Common-Size Balance Sheet: Assets
Quarterly Data
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Amazon.com Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of assets exhibited notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A general trend indicates a move away from highly liquid assets towards a greater proportion of long-term assets, particularly property and equipment, and other assets. Current assets, while remaining a significant portion of the total, demonstrated a slight decreasing trend over the entire period.
- Cash and Cash Equivalents
- The percentage of total assets held as cash and cash equivalents fluctuated considerably. A decrease was observed from 10.47% in March 2021 to a low of 7.83% in September 2021, followed by an increase to 13.90% in December 2023. Subsequently, this percentage declined to 10.61% by December 2025, suggesting a dynamic approach to cash management, potentially influenced by operational needs and investment opportunities.
- Marketable Securities
- Marketable securities experienced a substantial decline as a percentage of total assets, decreasing from 12.21% in March 2021 to 4.43% in December 2023. A slight recovery occurred in the later periods, reaching 5.20% in June 2025 and 4.43% in December 2025, but remained significantly lower than the initial levels. This suggests a shift in investment strategy or utilization of these funds for other purposes.
- Inventories
- The proportion of assets allocated to inventories remained relatively stable, generally fluctuating between 6.15% and 9.09% throughout the period. A slight downward trend was noticeable towards the end of the period, with inventories representing 4.68% of total assets in December 2025, potentially indicating improved inventory management or increased sales velocity.
- Accounts Receivable, Net and Other
- Accounts receivable, net and other, consistently represented a significant portion of current assets, generally increasing from 7.52% in March 2021 to a peak of 9.90% in December 2023. A slight decrease was observed in the final periods, settling at 8.28% in December 2025. This suggests a correlation with sales activity and credit policies.
- Property and Equipment, Net
- Property and equipment, net, demonstrated a consistent upward trend, increasing from 37.60% in March 2021 to 42.41% in March 2025, and then slightly decreasing to 43.64% in December 2025. This indicates a continued investment in fixed assets, potentially supporting business expansion and operational improvements.
- Operating Leases
- The percentage of assets represented by operating leases generally decreased over the period, from 12.17% in March 2021 to 10.52% in December 2025. This could be attributed to changes in leasing strategies or a reduction in reliance on leased assets.
- Goodwill
- Goodwill as a percentage of total assets exhibited a decreasing trend, declining from 4.71% in March 2021 to 2.84% in December 2025. This suggests potential write-downs or a shift away from acquisitions contributing to goodwill.
- Other Assets
- Other assets showed a significant increase as a percentage of total assets, rising from 7.94% in March 2021 to 14.99% in December 2025. This substantial growth warrants further investigation to understand the composition of these assets and their impact on the overall financial position.
In summary, the asset composition shifted towards a greater reliance on long-term assets, particularly property and equipment and other assets, while liquid assets like cash and marketable securities decreased proportionally. These changes suggest a strategic focus on long-term growth and operational investment.