Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Amazon.com Inc., liquidity ratios (quarterly data)
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).
The liquidity profile exhibits a general upward trajectory over the analyzed period, transitioning from a position where current liabilities slightly exceeded current assets to a more stable surplus. A notable improvement in short-term solvency is evident, particularly starting in late 2023 and culminating in a peak during the first quarter of 2026.
- Current Ratio Trends
- The current ratio fluctuated between 0.92 and 1.18. A period of relative stability below the 1.0 threshold was observed from March 2022 through September 2023, indicating that current liabilities were slightly higher than current assets. The ratio crossed the 1.0 mark in December 2023 and maintained a range between 1.01 and 1.10 throughout 2024 and 2025. The period concludes with a significant increase to 1.18 in March 2026, reflecting a strengthened capacity to meet short-term obligations.
- Quick and Cash Ratio Correlation
- The quick ratio and cash ratio are identical across all recorded periods, ranging from a low of 0.42 to a high of 0.66. This identity indicates that the liquid assets used for these calculations consist entirely of cash and cash equivalents, with negligible impact from accounts receivable. Both ratios remained relatively stagnant between 0.42 and 0.56 from March 2022 through December 2024, followed by a period of moderate volatility before rising to 0.66 in March 2026.
- Liquidity Composition Insights
- A persistent gap exists between the current ratio and the quick/cash ratios. This divergence suggests that a substantial portion of the company's current assets is held in inventory. While the current ratio improved from 0.96 to 1.18, the quick ratio's rise from 0.48 to 0.66 indicates that the overall improvement in liquidity is driven both by increased cash reserves and the management of current assets relative to liabilities.
- Overall Solvency Analysis
- The synchronization of the upward trend across all three ratios in the final quarter indicates a deliberate strengthening of the balance sheet. The transition from a sub-1.0 current ratio to a 1.18 ratio, coupled with the highest recorded cash ratio of 0.66, signifies a reduced risk of short-term liquidity constraints compared to the 2022-2023 period.
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Current Ratio
Amazon.com Inc., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 255,155) | 229,083) | 196,866) | 191,420) | 184,645) | 190,867) | 175,792) | 173,307) | 163,989) | 172,351) | 142,995) | 140,482) | 136,221) | 146,791) | 131,463) | 133,667) | 133,876) | ||||||
| Current liabilities | 216,756) | 218,005) | 195,196) | 186,921) | 176,171) | 179,431) | 161,477) | 158,172) | 152,965) | 164,917) | 145,214) | 148,238) | 147,570) | 155,393) | 140,363) | 140,291) | 139,508) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.18 | 1.05 | 1.01 | 1.02 | 1.05 | 1.06 | 1.09 | 1.10 | 1.07 | 1.05 | 0.98 | 0.95 | 0.92 | 0.94 | 0.94 | 0.95 | 0.96 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| Home Depot Inc. | 1.09 | 1.11 | 1.13 | 1.15 | 1.34 | 1.35 | 1.30 | 1.31 | 1.27 | 1.41 | 1.39 | 1.18 | 1.11 | 1.01 | 1.13 | 1.06 | 1.10 | ||||||
| Lowe’s Cos. Inc. | 1.01 | 1.09 | 1.13 | 1.22 | 1.17 | 1.23 | 1.21 | 1.26 | 1.25 | 1.10 | 1.20 | 1.11 | 1.17 | 1.02 | 1.19 | 1.16 | 1.17 | ||||||
| TJX Cos. Inc. | 1.16 | 1.18 | 1.19 | 1.21 | 1.23 | 1.21 | 1.19 | 1.20 | 1.20 | 1.21 | 1.16 | 1.17 | 1.25 | 1.27 | 1.29 | 1.33 | 1.52 | ||||||
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).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 255,155 ÷ 216,756 = 1.18
2 Click competitor name to see calculations.
The liquidity position of the company underwent a transition from a deficit in short-term coverage to a strengthened surplus over the analyzed period. An initial phase of tight liquidity was followed by a sustained improvement in the relationship between current assets and current liabilities.
- Current Ratio Trajectory
- From March 2022 to March 2023, the current ratio remained below the 1.0 threshold, reaching a minimum of 0.92. This indicated that current liabilities exceeded current assets, suggesting a constrained liquidity position. A pivot occurred in the second half of 2023, with the ratio rising above 1.0 in December 2023 (1.05). The ratio then peaked at 1.10 in June 2024, followed by a period of relative stability between 1.01 and 1.06 through December 2025, before concluding at a high of 1.18 in March 2026.
- Current Assets and Liabilities Growth
- A significant expansion in the balance sheet is observed. Current assets grew from 133,876 million USD in March 2022 to 255,155 million USD by March 2026. During the same period, current liabilities increased from 139,508 million USD to 216,756 million USD. The improvement in the current ratio is the result of current asset growth outpacing the growth of current liabilities, particularly in the final quarter of the period.
- Short-term Solvency Analysis
- The progression from a ratio of 0.96 to 1.18 demonstrates an increased margin of safety. The shift from a sub-1.0 ratio to a consistently higher range indicates a reduced reliance on rapid asset liquidation or external short-term financing to meet immediate obligations. The substantial jump to 1.18 in March 2026 suggests a strategic accumulation of liquid assets or a successful reduction in short-term debt relative to asset growth.
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Quick Ratio
Amazon.com Inc., quick ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 101,816) | 86,810) | 66,922) | 57,741) | 66,207) | 78,779) | 75,091) | 71,178) | 72,852) | 73,387) | 49,605) | 49,529) | 49,343) | 53,888) | 34,947) | 37,478) | 36,393) | ||||||
| Marketable securities | 41,273) | 36,219) | 27,275) | 35,439) | 28,358) | 22,423) | 12,960) | 17,914) | 12,222) | 13,393) | 14,564) | 14,441) | 15,062) | 16,138) | 23,715) | 23,232) | 29,992) | ||||||
| Total quick assets | 143,089) | 123,029) | 94,197) | 93,180) | 94,565) | 101,202) | 88,051) | 89,092) | 85,074) | 86,780) | 64,169) | 63,970) | 64,405) | 70,026) | 58,662) | 60,710) | 66,385) | ||||||
| Current liabilities | 216,756) | 218,005) | 195,196) | 186,921) | 176,171) | 179,431) | 161,477) | 158,172) | 152,965) | 164,917) | 145,214) | 148,238) | 147,570) | 155,393) | 140,363) | 140,291) | 139,508) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 0.66 | 0.56 | 0.48 | 0.50 | 0.54 | 0.56 | 0.55 | 0.56 | 0.56 | 0.53 | 0.44 | 0.43 | 0.44 | 0.45 | 0.42 | 0.43 | 0.48 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| Home Depot Inc. | 0.23 | 0.23 | 0.25 | 0.25 | 0.34 | 0.32 | 0.25 | 0.27 | 0.22 | 0.26 | 0.26 | 0.18 | 0.22 | 0.20 | 0.32 | 0.30 | 0.37 | ||||||
| Lowe’s Cos. Inc. | 0.15 | 0.11 | 0.19 | 0.26 | 0.18 | 0.08 | 0.09 | 0.22 | 0.18 | 0.09 | 0.18 | 0.09 | 0.17 | 0.07 | 0.32 | 0.29 | 0.31 | ||||||
| TJX Cos. Inc. | 0.45 | 0.53 | 0.44 | 0.54 | 0.55 | 0.59 | 0.42 | 0.49 | 0.53 | 0.59 | 0.35 | 0.40 | 0.49 | 0.64 | 0.65 | 0.77 | 0.95 | ||||||
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).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 143,089 ÷ 216,756 = 0.66
2 Click competitor name to see calculations.
The liquidity position from March 31, 2022, through March 31, 2026, exhibits a general trend of improvement in the short-term solvency profile, characterized by an overall increase in the quick ratio despite a simultaneous rise in total current liabilities.
- Quick Asset Trajectory
- Total quick assets demonstrate a substantial growth trend, increasing from 66,385 million USD in March 2022 to 143,089 million USD by March 2026. This growth is marked by recurring year-end surges, with significant peaks observed in December 2023, December 2024, and December 2025. The most aggressive expansion occurred between September 2025 and March 2026, where assets grew from 94,197 million USD to 143,089 million USD.
- Current Liabilities Growth
- Current liabilities followed a consistent upward trajectory over the analyzed period, rising from 139,508 million USD to 216,756 million USD. This growth was relatively linear compared to the more volatile fluctuations seen in quick assets, representing a total increase of approximately 55% over the duration of the period.
- Quick Ratio Analysis
- The quick ratio fluctuated within a range of 0.42 to 0.66. An initial period of stagnation and slight decline was observed between March 2022 and September 2023, with the ratio bottoming at 0.42. A structural shift occurred in December 2023, where the ratio jumped to 0.53 and remained stable above 0.50 through December 2024. After a brief dip to 0.48 in September 2025, the ratio reached its peak of 0.66 in March 2026, indicating a strengthened capacity to meet immediate liabilities without relying on inventory liquidation.
The correlation between the growth in quick assets and the steady rise in liabilities suggests that while the scale of operations and obligations expanded, the accumulation of liquid assets accelerated more rapidly in the latter half of the period, resulting in a strengthened liquidity margin by early 2026.
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Cash Ratio
Amazon.com Inc., cash ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 101,816) | 86,810) | 66,922) | 57,741) | 66,207) | 78,779) | 75,091) | 71,178) | 72,852) | 73,387) | 49,605) | 49,529) | 49,343) | 53,888) | 34,947) | 37,478) | 36,393) | ||||||
| Marketable securities | 41,273) | 36,219) | 27,275) | 35,439) | 28,358) | 22,423) | 12,960) | 17,914) | 12,222) | 13,393) | 14,564) | 14,441) | 15,062) | 16,138) | 23,715) | 23,232) | 29,992) | ||||||
| Total cash assets | 143,089) | 123,029) | 94,197) | 93,180) | 94,565) | 101,202) | 88,051) | 89,092) | 85,074) | 86,780) | 64,169) | 63,970) | 64,405) | 70,026) | 58,662) | 60,710) | 66,385) | ||||||
| Current liabilities | 216,756) | 218,005) | 195,196) | 186,921) | 176,171) | 179,431) | 161,477) | 158,172) | 152,965) | 164,917) | 145,214) | 148,238) | 147,570) | 155,393) | 140,363) | 140,291) | 139,508) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.66 | 0.56 | 0.48 | 0.50 | 0.54 | 0.56 | 0.55 | 0.56 | 0.56 | 0.53 | 0.44 | 0.43 | 0.44 | 0.45 | 0.42 | 0.43 | 0.48 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| Home Depot Inc. | 0.04 | 0.06 | 0.05 | 0.06 | 0.18 | 0.17 | 0.09 | 0.12 | 0.05 | 0.12 | 0.10 | 0.05 | 0.09 | 0.08 | 0.19 | 0.17 | 0.24 | ||||||
| Lowe’s Cos. Inc. | 0.15 | 0.11 | 0.19 | 0.26 | 0.18 | 0.08 | 0.09 | 0.22 | 0.18 | 0.09 | 0.18 | 0.09 | 0.17 | 0.07 | 0.32 | 0.29 | 0.31 | ||||||
| TJX Cos. Inc. | 0.39 | 0.48 | 0.39 | 0.49 | 0.50 | 0.54 | 0.37 | 0.44 | 0.48 | 0.53 | 0.30 | 0.35 | 0.43 | 0.59 | 0.60 | 0.71 | 0.89 | ||||||
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).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 143,089 ÷ 216,756 = 0.66
2 Click competitor name to see calculations.
The analysis of the liquidity position from March 2022 through March 2026 reveals a general strengthening of the company's ability to cover short-term obligations using its most liquid assets.
- Total Cash Assets Trend
- Cash assets exhibited a significant upward trajectory over the period. After fluctuating between approximately $58.7 billion and $70 billion throughout 2022, assets entered a period of growth, surpassing the $100 billion threshold by December 2024. The trend culminated in a substantial increase to $143.09 billion by March 2026, representing a marked expansion of the cash reserve.
- Current Liabilities Growth
- Current liabilities showed a consistent and steady increase, rising from $139.51 billion in March 2022 to $216.76 billion by March 2026. This indicates a continuous growth in short-term financial obligations over the analyzed timeframe.
- Cash Ratio Evolution
- The cash ratio demonstrated a positive trend, moving from a low of 0.42 in September 2022 to a peak of 0.66 in March 2026. For much of 2022 and 2023, the ratio remained relatively stable between 0.42 and 0.45. However, starting in late 2023, the ratio shifted to a higher baseline, consistently staying above 0.50 from December 2023 onward, with a final sharp increase observed in the first quarter of 2026.
The data indicates that while both cash assets and current liabilities increased, the growth in cash assets outpaced the growth in liabilities in the latter half of the period. This divergence resulted in an improved liquidity profile, providing a larger cash cushion to meet immediate financial commitments.
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