Amazon.com Inc., adjustment to net income (loss)

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) (as reported)	59,248)	30,425)	(2,722)	33,364)	21,331)
Add: Net change in available-for-sale debt securities	6,344)	416)	(525)	(377)	245)
Net income (loss) (adjusted)	65,592)	30,841)	(3,247)	32,987)	21,576)

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Amazon.com Inc., adjusted profitability ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	9.29%	5.29%	-0.53%	7.10%	5.53%
Adjusted net profit margin	10.28%	5.37%	-0.63%	7.02%	5.59%
Return on Equity (ROE)
Reported ROE	20.72%	15.07%	-1.86%	24.13%	22.84%
Adjusted ROE	22.94%	15.28%	-2.22%	23.86%	23.10%
Return on Assets (ROA)
Reported ROA	9.48%	5.76%	-0.59%	7.93%	6.64%
Adjusted ROA	10.50%	5.84%	-0.70%	7.84%	6.72%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Amazon.com Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Amazon.com Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Amazon.com Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	59,248)	30,425)	(2,722)	33,364)	21,331)
Net sales	637,959)	574,785)	513,983)	469,822)	386,064)
Profitability Ratio
Net profit margin¹	9.29%	5.29%	-0.53%	7.10%	5.53%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	65,592)	30,841)	(3,247)	32,987)	21,576)
Net sales	637,959)	574,785)	513,983)	469,822)	386,064)
Profitability Ratio
Adjusted net profit margin²	10.28%	5.37%	-0.63%	7.02%	5.59%

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Net sales
= 100 × 59,248 ÷ 637,959 = 9.29%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net sales
= 100 × 65,592 ÷ 637,959 = 10.28%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Amazon.com Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	59,248)	30,425)	(2,722)	33,364)	21,331)
Stockholders’ equity	285,970)	201,875)	146,043)	138,245)	93,404)
Profitability Ratio
ROE¹	20.72%	15.07%	-1.86%	24.13%	22.84%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	65,592)	30,841)	(3,247)	32,987)	21,576)
Stockholders’ equity	285,970)	201,875)	146,043)	138,245)	93,404)
Profitability Ratio
Adjusted ROE²	22.94%	15.28%	-2.22%	23.86%	23.10%

2024 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 59,248 ÷ 285,970 = 20.72%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Stockholders’ equity
= 100 × 65,592 ÷ 285,970 = 22.94%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Amazon.com Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	59,248)	30,425)	(2,722)	33,364)	21,331)
Total assets	624,894)	527,854)	462,675)	420,549)	321,195)
Profitability Ratio
ROA¹	9.48%	5.76%	-0.59%	7.93%	6.64%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	65,592)	30,841)	(3,247)	32,987)	21,576)
Total assets	624,894)	527,854)	462,675)	420,549)	321,195)
Profitability Ratio
Adjusted ROA²	10.50%	5.84%	-0.70%	7.84%	6.72%

2024 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 59,248 ÷ 624,894 = 9.48%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Total assets
= 100 × 65,592 ÷ 624,894 = 10.50%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Amazon.com Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Amazon.com Inc. (NASDAQ:AMZN)

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