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Arphra AIPlain-English read on Amazon.com, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $469.82B | $513.98B | $574.79B | $637.96B | $716.92B | $823.94B | $932.06B | $1.07T | $1.19T |
| Cost of revenue | $272.34B | $288.83B | $304.74B | $326.29B | $356.41B | $434.36B | $490.36B | $531.64B | $591.4B |
| Gross profit | $197.48B | $225.15B | $270.05B | $311.67B | $360.51B | $392.87B | $455.91B | $532.45B | $577.85B |
| Gross margin | +42.03% | +43.81% | +46.98% | +48.85% | +50.29% | +47.68% | +48.91% | +49.98% | +48.65% |
| Operating | |||||||||
| Research & development | $56.05B | $73.21B | $85.62B | $88.54B | $108.52B | $122.45B | $138.44B | $156.31B | $173.49B |
| Selling, general & administrative | $41.37B | $54.13B | $56.19B | $55.27B | $58.3B | $74.8B | $80.38B | $93.26B | $105.68B |
| Total operating expenses | $172.6B | $212.9B | $233.19B | $243.08B | $280.54B | $318.4B | $355.89B | $409.87B | $477.28B |
| Operating income | $24.88B | $12.25B | $36.85B | $68.59B | $79.98B | $78.62B | $85.99B | $103.27B | $114.85B |
| Operating margin | +5.30% | +2.38% | +6.41% | +10.75% | +11.16% | +9.54% | +9.23% | +9.69% | +9.67% |
| EBITDA | $74.39B | $38.35B | $89.4B | $123.82B | $165.34B | $160.01B | $184.46B | $206.16B | $228.26B |
| EBIT | $39.96B | -$3.57B | $40.74B | $71.02B | $99.59B | $85.69B | $96.94B | $112.65B | $127.6B |
| Below the line | |||||||||
| Interest expense | $1.81B | $2.37B | $3.18B | $2.41B | $2.27B | $3.4B | $3.99B | $4.35B | $4.8B |
| Interest income | $448M | $989M | $2.95B | $4.68B | $4.38B | $5.08B | $5.77B | $6.53B | $7.22B |
| Other income / expense | $13.28B | -$18.19B | $693M | -$80M | $16.78B | — | — | — | — |
| Pre-tax income | $38.16B | -$5.94B | $37.55B | $68.51B | $96.76B | $84.75B | $93.96B | $106.97B | $121.12B |
| Income tax expense | $4.79B | -$3.22B | $7.12B | $9.27B | $19.09B | $14.49B | $17.01B | $19.11B | $20.81B |
| Earnings | |||||||||
| Net income | $33.36B | -$2.72B | $30.43B | $59.25B | $77.67B | $69.35B | $79.74B | $92.1B | $98.39B |
| Net income · continuing ops | $33.36B | -$2.72B | $30.43B | $59.25B | $77.67B | $68.72B | $77.53B | $92.16B | $100.22B |
| Net margin | +7.10% | -0.53% | +5.29% | +9.29% | +10.83% | +8.42% | +8.56% | +8.65% | +8.28% |
| EPS · basic | $3.30 | $-0.27 | $2.95 | $5.66 | $7.29 | $8.91 | $10.34 | $13.11 | $15.62 |
| EPS · diluted | $3.24 | $-0.27 | $2.90 | $5.53 | $7.17 | $8.79 | $10.06 | $12.89 | $15.37 |
| EPS · low estimate | — | — | — | — | — | $7.59 | $8.51 | $9.81 | $14.55 |
| EPS · high estimate | — | — | — | — | — | $9.44 | $11.37 | $15.21 | $16.13 |
| Shares · basic | 10.12B | 10.19B | 10.3B | 10.47B | 10.66B | 10.73B | 10.6B | 10.56B | 10.66B |
| Shares · diluted | 10.3B | 10.19B | 10.49B | 10.72B | 10.83B | 10.8B | 10.85B | 10.87B | 10.93B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 46 | 47 | 32 | 31 |
| Analysts (EPS) | — | — | — | — | — | 44 | 43 | 24 | 22 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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