Amazon.com (NASDAQ: AMZN) closed June 6, 2026 at $246.03, valuing the company at $2.65T after reporting fiscal 2025 revenue of $716.9B (up 12.4% year-over-year) and net income of $77.7B (up 31.1%), per the company’s February 2026 10-K filing. The data suggests operational leverage is intact, with EBITDA margin expanding to 23.1% from 19.4%. However, capital expenditures consumed 94.5% of operating cash flow in 2025, compressing free cash flow yield to 0.3% from 1.4% the prior year. The 31.7x trailing P/E embeds expectations that AWS and advertising sustain double-digit growth through the current investment cycle.

Company Snapshot

Amazon operates across three reported segments: North America retail, International retail, and Amazon Web Services (AWS). The Seattle-headquartered company, led by CEO Andrew R. Jassy since 2021, employs 1.56M full-time staff and generated $716.9B in fiscal 2025 revenue, making it the second-largest U.S. company by revenue after Walmart. The business model combines first-party retail, third-party marketplace fees, Prime subscriptions, advertising services, and cloud infrastructure.

While Amazon does not disclose precise segment margins in this snapshot, the consolidated EBITDA margin of 23.1% reflects the mix shift toward higher-margin AWS and advertising revenue. The company classifies under Consumer Cyclical (Specialty Retail) for GICS purposes, though investors should consider that the cloud segment increasingly drives consolidated operating income. Beta of 1.47 indicates above-market volatility relative to the S&P 500.

Recent Financial Performance

The three-year revenue trajectory shows acceleration: $574.8B in 2023, $638.0B in 2024 (up 11.0%), and $716.9B in 2025 (up 12.4%), based on consolidated income statements filed with the SEC. Gross profit margin expanded from 47.0% in 2023 to 50.3% in 2025, a 330 basis point improvement consistent with rising AWS and advertising contribution.

Operating income reached $80.0B in 2025, up from $68.6B in 2024 and $36.9B in 2023, more than doubling over the period. Net income of $77.7B in 2025 translated to diluted EPS of $7.17, compared to $5.53 in 2024 and $2.90 in 2023. EBITDA grew to $165.3B from $89.4B two years prior, with EBITDA margin reaching 23.1%.

The cash flow picture is more complex. Operating cash flow scaled to roughly $139.5B in 2025 (derived from operating cash flow per share of $13.09 on 10.66B weighted shares), but capital expenditures consumed 94.5% of OCF, up from 71.6% in 2024. Free cash flow per share collapsed to $0.72 from $3.14. This pattern aligns with the AI infrastructure buildout cycle Amazon has disclosed in earnings calls, with capex-to-revenue rising to 18.4% from 13.0%. R&D spending reached $108.5B (15.1% of revenue), up from $88.5B in 2024.