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Amazon AMZN Return on invested capital

Return on invested capital at other companies

International Business Machines logo
International Business MachinesIBM
13.2%+4.1pp
Lowe's Companies logo
Lowe's CompaniesLOW
30.9%-8.6pp
Walmart
 logo
Walmart WMT
15.3%-1.2pp
TJX Companies logo
TJX CompaniesTJX
31.9%+2.1pp
Apple logo
AppleAAPL
89.1%+17.8pp
Best Buy logo
Best BuyBBY
21.2%+5.4pp

Other financials

Income statement

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Revenue$181.52B+16.6%
Gross profit$94.1B+19.5%
Operating income$23.9B+29.6%
Net income$30.3B+76.6%
EPS (diluted)$2.78+74.8%

Balance sheet

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Cash & equivalents$101.82B+53.8%
Total debt$232.71B+52.2%
Total equity$441.91B+44.5%
Total assets$916.63B+42.5%

Cash flow

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Operating cash flow$26.0B+53.0%
CapEx$44.2B+76.7%
Free cash flow-$18.2B-127%

Valuation

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Market cap$2.55T+10.9%
Enterprise value$2.69T+12.5%
P/E32.3×-2.6×
P/S3.4×-0.1×

Profitability

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Gross margin50.6%+1.4pp
Operating margin11.5%+0.5pp
Net margin10.6%+0.5pp

Returns & leverage

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Return on equity21.1%-4.1pp
Debt / equity0.5×0.0×
Current ratio1.2×+0.1×

Where this comes from

Calculated from Amazon’s reported figures.

Based on trailing twelve months.

The official record: Amazon’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Amazon's return on invested capital?
Amazon (AMZN) reported return on invested capital of 14% in Q1 2026.
How has Amazon's return on invested capital changed year-over-year?
Amazon's return on invested capital decreased by 21.2% year-over-year, from 17.8% to 14%.
What is the long-term trend for Amazon's return on invested capital?
Over 4 years (2021 to 2025), Amazon's return on invested capital has grown at a 4.0% compound annual growth rate (CAGR), from 56.4% to 65.9%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.