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 September 2026 as the baseline (latest available CPI).

The current value of Amazon stock is 243.79 (as of the close of Oct 29, 2026), 14.16% lower than the all-time high of 284.02 (Aug 3, 2026).

Since May 15, 1997, the inflation-adjusted total return for the stock has been 118,203%, which is equivalent to an annual growth rate of 27.15%.

In nominal values, the total return since this date has been 248,876%, or an annualized rate of 30.4%.

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 same present-value method used by the US Inflation Calculator to compare dollar amounts across different years. 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
Oct 2026 243.79 243.79
Sep 2026 249.15 249.15
Aug 2026 261.29 259.77
Jul 2026 274.04 271.58
Jun 2026 240.47 238.34
May 2026 272.11 270.64
Apr 2026 268.18 265.06
Mar 2026 212.51 208.27
Feb 2026 216.53 210
Jan 2026 247.9 239.3
Dec 2025 240 230.82
Nov 2025 242.44 233.22
Oct 2025 244.22 244.22
Sep 2025 227.78 219.57
Aug 2025 238.16 229
Jul 2025 244.18 234.11
Jun 2025 229.17 219.39
May 2025 214.88 205.01
Apr 2025 193.7 184.42
Mar 2025 200.46 190.26
Feb 2025 224.16 212.28
Jan 2025 252.1 237.68
Dec 2024 234.22 219.39
Nov 2024 222.02 207.89
Oct 2024 198.96 186.4
Sep 2024 199.12 186.33
Aug 2024 191.06 178.5
Jul 2024 200.3 186.98
Jun 2024 207.25 193.25
May 2024 189.29 176.44
Apr 2024 188.06 175
Mar 2024 194.59 180.38
Feb 2024 191.92 176.76
Jan 2024 169.55 155.2
Dec 2023 166.9 151.94
Nov 2023 160.31 146.09
Oct 2023 145.75 133.09
Sep 2023 139.16 127.12
Aug 2023 151.46 138.01
Jul 2023 147.35 133.68
Jun 2023 143.96 130.36
May 2023 133.59 120.58
Apr 2023 117.12 105.45
Mar 2023 115.3 103.29
Feb 2023 105.54 94.23
Jan 2023 116.15 103.13
Dec 2022 95.36 84
Nov 2022 109.26 96.54
Oct 2022 115.82 102.44
Sep 2022 128.28 113
Aug 2022 144.22 126.77
Jul 2022 153.47 134.95
Jun 2022 120.77 106.21
May 2022 138.57 120.21
Apr 2022 144.84 124.28
Mar 2022 191.02 163
Feb 2022 182.37 153.56
Jan 2022 179.26 149.57
Dec 2021 201.48 166.72
Nov 2021 212.57 175.35
Oct 2021 205.41 168.62
Sep 2021 201.75 164.25
Aug 2021 213.74 173.54
Jul 2021 205.35 166.38
Jun 2021 213.31 172.01
May 2021 201.71 161.15
Apr 2021 218.74 173.37
Mar 2021 196.79 154.7
Feb 2021 198.11 154.65
Jan 2021 206.49 160.31
Dec 2020 210.65 162.85
Nov 2020 205.1 158.4
Oct 2020 196.44 151.81
Sep 2020 203.81 157.44
Aug 2020 223.68 172.55
Jul 2020 205.77 158.23
Jun 2020 180.29 137.94
May 2020 160.48 122.12
Apr 2020 162.56 123.7
Mar 2020 127.26 97.49
Feb 2020 122.68 94.19
Jan 2020 131.18 100.44
Dec 2019 121.14 92.39
Nov 2019 117.95 90.04
Oct 2019 116.31 88.83
Sep 2019 113.9 86.8
Aug 2019 116.64 88.81
Jul 2019 122.58 93.34
Jun 2019 124.55 94.68
May 2019 116.77 88.75
Apr 2019 127.01 96.33
Mar 2019 118.02 89.04
Feb 2019 109.29 81.99
Jan 2019 115.03 85.94
Dec 2018 100.72 75.1
Nov 2018 112.98 84.51
Oct 2018 106.46 79.9
Sep 2018 133.67 100.15
Aug 2018 134.48 100.64
Jul 2018 118.82 88.87
Jun 2018 113.64 84.99
May 2018 109.12 81.48
Apr 2018 105.31 78.31
Mar 2018 97.71 72.37
Feb 2018 102.33 75.62
Jan 2018 98.61 72.54
Dec 2017 79.92 58.47
Nov 2017 80.37 58.84
Oct 2017 75.49 55.26
Sep 2017 65.62 48.07
Aug 2017 67.29 49.03
Jul 2017 67.98 49.39
Jun 2017 66.58 48.4
May 2017 68.47 49.73
Apr 2017 63.73 46.25
Mar 2017 61.26 44.33
Feb 2017 58.44 42.25
Jan 2017 57.13 41.17
Dec 2016 52.33 37.49
Nov 2016 52.39 37.53
Oct 2016 55.05 39.49
Sep 2016 58.43 41.87
Aug 2016 53.8 38.46
Jul 2016 53.13 37.94
Jun 2016 50.02 35.78
May 2016 50.69 36.14
Apr 2016 46.44 32.98
Mar 2016 42 29.68
Feb 2016 39.26 27.63
Jan 2016 41.74 29.35
Dec 2015 48.14 33.79
Nov 2015 47.19 33.24
Oct 2015 44.33 31.3
Sep 2015 36.24 25.59
Aug 2015 36.26 25.64
Jul 2015 37.85 26.81
Jun 2015 30.65 21.7
May 2015 30.41 21.46
Apr 2015 30.03 21.09
Mar 2015 26.55 18.6
Feb 2015 27.29 19.01
Jan 2015 25.56 17.73
Dec 2014 22.27 15.52
Nov 2014 24.16 16.93
Oct 2014 21.67 15.27
Sep 2014 22.82 16.12
Aug 2014 24.01 16.95
Jul 2014 22.13 15.65
Jun 2014 22.96 16.24
May 2014 22.13 15.63
Apr 2014 21.61 15.21
Mar 2014 23.98 16.82
Feb 2014 25.98 18.1
Jan 2014 25.83 17.93
Dec 2013 28.83 19.94
Nov 2013 28.45 19.68
Oct 2013 26.26 18.2
Sep 2013 22.49 15.63
Aug 2013 20.24 14.05
Jul 2013 21.72 15.06
Jun 2013 20.03 13.88
May 2013 19.47 13.46
Apr 2013 18.39 12.69
Mar 2013 19.29 13.32
Feb 2013 19.18 13.21
Jan 2013 19.42 13.27
Dec 2012 18.41 12.54
Nov 2012 18.44 12.6
Oct 2012 16.96 11.64
Sep 2012 18.52 12.72
Aug 2012 18.16 12.41
Jul 2012 17.16 11.66
Jun 2012 16.76 11.42
May 2012 15.61 10.65
Apr 2012 16.98 11.6
Mar 2012 14.87 10.13
Feb 2012 13.3 8.98
Jan 2012 14.45 9.72
Dec 2011 12.92 8.65
Nov 2011 14.32 9.61
Oct 2011 15.89 10.68
Sep 2011 16.06 10.81
Aug 2011 16.01 10.76
Jul 2011 16.59 11.13
Jun 2011 15.26 10.22
May 2011 14.66 9.83
Apr 2011 14.67 9.79
Mar 2011 13.58 9.01
Feb 2011 13.19 8.66
Jan 2011 12.98 8.48
Dec 2010 13.84 9
Nov 2010 13.51 8.77
Oct 2010 12.73 8.26
Sep 2010 12.11 7.85
Aug 2010 9.63 6.24
Jul 2010 9.11 5.89
Jun 2010 8.44 5.46
May 2010 9.69 6.27
Apr 2010 10.59 6.86
Mar 2010 10.51 6.79
Feb 2010 9.2 5.92
Jan 2010 9.75 6.27
Dec 2009 10.49 6.73
Nov 2009 10.58 6.8
Oct 2009 9.26 5.94
Sep 2009 7.28 4.67
Aug 2009 6.34 4.06
Jul 2009 6.71 4.29
Jun 2009 6.53 4.18
May 2009 6.14 3.9
Apr 2009 6.36 4.03
Mar 2009 5.82 3.67
Feb 2009 5.14 3.24
Jan 2009 4.69 2.94
Dec 2008 4.11 2.56
Nov 2008 3.39 2.13
Oct 2008 4.45 2.86
Sep 2008 5.6 3.64
Aug 2008 6.21 4.04
Jul 2008 5.85 3.82
Jun 2008 5.65 3.67
May 2008 6.35 4.08
Apr 2008 6.17 3.93
Mar 2008 5.63 3.57
Feb 2008 5.13 3.22
Jan 2008 6.2 3.88
Dec 2007 7.43 4.63
Nov 2007 7.26 4.53
Oct 2007 7.19 4.46
Sep 2007 7.53 4.66
Aug 2007 6.47 4
Jul 2007 6.35 3.93
Jun 2007 5.53 3.42
May 2007 5.6 3.46
Apr 2007 5 3.07
Mar 2007 3.26 1.99
Feb 2007 3.24 1.96
Jan 2007 3.14 1.88
Dec 2006 3.29 1.97
Nov 2006 3.37 2.02
Oct 2006 3.18 1.9
Sep 2006 2.67 1.61
Aug 2006 2.55 1.54
Jul 2006 2.23 1.34
Jun 2006 3.21 1.93
May 2006 2.88 1.73
Apr 2006 2.94 1.76
Mar 2006 3.08 1.83
Feb 2006 3.17 1.87
Jan 2006 3.81 2.24
Dec 2005 4.04 2.36
Nov 2005 4.13 2.42
Oct 2005 3.37 1.99
Sep 2005 3.84 2.27
Aug 2005 3.66 2.13
Jul 2005 3.89 2.26
Jun 2005 2.87 1.65
May 2005 3.08 1.78
Apr 2005 2.8 1.62
Mar 2005 2.99 1.71
Feb 2005 3.09 1.76
Jan 2005 3.82 2.16
Dec 2004 3.92 2.21
Nov 2004 3.5 1.98
Oct 2004 3.01 1.71
Sep 2004 3.62 2.04
Aug 2004 3.39 1.91
Jul 2004 3.46 1.95
Jun 2004 4.83 2.72
May 2004 4.32 2.42
Apr 2004 3.91 2.18
Mar 2004 3.89 2.16
Feb 2004 3.89 2.15
Jan 2004 4.58 2.52
Dec 2003 4.81 2.63
Nov 2003 4.93 2.7
Oct 2003 4.96 2.72
Sep 2003 4.41 2.42
Aug 2003 4.23 2.32
Jul 2003 3.81 2.08
Jun 2003 3.33 1.82
May 2003 3.3 1.79
Apr 2003 2.63 1.43
Mar 2003 2.38 1.3
Feb 2003 2.03 1.1
Jan 2003 2.03 1.09
Dec 2002 1.76 0.94
Nov 2002 2.17 1.17
Oct 2002 1.8 0.97
Sep 2002 1.48 0.8
Aug 2002 1.39 0.75
Jul 2002 1.35 0.72
Jun 2002 1.52 0.81
May 2002 1.71 0.91
Apr 2002 1.56 0.83
Mar 2002 1.35 0.71
Feb 2002 1.34 0.7
Jan 2002 1.35 0.71
Dec 2001 1.03 0.54
Nov 2001 1.08 0.57
Oct 2001 0.66 0.35
Sep 2001 0.56 0.3
Aug 2001 0.85 0.45
Jul 2001 1.19 0.62
Jun 2001 1.34 0.71
May 2001 1.58 0.83
Apr 2001 1.5 0.79
Mar 2001 0.98 0.51
Feb 2001 0.98 0.51
Jan 2001 1.67 0.87
Dec 2000 1.51 0.78
Nov 2000 2.39 1.23
Oct 2000 3.55 1.83
Sep 2000 3.73 1.92
Aug 2000 4.05 2.08
Jul 2000 2.94 1.51
Jun 2000 3.55 1.82
May 2000 4.75 2.42
Apr 2000 5.43 2.76
Mar 2000 6.59 3.35
Feb 2000 6.83 3.44
Jan 2000 6.44 3.23
Dec 1999 7.62 3.81
Nov 1999 8.51 4.25
Oct 1999 7.07 3.53
Sep 1999 8.02 4
Aug 1999 6.27 3.11
Jul 1999 5.06 2.5
Jun 1999 6.34 3.13
May 1999 6.02 2.97
Apr 1999 8.72 4.3
Mar 1999 8.79 4.3
Feb 1999 6.56 3.2
Jan 1999 6 2.92
Dec 1998 5.5 2.68
Nov 1998 3.29 1.6
Oct 1998 2.16 1.05
Sep 1998 1.92 0.93
Aug 1998 1.44 0.7
Jul 1998 1.91 0.92
Jun 1998 1.72 0.83
May 1998 0.76 0.37
Apr 1998 0.79 0.38
Mar 1998 0.74 0.36
Feb 1998 0.67 0.32
Jan 1998 0.51 0.25
Dec 1997 0.52 0.25
Nov 1997 0.43 0.21
Oct 1997 0.53 0.25
Sep 1997 0.45 0.22
Aug 1997 0.25 0.12
Jul 1997 0.25 0.12
Jun 1997 0.16 0.077
May 1997 0.16 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 September 30, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 9.38% 13.47%
Last 3 years 21.43% 25.15%
Last 5 years 4.31% 8.69%
Last 10 years 15.61% 19.53%
Last 20 years 25.46% 28.69%

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
Oct 29, 2026
243.79
Highest
Aug 3, 2026
284.02
Highest, Inflation-Adjusted
Aug 3, 2026
285.68
Annualized return
Since May 15, 1997
30.4%
Annualized return, Inflation-Adjusted
Since May 15, 1997
27.15%

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Other Inflation-Adjusted Data