Amazon (AMZN) Stock Inflation-Adjusted

Amazon.com, Inc. (AMZN) is a global technology and e-commerce giant, renowned for its online retail marketplace, cloud computing services (Amazon Web Services) and digital streaming.

Nominal stock prices alone do not capture the full picture of an investment's performance. This page adjusts Amazon's historical stock prices for inflation using the US Consumer Price Index, revealing its true value over time. Explore the charts and data to compare nominal versus inflation-adjusted figures and understand Amazon's real long-term growth.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use June 2025 as the baseline (latest available CPI).

The current value of Amazon stock is 226.35 (as of the close of Jul 15, 2025), 6.49% lower than the all-time high of 242.06 (Feb 4, 2025).

Since May 15, 1997, the inflation-adjusted total return for the stock has been 114,637%, which is equivalent to an annual growth rate of 28.42%.

In nominal values, the total return since this date has been 231,065%, or an annualized rate of 31.65%.

Inflation-Adjusted Values by Month

This data presents Amazon's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date Inflation-Adjusted Nominal value
Jul 2025 226.35 226.35
Jun 2025 219.39 219.39
May 2025 205.71 205.01
Apr 2025 185.44 184.42
Mar 2025 191.9 190.26
Feb 2025 214.59 212.28
Jan 2025 241.34 237.68
Dec 2024 224.23 219.39
Nov 2024 212.55 207.89
Oct 2024 190.47 186.4
Sep 2024 190.62 186.33
Aug 2024 182.9 178.5
Jul 2024 191.75 186.98
Jun 2024 198.41 193.25
May 2024 181.21 176.44
Apr 2024 180.03 175
Mar 2024 186.29 180.38
Feb 2024 183.73 176.76
Jan 2024 162.32 155.2
Dec 2023 159.77 151.94
Nov 2023 153.47 146.09
Oct 2023 139.53 133.09
Sep 2023 133.22 127.12
Aug 2023 144.99 138.01
Jul 2023 141.06 133.68
Jun 2023 137.82 130.36
May 2023 127.89 120.58
Apr 2023 112.12 105.45
Mar 2023 110.38 103.29
Feb 2023 101.03 94.23
Jan 2023 111.19 103.13
Dec 2022 91.29 84
Nov 2022 104.6 96.54
Oct 2022 110.88 102.44
Sep 2022 122.8 113
Aug 2022 138.07 126.77
Jul 2022 146.92 134.95
Jun 2022 115.62 106.21
May 2022 132.66 120.21
Apr 2022 138.66 124.28
Mar 2022 182.87 163
Feb 2022 174.59 153.56
Jan 2022 171.61 149.57
Dec 2021 192.88 166.72
Nov 2021 203.5 175.35
Oct 2021 196.65 168.62
Sep 2021 193.14 164.25
Aug 2021 204.62 173.54
Jul 2021 196.58 166.38
Jun 2021 204.21 172.01
May 2021 193.1 161.15
Apr 2021 209.41 173.37
Mar 2021 188.39 154.7
Feb 2021 189.66 154.65
Jan 2021 197.68 160.31
Dec 2020 201.66 162.85
Nov 2020 196.34 158.4
Oct 2020 188.05 151.81
Sep 2020 195.11 157.44
Aug 2020 214.13 172.55
Jul 2020 196.99 158.23
Jun 2020 172.59 137.94
May 2020 153.63 122.12
Apr 2020 155.63 123.7
Mar 2020 121.83 97.49
Feb 2020 117.45 94.19
Jan 2020 125.58 100.44
Dec 2019 115.97 92.39
Nov 2019 112.92 90.04
Oct 2019 111.34 88.83
Sep 2019 109.04 86.8
Aug 2019 111.66 88.81
Jul 2019 117.35 93.34
Jun 2019 119.23 94.68
May 2019 111.79 88.75
Apr 2019 121.59 96.33
Mar 2019 112.98 89.04
Feb 2019 104.63 81.99
Jan 2019 110.12 85.94
Dec 2018 96.42 75.1
Nov 2018 108.15 84.51
Oct 2018 101.92 79.9
Sep 2018 127.97 100.15
Aug 2018 128.74 100.64
Jul 2018 113.75 88.87
Jun 2018 108.79 84.99
May 2018 104.47 81.48
Apr 2018 100.81 78.31
Mar 2018 93.54 72.37
Feb 2018 97.97 75.62
Jan 2018 94.41 72.54
Dec 2017 76.51 58.47
Nov 2017 76.94 58.84
Oct 2017 72.27 55.26
Sep 2017 62.82 48.07
Aug 2017 64.42 49.03
Jul 2017 65.08 49.39
Jun 2017 63.73 48.4
May 2017 65.55 49.73
Apr 2017 61.01 46.25
Mar 2017 58.65 44.33
Feb 2017 55.95 42.25
Jan 2017 54.69 41.17
Dec 2016 50.09 37.49
Nov 2016 50.16 37.53
Oct 2016 52.7 39.49
Sep 2016 55.93 41.87
Aug 2016 51.51 38.46
Jul 2016 50.86 37.94
Jun 2016 47.89 35.78
May 2016 48.53 36.14
Apr 2016 44.46 32.98
Mar 2016 40.21 29.68
Feb 2016 37.58 27.63
Jan 2016 39.96 29.35
Dec 2015 46.09 33.79
Nov 2015 45.18 33.24
Oct 2015 42.44 31.3
Sep 2015 34.7 25.59
Aug 2015 34.71 25.64
Jul 2015 36.23 26.81
Jun 2015 29.34 21.7
May 2015 29.11 21.46
Apr 2015 28.75 21.09
Mar 2015 25.42 18.6
Feb 2015 26.12 19.01
Jan 2015 24.47 17.73
Dec 2014 21.32 15.52
Nov 2014 23.13 16.93
Oct 2014 20.75 15.27
Sep 2014 21.85 16.12
Aug 2014 22.99 16.95
Jul 2014 21.19 15.65
Jun 2014 21.98 16.24
May 2014 21.19 15.63
Apr 2014 20.69 15.21
Mar 2014 22.96 16.82
Feb 2014 24.87 18.1
Jan 2014 24.73 17.93
Dec 2013 27.6 19.94
Nov 2013 27.24 19.68
Oct 2013 25.14 18.2
Sep 2013 21.53 15.63
Aug 2013 19.38 14.05
Jul 2013 20.8 15.06
Jun 2013 19.18 13.88
May 2013 18.64 13.46
Apr 2013 17.6 12.69
Mar 2013 18.46 13.32
Feb 2013 18.36 13.21
Jan 2013 18.59 13.27
Dec 2012 17.62 12.54
Nov 2012 17.66 12.6
Oct 2012 16.24 11.64
Sep 2012 17.72 12.72
Aug 2012 17.38 12.41
Jul 2012 16.42 11.66
Jun 2012 16.05 11.42
May 2012 14.94 10.65
Apr 2012 16.26 11.6
Mar 2012 14.24 10.13
Feb 2012 12.73 8.98
Jan 2012 13.84 9.72
Dec 2011 12.37 8.65
Nov 2011 13.71 9.61
Oct 2011 15.21 10.68
Sep 2011 15.37 10.81
Aug 2011 15.32 10.76
Jul 2011 15.89 11.13
Jun 2011 14.61 10.22
May 2011 14.04 9.83
Apr 2011 14.04 9.79
Mar 2011 13 9.01
Feb 2011 12.63 8.66
Jan 2011 12.42 8.48
Dec 2010 13.25 9
Nov 2010 12.93 8.77
Oct 2010 12.18 8.26
Sep 2010 11.6 7.85
Aug 2010 9.22 6.24
Jul 2010 8.72 5.89
Jun 2010 8.08 5.46
May 2010 9.27 6.27
Apr 2010 10.14 6.86
Mar 2010 10.06 6.79
Feb 2010 8.81 5.92
Jan 2010 9.33 6.27
Dec 2009 10.05 6.73
Nov 2009 10.13 6.8
Oct 2009 8.86 5.94
Sep 2009 6.97 4.67
Aug 2009 6.07 4.06
Jul 2009 6.42 4.29
Jun 2009 6.26 4.18
May 2009 5.88 3.9
Apr 2009 6.09 4.03
Mar 2009 5.57 3.67
Feb 2009 4.92 3.24
Jan 2009 4.49 2.94
Dec 2008 3.93 2.56
Nov 2008 3.24 2.13
Oct 2008 4.26 2.86
Sep 2008 5.36 3.64
Aug 2008 5.95 4.04
Jul 2008 5.6 3.82
Jun 2008 5.4 3.67
May 2008 6.08 4.08
Apr 2008 5.9 3.93
Mar 2008 5.39 3.57
Feb 2008 4.91 3.22
Jan 2008 5.94 3.88
Dec 2007 7.11 4.63
Nov 2007 6.95 4.53
Oct 2007 6.88 4.46
Sep 2007 7.21 4.66
Aug 2007 6.2 4
Jul 2007 6.08 3.93
Jun 2007 5.3 3.42
May 2007 5.36 3.46
Apr 2007 4.79 3.07
Mar 2007 3.13 1.99
Feb 2007 3.1 1.96
Jan 2007 3 1.88
Dec 2006 3.15 1.97
Nov 2006 3.23 2.02
Oct 2006 3.04 1.9
Sep 2006 2.55 1.61
Aug 2006 2.44 1.54
Jul 2006 2.13 1.34
Jun 2006 3.07 1.93
May 2006 2.76 1.73
Apr 2006 2.82 1.76
Mar 2006 2.95 1.83
Feb 2006 3.04 1.87
Jan 2006 3.65 2.24
Dec 2005 3.86 2.36
Nov 2005 3.96 2.42
Oct 2005 3.23 1.99
Sep 2005 3.68 2.27
Aug 2005 3.51 2.13
Jul 2005 3.73 2.26
Jun 2005 2.74 1.65
May 2005 2.95 1.78
Apr 2005 2.68 1.62
Mar 2005 2.86 1.71
Feb 2005 2.96 1.76
Jan 2005 3.66 2.16
Dec 2004 3.75 2.21
Nov 2004 3.35 1.98
Oct 2004 2.88 1.71
Sep 2004 3.47 2.04
Aug 2004 3.25 1.91
Jul 2004 3.31 1.95
Jun 2004 4.63 2.72
May 2004 4.14 2.42
Apr 2004 3.74 2.18
Mar 2004 3.72 2.16
Feb 2004 3.73 2.15
Jan 2004 4.39 2.52
Dec 2003 4.6 2.63
Nov 2003 4.72 2.7
Oct 2003 4.75 2.72
Sep 2003 4.22 2.42
Aug 2003 4.05 2.32
Jul 2003 3.65 2.08
Jun 2003 3.19 1.82
May 2003 3.15 1.79
Apr 2003 2.52 1.43
Mar 2003 2.28 1.3
Feb 2003 1.94 1.1
Jan 2003 1.94 1.09
Dec 2002 1.68 0.94
Nov 2002 2.08 1.17
Oct 2002 1.72 0.97
Sep 2002 1.42 0.8
Aug 2002 1.33 0.75
Jul 2002 1.29 0.72
Jun 2002 1.46 0.81
May 2002 1.64 0.91
Apr 2002 1.5 0.83
Mar 2002 1.29 0.71
Feb 2002 1.28 0.7
Jan 2002 1.29 0.71
Dec 2001 0.99 0.54
Nov 2001 1.03 0.57
Oct 2001 0.63 0.35
Sep 2001 0.54 0.3
Aug 2001 0.81 0.45
Jul 2001 1.13 0.62
Jun 2001 1.28 0.71
May 2001 1.51 0.83
Apr 2001 1.44 0.79
Mar 2001 0.94 0.51
Feb 2001 0.93 0.51
Jan 2001 1.59 0.87
Dec 2000 1.44 0.78
Nov 2000 2.29 1.23
Oct 2000 3.39 1.83
Sep 2000 3.57 1.92
Aug 2000 3.87 2.08
Jul 2000 2.81 1.51
Jun 2000 3.4 1.82
May 2000 4.54 2.42
Apr 2000 5.2 2.76
Mar 2000 6.31 3.35
Feb 2000 6.54 3.44
Jan 2000 6.17 3.23
Dec 1999 7.29 3.81
Nov 1999 8.15 4.25
Oct 1999 6.77 3.53
Sep 1999 7.68 4
Aug 1999 6 3.11
Jul 1999 4.84 2.5
Jun 1999 6.07 3.13
May 1999 5.76 2.97
Apr 1999 8.35 4.3
Mar 1999 8.42 4.3
Feb 1999 6.28 3.2
Jan 1999 5.74 2.92
Dec 1998 5.27 2.68
Nov 1998 3.15 1.6
Oct 1998 2.07 1.05
Sep 1998 1.83 0.93
Aug 1998 1.38 0.7
Jul 1998 1.83 0.92
Jun 1998 1.64 0.83
May 1998 0.73 0.37
Apr 1998 0.76 0.38
Mar 1998 0.71 0.36
Feb 1998 0.64 0.32
Jan 1998 0.49 0.25
Dec 1997 0.5 0.25
Nov 1997 0.41 0.21
Oct 1997 0.51 0.25
Sep 1997 0.43 0.22
Aug 1997 0.23 0.12
Jul 1997 0.24 0.12
Jun 1997 0.16 0.077
May 1997 0.15 0.075

Returns from Investing in Amazon stock

How much did an investment in Amazon really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for Amazon stock by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the stock price nominally increased, as in 2021.

Year Inflation-Adjusted Return Nominal Return
2024 40.34% 44.39%
2023 75.01% 80.88%
2022 -52.67% -49.62%
2021 -4.35% 2.38%
2020 73.89% 76.26%
2019 20.28% 23.03%
2018 26.02% 28.43%
2017 52.74% 55.96%
2016 8.69% 10.95%
2015 116.21% 117.78%
2014 -22.76% -22.18%
2013 56.61% 58.96%
2012 42.45% 44.93%
2011 -6.6% -3.83%
2010 31.84% 33.81%
2009 155.37% 162.32%
2008 -44.7% -44.65%
2007 125.56% 134.77%
2006 -18.38% -16.31%
2005 2.94% 6.46%
2004 -18.48% -15.83%
2003 173.42% 178.56%
2002 70.53% 74.58%
2001 -31.54% -30.47%
2000 -80.23% -79.56%
1999 38.46% 42.18%
1998 949.47% 966.39%

Amazon Stock: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for Amazon over various trailing periods ending June 30, 2025, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 10.58% 13.53%
Last 3 years 23.8% 27.36%
Last 5 years 4.92% 9.72%
Last 10 years 22.29% 26.03%
Last 20 years 24.49% 27.68%

Real Returns of Investing in the Amazon

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in June 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Amazon five years ago yielded an 132.93% nominal gain, but the real return (the actual increase in buying power) was 86.8%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period What $100 Grew To (Nominal) Total Nominal Return (%) Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Jun 2025 $232.93 132.93% 86.8%
Last 10 years Feb 2015 - Jun 2025 $1,154.2 1,054% 739.89%
Last 25 years Feb 2000 - Jun 2025 $6,370.67 6,271% 3,254%

Inflation & Amazon's Business

As a massive global enterprise, Amazon's operations are moderately exposed to inflationary pressures in several key areas.

  • Operating Costs: Inflation drives up costs for labor, packaging materials and transportation, directly impacting the margins of its e-commerce business.
  • Supply Chain: Higher prices from suppliers for inventory sold on its platform can either be absorbed, squeezing margins, or passed on to consumers, potentially reducing demand.
  • Consumer Spending: During inflationary periods, consumers often reduce discretionary spending, which can slow down growth in Amazon's retail segment.
  • Cloud Services: While AWS is a high-margin business, wage inflation for skilled tech talent can increase its operating costs.

Amazon mitigates these pressures through its vast scale, which allows for favorable supplier negotiations and operational efficiencies. Its diverse revenue streams, particularly the high-margin AWS, also provide a strong buffer against margin compression in its retail operations.

About Amazon

Amazon.com, Inc. is a multinational technology company focusing on e-commerce, cloud computing, online advertising, digital streaming and artificial intelligence.

Founded in 1994 by Jeff Bezos, it has grown from an online bookstore into one of the world's most valuable companies. Its major divisions include Amazon Web Services (AWS), which is a leader in cloud computing, and its massive online retail operation.

Headquartered in Seattle, Washington, Amazon's stock (AMZN) is a key component of the S&P 500 and Nasdaq-100 indices.

Last Close
Jul 15, 2025
226.35
Highest
Feb 4, 2025
242.06
Highest, Inflation-Adjusted
Feb 4, 2025
244.7
Annualized return
Since May 15, 1997
31.65%
Annualized return, Inflation-Adjusted
Since May 15, 1997
28.42%

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Other Inflation-Adjusted Data