Interest costs rose 10%. The median firm paid the same
Interest expense rose 10.1% across 1,519 listed non-financial companies in the first half of 2026, and twenty of them produced three quarters of the rise.
5 primary sources · 1 correctionTicker · 4 articles
Amazon (AMZN)
Amazon coverage starts with a definition problem: free cash flow changes when cash capital expenditure and equipment acquired through leases are treated differently. The dedicated analysis reconciles these definitions against the cash-flow statement. Related research compares spending with earnings and examines interest expense. Read the definition beside each calculation before comparing the results.
Last checked Aug 20, 2026 All companies
Where to start
Amazon's 2025 free cash flow: $7.7B, $6.1B, or −$11.8B is the dedicated analysis behind this research file. The articles below distinguish this company’s own results from comparisons and supply-chain context.
How to read these figures
A cash-flow definition is a measurement choice, not a prediction. Fiscal periods and lease treatment must match before two companies can be compared. Each group below links to the article that establishes its period, definition and source. These are dated research findings, not current market quotes.
Profit rose and free cash flow fell at 45 US companies
A screen of 3,631 SEC filers found 45 companies whose profit rose while free cash flow fell. A third still converted above 100%. What sorts them.
7 primary sources · 1 correctionThree ways reported capex understates real spending
A semiconductor maker with capex at 0.48% of revenue. A retailer whose free cash flow flips sign. A tag that returns nothing. All three are in the filings.
4 primary sources · 1 correctionAmazon's 2025 free cash flow: $7.7B, $6.1B, or −$11.8B
Amazon's own 10-K supports all three figures under three standard definitions, and one of them is negative. Alphabet, Microsoft and Meta, the same way.
6 primary sources · 1 correctionFigures we worked out for AMZN
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Interest costs rose 10%. The median firm paid the same | ||
| Amazon, first half to first half | +100.0% | 2114 / 1057 - 1 |
| Profit rose and free cash flow fell at 45 US companies | ||
| Amazon free cash flow, calendar 2025 | $7,695m | 139514 - 131819 |
| Amazon cash conversion | +9.9% | 7695 / 77670 |
| Amazon free cash flow decline | −76.6% | 7695 / 32878 - 1 |
| Amazon net income growth | +31.1% | 77670 / 59248 - 1 |
| Three ways reported capex understates real spending | ||
| Amazon free cash flow, also deducting finance leases | $6,138m | 139514 - 131819 - 1557 |
| Amazon's 2025 free cash flow: $7.7B, $6.1B, or −$11.8B | ||
| Trailing twelve months, definition A | −$11,625m | 161403 - 173028 |
7 figures from 4 articles. Totals and industry averages that belong to no single company are not listed here.
Company-specific SEC sources
- SEC company concept API — Amazon.com, Inc., InterestExpenseNonoperatingSpot-checked against the 10-Q values: $541M, $516M, $800M, $1,314M
- Amazon.com, Inc. — SEC filing history (CIK 0001018724)Spot-checked: operating cash flow $139,514M, capex $131,819M, calendar 2025
- Amazon.com, Inc. — FY2025 Form 10-KFinance lease principal repayments; capex reported under PaymentsToAcquireProductiveAssets
- Amazon.com, Inc. — Form 10-Q, quarter ended June 30 2026Trailing-twelve-month cash flow presentation
4 documents, deduplicated. Only SEC sources explicitly identified with this company are listed here. Broader research sources remain in the linked articles.