Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Amazon.com Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	121,909)	94,363)	84,981)	79,600)	78,664)
Current portion of lease liabilities, operating leases	12,655)	10,546)	8,419)	7,458)	6,349)
Current portion of lease liabilities, finance leases	1,544)	1,375)	2,032)	4,397)	8,083)
Current portion of long-term debt	2,748)	5,017)	8,494)	2,999)	1,491)
Other	58,573)	50,027)	45,764)	47,712)	35,852)
Accrued expenses and other	75,520)	66,965)	64,709)	62,566)	51,775)
Unearned revenue	20,576)	18,103)	15,227)	13,227)	11,827)
Current liabilities	218,005)	179,431)	164,917)	155,393)	142,266)
Long-term lease liabilities, operating leases, excluding current portion	76,597)	69,050)	67,220)	61,582)	51,981)
Long-term lease liabilities, finance leases, excluding current portion	10,742)	9,227)	10,077)	11,386)	15,670)
Long-term lease liabilities, excluding current portion	87,339)	78,277)	77,297)	72,968)	67,651)
Long-term debt, excluding current portion	65,648)	52,623)	58,314)	67,150)	48,744)
Other long-term liabilities	35,985)	28,593)	25,451)	21,121)	23,643)
Long-term liabilities	188,972)	159,493)	161,062)	161,239)	140,038)
Total liabilities	406,977)	338,924)	325,979)	316,632)	282,304)
Preferred stock, $0.01 par value; no shares issued or outstanding	—)	—)	—)	—)	—)
Common stock, $0.01 par value	112)	111)	109)	108)	5)
Treasury stock, at cost	(7,837)	(7,837)	(7,837)	(7,837)	(1,837)
Additional paid-in capital	140,024)	120,864)	99,025)	75,066)	55,538)
Accumulated other comprehensive income (loss)	28,230)	(34)	(3,040)	(4,487)	(1,376)
Retained earnings	250,536)	172,866)	113,618)	83,193)	85,915)
Stockholders’ equity	411,065)	285,970)	201,875)	146,043)	138,245)
Total liabilities and stockholders’ equity	818,042)	624,894)	527,854)	462,675)	420,549)

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).

Overall, the company’s liabilities and stockholders’ equity demonstrate significant growth over the five-year period. Total liabilities increased substantially, while stockholders’ equity experienced even more pronounced expansion, leading to a considerable rise in total liabilities and stockholders’ equity. A closer examination of the components reveals specific trends within each category.

Current Liabilities: Current liabilities exhibited a consistent upward trend, increasing from US$142.266 billion in 2021 to US$218.005 billion in 2025. Accounts payable constituted the largest portion of current liabilities and showed a marked increase, rising from US$78.664 billion to US$121.909 billion. Accrued expenses and other current liabilities also increased steadily, from US$51.775 billion to US$75.520 billion. Unearned revenue also grew consistently, indicating potentially increasing advance payments from customers. The current portion of lease liabilities, both operating and finance, generally increased, though the finance lease portion decreased in later years.
Long-Term Liabilities: Long-term liabilities also increased overall, though with some fluctuations. From 2021 to 2025, they rose from US$140.038 billion to US$188.972 billion. Long-term lease liabilities, encompassing both operating and finance leases, contributed significantly to this increase. Long-term debt, excluding the current portion, experienced an initial increase before stabilizing and then increasing again in 2025. Other long-term liabilities also showed a consistent upward trend.
Stockholders’ Equity: Stockholders’ equity experienced substantial growth, increasing from US$138.245 billion in 2021 to US$411.065 billion in 2025. Retained earnings were the primary driver of this growth, increasing significantly from US$85.915 billion to US$250.536 billion, indicating strong profitability. Additional paid-in capital also increased substantially, from US$55.538 billion to US$140.024 billion, potentially reflecting stock issuances or option exercises. Accumulated other comprehensive income (loss) showed a dramatic shift from a loss of US$-1.376 billion in 2021 to a gain of US$28.230 billion in 2025. Treasury stock remained relatively stable, with a consistent negative balance. Common stock increased modestly.
Total Liabilities and Stockholders’ Equity: The combined effect of increasing liabilities and stockholders’ equity resulted in a significant expansion of the company’s total financial structure, growing from US$420.549 billion in 2021 to US$818.042 billion in 2025. This indicates substantial overall growth in the company’s size and financial scope.

In summary, the financial position of the company strengthened considerably over the observed period, characterized by substantial growth in both liabilities and, more notably, stockholders’ equity. The increasing accounts payable and unearned revenue suggest potential growth in sales and customer commitments. The significant increase in retained earnings points to strong profitability and effective capital management.

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Amazon.com Inc. (NASDAQ:AMZN)

Balance Sheet: Liabilities and Stockholders’ Equity