Amazon.com, Inc. (AMZN) Fundamental Analysis
Amazon.com, Inc. operates in a cyclical, commodity-sensitive industry, so each quarter is best judged against the cycle rather than in isolation. It is solidly profitable, with a latest net margin of 31%. Cash generation is currently a watch item and warrants close attention. The latest filing shows a mixed picture across the four dimensions.
Beat Index assesses Amazon.com, Inc. across seventeen analysis tabs, spanning market multiples, revenue and income, margins, cash flow, returns, liquidity and leverage, working capital, intrinsic value, commitments, insider activity, risk, and its latest 10-Q reads strongest on revenue growth and profit margins while flagging cash generation and balance-sheet strength for closer review. Every figure is taken as-reported from SEC EDGAR filings, with no vendor adjustments.
At a glance
- PositiveGrowth: Revenue up 20% YoY
- WatchBalance Sheet: Debt/equity 0.2x
- ConcernCash Generation: Negative free cash flow
Trend matrix, last 4 quarters
| Dimension | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|---|
| Growth | Revenue up 20% YoY | Revenue up 17% YoY | Revenue up 14% YoY | Revenue up 13% YoY |
| Profitability | Net margin 31% | Net margin 17% | Net margin 10% | Net margin 12% |
| Cash Generation | Negative free cash flow | Negative free cash flow | FCF margin 7% | FCF margin 0% |
| Balance Sheet | Debt/equity 0.2x | Debt/equity 0.3x | Debt/equity 0.2x | Debt/equity 0.1x |
Quarterly financials
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|---|
| Revenue | $200.61B | $181.52B | $213.39B | $180.17B | $167.70B |
| Cash & equivalents | $78.21B | $101.82B | $86.81B | $66.92B | $57.74B |
| Net income | $62.65B | $30.25B | $21.19B | $21.19B | $18.16B |
| Operating cash flow | $45.39B | $26.03B | $54.46B | $35.52B | $32.52B |
| Free cash flow | -$8.82B | -$18.17B | $14.94B | $430.0M | $332.0M |
Figures in USD, as reported to the SEC. Longer history is available in the full analysis.
What's inside the full dashboard
Seventeen analysis tabs, all sourced from SEC filings, no estimates.
- Market Multiples: What buyers have actually paid for this business, week by week, against what they pay today.
- Cash Flow: Free cash flow generation and operating cash flow trends.
- Intrinsic Value: Discounted cash flow (DCF) valuation against your own discount rate.
- Liquidity & Leverage: Balance-sheet strength: assets, liabilities, debt and liquidity ratios.
- Margins: Gross, operating, and net profit margin analysis.
- Returns: Return on equity, return on assets, and return on invested capital.
- Revenue & Income: Revenue growth, composition, and year-over-year income trends.
- Working Capital: Working-capital efficiency, cash conversion and asset-turnover metrics.
- Risk: Debt levels, liquidity ratios, and financial risk indicators.
- Insider: Insider stock transactions and executive activity.
- Commitments: Operating leases, purchase commitments, and future obligations.
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Live valuation, management commentary, and peer comparison, all sourced directly from SEC filings. Free to access.