12.79% | 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. | 10.86% | 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: 2025-03-31), 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 Q1 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
= 100 × (18,405 + 21,203 + 17,411 + 14,672)
÷ (155,667 + 187,792 + 158,877 + 147,977)
= 11.02%
2 Click competitor name to see calculations.
- Net Sales
-
Net sales exhibit a general upward trend over the periods considered. Starting from approximately $75.5 billion in March 2020, there was a notable increase reaching a peak of about $187.8 billion by December 2024. Despite this overall growth, fluctuations can be observed within quarters, with occasional slight decreases or periods of slower growth. Sales experienced a robust increase particularly from early 2023 to late 2024, suggesting strong revenue generation momentum during that time frame.
- Operating Income
-
Operating income demonstrates a more volatile pattern compared to net sales. Initial figures in March 2020 were around $4 billion, with a peak nearing $8.9 billion in March 2021. Following this peak, there was a significant drop by the end of 2021, falling to approximately $3.5 billion. However, from early 2023 onwards, operating income steadily increased, culminating in a high of approximately $21.2 billion by December 2024. This indicates an improvement in operational efficiency or cost management, particularly in the latter periods analyzed.
- Operating Profit Margin
-
The operating profit margin was not consistently reported in the earliest periods; however, from the earliest available margin data in December 2020, it started at 5.93%. The margin remained relatively stable but trended downward to 2.38% by December 2022, reflecting a period of reduced operational profitability. From early 2023 onwards, the margin rebounded significantly, rising sharply to 11.02% by December 2025. This upward trend in operating profit margin aligns with the increasing operating income from this period, suggesting enhanced profitability through either revenue growth outpacing cost increases or improved operational leverage.
- Overall Insights
-
The data indicates a strong recovery and growth phase beginning in early 2023, with both operating income and operating profit margin improving substantially alongside steady net sales growth. Earlier periods show that while sales were growing, operating income and margin were declining, pointing to rising costs or inefficiencies. The later improvements reflect enhanced profitability and operational performance, signaling positive developments in the company’s cost control and revenue quality. Continued monitoring of these metrics is essential to assess the sustainability of these improvements.
Net Profit Margin
Amazon.com Inc., net profit margin calculation (quarterly data)
| 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) | 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 | 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 | 10.14% | 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. | 9.79% | 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. | 8.46% | 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. | 8.47% | 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: 2025-03-31), 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 Q1 2025 Calculation
Net profit margin = 100
× (Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024
+ Net income (loss)Q2 2024)
÷ (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
= 100 × (17,127 + 20,004 + 15,328 + 13,485)
÷ (155,667 + 187,792 + 158,877 + 147,977)
= 10.14%
2 Click competitor name to see calculations.
The financial data reveals several key trends in the company's quarterly performance over the analyzed periods.
- Net Income (Loss)
- The net income shows significant fluctuations across the quarters. From March 2020 through December 2021, net income generally increased, peaking notably in December 2021 at 14,323 million US dollars. However, in the first quarter of 2022, a decline is observed with a negative net income of -3,844 million US dollars, indicating a loss. This volatility continues with losses again in June 2022 (-2,028 million US dollars) but turns positive from September 2022 onwards. Subsequently, net income demonstrates a steady recovery and growth through 2023 and into 2024, reaching a high point of 20,004 million US dollars in December 2024 before slightly decreasing to 17,127 million US dollars in March 2025.
- Net Sales
- Net sales exhibit an overall upward trajectory throughout the periods under review. Starting at 75,452 million US dollars in March 2020, net sales increase almost consistently with some minor fluctuations. They reach a significant peak in December 2024 at 187,792 million US dollars. While some quarters show slight decreases relative to preceding quarters, the general pattern supports continuing growth in sales volume over the medium to long term.
- Net Profit Margin
- The net profit margin data is incomplete for early periods but becomes available starting in December 2020. From the first recorded margin of 5.53%, there is a general rising trend with some oscillations. It reaches a low of -0.53% in December 2022, coinciding with the period of reported losses in net income. After this trough, the margin steadily improves, surpassing 5% again by December 2023 and continuing upward to achieve over 10% by March 2025. This indicates progressively enhanced profitability relative to sales toward the end of the timeline.
In summary, the company demonstrates considerable growth in net sales and an improving profit margin after a period of volatility marked by negative net income in early 2022. The recovery and upward trends in net income and profitability metrics suggest effective operational adjustments and stronger financial health in the later quarters.
Return on Equity (ROE)
Amazon.com Inc., ROE calculation (quarterly data)
| 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) | 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 | 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 | 21.56% | 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. | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
ROE = 100
× (Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024
+ Net income (loss)Q2 2024)
÷ Stockholders’ equity
= 100 × (17,127 + 20,004 + 15,328 + 13,485)
÷ 305,867 = 21.56%
2 Click competitor name to see calculations.
The analyzed quarterly financial data reveals notable fluctuations and trends across key financial metrics over the reported periods.
- Net Income (Loss)
- The net income demonstrates an initial upward trajectory from March 2020 through December 2021, peaking significantly at 14,323 million US dollars in the last quarter of 2021. This is followed by a sharp decline into negative territory in the first half of 2022, with losses of -3,844 and -2,028 million US dollars respectively. Subsequently, earnings recover gradually from the latter half of 2022 onward, showing consistent growth and reaching a maximum of 20,004 million US dollars in the third quarter of 2024 before a slight reduction to 17,127 million US dollars by the first quarter of 2025. This pattern indicates volatility with periods of both strong profitability and temporary setbacks, followed by robust recovery.
- Stockholders’ Equity
- Stockholders’ equity experiences steady and uninterrupted growth over the entire timeframe. Starting at 65,272 million US dollars in March 2020, equity values rise consistently each quarter, reaching 305,867 million US dollars by the first quarter of 2025. This steady increase suggests sustained reinvestment of earnings and/or shareholder contributions, supporting the company’s financial foundation and capacity for growth despite fluctuations in net income during certain periods.
- Return on Equity (ROE)
- ROE data, available from late 2020 onwards, follows a pattern reflective of net income variability. The highest ROE values are recorded between late 2020 and early 2022, peaking near 26%. However, a significant decline occurs in 2022, with ROE falling below zero to -1.86% as net income turned negative. Subsequently, ROE improves progressively starting from mid-2022, moving from single digits to double digits by late 2023, and continuing an upward trend to approximately 21.56% by the first quarter of 2025. This suggests a recovery in profitability relative to shareholders’ equity, affirming improved operational efficiency or profitability in recent quarters.
Overall, the data reflects a resilient financial performance with strong equity growth underpinning the business. Although the company faced a notable profit downturn during 2022, subsequent quarters indicate recovery and enhancement of profitability metrics. The consistency in equity growth combined with the rebound in both net income and ROE points to the company’s ability to navigate challenges and maintain shareholder value expansion over the analyzed timeframe.
Return on Assets (ROA)
Amazon.com Inc., ROA calculation (quarterly data)
| 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) | 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 | 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 | 10.25% | 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. | 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. | 15.92% | 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. | 15.68% | 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: 2025-03-31), 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 Q1 2025 Calculation
ROA = 100
× (Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024
+ Net income (loss)Q2 2024)
÷ Total assets
= 100 × (17,127 + 20,004 + 15,328 + 13,485)
÷ 643,256 = 10.25%
2 Click competitor name to see calculations.
The quarterly financial data reveal several notable trends regarding profitability, asset growth, and return on assets over the observed periods.
- Net Income (Loss)
- Net income experienced a significant upward trajectory from early 2020 through the end of 2021, peaking at 14,323 million US dollars in December 2021. However, this was followed by a sharp decline into negative territory in early 2022, with losses reaching -3,844 million US dollars in March 2022, and -2,028 million US dollars in the subsequent quarter. Following this downturn, net income gradually recovered and resumed steady growth, surpassing previous highs by the end of 2024 with values over 20,000 million US dollars. Most recently, in the first quarter of 2025, net income shows a slight decrease compared to the previous quarter but remains robust at 17,127 million US dollars.
- Total Assets
- Total assets rose consistently throughout the entire period, reflecting ongoing asset accumulation and expansion. Starting at approximately 221 billion US dollars in March 2020, assets increased steadily to over 643 billion US dollars by the first quarter of 2025. There is no indication of any decline or asset contraction during this timeframe, with the asset base expanding gradually and maintaining an upward trend.
- Return on Assets (ROA)
- The return on assets metric was not reported for the early quarters of 2020 but begins at 6.64% in March 2020 and rises to a peak of 8.33% in June 2021. Subsequently, ROA declines to below 3% by the last quarter of 2022, turning slightly negative (-0.59%) concurrent with the reported net losses. From 2023 onward, ROA improves steadily, regaining strength and increasing to double-digit percentages by the end of 2024, reaching 10.25% in March 2025.
In summary, the period is characterized by overall growth in asset base and resumption of profitable operations following a challenging phase in early 2022. The fluctuations in net income and ROA closely align, indicating sensitivity to operating performance and external factors during 2022. The subsequent recovery and strengthening of profitability ratios suggest effective management strategies or market conditions favoring financial improvement. The sustained increase in total assets highlights ongoing investment and capacity expansion supporting the company’s operations and growth ambitions.