Common-Size Balance Sheet: Assets
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Amazon.com Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 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).
A structural shift in the asset composition is evident, characterized by a transition from current assets toward long-term investments. Current assets as a percentage of total assets declined from a peak of 39.09% in June 2021 to 27.84% by March 2026. Conversely, long-term assets expanded from approximately 62% of the total balance sheet to 72.16% over the same period, indicating a strategic pivot toward long-term infrastructure and capital expenditure.
- Liquidity and Working Capital Trends
- Cash and cash equivalents have remained relatively stable, generally oscillating between 8% and 14%, though a peak of 13.90% was observed in December 2023. However, marketable securities experienced a significant and sustained contraction, falling from 14.23% in December 2021 to 4.50% by December 2025. This suggests a reduction in the proportion of highly liquid, interest-bearing instruments relative to total assets. Inventories also show a consistent downward trend, decreasing from 8.09% in September 2021 to 3.99% by March 2026, which may reflect improved inventory management efficiency or a shift in the operational model.
- Fixed Asset and Infrastructure Growth
- Property and equipment, net, have increased their share of the total asset base, rising from 37.60% in March 2021 to 43.36% by March 2026. This upward trajectory highlights a sustained investment in physical capacity. In contrast, operating leases as a percentage of total assets have trended downward, moving from 12.17% in early 2021 to 9.68% by March 2026, suggesting a potential shift from leased assets to owned assets.
- Intangibles and Miscellaneous Assets
- Goodwill has steadily declined as a proportion of total assets, dropping from 4.71% in March 2021 to 2.56% by March 2026, likely due to amortization or the growth of the overall asset base outpacing goodwill acquisition. Notably, other assets have seen a substantial increase, growing from 7.94% in March 2021 to 16.56% by March 2026, becoming a more significant component of the long-term asset portfolio.