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 February 2026 as the baseline (latest available CPI).

The current value of Amazon stock is 207.67 (as of the close of Mar 13, 2026), 18.24% lower than the all-time high of 254 (Nov 3, 2025).

Since May 15, 1997, the inflation-adjusted total return for the stock has been 103,807%, which is equivalent to an annual growth rate of 27.25%.

In nominal values, the total return since this date has been 211,988%, or an annualized rate of 30.44%.

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
Mar 2026 207.67 207.67
Feb 2026 210 210
Jan 2026 240.43 239.3
Dec 2025 232.77 230.82
Nov 2025 235.14 233.22
Oct 2025 244.22 244.22
Sep 2025 220.91 219.57
Aug 2025 230.99 229
Jul 2025 236.82 234.11
Jun 2025 222.26 219.39
May 2025 208.4 205.01
Apr 2025 187.86 184.42
Mar 2025 194.42 190.26
Feb 2025 217.4 212.28
Jan 2025 244.5 237.68
Dec 2024 227.16 219.39
Nov 2024 215.33 207.89
Oct 2024 192.97 186.4
Sep 2024 193.12 186.33
Aug 2024 185.3 178.5
Jul 2024 194.26 186.98
Jun 2024 201.01 193.25
May 2024 183.58 176.44
Apr 2024 182.39 175
Mar 2024 188.73 180.38
Feb 2024 186.13 176.76
Jan 2024 164.44 155.2
Dec 2023 161.87 151.94
Nov 2023 155.48 146.09
Oct 2023 141.36 133.09
Sep 2023 134.97 127.12
Aug 2023 146.89 138.01
Jul 2023 142.9 133.68
Jun 2023 139.62 130.36
May 2023 129.56 120.58
Apr 2023 113.59 105.45
Mar 2023 111.83 103.29
Feb 2023 102.36 94.23
Jan 2023 112.65 103.13
Dec 2022 92.49 84
Nov 2022 105.97 96.54
Oct 2022 112.33 102.44
Sep 2022 124.41 113
Aug 2022 139.87 126.77
Jul 2022 148.85 134.95
Jun 2022 117.13 106.21
May 2022 134.39 120.21
Apr 2022 140.48 124.28
Mar 2022 185.27 163
Feb 2022 176.87 153.56
Jan 2022 173.85 149.57
Dec 2021 195.41 166.72
Nov 2021 206.16 175.35
Oct 2021 199.22 168.62
Sep 2021 195.67 164.25
Aug 2021 207.3 173.54
Jul 2021 199.16 166.38
Jun 2021 206.88 172.01
May 2021 195.63 161.15
Apr 2021 212.15 173.37
Mar 2021 190.86 154.7
Feb 2021 192.14 154.65
Jan 2021 200.27 160.31
Dec 2020 204.3 162.85
Nov 2020 198.91 158.4
Oct 2020 190.52 151.81
Sep 2020 197.66 157.44
Aug 2020 216.94 172.55
Jul 2020 199.57 158.23
Jun 2020 174.85 137.94
May 2020 155.65 122.12
Apr 2020 157.66 123.7
Mar 2020 123.42 97.49
Feb 2020 118.99 94.19
Jan 2020 127.23 100.44
Dec 2019 117.49 92.39
Nov 2019 114.4 90.04
Oct 2019 112.8 88.83
Sep 2019 110.47 86.8
Aug 2019 113.13 88.81
Jul 2019 118.88 93.34
Jun 2019 120.79 94.68
May 2019 113.25 88.75
Apr 2019 123.18 96.33
Mar 2019 114.46 89.04
Feb 2019 106 81.99
Jan 2019 111.57 85.94
Dec 2018 97.68 75.1
Nov 2018 109.57 84.51
Oct 2018 103.25 79.9
Sep 2018 129.65 100.15
Aug 2018 130.43 100.64
Jul 2018 115.24 88.87
Jun 2018 110.22 84.99
May 2018 105.83 81.48
Apr 2018 102.13 78.31
Mar 2018 94.76 72.37
Feb 2018 99.25 75.62
Jan 2018 95.64 72.54
Dec 2017 77.51 58.47
Nov 2017 77.95 58.84
Oct 2017 73.22 55.26
Sep 2017 63.64 48.07
Aug 2017 65.26 49.03
Jul 2017 65.93 49.39
Jun 2017 64.57 48.4
May 2017 66.4 49.73
Apr 2017 61.81 46.25
Mar 2017 59.41 44.33
Feb 2017 56.68 42.25
Jan 2017 55.41 41.17
Dec 2016 50.75 37.49
Nov 2016 50.81 37.53
Oct 2016 53.39 39.49
Sep 2016 56.67 41.87
Aug 2016 52.18 38.46
Jul 2016 51.53 37.94
Jun 2016 48.51 35.78
May 2016 49.16 36.14
Apr 2016 45.04 32.98
Mar 2016 40.73 29.68
Feb 2016 38.07 27.63
Jan 2016 40.48 29.35
Dec 2015 46.69 33.79
Nov 2015 45.77 33.24
Oct 2015 43 31.3
Sep 2015 35.15 25.59
Aug 2015 35.16 25.64
Jul 2015 36.71 26.81
Jun 2015 29.72 21.7
May 2015 29.49 21.46
Apr 2015 29.13 21.09
Mar 2015 25.75 18.6
Feb 2015 26.46 19.01
Jan 2015 24.79 17.73
Dec 2014 21.6 15.52
Nov 2014 23.43 16.93
Oct 2014 21.02 15.27
Sep 2014 22.13 16.12
Aug 2014 23.29 16.95
Jul 2014 21.46 15.65
Jun 2014 22.26 16.24
May 2014 21.47 15.63
Apr 2014 20.96 15.21
Mar 2014 23.26 16.82
Feb 2014 25.2 18.1
Jan 2014 25.05 17.93
Dec 2013 27.96 19.94
Nov 2013 27.59 19.68
Oct 2013 25.47 18.2
Sep 2013 21.82 15.63
Aug 2013 19.63 14.05
Jul 2013 21.07 15.06
Jun 2013 19.43 13.88
May 2013 18.88 13.46
Apr 2013 17.83 12.69
Mar 2013 18.71 13.32
Feb 2013 18.6 13.21
Jan 2013 18.84 13.27
Dec 2012 17.85 12.54
Nov 2012 17.89 12.6
Oct 2012 16.45 11.64
Sep 2012 17.96 12.72
Aug 2012 17.61 12.41
Jul 2012 16.64 11.66
Jun 2012 16.26 11.42
May 2012 15.14 10.65
Apr 2012 16.47 11.6
Mar 2012 14.42 10.13
Feb 2012 12.9 8.98
Jan 2012 14.02 9.72
Dec 2011 12.53 8.65
Nov 2011 13.89 9.61
Oct 2011 15.41 10.68
Sep 2011 15.57 10.81
Aug 2011 15.52 10.76
Jul 2011 16.09 11.13
Jun 2011 14.8 10.22
May 2011 14.22 9.83
Apr 2011 14.23 9.79
Mar 2011 13.17 9.01
Feb 2011 12.79 8.66
Jan 2011 12.59 8.48
Dec 2010 13.42 9
Nov 2010 13.1 8.77
Oct 2010 12.34 8.26
Sep 2010 11.75 7.85
Aug 2010 9.34 6.24
Jul 2010 8.84 5.89
Jun 2010 8.19 5.46
May 2010 9.4 6.27
Apr 2010 10.28 6.86
Mar 2010 10.19 6.79
Feb 2010 8.93 5.92
Jan 2010 9.46 6.27
Dec 2009 10.18 6.73
Nov 2009 10.27 6.8
Oct 2009 8.98 5.94
Sep 2009 7.06 4.67
Aug 2009 6.15 4.06
Jul 2009 6.51 4.29
Jun 2009 6.34 4.18
May 2009 5.96 3.9
Apr 2009 6.17 4.03
Mar 2009 5.64 3.67
Feb 2009 4.99 3.24
Jan 2009 4.55 2.94
Dec 2008 3.99 2.56
Nov 2008 3.28 2.13
Oct 2008 4.32 2.86
Sep 2008 5.43 3.64
Aug 2008 6.03 4.04
Jul 2008 5.67 3.82
Jun 2008 5.48 3.67
May 2008 6.16 4.08
Apr 2008 5.98 3.93
Mar 2008 5.46 3.57
Feb 2008 4.98 3.22
Jan 2008 6.01 3.88
Dec 2007 7.21 4.63
Nov 2007 7.04 4.53
Oct 2007 6.97 4.46
Sep 2007 7.3 4.66
Aug 2007 6.28 4
Jul 2007 6.16 3.93
Jun 2007 5.36 3.42
May 2007 5.43 3.46
Apr 2007 4.85 3.07
Mar 2007 3.17 1.99
Feb 2007 3.14 1.96
Jan 2007 3.04 1.88
Dec 2006 3.19 1.97
Nov 2006 3.27 2.02
Oct 2006 3.08 1.9
Sep 2006 2.59 1.61
Aug 2006 2.47 1.54
Jul 2006 2.16 1.34
Jun 2006 3.11 1.93
May 2006 2.79 1.73
Apr 2006 2.86 1.76
Mar 2006 2.99 1.83
Feb 2006 3.08 1.87
Jan 2006 3.69 2.24
Dec 2005 3.91 2.36
Nov 2005 4.01 2.42
Oct 2005 3.27 1.99
Sep 2005 3.72 2.27
Aug 2005 3.55 2.13
Jul 2005 3.78 2.26
Jun 2005 2.78 1.65
May 2005 2.98 1.78
Apr 2005 2.72 1.62
Mar 2005 2.9 1.71
Feb 2005 3 1.76
Jan 2005 3.7 2.16
Dec 2004 3.8 2.21
Nov 2004 3.39 1.98
Oct 2004 2.92 1.71
Sep 2004 3.52 2.04
Aug 2004 3.29 1.91
Jul 2004 3.36 1.95
Jun 2004 4.69 2.72
May 2004 4.19 2.42
Apr 2004 3.79 2.18
Mar 2004 3.77 2.16
Feb 2004 3.77 2.15
Jan 2004 4.45 2.52
Dec 2003 4.67 2.63
Nov 2003 4.78 2.7
Oct 2003 4.81 2.72
Sep 2003 4.27 2.42
Aug 2003 4.1 2.32
Jul 2003 3.7 2.08
Jun 2003 3.23 1.82
May 2003 3.2 1.79
Apr 2003 2.55 1.43
Mar 2003 2.31 1.3
Feb 2003 1.96 1.1
Jan 2003 1.96 1.09
Dec 2002 1.71 0.94
Nov 2002 2.1 1.17
Oct 2002 1.74 0.97
Sep 2002 1.44 0.8
Aug 2002 1.35 0.75
Jul 2002 1.31 0.72
Jun 2002 1.48 0.81
May 2002 1.66 0.91
Apr 2002 1.52 0.83
Mar 2002 1.31 0.71
Feb 2002 1.3 0.7
Jan 2002 1.31 0.71
Dec 2001 1 0.54
Nov 2001 1.04 0.57
Oct 2001 0.64 0.35
Sep 2001 0.55 0.3
Aug 2001 0.82 0.45
Jul 2001 1.15 0.62
Jun 2001 1.3 0.71
May 2001 1.53 0.83
Apr 2001 1.46 0.79
Mar 2001 0.95 0.51
Feb 2001 0.95 0.51
Jan 2001 1.62 0.87
Dec 2000 1.46 0.78
Nov 2000 2.32 1.23
Oct 2000 3.44 1.83
Sep 2000 3.62 1.92
Aug 2000 3.92 2.08
Jul 2000 2.85 1.51
Jun 2000 3.44 1.82
May 2000 4.6 2.42
Apr 2000 5.26 2.76
Mar 2000 6.39 3.35
Feb 2000 6.63 3.44
Jan 2000 6.25 3.23
Dec 1999 7.39 3.81
Nov 1999 8.26 4.25
Oct 1999 6.86 3.53
Sep 1999 7.78 4
Aug 1999 6.08 3.11
Jul 1999 4.9 2.5
Jun 1999 6.15 3.13
May 1999 5.84 2.97
Apr 1999 8.46 4.3
Mar 1999 8.53 4.3
Feb 1999 6.36 3.2
Jan 1999 5.81 2.92
Dec 1998 5.34 2.68
Nov 1998 3.19 1.6
Oct 1998 2.1 1.05
Sep 1998 1.86 0.93
Aug 1998 1.4 0.7
Jul 1998 1.85 0.92
Jun 1998 1.67 0.83
May 1998 0.74 0.37
Apr 1998 0.77 0.38
Mar 1998 0.72 0.36
Feb 1998 0.65 0.32
Jan 1998 0.5 0.25
Dec 1997 0.51 0.25
Nov 1997 0.42 0.21
Oct 1997 0.51 0.25
Sep 1997 0.44 0.22
Aug 1997 0.24 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 February 28, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year -3.41% -1.07%
Last 3 years 27.07% 30.62%
Last 5 years 1.79% 6.31%
Last 10 years 18.62% 22.49%
Last 20 years 23.51% 26.62%

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 September 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 41.98% nominal gain, but the real return (the actual increase in buying power) was 14.97%.

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 2021 - Sep 2025 $141.98 41.98% 14.97%
Last 10 years Feb 2016 - Sep 2025 $794.79 694.79% 480.22%
Last 25 years Feb 2001 - Sep 2025 $43,105.77 43,006% 23,231%

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
Mar 13, 2026
207.67
Highest
Nov 3, 2025
254
Highest, Inflation-Adjusted
Nov 3, 2025
256.09
Annualized return
Since May 15, 1997
30.44%
Annualized return, Inflation-Adjusted
Since May 15, 1997
27.25%

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Other Inflation-Adjusted Data