Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
Amazon.com Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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 asset composition of the company demonstrates significant fluctuations and overall growth throughout the observed period. A notable trend is the increase in total assets from approximately US$323 billion in March 2021 to US$818 billion in December 2025. This growth is not linear, with periods of acceleration and deceleration.
- Cash and Cash Equivalents
- Cash and cash equivalents exhibited volatility. Initially increasing from US$33.8 billion to US$40.4 billion in the first half of 2021, it then decreased to US$29.9 billion by September 2021. A substantial increase is observed in late 2023 and early 2024, peaking at US$73.4 billion, before declining again to US$57.7 billion in June 2025, and then rising to US$86.8 billion by December 2025. This suggests active cash management and potentially strategic investments or financing activities.
- Marketable Securities
- Marketable securities followed a different pattern, peaking at US$59.8 billion in December 2021 and then declining consistently to US$16.1 billion by December 2022. A gradual recovery is seen through 2023, reaching US$36.2 billion by December 2025. This indicates a shift in asset allocation, potentially from liquid securities to other investments or operational needs.
- Inventories
- Inventory levels generally increased from US$23.8 billion in March 2021 to US$41.5 billion in September 2025, with some quarterly fluctuations. The increase suggests growing sales volume or potential build-up in anticipation of demand. The levels remained relatively stable between US$33 billion and US$39 billion from March 2022 to September 2024.
- Accounts Receivable, Net and Other
- Accounts receivable demonstrated a consistent upward trend, increasing from US$24.3 billion in March 2021 to US$67.7 billion in December 2025. This growth correlates with increased sales and potentially evolving credit terms. The most significant increase occurred between September 2022 and December 2023.
- Current Assets
- Current assets mirrored the trends of its components, increasing from US$121.4 billion in March 2021 to US$229.1 billion in December 2025. The substantial increase in December 2023 is largely driven by the increase in cash and cash equivalents and accounts receivable.
- Property and Equipment, Net
- Property and equipment, net, showed a steady increase throughout the period, rising from US$121.5 billion in March 2021 to US$357.0 billion in December 2025. This indicates significant investment in long-term assets to support business expansion. The rate of increase accelerated in the later years of the observed period.
- Operating Leases
- Operating leases also increased consistently, from US$39.3 billion in March 2021 to US$86.1 billion in December 2025, reflecting a growing reliance on leased assets. The growth rate is relatively stable throughout the period.
- Goodwill
- Goodwill experienced an initial increase from US$15.2 billion in March 2021 to US$20.2 billion in March 2022, followed by a gradual increase to US$23.3 billion by December 2025. This suggests continued acquisitions and the recognition of intangible assets.
- Other Assets
- Other assets demonstrated the most substantial growth, increasing from US$25.7 billion in March 2021 to US$122.6 billion in December 2025. This category likely encompasses a diverse range of assets, and the significant increase warrants further investigation to understand its composition. The growth accelerated significantly in 2024 and 2025.
- Long-Term Assets
- Long-term assets increased from US$201.7 billion in March 2021 to US$589.0 billion in December 2025, driven primarily by the growth in property and equipment, net, and other assets. This indicates a long-term investment strategy focused on expanding operational capacity and acquiring intangible assets.
In summary, the company’s asset base experienced substantial growth over the analyzed period. The composition of assets shifted, with a notable increase in long-term assets, particularly property and equipment and other assets, alongside fluctuations in cash and marketable securities. The consistent growth in accounts receivable suggests increasing sales, while the increase in inventories may indicate growing demand or strategic inventory management.