Amazon.com (AMZN) 10-K Summaries & Annual Filing History
Review Amazon.com, Inc. (AMZN) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The company serves a broad customer base including consumers, sellers, developers, enterprises, content creators, and advertisers. Its financial performance showed revenue growth and improved profitability, with strong operating cash flow supported by net income and working capital changes.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$716.9B
Revenue reported for the fiscal year.
Operating income
$80B
Income from operations reported for the year.
Net income
$77.7B
Net income reported for the year.
Operating cash flow
$139.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $514B | +9.4% |
| Dec 31, 2023 | $574.8B | +11.8% |
| Dec 31, 2024 | $638B | +11.0% |
| Dec 31, 2025 | $716.9B | +12.4% |
Business overview
The company generates revenue from multiple customer segments: consumers, sellers, developers, enterprises, content creators, and advertisers. Its cash flows are primarily driven by net sales from these groups, offset by payments for products, services, employee compensation, and other operating costs.
Financial performance
Revenue increased compared to the prior period, continuing a multi-year upward trend. Operating income and net income both rose significantly. Operating cash flow also grew, reflecting higher earnings and favorable working capital management.
Material risks
The filing includes a risk factors section in Item 1A, but the provided context does not describe specific material risks. Readers should refer to the full filing for details on potential competitive, regulatory, and economic exposures.
Liquidity and capital
The company holds significant cash, cash equivalents, and marketable securities, providing ample liquidity. Operating cash flow increased, primarily due to higher net income and working capital changes, while investing activities used more cash, indicating continued capital deployment.
What to watch
Readers should monitor changes in investing cash flows, as the increase in capital expenditures may affect future liquidity and returns.