FINANCIAL MODEL

Amazon.com, Inc.

AMZN · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	135,987	177,866	232,887	280,522	386,064	469,822	513,983	574,785	637,959	716,924
Cost of Goods Sold	88,265	111,934	139,156	165,536	233,307	272,344	288,831	304,739	326,288	356,414
Gross Profit
SG&A	9,665	13,743	18,150	24,081	28,676	41,374	54,129	56,186	55,266	58,301
R&D	16,085	22,620	28,837	35,931	42,740	56,052	73,213	85,622	88,544	108,521
EBITDA
D&A	8,116	11,478	15,341	21,789	25,251	34,296	41,921	48,663	52,795	65,756
EBIT (Operating Income)	4,186	4,106	12,421	14,541	22,899	24,879	12,248	36,852	68,593	79,975
Interest Expense	484	848	1,417	1,600	1,647	1,809	2,367	3,182	2,406	2,274
Pre-Tax Income	3,892	3,806	11,261	13,976	24,178	38,151	-5,936	37,557	68,614	97,311
Tax Expense	1,425	769	1,197	2,374	2,863	4,791	-3,217	7,120	9,265	19,087
Net Income	2,371	3,033	10,073	11,588	21,331	33,364	-2,722	30,425	59,248	77,670
Diluted EPS	4.90	6.15	20.14	23.01	41.83	64.81	-0.27	2.90	5.53	7.17
Diluted Shares (M)	484.0	493.0	500.0	504.0	510.0	515.0	10,189.0	10,492.0	10,721.0	10,827.0
Balance Sheet
Total Cash & Equivalents		20,522	31,750	36,092	42,122	36,220	53,888	73,387	78,779	86,810
Short-term Debt		100	1,371	1,307	1,155	1,491	2,999	8,494	5,017	2,748
Long-term Debt		24,743	23,495	23,414	31,816	48,744	67,150	58,314	52,623	65,648
Total Debt
Net Debt
Total Current Assets		60,197	75,101	96,334	132,733	161,580	146,791	172,351	190,867	229,083
Total Current Liabilities		57,883	68,391	87,812	126,385	142,266	155,393	164,917	179,431	218,005
Total Assets		131,310	162,648	225,248	321,195	420,549	462,675	527,854	624,894	818,042
Total Liabilities		103,601	119,099	163,188	227,791	282,304	316,632	325,979	338,924	406,977
Shareholders' Equity		27,709	43,549	62,060	93,404	138,245	146,043	201,875	285,970	411,065
Minority Interest
Intangibles & Goodwill		13,350	14,548	14,754	15,017	15,371	20,288	22,789	23,074	23,273
PP&E		48,866	61,797	72,705	113,114	160,281	186,715	204,177	252,665	357,025
Receivables		13,164	16,677	20,816	24,542	32,891	42,360	52,253	55,451	67,729
Payables		34,616	38,192	47,183	72,539	78,664	79,600	84,981	94,363	121,909
Inventory		16,047	17,174	20,497	23,795	32,640	34,405	33,318	34,214	38,325
Retained Earnings		8,636	19,625	31,220	52,551	85,915	83,193	113,618	172,866	250,536
Cash Flow
Cash from Operations	17,203	18,365	30,723	38,514	66,064	46,327	46,752	84,946	115,877	139,514
Capital Expenditures	7,804	11,955	13,427	16,861	40,140	61,053	63,645	52,729	82,999	131,819
Free Cash Flow
Stock-Based Compensation	2,975	4,215	5,418	6,864	9,208	12,757	19,621	24,023	22,011	19,467
Dividends Paid
Share Repurchases					0	0	6,000