Amazon
Amazon returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 15.47% | 13.89% | 2.78% | 30.56% | 15.22% | 7.8 pp |
| FY 2026 Q1 | Mar 31, 2026 | 17.78% | 14.64% | 3.92% | 24.28% | 11.64% | 10.1 pp |
| FY 2025 Q4 | Dec 31, 2025 | 19.54% | 15.3% | 3.87% | 22.29% | 10.77% | 11.8 pp |
| FY 2025 Q3 | Sep 30, 2025 | 20.84% | 15.94% | 10.79% | 24.33% | 11.65% | 13.1 pp |
| FY 2025 Q2 | Jun 30, 2025 | 23.2% | 17.08% | 19.37% | 24.77% | 11.42% | 15.5 pp |
| FY 2025 Q1 | Mar 31, 2025 | 24.06% | 16.97% | 25.74% | 25.24% | 11.23% | 16.4 pp |
| FY 2024 Q4 | Dec 31, 2024 | 25.77% | 16.97% | 42.37% | 24.29% | 10.28% | 18.1 pp |
| FY 2024 Q3 | Sep 30, 2024 | 22.7% | 15.85% | 62.69% | 22.56% | 9.31% | 15 pp |
| FY 2024 Q2 | Jun 30, 2024 | 21.56% | 14.98% | 68.76% | 21.93% | 8.6% | 13.9 pp |
| FY 2024 Q1 | Mar 31, 2024 | 20% | 13.64% | — | 20.3% | 7.57% | 12.3 pp |
| FY 2023 Q4 | Dec 31, 2023 | 16.64% | 11% | — | 17.49% | 6.14% | 8.9 pp |
| FY 2023 Q3 | Sep 30, 2023 | 12.58% | 8.38% | — | 12.53% | 4.39% | 4.9 pp |
| FY 2023 Q2 | Jun 30, 2023 | 9.84% | 5.82% | — | 8.71% | 2.91% | 2.1 pp |
| FY 2023 Q1 | Mar 31, 2023 | — | 4.54% | — | 2.98% | 0.98% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | 4.18% | — | -1.91% | -0.62% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | 4.75% | — | 8.78% | 2.79% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 5.86% | — | 9.43% | 2.98% | — |
| FY 2022 Q1 | Mar 31, 2022 | 14.88% | 8.22% | -11.75% | 18.05% | 5.84% | 7.2 pp |
| FY 2021 Q4 | Dec 31, 2021 | 18.37% | 10.52% | 2.29% | 28.81% | 9% | 10.7 pp |
| FY 2021 Q3 | Sep 30, 2021 | 21.05% | 12.9% | 12.65% | 25.83% | 7.9% | 13.4 pp |
| FY 2021 Q2 | Jun 30, 2021 | 26.43% | 14.56% | 22.05% | 31.23% | 9.52% | 18.7 pp |
| FY 2021 Q1 | Mar 31, 2021 | 28.98% | 15.91% | 31.06% | 31.91% | 9.89% | 21.3 pp |
| FY 2020 Q4 | Dec 31, 2020 | 29.92% | 13.78% | 24.18% | 27.44% | 7.81% | 22.2 pp |
| FY 2020 Q3 | Sep 30, 2020 | 23.4% | 12.96% | 16.6% | 24.95% | 7.22% | 15.7 pp |
| FY 2020 Q2 | Jun 30, 2020 | 21.84% | 11.79% | 5.3% | 20.79% | 5.86% | 14.1 pp |
| FY 2020 Q1 | Mar 31, 2020 | 20.57% | 11.03% | -11.07% | 18.58% | 5.29% | 12.9 pp |
| FY 2019 Q4 | Dec 31, 2019 | 27.64% | 12.55% | 6.92% | 21.95% | 5.97% | 19.9 pp |
| FY 2019 Q3 | Sep 30, 2019 | 24.24% | 13.42% | 17.02% | 23.73% | 6.62% | 16.5 pp |
| FY 2019 Q2 | Jun 30, 2019 | 27.19% | 14.65% | 38.83% | 27.47% | 7.43% | 19.5 pp |
| FY 2019 Q1 | Mar 31, 2019 | 29.03% | 15.48% | 82.49% | 30.06% | 7.89% | 21.3 pp |
| FY 2018 Q4 | Dec 31, 2018 | 32.32% | 14.81% | 168.81% | 28.27% | 6.85% | 24.6 pp |
| FY 2018 Q3 | Sep 30, 2018 | 24.15% | 13.75% | 134.21% | 27.91% | 6.88% | 16.4 pp |
| FY 2018 Q2 | Jun 30, 2018 | 23.57% | 11.31% | 23.04% | 21.56% | 5.66% | 15.9 pp |
| FY 2018 Q1 | Mar 31, 2018 | 15.26% | 8.25% | 5.38% | 14.82% | 3.8% | 7.6 pp |
| FY 2017 Q4 | Dec 31, 2017 | 16.09% | 7.27% | 2.67% | 12.91% | 2.83% | 8.4 pp |
| FY 2017 Q3 | Sep 30, 2017 | 8.06% | 6.13% | -1.62% | 9.08% | 2.07% | 0.4 pp |
| FY 2017 Q2 | Jun 30, 2017 | 13.2% | 8.37% | -3.74% | 9.67% | 2.51% | 5.5 pp |
| FY 2017 Q1 | Mar 31, 2017 | 22.2% | 10.77% | 31.43% | 14.18% | 3.63% | 14.5 pp |
| FY 2016 Q4 | Dec 31, 2016 | 36.18% | 11.77% | 64.86% | 14.52% | 3.19% | 28.5 pp |
| FY 2016 Q3 | Sep 30, 2016 | 20.67% | 12.06% | 91.21% | 13.93% | 3.31% | 13 pp |
| FY 2016 Q2 | Jun 30, 2016 | 19.68% | 12.09% | — | 13.64% | 3.29% | 12 pp |
| FY 2016 Q1 | Mar 31, 2016 | 14.01% | 10.19% | — | 9.1% | 2.1% | 6.3 pp |
| FY 2015 Q4 | Dec 31, 2015 | 14.75% | 7.71% | — | 4.94% | 0.99% | 7 pp |
| FY 2015 Q3 | Sep 30, 2015 | 12.34% | 6.98% | — | 2.88% | 0.68% | 4.6 pp |
| FY 2015 Q2 | Jun 30, 2015 | — | 3.21% | — | -1.68% | -0.42% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 1.28% | — | -3.83% | -0.94% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | 0.82% | — | -2.35% | -0.51% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | 0.55% | — | -2.22% | -0.6% | — |
| FY 2014 Q2 | Jun 30, 2014 | 2.25% | 3.62% | -17.37% | 1.86% | 0.53% | -5.5 pp |
| FY 2014 Q1 | Mar 31, 2014 | 4.52% | 4.43% | 5% | 3.19% | 0.92% | -3.2 pp |
| FY 2013 Q4 | Dec 31, 2013 | 11.54% | 4.85% | 28.85% | 3.05% | 0.75% | 3.8 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | 4.93% | — | 2.54% | 0.77% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 5.11% | — | -0.27% | -0.09% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 5.57% | — | -0.1% | -0.03% | — |
| FY 2012 Q4 | Dec 31, 2012 | 4.34% | 5.65% | -49.98% | -0.49% | -0.13% | -3.4 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 5.23% | — | 0.52% | 0.19% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 6.39% | — | 4.94% | 1.94% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 7.7% | — | 7.68% | 3.01% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | 9.17% | — | 8.63% | 2.86% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | 12.05% | — | 12.3% | 5.24% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 14.84% | — | 15.25% | 6.85% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 16.67% | — | 16.27% | 7.29% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 18.91% | — | 19.01% | 7.07% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 23.04% | — | 22.46% | 9.69% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 24.87% | — | 23.9% | 10.85% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · AMZN, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.