Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of AMZN revenue, profitability and cash conversion; reported revenue growth was 12.38%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 637.959 billion to USD 716.924 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 59.248 billion to USD 77.670 billion. Operating income moved from USD 68.593 billion to USD 79.975 billion. Net margin moved from 9.29% to 10.83%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 115.877 billion in the earlier period and USD 139.514 billion in the later period. Selected free cash flow was not available and not available, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Unit volumes, comparable sales, inventory, pricing and operating leverage.

Risks and uncertainties

Consumer affordability, input inflation, competitive promotions and discretionary demand.

Sources & dates