AMZN Amazon FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-06 · 10,827M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company operates online and physical stores that sell a wide variety of products directly and through third-party sellers, along with a subscription program offering shipping, media, and other benefits. It manufactures and sells electronic devices and produces media content, and it operates a cloud computing business that provides on-demand computing, storage, database, analytics, and machine learning services to developers and enterprises. The company also offers programs for content creators to publish and sell works, and it provides advertising services to sellers, vendors, publishers, and other businesses.

Executive ChairJeffrey P. Bezos
President and Chief Executive OfficerAndrew R. Jassy
CEO Amazon Web ServicesMatthew S. Garman
S&P 500 · CONSUMER DISCRETIONARY · CIK 1018724
REVENUE$716.9B+12.4% YoY
NET INCOME$77.7B+31.1% YoY
OPERATING CASH FLOW$139.5B+20.4% YoY
83
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 8/10 on claims and 12/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG12 CHECKS · 0 red · 2 watchNEXT 10-Q ~NOV 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues716,924637,959574,7853
· Online stores269,287247,029231,872
· Third party seller services172,162156,146140,053
· Amazon web services128,725107,55690,757
· Advertising68,63556,21446,906
· Subscription services49,61944,37440,209
· Physical stores22,56121,21520,030
· Other services5,9355,4254,958
Cost of revenue356,414326,288304,7391
Selling, general and administrative11,17211,35911,816
Depreciation, depletion and amortization65,75652,79548,663
Impairments1,300
Total operating expenses636,949569,366537,933
Operating income79,97568,59336,8521
Interest expense3,182
Other income (expense), net17,33621705
Income before income taxes97,31168,61437,557
Income tax provision19,0879,2657,1202
Net income attributable to common77,67059,24830,4252
Diluted earnings per share$7.17$5.53$2.90
Weighted-average diluted shares10,82710,72110,4921
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests77,67059,24830,425
Depreciation, depletion and amortization65,75652,79548,663
Share-based compensation19,46722,01124,023
Deferred income taxes11,470(4,648)(5,876)
Change in inventories3,0021,884(1,449)
Change in payables11,2312,9725,473
Net cash provided by operating activities139,514115,87784,9463
Net cash used in investing activities(142,545)(94,342)(49,833)
Repurchases of common stock00
Debt issued15,67300
Debt repaid5,0219,1823,676
Net cash used in financing activities9,661(11,812)(15,879)1
Cash and equivalents at end of period90,10682,31273,890
Balance sheet · $ millions20252024
Cash and cash equivalents86,81078,779
Short-term investments36,21922,423
Receivables, net67,72955,4511
Inventories38,32534,2141
Total current assets229,083190,867
Property, plant and equipment, net357,025252,665
Goodwill23,27323,0741
Intangible assets, net8,0347,439
Total assets818,042624,8941
Accounts payable121,90994,363
Current debt2,7485,017
Total current liabilities218,005179,431
Long-term debt65,64852,623
Stockholders' equity411,065285,970
Total equity411,065285,970
Segments · as filed in the segment note · $ millionsNorth america segmentInternational segmentAmazon web services segmentConsolidated
Net sales426,305161,894128,725716,924
Operating income29,6194,75045,60679,975
· operating margin6.9%2.9%35.4%11.2%

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS818,042624,894+193,148+30.9%
Stockholders' equity · BS411,065285,970+125,095+43.7%
Total equity · BS411,065285,970+125,095+43.7%
Property, plant and equipment, net · BS357,025252,665+104,360+41.3%
Total revenues · IS716,924637,959+78,965+12.4%
Total operating expenses · IS636,949569,366+67,583+11.9%
Net cash used in investing activities · CF(142,545)(94,342)−48,203-51.1%◐ outsized
Total current liabilities · BS218,005179,431+38,574+21.5%
Total current assets · BS229,083190,867+38,216+20.0%
Cost of revenue · IS356,414326,288+30,126+9.2%
Income before income taxes · IS97,31168,614+28,697+41.8%
Accounts payable · BS121,90994,363+27,546+29.2%
Net cash provided by operating activities · CF139,514115,877+23,637+20.4%
· Online stores · IS269,287247,029+22,258+9.0%
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
22.3%
sector median 19.8%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+1.3%
sector median -2.5%
diluting
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.17
sector median 0.26
low
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 3 of 5volatile
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 13.6%
sector median 11.7%
cyclical
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues155,667167,702180,169181,519200,606
Cost of revenue76,97680,80988,67087,46395,778
Selling, general and administrative2,6282,9652,8752,5872,788
Depreciation, depletion and amortization14,26215,22716,79618,94519,988
Total operating expenses137,262148,531162,747157,667173,145
Operating income18,40519,17117,42223,85227,461
Interest expense5415165388001,314
Other income (expense), net3,2741,68610,74815,98253,396
Income before income taxes21,67920,85728,17039,83480,857
Income tax provision4,5532,6786,9109,56018,199
Net income attributable to common17,12718,16421,18730,25562,647
Diluted earnings per share$1.59$1.68$1.95$2.78$5.75
Weighted-average diluted shares10,79310,80610,84510,87410,903
Net cash provided by operating activities17,01532,51535,52526,03245,387
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Income before income taxes39,83480,857+41,023+103.0%
Other income (expense), net15,98253,396+37,414+234.1%
Net income attributable to common30,25562,647+32,392+107.1%
Net cash provided by operating activities26,03245,387+19,355+74.4%
Total revenues181,519200,606+19,087+10.5%
Total operating expenses157,667173,145+15,478+9.8%
Income tax provision9,56018,199+8,639+90.4%
Cost of revenue87,46395,778+8,315+9.5%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$2,118,061M10-K cover · as of 2025-06-30
Insider Form 4s, 90d25 filings · 0 buys / 38 sellsnet selling · −$51,854,029
· Jassy Andrew RSELL $8,621,800Form 4 filed 2026-05-06 · open market
· Jassy Andrew RSELL $7,905,000Form 4 filed 2026-04-21 · open market
· Herrington Douglas JSELL $7,562,500Form 4 filed 2026-05-05 · open market
· Herrington Douglas JSELL $5,022,500Form 4 filed 2026-04-16 · open market
· Zapolsky DavidSELL $2,489,273Form 4 filed 2026-05-26 · open market
Insider ownership %needs the proxy statement — not read yet, never estimated
Institutional %needs 13F aggregation — not read yet, never estimated
· 10b5-1 adoptedDavid A. Zapolsky, Senior Vice President, Chief Global Affairs and Legal OfficerNovember 3, 2025 · 64,059 shares · 10-K insider trading arrangements
· 10b5-1 adoptedDouglas J. Herrington, CEO Worldwide Amazon StoresNovember 10, 2025 · 132,937 shares · 10-K insider trading arrangements
· 10b5-1 adoptedKeith B. Alexander, a member of our Board of DirectorsNovember 11, 2025 · 1,800 shares · 10-K insider trading arrangements
· 10b5-1 adoptedShelley L. Reynolds, Vice President, Worldwide ControllerNovember 11, 2025 · 9,744 shares · 10-K insider trading arrangements
· 10b5-1 adoptedAndrew R. Jassy, President and Chief Executive OfficerNovember 14, 2025 · 142,224 shares · 10-K insider trading arrangements
· 10b5-1 adoptedJeffrey P. Bezos, our founder and Executive ChairNovember 14, 2025 · 15,000,000 shares · 10-K insider trading arrangements
· 10b5-1 terminatedBrian T. Olsavsky, Senior Vice President and Chief Financial OfficerNovember 19, 2025 · 53,249 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Amazon's Form 10-K for FY2025 (accession 0001018724-26-000004), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. AMZN is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.