NewsMV

Amazon shares track the S&P 500 year to date while cash from operations climbs to $161 billion

9/5/2026

Amazon (NASDAQ: AMZN) shares have gained roughly 12% year to date, tracking the S&P 500, while the company's trailing-12-month cash from operations climbed to $161 billion in the second quarter.

That cash base has grown 245% since the 2022 bear market. The stock's price-to-cash-flow multiple now sits at roughly 17x, against the 25x floor the stock held before that downturn.

The multiple gap Before 2022, Amazon traded at 25x cash flow or higher. It has not returned to those levels since, even as the underlying business changed substantially.

Warehouse automation drove costs lower and cloud computing revenue expanded, together pushing cash from operations up 245% over that span.