Free cash flow
Amazon Free cash flow increased by 3373.7% to $14.94B in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 16.1%, from $17.80B to $14.94B. Over 2 years (FY 2023 to FY 2025), Free cash flow shows a downward trend with a -51.1% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
An increase suggests strong operational efficiency and the ability to self-fund future innovation or return capital to shareholders, while a decrease may indicate heavy capital expenditure cycles or declining operational profitability.
Detailed definition
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and m...
Peer comparison
High-growth semiconductor and AI infrastructure peers typically prioritize reinvestment, so free cash flow margins are often compared against R&D intensity and capital expenditure requirements of industry rivals.
cf_free_cash_flowHistorical Data
| Q2 '21 | Q3 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | -$1.57B | -$8.44B | -$17.74B | -$6.76B | -$4.97B | -$9.42B | $5.02B | $8.74B | $27.88B | $4.06B | $7.66B | $3.35B | $17.80B | -$8.00B | $332.00M | $430.00M | $14.94B |
| QoQ Change | — | -436.2% | -110.3% | +61.9% | +26.4% | -89.4% | +153.3% | +74.0% | +219.0% | -85.4% | +88.5% | -56.3% | +431.2% | -145.0% | +104.1% | +29.5% | >999% |
| YoY Change | — | — | — | -329.7% | +41.0% | +46.9% | +174.3% | +275.7% | — | +143.1% | +52.6% | -61.7% | -36.1% | -296.9% | -95.7% | -87.2% | -16.1% |
Free cash flow at Other Companies
Frequently Asked Questions
- What is Amazon's free cash flow?
- Amazon (AMZN) reported free cash flow of $14.94B in Q4 2025.
- How has Amazon's free cash flow changed year-over-year?
- Amazon's free cash flow decreased by 16.1% year-over-year, from $17.80B to $14.94B.
- What is the long-term trend for Amazon's free cash flow?
- Over 2 years (2023 to 2025), Amazon's free cash flow has grown at a -51.1% compound annual growth rate (CAGR), from $32.22B to $7.70B.
- What does free cash flow mean?
- The cash a company has left over after paying for its operating expenses and capital investments.