Balance Sheet: Assets
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
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).
Total assets experienced consistent growth over the five-year period, increasing from US$420.549 billion in 2021 to US$818.042 billion in 2025. This growth was driven by increases in both current and long-term assets. A significant shift in the composition of assets is also apparent, with long-term assets becoming a more dominant portion of the total.
- Liquidity and Current Assets
- Current assets demonstrated volatility. After a decrease from US$161.580 billion in 2021 to US$146.791 billion in 2022, current assets increased steadily to US$229.083 billion in 2025. This fluctuation was influenced by changes in several components. Cash and cash equivalents exhibited a substantial and consistent increase throughout the period, rising from US$36.220 billion to US$86.810 billion. Marketable securities, however, decreased significantly between 2021 and 2023, before recovering and increasing in later years. Accounts receivable, net and other, showed a consistent upward trend, growing from US$32.891 billion to US$67.729 billion. Vendor receivables also increased steadily. Inventories remained relatively stable, with a slight increase over the period.
- Long-Term Asset Growth
- Long-term assets experienced robust growth, increasing from US$258.969 billion in 2021 to US$588.959 billion in 2025. Property and equipment, net, contributed significantly to this growth, more than doubling from US$160.281 billion to US$357.025 billion. Operating leases also increased consistently, from US$56.082 billion to US$86.054 billion. Other assets saw a substantial increase, rising from US$27.235 billion to US$122.607 billion. Goodwill experienced moderate growth, remaining relatively stable in the later years of the period.
- Asset Composition Shift
- In 2021, current assets represented approximately 38.4% of total assets, while long-term assets comprised 61.6%. By 2025, the proportion of current assets had decreased to 28.0%, while long-term assets increased to 72.0%. This indicates a strategic shift towards greater investment in long-term assets, particularly property and equipment, and other long-term holdings. The increasing proportion of long-term assets suggests a focus on expanding operational capacity and future growth initiatives.
Overall, the asset base expanded considerably, with a notable transition in asset allocation towards long-term investments. The growth in cash and cash equivalents provides financial flexibility, while the increases in receivables suggest growing sales and potentially evolving credit terms. The substantial investment in property and equipment indicates a commitment to long-term operational expansion.