Amazon.com, Inc. (AMZN) Cash Flow Statement
Where AMZN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $139.51B +20.4% vs 2024
- Capital expenditures
- $131.82B 18.4% of revenue
- Free cash flow
- $7.70B 1.1% margin
- Returned to shareholders
- —
- Change in cash
- $7.79B cash at year-end $90.11B
Cash from operations
$139.51B
Capital expenditures
−$131.82B
Investments (net)
−$10.38B
Net borrowing (repayment)
+$9.66B
Currency & other
+$822.0M
Change in cash
$7.79B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AMZN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AMZN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $17.20B2016 | $139.51B2025 | +26.2%/yr | |
| Capital expenditures | $7.80B2016 | $131.82B2025 | +36.9%/yr | |
| Free cash flow | $9.40B2016 | $7.70B2025 | −2.2%/yr | |
| Free cash flow margin | 6.9%2016 | 1.1%2025 | −5.8 pts | |
| Operating cash flow / net income | 7.262016 | 1.802025 | −5.46 | |
| Stock-based compensation | $2.98B2016 | $19.47B2025 | +23.2%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 5.7%2016 | 18.4%2025 | +12.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMZN cash flow by activity
OperatingInvestingFinancingChange in cash
AMZN net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AMZN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $77.67B | $59.25B | $30.43B | −$2.72B | $33.36B | $21.33B | $11.59B | $10.07B | $3.03B | $2.37B |
| Depreciation & amortization | $65.76B | $52.80B | $48.66B | $41.92B | $34.30B | $25.25B | $21.79B | $15.34B | $11.48B | $8.12B |
| Stock-based compensation | $19.47B | $22.01B | $24.02B | $19.62B | $12.76B | $9.21B | $6.86B | $5.42B | $4.21B | $2.98B |
| Change in working capital | −$19.97B | −$15.54B | −$11.54B | −$20.89B | −$19.61B | $13.48B | −$2.44B | −$1.04B | −$242.0M | $3.85B |
| Other non-cash items | −$3.41B | −$2.64B | −$6.62B | $8.82B | −$14.48B | −$3.21B | $711.0M | $934.0M | −$119.0M | −$106.0M |
| Cash from operating activities | $139.51B | $115.88B | $84.95B | $46.75B | $46.33B | $66.06B | $38.51B | $30.72B | $18.36B | $17.20B |
| Investing activities | ||||||||||
| Capital expenditures | −$131.82B | −$83.00B | −$52.73B | −$63.65B | −$61.05B | −$40.14B | −$16.86B | −$13.43B | −$11.96B | −$7.80B |
| Investments (net) | −$10.38B | −$94.34B | −$48.05B | $29.04B | −$773.0M | −$22.24B | −$9.13B | $1.14B | −$3.79B | −$3.02B |
| Acquisitions & other investing | −$342.0M | $83.00B | $50.95B | −$2.99B | $3.67B | $2.77B | $1.71B | −$82.0M | −$11.34B | $1.31B |
| Cash from investing activities | −$142.54B | −$94.34B | −$49.83B | −$37.60B | −$58.15B | −$59.61B | −$24.28B | −$12.37B | −$27.08B | −$9.52B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | $0 | $0 | −$6.00B | $0 | $0 | — | — | $0 | $0 |
| Net borrowing (repayment) | $9.66B | −$11.81B | −$15.88B | $19.91B | $6.29B | $8.97B | −$411.0M | −$7.35B | $10.06B | −$3.59B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$4.19B | $0 | −$10.08B | −$9.65B | −$337.0M | −$132.0M | −$123.0M |
| Cash from financing activities | $9.66B | −$11.81B | −$15.88B | $9.72B | $6.29B | −$1.10B | −$10.07B | −$7.69B | $9.93B | −$3.72B |
| Summary | ||||||||||
| Net change in cash | $7.79B | $8.42B | $19.64B | $17.78B | −$5.90B | $5.97B | $4.24B | $10.32B | $1.92B | $3.76B |
| Cash at end of period | $90.11B | $82.31B | $73.89B | $54.25B | $36.48B | $42.38B | $36.41B | $32.17B | $21.86B | $19.93B |
| Free cash flow | $7.70B | $32.88B | $32.22B | −$16.89B | −$14.73B | $25.92B | $21.65B | $17.30B | $6.41B | $9.40B |
| Free cash flow margin | 1.1% | 5.2% | 5.6% | −3.3% | −3.1% | 6.7% | 7.7% | 7.4% | 3.6% | 6.9% |
| Capex / revenue | 18.4% | 13.0% | 9.2% | 12.4% | 13.0% | 10.4% | 6.0% | 5.8% | 6.7% | 5.7% |
| Operating cash flow / net income | 1.80 | 1.96 | 2.79 | — | 1.39 | 3.10 | 3.32 | 3.05 | 6.06 | 7.26 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $62.65B | $30.25B | $21.19B | $21.19B | $18.16B | $17.13B | $20.00B | $15.33B | $13.48B | $10.43B | $10.62B | $9.88B |
| Depreciation & amortization | $19.99B | $18.95B | $19.47B | $16.80B | $15.23B | $14.26B | $15.63B | $13.44B | $12.04B | $11.68B | $13.82B | $12.13B |
| Stock-based compensation | $6.04B | $4.03B | $4.40B | $4.85B | $6.53B | $3.69B | $5.00B | $5.33B | $6.72B | $4.96B | $6.32B | $5.83B |
| Change in working capital | −$7.60B | −$24.37B | $9.27B | −$7.32B | −$6.16B | −$15.75B | $7.10B | −$6.67B | −$6.08B | −$9.88B | $13.51B | −$4.44B |
| Other non-cash items | −$35.69B | −$2.83B | $129.0M | $18.0M | −$1.25B | −$2.31B | −$2.09B | −$1.46B | −$880.0M | $1.80B | −$1.80B | −$2.19B |
| Cash from operating activities | $45.39B | $26.03B | $54.46B | $35.52B | $32.52B | $17.02B | $45.64B | $25.97B | $25.28B | $18.99B | $42.47B | $21.22B |
| Investing activities | ||||||||||||
| Capital expenditures | −$54.21B | −$44.20B | −$39.52B | −$35.09B | −$32.18B | −$25.02B | −$27.83B | −$22.62B | −$17.62B | −$14.93B | −$14.59B | −$12.48B |
| Investments (net) | — | −$5.57B | −$7.37B | −$26.07B | −$39.42B | −$29.80B | −$37.44B | −$16.90B | −$22.14B | −$17.86B | −$12.60B | −$11.75B |
| Acquisitions & other investing | −$25.04B | −$14.44B | −$350.0M | $35.09B | $32.18B | $25.02B | $27.83B | $22.62B | $17.62B | $14.93B | $14.59B | $12.48B |
| Cash from investing activities | −$79.25B | −$64.21B | −$47.24B | −$26.07B | −$39.42B | −$29.80B | −$37.44B | −$16.90B | −$22.14B | −$17.86B | −$12.60B | −$11.75B |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | $0 | — | — | $0 | $0 | $0 |
| Net borrowing (repayment) | — | $52.77B | $12.02B | $38.0M | −$2.54B | −$47.0M | −$3.56B | −$2.68B | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $10.15B | $0 | $276.0M | −$82.0M | $0 | $0 | $247.0M | −$78.0M | −$4.49B | −$1.26B | −$6.75B | −$8.95B |
| Cash from financing activities | $10.15B | $52.77B | $12.29B | −$44.0M | −$2.54B | −$47.0M | −$3.31B | −$2.76B | −$4.49B | −$1.26B | −$6.75B | −$8.95B |
| Summary | ||||||||||||
| Net change in cash | −$23.77B | $14.59B | $19.64B | $9.01B | −$8.44B | −$12.42B | $3.63B | $7.00B | −$1.66B | −$558.0M | $23.81B | $14.0M |
| Cash at end of period | $80.93B | $104.69B | $90.11B | $70.46B | $61.45B | $69.89B | $82.31B | $78.68B | $71.67B | $73.33B | $73.89B | $50.08B |
| Free cash flow | −$8.82B | −$18.17B | $14.94B | $430.0M | $332.0M | −$8.00B | $17.80B | $3.35B | $7.66B | $4.06B | $27.88B | $8.74B |
| Free cash flow margin | −4.4% | −10.0% | 7.0% | 0.2% | 0.2% | −5.1% | 9.5% | 2.1% | 5.2% | 2.8% | 16.4% | 6.1% |
| Capex / revenue | 27.0% | 24.4% | 18.5% | 19.5% | 19.2% | 16.1% | 14.8% | 14.2% | 11.9% | 10.4% | 8.6% | 8.7% |
| Operating cash flow / net income | 0.72 | 0.86 | 2.57 | 1.68 | 1.79 | 0.99 | 2.28 | 1.69 | 1.87 | 1.82 | 4.00 | 2.15 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AMZN cash generation
In fiscal 2025 (ended December 31, 2025), Amazon generated $139.5 billion of cash from operations (up 20.4%) and spent $131.8 billion on capital expenditures, leaving free cash flow of $7.7 billion, 1.1% of revenue. Cash and equivalents rose by $7.8 billion over the year.
Related: AMZN income statement, AMZN balance sheet. See the AMZN stock overview for the latest quote and news.
AMZN cash flow FAQ
What is Amazon's free cash flow?
Amazon's free cash flow was $7.7 billion in fiscal 2025: $139.5 billion of operating cash flow minus $131.8 billion of capital expenditures It was $32.9 billion a year earlier..
How much cash does Amazon generate from operations?
Amazon generated $139.5 billion of cash from operating activities in fiscal 2025, 1.80 times its net income of $77.7 billion.
How much does Amazon spend on capital expenditures?
Amazon spent $131.8 billion on capital expenditures in fiscal 2025, 18.4% of revenue, compared with $83.0 billion the year before.