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

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) (as reported)	30,425)	(2,722)	33,364)	21,331)	11,588)
Add: Net change in available-for-sale debt securities	416)	(525)	(377)	245)	79)
Net income (loss) (adjusted)	30,841)	(3,247)	32,987)	21,576)	11,667)

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Amazon.com Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	5.29%	-0.53%	7.10%	5.53%	4.13%
Adjusted net profit margin	5.37%	-0.63%	7.02%	5.59%	4.16%
Return on Equity (ROE)
Reported ROE	15.07%	-1.86%	24.13%	22.84%	18.67%
Adjusted ROE	15.28%	-2.22%	23.86%	23.10%	18.80%
Return on Assets (ROA)
Reported ROA	5.76%	-0.59%	7.93%	6.64%	5.14%
Adjusted ROA	5.84%	-0.70%	7.84%	6.72%	5.18%

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Amazon.com Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Amazon.com Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	30,425)	(2,722)	33,364)	21,331)	11,588)
Net sales	574,785)	513,983)	469,822)	386,064)	280,522)
Profitability Ratio
Net profit margin¹	5.29%	-0.53%	7.10%	5.53%	4.13%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	30,841)	(3,247)	32,987)	21,576)	11,667)
Net sales	574,785)	513,983)	469,822)	386,064)	280,522)
Profitability Ratio
Adjusted net profit margin²	5.37%	-0.63%	7.02%	5.59%	4.16%

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Net sales
= 100 × 30,425 ÷ 574,785 = 5.29%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net sales
= 100 × 30,841 ÷ 574,785 = 5.37%

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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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	30,425)	(2,722)	33,364)	21,331)	11,588)
Stockholders’ equity	201,875)	146,043)	138,245)	93,404)	62,060)
Profitability Ratio
ROE¹	15.07%	-1.86%	24.13%	22.84%	18.67%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	30,841)	(3,247)	32,987)	21,576)	11,667)
Stockholders’ equity	201,875)	146,043)	138,245)	93,404)	62,060)
Profitability Ratio
Adjusted ROE²	15.28%	-2.22%	23.86%	23.10%	18.80%

2023 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 30,425 ÷ 201,875 = 15.07%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Stockholders’ equity
= 100 × 30,841 ÷ 201,875 = 15.28%

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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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	30,425)	(2,722)	33,364)	21,331)	11,588)
Total assets	527,854)	462,675)	420,549)	321,195)	225,248)
Profitability Ratio
ROA¹	5.76%	-0.59%	7.93%	6.64%	5.14%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	30,841)	(3,247)	32,987)	21,576)	11,667)
Total assets	527,854)	462,675)	420,549)	321,195)	225,248)
Profitability Ratio
Adjusted ROA²	5.84%	-0.70%	7.84%	6.72%	5.18%

2023 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 30,425 ÷ 527,854 = 5.76%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Total assets
= 100 × 30,841 ÷ 527,854 = 5.84%

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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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Amazon.com Inc. (NASDAQ:AMZN)

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