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Amazon.com Inc. (NASDAQ:AMZN)

Common-Size Balance Sheet: Assets
Quarterly Data

Amazon.com Inc., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 7.14 11.11 10.61 9.19 8.46 10.29 12.61 12.84 12.83 13.72 13.90 10.19 10.37 10.63 11.65 8.16 8.93 8.86 8.61 7.83 11.21 10.47
Marketable securities 4.09 4.50 4.43 3.75 5.20 4.41 3.59 2.22 3.23 2.30 2.54 2.99 3.02 3.24 3.49 5.54 5.54 7.30 14.23 12.83 13.74 12.21
Inventories 3.48 3.99 4.68 5.70 5.98 5.58 5.48 6.18 6.15 5.87 6.31 7.27 7.66 7.36 7.44 8.56 9.09 8.52 7.76 8.09 6.69 7.38
Accounts receivable, net and other 8.04 8.24 8.28 8.40 8.42 8.43 8.87 8.83 9.03 9.00 9.90 8.92 8.36 8.11 9.16 8.44 8.29 7.91 7.82 7.48 7.45 7.52
Current assets 22.75% 27.84% 28.00% 27.04% 28.06% 28.70% 30.54% 30.07% 31.24% 30.88% 32.65% 29.37% 29.41% 29.33% 31.73% 30.69% 31.85% 32.59% 38.42% 36.23% 39.09% 37.58%
Property and equipment, net 40.71 43.36 43.64 44.57 43.63 42.41 40.43 40.70 39.78 39.54 38.68 40.35 40.57 41.08 40.36 41.37 41.39 41.01 38.11 38.48 37.05 37.60
Operating leases 8.46 9.68 10.52 11.46 12.04 12.20 12.18 13.09 13.44 13.81 13.74 14.53 14.73 14.70 14.29 14.48 13.92 13.67 13.34 13.64 12.03 12.17
Goodwill 2.15 2.56 2.84 3.20 3.39 3.59 3.69 3.95 4.12 4.29 4.32 4.67 4.77 4.90 4.38 4.71 4.81 4.92 3.65 4.01 4.26 4.71
Other assets 25.93 16.56 14.99 13.72 12.88 13.10 13.15 12.20 11.42 11.48 10.61 11.07 10.52 9.99 9.24 8.75 8.04 7.80 6.48 7.64 7.57 7.94
Long-term assets 77.25% 72.16% 72.00% 72.96% 71.94% 71.30% 69.46% 69.93% 68.76% 69.12% 67.35% 70.63% 70.59% 70.67% 68.27% 69.31% 68.15% 67.41% 61.58% 63.77% 60.91% 62.42%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 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).

An analysis of the asset composition reveals a systemic shift in the balance sheet structure, characterized by a transition from high liquidity to a higher concentration of long-term assets. Over the observed period, total current assets as a percentage of total assets declined from a peak of 39.09% in June 2021 to 22.75% by June 2026, while total long-term assets rose from 62.42% to 77.25% during the same timeframe.

Liquidity and Short-Term Asset Trends
A significant reduction in liquid reserves is evident, primarily driven by a sharp decline in marketable securities, which dropped from 13.74% in June 2021 to 4.09% by June 2026. While cash and cash equivalents remained relatively volatile, fluctuating between 7.14% and 13.90%, the overall trend in current assets reflects a leaner approach to short-term holdings. Additionally, inventories as a percentage of total assets exhibited a consistent downward trajectory, moving from 7.38% in March 2021 to 3.48% by June 2026, suggesting improved inventory turnover or a shift in asset allocation.
Fixed Asset and Infrastructure Investment
Property and equipment, net, maintained a dominant position throughout the period, generally trending upward from approximately 37% to a peak of 44.57% in September 2025, before settling at 40.71% in June 2026. This indicates a sustained commitment to capital expenditure and infrastructure expansion. Conversely, operating leases as a percentage of total assets saw a gradual decline from 12.17% in early 2021 to 8.46% by mid-2026, suggesting a potential shift from leased to owned assets.
Long-Term Intangibles and Other Assets
Goodwill showed a steady erosion in its relative weight on the balance sheet, decreasing from 4.71% to 2.15%. The most notable expansion occurred within other assets, which experienced an aggressive increase from 7.94% in March 2021 to 25.93% by June 2026. This surge, particularly accelerated in the final quarters of the data set, represents the primary driver behind the growth of total long-term assets.
Overall Balance Sheet Structural Change
The data indicates a strategic pivot toward a more capital-intensive asset base. The combination of decreasing marketable securities, shrinking inventory levels, and a substantial increase in other long-term assets suggests a reallocation of capital away from liquid reserves toward long-term strategic investments and fixed infrastructure.

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