TL;DR
Amazon's FY2025 free cash flow differs because the definitions subtract different capital spending amounts. From $139.514 billion operating cash flow, the API subtracts gross PPE purchases to report $7.695 billion; Amazon subtracts purchases net of proceeds and incentives to report $11.194 billion. Reconcile both definitions against matching annual statements in Gemini CLI and retain the raw values. Operating income increased even as residual cash after investment fell.
Why does Amazon's free cash flow differ between the API and its annual report?
The API subtracts gross PPE purchases; the issuer subtracts PPE net of proceeds and incentives. Both definitions retain their original values.
- API FCF, gross PPE
- $7.695B
- Issuer FCF, net PPE
- $11.194B
Show the table · 5 rows, 4 columns
Scroll sideways to compare all columns. Select a heading to sort.
| CFO | 84.946 | 115.877 | 139.514 |
| Gross PPE purchases | 52.729 | 82.999 | 131.819 |
| PPE proceeds / incentives | 4.596 | 5.341 | 3.499 |
| API: CFO − gross PPE | 32.217 | 32.878 | 7.695 |
| Issuer: CFO − net PPE | 36.813 | 38.219 | 11.194 |
No matching rows. Clear the filter to see all records.
FY2025 operating cash flow was $139.514B. The API's $7.695B FCF subtracts gross PPE purchases; Amazon's $11.194B definition subtracts PPE purchases net of proceeds and incentives. Both can be reconciled without changing the raw record.
Reproduce this evidence in Gemini CLI
Inspect the request
This worked comparison was checked in NexusTrade and against the original statements. It is not an execution receipt from your external client. Use the connected client capability described in the setup guide, or supply the public statements directly when a tool is unavailable.
Compare three full fiscal periods
Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.
Show the table · 3 rows, 5 columns
Scroll sideways to compare all columns. Select a heading to sort.
| AMZN · 2023-12-31 | $574.785B | $36.852B / 6.41% | $30.425B | $32.217B |
| AMZN · 2024-12-31 | $637.959B | $68.593B / 10.75% | $59.248B | $32.878B |
| AMZN · 2025-12-31 | $716.924B | $79.975B / 11.16% | $77.670B | $7.695B |
No matching rows. Clear the filter to see all records.
Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.
Read-only NexusTrade sec_edgar fundamentals retrieved October 12, 2026 and checked against the original annual statements. Amounts below are USD billions; the retained raw response uses USD. These are historical fiscal periods, not a live quote or a forecast.
Follow the calculation into the business
Evidence 1
FY2025 gross bridge: 139.514 − 131.819 = $7.695B. Net bridge: 139.514 − (131.819 − 3.499) = $11.194B.
Evidence 2
Amazon's defined FCF: $36.813B → $38.219B → $11.194B for FY2023 → FY2024 → FY2025. Its operating income still increased to $79.975B.
Evidence 3
AWS revenue: $90.757B → $107.556B → $128.725B. Company revenue includes retail and other businesses; it is not all cloud revenue.
What this result leaves unanswered
Accounting explanation
FCF is a definition, not an income-statement line. State gross versus net PPE, cash proceeds and incentives before comparing vendors or competitors.
Business and investment limits
Operating cash flow is not free cash flow. FY2025 net income also includes nonoperating income, so faster net profit growth does not establish identical operating improvement.
Check fiscal periods and public availability
Inspect every input period, publication date and source
Select FY rows by periodEnd instead of assuming the array is latest first. Source statements may present comparative years in one filing. Their later publication does not prove those exact restated values were available at the earlier historical date.
Scroll sideways to compare all columns. Select a heading to sort.
| AMZN | 2023 | 2023-12-31 | 2024-02-02 | Annual FY, USD |
| AMZN | 2024 | 2024-12-31 | 2025-02-07 | Annual FY, USD |
| AMZN | 2025 | 2025-12-31 | 2026-02-06 | Annual FY, USD |
No matching rows. Clear the filter to see all records.
Finish with a claim you can audit
Show the table · 3 rows, 3 columns
Scroll sideways to compare all columns. Select a heading to sort.
| The reported business improved | Same-period revenue and operating income | Source definitions and segment mix |
| Profit turned into cash | CFO reconciliation and PPE scope | Working capital and noncash items |
| The stock is attractive | Not established by these statements | Price, valuation assumptions and competing outcomes |
No matching rows. Clear the filter to see all records.
AMZN: FY2025 reported result
Inspect the original amzn: fy2025 reported result
NexusTrade sec_edgar read recorded October 10, 2026. The reporting period ended 2025-12-31; the filing date was 2026-02-06.
- Revenue
- $716.924B716,924,000,000 USD
- Operating income
- $79.975B79,975,000,000 USD
- Operating margin
- 11.16%Calculated as operating income ÷ revenue.
Interpret the reported figures
Inspect the original interpret the reported figures
Operating margin describes this reported period. Keep annual and quarterly values separate, select the matching period explicitly, and retain the source filing. The fundamentals array includes older observations and is not ordered latest first.
Request a bounded company brief
Inspect the original request a bounded company brief
Create research/amzn-cash-flow.md as the evidence record. Keep issuer identity, metric, unit, fiscal period, publication date, URL and the exact source passage together. The worked historical release below is a verification exercise, not the company's latest report.
Read Amazon (AMZN)'s Q4 2024 release published February 6, 2025. Extract operating cash flow for the twelve months ended December 31, 2024 and December 31, 2023, with USD units and source links. Save research/amzn-cash-flow.md with the subtraction and growth calculation. Distinguish annual cash flow from quarterly earnings. Do not submit research_topic or other paid work before I approve it.Recalculate Amazon cash-flow growth
Inspect the original recalculate amazon cash-flow growth
Amazon published its fourth-quarter 2024 results on February 6, 2025. Its cash-flow statement reports operating cash flow of $115,877 million for the twelve months ended December 31, 2024 and $84,946 million for 2023.
The difference is $30,931 million. 30,931 ÷ 84,946 × 100 is about 36.4%, consistent with the release's rounded 36% growth. This is operating cash flow, not free cash flow, and the annual period is not the quarter alone. It establishes a historical comparison, not an investment return.
Read filing references and statement periods
Inspect the original read filing references and statement periods
Call sec_edgar twice with the separate argument objects below. list_filings returns filing references; fundamentals reads inline XBRL metrics. Inspect filing dates, fiscal periods and units before comparing them with the historical release. The five recent filings may not include that older release. Missing evidence is a gap to resolve from the primary source, not permission to fill in a number.
Keep these reads separate from ingest_filings, which persists source text. For AMZN, annual periods preserve the twelve-month comparison.
{
"ticker": "AMZN",
"action": "list_filings",
"forms": [
"10-K",
"10-Q"
],
"limit": 5
}
{
"ticker": "AMZN",
"action": "fundamentals",
"periods": "annual"
}From a question to evidence
Read filings
NexusTrade toolsec_edgar
Output to inspectIssuer, accession, reporting period and publication date
Read relevant news
NexusTrade toolsearch_stock_news
Output to inspectDated publisher links; distinguish news from filings
Submit bounded research
NexusTrade toolresearch_topic
Output to inspectresearchJobId and source-backed question
Poll the accepted job
NexusTrade toolget_research_status
Output to inspectSame research_job_id, completed report and citations
Inspect the original from a question to evidence
Scroll sideways to compare all columns. Select a heading to sort.
| Read filings | sec_edgar | Issuer, accession, reporting period and publication date |
| Read relevant news | search_stock_news | Dated publisher links; distinguish news from filings |
| Submit bounded research | research_topic | researchJobId and source-backed question |
| Poll the accepted job | get_research_status | Same research_job_id, completed report and citations |
No matching rows. Clear the filter to see all records.
research_topic is asynchronous. Poll get_research_status with the same job ID instead of launching another billed research run for the same question.
Submit research only when the request is approved
Inspect the original submit research only when the request is approved
If the primary sources leave a specific question unresolved, show the exact message for research_topic first. The accepted response includes researchJobId and status; save them before ending the session. A completed inline response may already contain citations. Otherwise pass the saved researchJobId as research_job_id to get_research_status.
PROCESSING means poll the same job. COMPLETED returns the report content and citations. FAILED returns an error to investigate. A second research_topic call starts another billed run; a missing response is not permission to duplicate it. If no saved ID exists, inspect the original tool response before considering another submission.
Finish the brief and recover an interrupted session
Inspect the original finish the brief and recover an interrupted session
If the server is missing, check whether you selected user or project scope. Use /mcp reload to rediscover tools after configuration changes. For expired tokens, repeat /mcp auth nexustrade. Shell gemini mcp list can show connection errors. After an interrupted terminal session, reopen the saved run ledger or /resume and continue with the recorded job or deployment ID.
Open research/amzn-cash-flow.md and check each material claim against its link. Keep the original reported value and label each calculation. Leave absent/restated evidence explicit. For a newer-period brief repeat the source checks with the actual latest publication dates instead of carrying these historical figures forward.
The finished artifact should contain the source table, reproducible arithmetic, a bounded interpretation and the next unresolved question. It is a research brief, not a saved strategy or order instruction.
Costs and the next task
Inspect the original costs and the next task
The local brief records your sources and calculations. A research_topic submission can consume credits, so review its exact question and your plan before starting it. Reuse the accepted job ID when polling or recovering a session. Check each report claim against its cited source.
For live deployment, review the separate broker guide, exact trading account and permissions. Choose the broker guide that matches your trading account.
Actual NexusTrade filing-tool output
Inspect the exact returned fields and original requests
On October 10, 2026, we called sec_edgar with the two separate request objects below. The product returned a AMZN 10-K filed 2026-02-06, for the fiscal year ended 2025-12-31, and the FY2025 metric row shown here. We selected that row by fiscal year and period end, rather than assuming the first array entry was latest.
The amounts below are USD, while the linked issuer statement displays them in millions. Revenue and operating income answer different questions from operating cash flow. The compact fundamentals row does not supply operating cash flow; do not relabel freeCashFlow as that metric.
This receipt records a NexusTrade filing read on October 10, 2026. Optional historical exercises retain their own periods and units.
| Returned field | Observed value |
|---|---|
| Ticker | AMZN |
| Period | FY2025 |
| Period end | 2025-12-31 |
| Filed | 2026-02-06 |
| totalRevenue | 716,924,000,000 USD |
| operatingIncome | 79,975,000,000 USD |
No matching rows. Clear the filter to see all records.
{
"ticker": "AMZN",
"action": "list_filings",
"forms": [
"10-K"
],
"limit": 1
}
{
"ticker": "AMZN",
"action": "fundamentals",
"periods": "annual"
}Connect Gemini CLI in the intended environment
Connect Gemini CLI in the intended environment
- Scope choice
- This command uses user scope. Use project scope if the connection should belong only to this workspace.
With Gemini CLI installed, run the registration command below in your research workspace. Start gemini, enter /mcp auth nexustrade and finish NexusTrade browser sign-in. Use /mcp list to inspect the tools.
What you should see: The user-scoped server is available across projects. Google sign-in and NexusTrade account authorization remain separate.
gemini mcp add --transport http --scope user nexustrade https://nexustrade.io/api/mcp
gemini mcp listOptional: check the account before owned-record changes
Optional: check the account before owned-record changes
Skip this step if you only want to inspect the public filing in the next step. Before reading or changing an owned portfolio, ask for a read-only list, inspect one returned ID with get_portfolio and compare its name, strategies and deployment type. An authenticated empty list is valid for a new account.
What you should see: For owned records, you have the intended account response or an authenticated empty response. Resolve an account mismatch before saving anything. Public filing inspection does not require an owned-portfolio read.
- Identity boundary
- A server list or public filing read does not verify access to your owned portfolios.
Use only NexusTrade read tools. Call fetch_portfolios, then get_portfolio with one returned portfolio ID. Report the ID, name, strategies and deployment type. If the authenticated list is empty, report that result. Do not create, edit, backtest, deploy or place orders.
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