Amazon

AMZN Consumer Discretionary Market cap $2.73T as of Sep 14, 2026 16:00 ET S&P 500

Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 31, 2026

Revenue$200.6B +20% year over year

Gross profit$104.8B 52% margin

Operating profit$27.5B 14% margin

Net profit$62.6B 31% margin

Net profit is larger than what operations earned, because the statement adds $53.4B below it, under Other income, net.

Sankey diagram of Amazon's income statement for Q2 FY26: revenue of $200.6 billion splits into segments and flows out into costs, taxes and net profit.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	200.6	100%	+20%
Online stores	70.4	35%	+15%
Third party seller	46.8	23%	+16%
Amazon web services	42.2	21%	+37%
Advertising services	19.8	10%	+26%
Subscription services	13.7	7%	+12%
Physical stores	5.8	3%	+4%
Other services	1.8	1%	+22%
Cost of revenue	−95.8	48%
Gross profit	104.8	52% margin	+0pp
Sales & marketing	−11.7	6%	−1pp
G&A	−2.8	2%	+0pp
Other	−62.9	31%	+0pp
Operating profit	27.5	14% margin	+2pp
Other income, net	53.4
Tax	−18.2
Net profit	62.6	31% margin	+20pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	181.5	100%	+17%
Online stores	64.3	35%	+12%
Third party seller	41.6	23%	+14%
Amazon web services	37.6	21%	+28%
Advertising services	17.2	10%	+24%
Subscription services	13.4	7%	+15%
Physical stores	5.8	3%	+5%
Other services	1.6	1%	+25%
Cost of revenue	−87.5	48%
Gross profit	94.1	52% margin	+1pp
Sales & marketing	−10.3	6%	−1pp
G&A	−2.6	1%	+0pp
Other	−57.3	32%	+0pp
Operating profit	23.9	13% margin	+1pp
Other income, net	16.0
Tax	−9.6
Net profit	30.3	17% margin	+6pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	213.4	100%	+14%
Online stores	83.0	39%	+10%
Third party seller	52.8	25%	+11%
Amazon web services	35.6	16%	+24%
Advertising	21.3	10%	+23%
Subscription services	13.1	6%	+14%
Physical stores	5.9	3%	+5%
Other services	1.7	1%	+7%
Cost of revenue	−110.0	52%
Gross profit	103.4	48% margin	+1pp
Sales & marketing	−14.3	7%	+0pp
G&A	−2.7	1%	+0pp
Other	−61.5	29%	+0pp
Operating profit	25.0	12% margin	+0pp
Other income, net	1.2
Tax	−4.9
Net profit	21.2	10% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	180.2	100%	+13%
Online stores	67.4	37%	+10%
Third party seller	42.5	24%	+12%
Amazon web services	33.0	18%	+20%
Advertising services	17.7	10%	+24%
Subscription services	12.6	7%	+11%
Physical stores	5.6	3%	+7%
Other services	1.4	1%	+8%
Cost of revenue	−88.7	49%
Gross profit	91.5	51% margin	+2pp
Sales & marketing	−11.7	6%	+0pp
G&A	−2.9	2%	+0pp
Other	−59.5	33%	+0pp
Operating profit	17.4	10% margin	−1pp
Other income, net	10.7
Tax	−6.9
Net profit	21.2	12% margin	+2pp

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	167.7	100%	+13%
Online stores	61.5	37%	+11%
Third party seller	40.3	24%	+11%
Amazon web services	30.9	19%	+17%
Advertising services	15.7	9%	+23%
Subscription services	12.2	7%	+12%
Physical stores	5.6	3%	+7%
Other services	1.5	1%	+19%
Cost of revenue	−80.8	48%
Gross profit	86.9	52% margin	+2pp
Sales & marketing	−11.4	7%	+0pp
G&A	−3.0	1%	+0pp
Other	−53.3	32%	+0pp
Operating profit	19.2	11% margin	+2pp
Other income, net	1.7
Tax	−2.7
Net profit	18.2	11% margin	+2pp

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Balance sheet of Amazon, Q2 FY26: assets of $1,095.69B against liabilities and equity.

Assets $1,095.69B Liabilities $544.07B Equity $551.62B as of Jun 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Assets	$1,095.69B	100%
Cash	$78.21B	7%
Short-term investments	$44.78B	4%
Receivables	$88.09B	8%
Inventory	$38.18B	3%
Property & equipment	$446.05B	41%
Lease right-of-use	$92.74B	8%
Goodwill	$23.50B	2%
Long-term investments	$0.40B	0%
Other assets	$284.13B	26%
Liabilities	$544.07B	50%
Payables	$147.44B	13%
Accrued liabilities	$73.41B	7%
Deferred revenue	$20.43B	2%
Short-term debt	$3.33B	0%
Long-term debt	$128.89B	12%
Lease liabilities	$82.58B	8%
Other liabilities	$88.00B	8%
Equity	$551.62B	50%
Stockholders' equity	$551.62B	50%

Capital flow of Amazon, Q2 FY26: $93.21B moved from its sources to its uses.

Money moved $93.21B Free cash flow −$8.82B Apr 1 – Jun 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Where the money came from	$93.21B	100%
Operating cash flow	$45.39B	49%
Other investing	$1.13B	1%
Debt raised	$22.93B	25%
Taken from cash	$23.77B	25%
Where it went	−$93.21B	100%
Capital expenditure	−$54.21B	58%
Acquisitions	−$24.36B	26%
Investments bought, net	−$1.81B	2%
Debt repaid	−$12.33B	13%
Other financing	−$0.45B	0%
Currency effect	−$0.05B	0%

Debt and liquidity of Amazon, Q2 FY26: total debt $132.5B against cash and cash flow.

Total debt $132.5B Cash & short-term investments $123.0B Net debt $9.6B Operating cash flow, last 4 quarters $161.4B Interest expense, last 4 quarters $3.3B

Maturities as filed as of Dec 31, 2025; debt and cash as of Jun 30, 2026.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$2.8B
2027	$8.8B
2028	$4.8B
2029	$3.0B
2030	$4.5B
after 2030	$45.0B

Instruments, as of Dec 31, 2025
Due	Item	Coupon	Value
2020	Senior unsecured notes2020	1.2%	$10.0B
2021	Senior unsecured notes2021	1%	$18.5B
2022	April2022 senior unsecured notes	3.3%	$12.8B
2022	December2022 senior unsecured notes	4.55%	$8.3B
2025	November2025 senior unsecured notes	3.9%	$15.0B
–	Senior unsecured notes2017	3.15%	$17.0B
–	Term loan		$8.0B
–	Senior unsecured notes2014	4.8%	$6.0B

Capital structure of Amazon, Q2 FY26: debt of $132.5B against book equity of $551.6B.

Debt to equity 0.24× Net debt to EBITDA 0.06× Interest coverage 28.13× Return on invested capital 16.9% Cost of debt, after tax 2.7% Book values as of Jun 30, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2025 to Jun 30, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Amazon, Q1 FY26: assets of $916.6B against liabilities and equity.

Assets $916.6B Liabilities $474.7B Equity $441.9B as of Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Assets	$916.6B	100%
Cash	$101.8B	11%
Short-term investments	$41.3B	5%
Receivables	$75.5B	8%
Inventory	$36.5B	4%
Property & equipment	$397.5B	43%
Lease right-of-use	$88.7B	10%
Goodwill	$23.4B	3%
Long-term investments	$0.9B	0%
Other assets	$151.8B	17%
Liabilities	$474.7B	52%
Payables	$124.7B	14%
Accrued liabilities	$71.1B	8%
Deferred revenue	$20.9B	2%
Short-term debt	$2.8B	0%
Long-term debt	$119.1B	13%
Lease liabilities	$79.1B	9%
Other liabilities	$57.0B	6%
Equity	$441.9B	48%
Stockholders' equity	$441.9B	48%

Capital flow of Amazon, Q1 FY26: $86.46B moved from its sources to its uses.

Money moved $86.46B Free cash flow −$18.17B Jan 1 – Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Where the money came from	$86.46B	100%
Operating cash flow	$26.03B	30%
Other investing	$0.97B	1%
Debt raised	$59.46B	69%
Where it went	−$86.46B	100%
Capital expenditure	−$44.20B	51%
Acquisitions	−$15.41B	18%
Investments bought, net	−$5.57B	6%
Debt repaid	−$6.11B	7%
Other financing	−$0.58B	1%
Currency effect	−$<0.01B	0%
Added to cash	−$14.59B	17%

Debt and liquidity of Amazon, Q1 FY26: total debt $122.1B against cash and cash flow.

Total debt $122.1B Cash & short-term investments $143.1B Net cash $21.0B Operating cash flow, last 4 quarters $148.5B Interest expense, last 4 quarters $2.5B

Maturities as filed as of Dec 31, 2025; debt and cash as of Mar 31, 2026.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$2.8B
2027	$8.8B
2028	$4.8B
2029	$3.0B
2030	$4.5B
after 2030	$45.0B

Instruments, as of Dec 31, 2025
Due	Item	Coupon	Value
2020	Senior unsecured notes2020	1.2%	$10.0B
2021	Senior unsecured notes2021	1%	$18.5B
2022	April2022 senior unsecured notes	3.3%	$12.8B
2022	December2022 senior unsecured notes	4.55%	$8.3B
2025	November2025 senior unsecured notes	3.9%	$15.0B
–	Senior unsecured notes2017	3.15%	$17.0B
–	Term loan		$8.0B
–	Senior unsecured notes2014	4.8%	$6.0B

Capital structure of Amazon, Q1 FY26: debt of $122.1B against book equity of $441.9B.

Debt to equity 0.28× Net cash $21.0B Interest coverage 33.72× Return on invested capital 19.6% Cost of debt, after tax 2.2% Book values as of Mar 31, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Apr 1, 2025 to Mar 31, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Amazon, Q4 FY25: assets of $818.0B against liabilities and equity.

Assets $818.0B Liabilities $407.0B Equity $411.1B as of Dec 31, 2025 Read with the coarse template.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share
Assets	$818.0B	100%
Cash	$86.8B	11%
Other current assets	$142.3B	17%
Property & equipment	$357.0B	44%
Goodwill	$23.3B	3%
Intangibles	$9.2B	1%
Other assets	$199.5B	24%
Liabilities	$407.0B	50%
Short-term debt	$2.7B	0%
Other current liabilities	$215.3B	26%
Long-term debt	$65.6B	8%
Other liabilities	$123.3B	15%
Equity	$411.1B	50%
Stockholders' equity	$411.1B	50%

Capital flow of Amazon, Q4 FY25: $79.15B moved from its sources to its uses.

Money moved $79.15B Free cash flow $14.94B Oct 1 – Dec 31, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share
Where the money came from	$79.15B	100%
Operating cash flow	$54.46B	69%
Investments sold, net	$7.44B	9%
Debt raised	$17.12B	22%
Currency effect	$0.14B	0%
Where it went	−$79.15B	100%
Capital expenditure	−$39.52B	50%
Other investing	−$15.16B	19%
Debt repaid	−$4.39B	6%
Other financing	−$0.44B	1%
Added to cash	−$19.64B	25%

Debt and liquidity of Amazon, Q4 FY25: total debt $68.9B against cash and cash flow.

Total debt $68.9B Cash & short-term investments $123.0B Net cash $54.2B Operating cash flow, last 4 quarters $139.5B Interest expense, last 4 quarters $2.3B

Maturities as filed as of Dec 31, 2025; debt and cash as of Dec 31, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$2.8B
2027	$8.8B
2028	$4.8B
2029	$3.0B
2030	$4.5B
after 2030	$45.0B

Instruments, as of Dec 31, 2025
Due	Item	Coupon	Value
2020	Senior unsecured notes2020	1.2%	$10.0B
2021	Senior unsecured notes2021	1%	$18.5B
2022	April2022 senior unsecured notes	3.3%	$12.8B
2022	December2022 senior unsecured notes	4.55%	$8.3B
2025	November2025 senior unsecured notes	3.9%	$15.0B
–	Senior unsecured notes2017	3.15%	$17.0B
–	Term loan		$8.0B
–	Senior unsecured notes2014	4.8%	$6.0B

Capital structure of Amazon, Q4 FY25: debt of $68.9B against book equity of $411.1B.

Debt to equity 0.17× Net cash $54.2B Interest coverage 35.17× Return on invested capital 21.5% Cost of debt, after tax 2.9% Book values as of Dec 31, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jan 1, 2025 to Dec 31, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Amazon, Q3 FY25: assets of $727.9B against liabilities and equity.

Assets $727.9B Liabilities $358.3B Equity $369.6B as of Sep 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share
Assets	$727.9B	100%
Cash	$66.9B	9%
Short-term investments	$27.3B	4%
Receivables	$61.2B	8%
Inventory	$41.5B	6%
Property & equipment	$324.4B	45%
Lease right-of-use	$83.5B	11%
Goodwill	$23.3B	3%
Long-term investments	$1.1B	0%
Other assets	$99.9B	14%
Liabilities	$358.3B	49%
Payables	$106.0B	15%
Accrued liabilities	$68.1B	9%
Deferred revenue	$21.1B	3%
Short-term debt	$4.0B	1%
Long-term debt	$50.7B	7%
Lease liabilities	$74.4B	10%
Other liabilities	$34.0B	5%
Equity	$369.6B	51%
Stockholders' equity	$369.6B	51%

Capital flow of Amazon, Q3 FY25: $48.56B moved from its sources to its uses.

Money moved $48.56B Free cash flow $0.43B Jul 1 – Sep 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share
Where the money came from	$48.56B	100%
Operating cash flow	$35.53B	73%
Investments sold, net	$8.94B	18%
Other investing	$0.87B	2%
Debt raised	$3.22B	7%
Where it went	−$48.56B	100%
Capital expenditure	−$35.10B	72%
Acquisitions	−$0.79B	2%
Debt repaid	−$2.83B	6%
Other financing	−$0.43B	1%
Currency effect	−$0.40B	1%
Added to cash	−$9.01B	19%

Debt and liquidity of Amazon, Q3 FY25: total debt $55.0B against cash and cash flow.

Total debt $55.0B Cash & short-term investments $94.2B Net cash $39.2B Operating cash flow, last 4 quarters $130.7B Interest expense, last 4 quarters $2.2B

Maturities as filed as of Dec 31, 2024; debt and cash as of Sep 30, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2024
Due	Value
2025	$5.0B
2026	$2.8B
2027	$8.8B
2028	$2.3B
2029	$3.0B
after 2029	$36.3B

Instruments, as of Dec 31, 2024
Due	Item	Coupon	Value
2020	Senior unsecured notes2020	0.8%	$10.0B
2021	Senior unsecured notes2021	1%	$18.5B
2022	April2022 senior unsecured notes	3%	$12.8B
2022	December2022 senior unsecured notes	4.55%	$8.3B
–	Senior unsecured notes2017	3.15%	$17.0B
–	Term loan		$8.0B
–	Senior unsecured notes2014	4.8%	$6.0B

Capital structure of Amazon, Q3 FY25: debt of $55.0B against book equity of $369.6B.

Debt to equity 0.15× Net cash $39.2B Interest coverage 35.20× Return on invested capital 22.3% Cost of debt, after tax 3.1% Book values as of Sep 30, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Oct 1, 2024 to Sep 30, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Amazon, Q2 FY25: assets of $682.2B against liabilities and equity.

Assets $682.2B Liabilities $348.4B Equity $333.8B as of Jun 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share
Assets	$682.2B	100%
Cash	$57.7B	8%
Short-term investments	$35.4B	5%
Receivables	$57.4B	8%
Inventory	$40.8B	6%
Property & equipment	$297.6B	44%
Lease right-of-use	$82.1B	12%
Goodwill	$23.2B	3%
Long-term investments	$1.2B	0%
Other assets	$87.9B	13%
Liabilities	$348.4B	51%
Payables	$98.3B	14%
Accrued liabilities	$67.0B	10%
Deferred revenue	$21.7B	3%
Short-term debt	$5.0B	1%
Long-term debt	$50.7B	7%
Lease liabilities	$73.4B	11%
Other liabilities	$32.4B	5%
Equity	$333.8B	49%
Stockholders' equity	$333.8B	49%

Capital flow of Amazon, Q2 FY25: $54.20B moved from its sources to its uses.

Money moved $54.20B Free cash flow $0.33B Apr 1 – Jun 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share
Where the money came from	$54.20B	100%
Operating cash flow	$32.52B	60%
Investments sold, net	$10.14B	19%
Debt raised	$2.09B	4%
Currency effect	$1.01B	2%
Taken from cash	$8.44B	16%
Where it went	−$54.20B	100%
Capital expenditure	−$32.18B	59%
Acquisitions	−$1.70B	3%
Other investing	−$15.68B	29%
Debt repaid	−$4.14B	8%
Other financing	−$0.49B	1%

Debt and liquidity of Amazon, Q2 FY25: total debt $55.9B against cash and cash flow.

Total debt $55.9B Cash & short-term investments $93.2B Net cash $37.3B Operating cash flow, last 4 quarters $121.1B Interest expense, last 4 quarters $2.2B

Maturities as filed as of Dec 31, 2024; debt and cash as of Jun 30, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2024
Due	Value
2025	$5.0B
2026	$2.8B
2027	$8.8B
2028	$2.3B
2029	$3.0B
after 2029	$36.3B

Instruments, as of Dec 31, 2024
Due	Item	Coupon	Value
2020	Senior unsecured notes2020	0.8%	$10.0B
2021	Senior unsecured notes2021	1%	$18.5B
2022	April2022 senior unsecured notes	3%	$12.8B
2022	December2022 senior unsecured notes	4.55%	$8.3B
–	Senior unsecured notes2017	3.15%	$17.0B
–	Term loan		$8.0B
–	Senior unsecured notes2014	4.8%	$6.0B

Capital structure of Amazon, Q2 FY25: debt of $55.9B against book equity of $333.8B.

Debt to equity 0.17× Net cash $37.3B Interest coverage 34.17× Return on invested capital 25.7% Cost of debt, after tax 3.2% Book values as of Jun 30, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2024 to Jun 30, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Quarter by quarter

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 31, 2026 Operating margin 14% Net profit $62.65B	Apr 1 – Jun 30, 2026	Jul 31, 2026	$200.6B	+20%	14%	$62.65B	31%
Q1 FY26 Jan 1 – Mar 31, 2026 reported Apr 30, 2026 Operating margin 13% Net profit $30.26B	Jan 1 – Mar 31, 2026	Apr 30, 2026	$181.5B	+17%	13%	$30.26B	17%
Q4 FY25 Oct 1 – Dec 31, 2025 reported Feb 6, 2026 Operating margin 12% Net profit $21.19B	Oct 1 – Dec 31, 2025	Feb 6, 2026	$213.4B	+14%	12%	$21.19B	10%
Q3 FY25 Jul 1 – Sep 30, 2025 reported Oct 31, 2025 Operating margin 10% Net profit $21.19B	Jul 1 – Sep 30, 2025	Oct 31, 2025	$180.2B	+13%	10%	$21.19B	12%
Q2 FY25 Apr 1 – Jun 30, 2025 reported Aug 1, 2025 Operating margin 11% Net profit $18.16B	Apr 1 – Jun 30, 2025	Aug 1, 2025	$167.7B	+13%	11%	$18.16B	11%

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Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$132.5B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$551.6B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$684.2B	total debt + equity
Debt share total debt / total capital	19%	total debt / total capital
Equity share equity / total capital	81%	equity / total capital
Net debt total debt − cash and short-term investments	$9.6B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$93.7B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$75.2B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$168.9B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$3.3B	four quarters summed
Debt to equity total debt / equity	0.24×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.06×	net debt / EBITDA
Interest coverage EBIT / interest expense	28.13×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	22.6%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$72.6B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)	$428.8B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)
Return on invested capital NOPAT / average invested capital	16.9%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.5%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	2.7%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$122.1B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$441.9B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$564.0B	total debt + equity
Debt share total debt / total capital	22%	total debt / total capital
Equity share equity / total capital	78%	equity / total capital
Net cash total debt − cash and short-term investments	$21.0B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$85.4B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$70.4B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$155.9B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$2.5B	four quarters summed
Debt to equity total debt / equity	0.28×	total debt / equity
Net debt to EBITDA net debt / EBITDA	–net cash $21.0B	net debt / EBITDA
Interest coverage EBIT / interest expense	33.72×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	20.9%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$67.6B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025)	$345.3B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025)
Return on invested capital NOPAT / average invested capital	19.6%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	2.8%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	2.2%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$68.9B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$411.1B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$479.9B	total debt + equity
Debt share total debt / total capital	14%	total debt / total capital
Equity share equity / total capital	86%	equity / total capital
Net cash total debt − cash and short-term investments	$54.2B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$80.0B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$65.8B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$145.7B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$2.3B	four quarters summed
Debt to equity total debt / equity	0.17×	total debt / equity
Net debt to EBITDA net debt / EBITDA	–net cash $54.2B	net debt / EBITDA
Interest coverage EBIT / interest expense	35.17×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	19.6%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$64.3B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024)	$299.7B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024)
Return on invested capital NOPAT / average invested capital	21.5%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.6%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	2.9%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$55.0B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$369.6B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$424.6B	total debt + equity
Debt share total debt / total capital	13%	total debt / total capital
Equity share equity / total capital	87%	equity / total capital
Net cash total debt − cash and short-term investments	$39.2B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$76.2B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$61.9B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$138.1B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$2.2B	four quarters summed
Debt to equity total debt / equity	0.15×	total debt / equity
Net debt to EBITDA net debt / EBITDA	–net cash $39.2B	net debt / EBITDA
Interest coverage EBIT / interest expense	35.20×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	17.7%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$62.7B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024)	$280.9B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024)
Return on invested capital NOPAT / average invested capital	22.3%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.8%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	3.1%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$55.9B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$333.8B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$389.7B	total debt + equity
Debt share total debt / total capital	14%	total debt / total capital
Equity share equity / total capital	86%	equity / total capital
Net cash total debt − cash and short-term investments	$37.3B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$76.2B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$58.6B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$134.8B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$2.2B	four quarters summed
Debt to equity total debt / equity	0.17×	total debt / equity
Net debt to EBITDA net debt / EBITDA	–net cash $37.3B	net debt / EBITDA
Interest coverage EBIT / interest expense	34.17×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	14.8%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$64.9B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2024)	$253.1B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2024)
Return on invested capital NOPAT / average invested capital	25.7%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.8%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	3.2%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

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