Stock Analysis on Net
Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Amazon.com Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Accounts payable 13.61 14.90 14.57 14.41 13.87 15.10 14.47 14.75 13.76 16.10 14.79 14.55 14.41 17.20 15.82 16.97 16.69 18.71 18.69 18.34 19.79
Current portion of operating lease liabilities 1.37 1.55 1.63 1.70 1.69 1.69 1.59 1.57 1.62 1.59 1.66 1.67 1.67 1.61 1.64 1.60 1.62 1.51 1.55 1.45 1.50
Current portion of finance lease liabilities 0.17 0.19 0.20 0.20 0.21 0.22 0.24 0.26 0.31 0.38 0.49 0.63 0.79 0.95 1.18 1.38 1.67 1.92 2.28 2.62 3.05
Current portion of long-term debt 0.31 0.34 0.55 0.73 0.78 0.80 0.90 1.34 1.67 1.61 1.23 0.84 0.43 0.65 0.99 1.19 0.65 0.35 0.26 0.32 0.36
Other 5.91 7.16 6.97 7.18 7.63 8.01 7.64 7.70 8.46 8.67 8.70 10.31 11.40 10.31 10.19 9.23 10.22 8.53 6.78 6.99 7.76
Accrued expenses and other 7.76% 9.23% 9.35% 9.82% 10.31% 10.72% 10.37% 10.88% 12.05% 12.26% 12.08% 13.45% 14.29% 13.52% 14.00% 13.40% 14.15% 12.31% 10.86% 11.38% 12.67%
Unearned revenue 2.28 2.52 2.90 3.18 3.20 2.90 2.79 2.88 3.00 2.88 2.96 3.04 3.08 2.86 2.95 3.05 3.12 2.81 2.87 2.97 3.26
Current liabilities 23.65% 26.65% 26.82% 27.40% 27.39% 28.71% 27.62% 28.51% 28.81% 31.24% 29.83% 31.04% 31.78% 33.59% 32.77% 33.42% 33.96% 33.83% 32.42% 32.69% 35.72%
Long-term operating lease liabilities, excluding current portion 8.63 9.36 10.22 10.76 11.01 11.05 12.04 12.38 12.70 12.73 13.52 13.69 13.67 13.31 13.48 12.84 12.57 12.36 12.56 11.12 11.19
Long-term finance lease liabilities, excluding current portion 1.28 1.31 1.42 1.44 1.40 1.48 1.61 1.69 1.81 1.91 2.07 2.18 2.32 2.46 2.71 3.01 3.43 3.73 4.13 4.50 5.24
Long-term lease liabilities, excluding current portion 9.91% 10.68% 11.63% 12.20% 12.42% 12.53% 13.65% 14.07% 14.51% 14.64% 15.59% 15.88% 15.99% 15.77% 16.19% 15.85% 16.00% 16.09% 16.70% 15.62% 16.43%
Long-term debt, excluding current portion 12.99 8.03 6.97 7.43 8.30 8.42 9.39 9.89 10.85 11.05 12.55 13.21 14.45 14.51 13.75 13.83 11.58 11.59 13.09 13.95 9.86
Other long-term liabilities 5.24 4.40 3.80 4.04 4.35 4.58 5.01 4.91 5.02 4.82 4.46 4.58 4.51 4.56 5.20 5.59 5.84 5.62 6.26 5.87 6.01
Long-term liabilities 28.14% 23.10% 22.41% 23.67% 25.06% 25.52% 28.05% 28.87% 30.39% 30.51% 32.59% 33.66% 34.95% 34.85% 35.14% 35.27% 33.42% 33.30% 36.05% 35.45% 32.30%
Total liabilities 51.79% 49.75% 49.22% 51.07% 52.45% 54.24% 55.67% 57.38% 59.20% 61.76% 62.42% 64.70% 66.72% 68.44% 67.90% 68.69% 67.38% 67.13% 68.47% 68.14% 68.02%
Preferred stock, $0.01 par value; no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.00 0.00 0.00 0.00 0.00
Treasury stock, at cost -0.85 -0.96 -1.08 -1.15 -1.22 -1.25 -1.34 -1.41 -1.48 -1.48 -1.61 -1.64 -1.69 -1.69 -1.83 -1.87 -1.10 -0.44 -0.48 -0.51 -0.57
Additional paid-in capital 15.71 17.12 18.64 19.19 19.36 19.34 19.83 19.94 19.58 18.76 19.04 18.19 17.20 16.22 16.21 15.22 14.31 13.21 13.57 13.52 13.98
Accumulated other comprehensive income (loss) 2.71 3.45 1.69 0.35 -0.14 -0.01 -0.33 -0.72 -0.68 -0.58 -1.03 -0.77 -0.86 -0.97 -1.66 -1.14 -0.58 -0.33 -0.28 -0.15 -0.21
Retained earnings 30.63 30.63 31.51 30.51 29.54 27.66 26.15 24.79 23.36 21.52 21.15 19.50 18.60 17.98 19.36 19.07 19.98 20.43 18.72 18.99 18.78
Stockholders’ equity 48.21% 50.25% 50.78% 48.93% 47.55% 45.76% 44.33% 42.62% 40.80% 38.24% 37.58% 35.30% 33.28% 31.56% 32.10% 31.31% 32.62% 32.87% 31.53% 31.86% 31.98%
Total liabilities and stockholders’ equity 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: 2026-03-31), 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).

The capital structure exhibits a significant transition from a liability-driven model toward a more equity-heavy composition over the analyzed period. Total liabilities decreased from 68.02% in March 2021 to 51.79% by March 2026, while stockholders' equity increased from 31.98% to 48.21% during the same timeframe. This shift indicates a strengthening of the balance sheet's long-term solvency and a reduction in overall financial leverage.

Current Liabilities Trends
A consistent downward trajectory is observed in current liabilities, which fell from 35.72% to 23.65%. This is primarily driven by a reduction in accounts payable, which declined from 19.79% to 13.61%, and accrued expenses, which dropped from 12.67% to 7.76%. The current portion of finance lease liabilities also experienced a sharp contraction, falling from 3.05% to 0.17%, suggesting a shift in lease structuring or the expiration of short-term obligations.
Long-Term Obligation Patterns
Long-term liabilities experienced a general decline, although the trend was more volatile than that of current liabilities. Long-term lease liabilities decreased steadily from 16.43% to 9.91%. Long-term debt, excluding the current portion, showed significant fluctuations; it generally trended downward from 9.86% to a low of 6.97% in September 2025 before spiking to 12.99% in March 2026, indicating a recent increase in long-term borrowing.
Equity Composition and Growth
The expansion of stockholders' equity is largely attributable to the rise in retained earnings, which climbed from 18.78% to 30.63%. This pattern reflects consistent profit accumulation and retention over the period. Additional paid-in capital peaked at 19.94% in June 2024 before moderating to 15.71% by March 2026. Treasury stock remained a relatively small negative component, fluctuating between -0.44% and -1.87%, suggesting a modest program of share repurchases.

Overall, the financial data reveals a strategic deleveraging process characterized by a reduction in short-term operational liabilities and a substantial increase in the equity base. Despite a late surge in long-term debt, the company has fundamentally altered its balance sheet to rely more heavily on internal funding via retained earnings than on external creditors.

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