AMZN Cash Flow Surges as Amazon Extends Multi-Quarter Growth Trend

Amazon posted another round of impressive operating cash flow gains, extending a trend that started in early 2023. The company’s operating cash flow climbed from $39.32 billion in Q1 2023 to $130.69 billion in Q3 2025. The data shows a clear upward trajectory, reflecting consistent improvements in operating efficiency and cash generation.

Growth during 2023 and 2024 was especially strong. Amazon recorded a 38.2% year-over-year increase in Q1 2023, 73.9% in Q2, and over 80% in Q3 and Q4. Momentum carried into 2024 with 82.5% growth in Q1 and 74.6% in Q2, indicating stronger performance across retail, cloud, and logistics operations.

Growth moderated in 2025 but stayed firmly positive. Amazon reported a 14.9% increase in Q1 2025, 12.2% in Q2, and 16% in Q3, reaching new record highs in operating cash flow. This reflects the company’s transition from rapid acceleration to stable, high-level expansion.

This trend matters because Amazon’s growing cash flow strengthens its ability to invest in logistics automation, AI infrastructure, and AWS capacity. Sustained cash generation reinforces long-term competitiveness, supports strategic flexibility, and highlights a favorable shift in Amazon’s financial fundamentals as it scales high-margin segments.

source: Bourbon Capital