Analysis of Debt
Total Debt (Carrying Amount)
Amazon.com Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total debt and finance leases exhibited fluctuations over the five-year period. An initial increase was followed by a decline and subsequent rise, indicating a dynamic debt management strategy. A detailed examination of the components reveals specific trends within short-term and long-term obligations.
- Short-Term Debt
- The current portion of long-term debt demonstrated a significant increase from 2021 to 2022, rising from US$1,491 million to US$2,999 million. This was followed by a substantial increase in 2023 to US$8,494 million, before decreasing to US$5,017 million in 2024 and further to US$2,748 million in 2025. The current portion of lease liabilities, finance leases, consistently decreased from 2021 to 2024, falling from US$8,083 million to US$1,375 million, before experiencing a slight increase to US$1,544 million in 2025. The combined effect suggests a shifting pattern of debt maturity scheduling and potential refinancing activities.
- Long-Term Debt
- Long-term debt, excluding the current portion, increased considerably from 2021 to 2022, moving from US$48,744 million to US$67,150 million. A decrease was then observed in 2023 to US$58,314 million, followed by a further decline to US$52,623 million in 2024. However, it increased again in 2025 to US$65,648 million. Long-term lease liabilities, excluding the current portion, decreased from US$15,670 million in 2021 to US$10,077 million in 2023, then stabilized around US$9,227 million in 2024, before increasing to US$10,742 million in 2025. These trends indicate active management of long-term financing, potentially influenced by interest rate environments and capital expenditure requirements.
- Total Debt Trend
- Total debt and finance leases (carrying amount) increased from US$73,988 million in 2021 to US$85,932 million in 2022. A subsequent decrease was noted in 2023 to US$78,917 million, continuing to US$68,242 million in 2024. The final year, 2025, saw an increase to US$80,682 million. This overall pattern suggests a period of increased borrowing followed by debt reduction efforts, and then a renewed increase in debt levels. The fluctuations may be linked to strategic investments, acquisitions, or changes in operational financing needs.
The observed changes in both short-term and long-term debt components suggest a proactive approach to debt management, potentially optimizing the cost of capital and aligning debt structure with business objectives. Further investigation into the specific terms of debt issuances and repayments would provide a more comprehensive understanding of these trends.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Notes | 61,100) |
| Credit Facility | —) |
| Other long-term debt | 836) |
| Present value of lease liabilities, finance leases | 12,286) |
| Total debt and finance leases (fair value) | 74,222) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.92 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt and finance leases: 4.12%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 5.12% | 2,750) | 141) | |
| 4.33% | 12,000) | 520) | |
| 2.77% | 7,750) | 215) | |
| 3.31% | 15,000) | 496) | |
| 4.15% | 9,750) | 405) | |
| 4.74% | 5,750) | 273) | |
| 5.62% | 15,000) | 843) | |
| 3.40% | 12,286) | 418) | |
| Total | 80,286) | 3,309) | |
| 4.12% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 3,309 ÷ 80,286 = 4.12%