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Amazon AMZN Gift card — Customer Liability

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Other financials

Income statement

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Revenue$200.61B+19.6%
Gross profit$104.83B+20.6%
Operating income$27.5B+43.2%
Net income$62.6B+245%
EPS (diluted)$5.75+242%

Balance sheet

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Cash & equivalents$78.2B+35.5%
Total debt$128.89B-16.6%
Total equity$551.62B+65.3%
Total assets$1.10T+60.6%

Cash flow

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Operating cash flow$45.4B+39.6%
CapEx-$54.2B-268%
Free cash flow-$8.8B-2,757%

Valuation

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Market cap$2.94T+23.9%
Enterprise value$2.99T+21.1%
P/E23.8×-9.8×
P/S3.8×+0.2×

Profitability

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Gross margin50.8%+1.2pp
Operating margin12.1%+0.7pp
Net margin15.9%+5.4pp
FCF margin0.2%-1.8pp

Returns & leverage

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Return on equity27.9%+3.1pp
Debt / equity0.2×-0.2×
Current ratio0.0×

Where this comes from

Reported directly by Amazon in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiability.

The source filing: Amazon’s 10-K, filed February 6, 2026.

Filed
Feb 5, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0001018724-26-000004

As of December 31, 2024 and 2025, our liabilities for payroll related expenses were $7.5 billion and $10.5 billion and our liabilities for unredeemed gift cards were $5.4 billion and $5.6 billion. We reduce the liability for a gift card when redeemed by a customer. The portion of gift cards that we do not expect to be redeemed is recognized based on customer usage patterns.

Item 8. Financial Statements and Supplementary Data

FAQ

What is Amazon's gift card — customer liability?
Amazon (AMZN) reported gift card — customer liability of $5.6B in Q4 2025.
How has Amazon's gift card — customer liability changed year-over-year?
Amazon's gift card — customer liability increased by 3.7% year-over-year, from $5.4B to $5.6B.
What does gift card — customer liability mean?
This metric represents the total value of unredeemed gift cards and store credits issued to customers that remain outstanding at the end of the reporting period. It is recorded as a deferred revenue liability on the balance sheet because the company has received cash upfront but has not yet fulfilled its obligation to provide goods or services. This balance is a key indicator of future purchasing power within the company's ecosystem and potential 'breakage' income from cards that are never used.

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