Francesco Laconi EQUITY RESEARCH
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
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Income Statement
Revenue135,987177,866232,887280,522386,064469,822513,983574,785637,959716,924
Cost of Goods Sold88,265111,934139,156165,536233,307272,344288,831304,739326,288356,414
Gross Profit
SG&A9,66513,74318,15024,08128,67641,37454,12956,18655,26658,301
R&D16,08522,62028,83735,93142,74056,05273,21385,62288,544108,521
EBITDA
D&A8,11611,47815,34121,78925,25134,29641,92148,66352,79565,756
EBIT (Operating Income)4,1864,10612,42114,54122,89924,87912,24836,85268,59379,975
Interest Expense4848481,4171,6001,6471,8092,3673,1822,4062,274
Pre-Tax Income3,8923,80611,26113,97624,17838,151-5,93637,55768,61497,311
Tax Expense1,4257691,1972,3742,8634,791-3,2177,1209,26519,087
Net Income2,3713,03310,07311,58821,33133,364-2,72230,42559,24877,670
Diluted EPS4.906.1520.1423.0141.8364.81-0.272.905.537.17
Diluted Shares (M)484.0493.0500.0504.0510.0515.010,189.010,492.010,721.010,827.0
Balance Sheet
Total Cash & Equivalents20,52231,75036,09242,12236,22053,88873,38778,77986,810
Short-term Debt1001,3711,3071,1551,4912,9998,4945,0172,748
Long-term Debt24,74323,49523,41431,81648,74467,15058,31452,62365,648
Total Debt
Net Debt
Total Current Assets60,19775,10196,334132,733161,580146,791172,351190,867229,083
Total Current Liabilities57,88368,39187,812126,385142,266155,393164,917179,431218,005
Total Assets131,310162,648225,248321,195420,549462,675527,854624,894818,042
Total Liabilities103,601119,099163,188227,791282,304316,632325,979338,924406,977
Shareholders' Equity27,70943,54962,06093,404138,245146,043201,875285,970411,065
Minority Interest
Intangibles & Goodwill13,35014,54814,75415,01715,37120,28822,78923,07423,273
PP&E48,86661,79772,705113,114160,281186,715204,177252,665357,025
Receivables13,16416,67720,81624,54232,89142,36052,25355,45167,729
Payables34,61638,19247,18372,53978,66479,60084,98194,363121,909
Inventory16,04717,17420,49723,79532,64034,40533,31834,21438,325
Retained Earnings8,63619,62531,22052,55185,91583,193113,618172,866250,536
Cash Flow
Cash from Operations17,20318,36530,72338,51466,06446,32746,75284,946115,877139,514
Capital Expenditures7,80411,95513,42716,86140,14061,05363,64552,72982,999131,819
Free Cash Flow
Stock-Based Compensation2,9754,2155,4186,8649,20812,75719,62124,02322,01119,467
Dividends Paid
Share Repurchases006,000