Amazon.com Inc., FCFF calculation

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)
Net noncash charges	81,813)	72,170)	66,062)	70,360)	32,574)
Changes in operating assets and liabilities	(19,969)	(15,541)	(11,541)	(20,886)	(19,611)
Net cash provided by operating activities	139,514)	115,877)	84,946)	46,752)	46,327)
Cash paid for interest, net of capitalized interest, net of tax¹	1,567)	2,045)	2,521)	981)	1,549)
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)
Property and equipment acquired under finance leases, net of remeasurements and modifications	(2,911)	(854)	(642)	(675)	(7,061)
Free cash flow to the firm (FCFF)	9,850)	39,410)	38,692)	(11,263)	(14,581)

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).

¹ See details »

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Amazon.com Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Effective Income Tax Rate (EITR)
EITR¹	19.60%	13.50%	19.00%	54.19%	12.56%
Interest Paid, Net of Tax
Cash paid for interest, net of capitalized interest, before tax	1,949)	2,364)	3,112)	2,142)	1,772)
Less: Cash paid for interest, net of capitalized interest, tax²	382)	319)	591)	1,161)	223)
Cash paid for interest, net of capitalized interest, net of tax	1,567)	2,045)	2,521)	981)	1,549)

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).

¹ See details »

² 2025 Calculation
Cash paid for interest, net of capitalized interest, tax = Cash paid for interest, net of capitalized interest × EITR
= 1,949 × 19.60% = 382

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Amazon.com Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	2,215,422)
Free cash flow to the firm (FCFF)	9,850)
Valuation Ratio
EV/FCFF	224.92
Benchmarks
EV/FCFF, Competitors¹
Home Depot Inc.	24.51
Lowe’s Cos. Inc.	21.48
TJX Cos. Inc.	40.10
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	42.88
EV/FCFF, Industry
Consumer Discretionary	42.72

Based on: 10-K (reporting date: 2025-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Amazon.com Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	2,215,422)	2,395,510)	1,776,793)	1,075,370)	1,582,224)
Free cash flow to the firm (FCFF)²	9,850)	39,410)	38,692)	(11,263)	(14,581)
Valuation Ratio
EV/FCFF³	224.92	60.78	45.92	—	—
Benchmarks
EV/FCFF, Competitors⁴
Home Depot Inc.	22.58	21.94	27.17	25.12	20.22
Lowe’s Cos. Inc.	18.55	24.69	19.56	19.56	14.88
TJX Cos. Inc.	32.22	24.44	31.93	33.03	18.30
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	—	44.15	38.32	111.04	130.00
EV/FCFF, Industry
Consumer Discretionary	—	41.98	33.07	51.09	60.31