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: 2026-06-30), 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 demonstrates a general trend of improvement over the observed period, characterized by a transition from a position where current liabilities exceeded current assets to a more stable state of short-term solvency.
- Current Ratio Trends
- The current ratio exhibited a slight decline from 0.96 in March 2022 to a low of 0.92 in March 2023. Subsequently, a recovery phase occurred, with the ratio consistently exceeding the 1.00 threshold starting in December 2023. This upward trajectory reached a peak of 1.18 in March 2026, suggesting an enhanced capacity to meet short-term obligations using all current assets.
- Quick and Cash Ratio Analysis
- The quick ratio and cash ratio maintained identical values across all reporting periods, indicating that current assets excluding inventory consist almost exclusively of cash and cash equivalents. These ratios fluctuated between a minimum of 0.42 in September 2022 and a maximum of 0.66 in March 2026. The absolute convergence of these two metrics suggests a minimal reliance on accounts receivable for immediate liquidity.
- Asset Composition and Liquidity Gap
- A significant and persistent variance is observed between the current ratio and the quick ratio. The substantial gap between these two figures indicates that a large portion of current assets is held in inventory. While the overall liquidity position has strengthened, the dependency on inventory for total short-term coverage remains a defining characteristic of the financial structure.
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Current Ratio
Amazon.com Inc., current ratio calculation (quarterly data)
| Jun 30, 2026 | 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 | 249,264) | 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 | 241,274) | 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 | 1.03 | 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. | 1.15 | 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. | 1.05 | 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. | 1.17 | 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: 2026-06-30), 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 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 249,264 ÷ 241,274 = 1.03
2 Click competitor name to see calculations.
The analysis of liquidity trends from March 2022 to June 2026 reveals a strategic transition from a position where current liabilities exceeded current assets to a more stable liquidity profile. The company initially operated with a current ratio below 1.00, suggesting a potential reliance on short-term cash flow or refinancing to meet immediate obligations. However, a consistent recovery phase began in 2023, leading to a sustained period where current assets provided sufficient coverage for current liabilities.
- Current Ratio Evolution
- A downward trend was observed in the first year, with the current ratio declining from 0.96 in March 2022 to a period low of 0.92 in March 2023. Following this trough, a steady upward trajectory emerged, with the ratio crossing the critical 1.00 threshold in December 2023 (1.05). The ratio remained predominantly above 1.00 through the remainder of the period, reaching a peak of 1.18 in March 2026 before normalizing to 1.03 in June 2026.
- Current Asset Growth Patterns
- Current assets exhibited significant expansion over the analyzed timeframe, growing from 133,876 million USD in March 2022 to 249,264 million USD by June 2026. Notable surges in asset accumulation occurred during the fourth quarters of 2023 and 2025, which provided the necessary capital cushion to improve the overall liquidity position.
- Current Liability Trajectory
- Current liabilities increased in tandem with assets, rising from 139,508 million USD in March 2022 to 241,274 million USD by June 2026. While liabilities grew substantially, the growth rate was effectively managed relative to asset growth starting in late 2023. This divergence allowed the company to shift from a net current liability position to a net current asset position.
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Quick Ratio
Amazon.com Inc., quick ratio calculation (quarterly data)
| Jun 30, 2026 | 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 | 78,213) | 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 | 44,775) | 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 | 122,988) | 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 | 241,274) | 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 | 0.51 | 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. | 0.28 | 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. | 0.24 | 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. | 0.46 | 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: 2026-06-30), 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 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 122,988 ÷ 241,274 = 0.51
2 Click competitor name to see calculations.
The liquidity profile exhibits a general expansion in both liquid assets and short-term obligations over the analyzed period, characterized by cyclical fluctuations and a gradual improvement in the quick ratio. While the company maintains a quick ratio consistently below 1.0, indicating that liquid assets alone do not cover total current liabilities, there is a visible trend toward strengthening the short-term solvency position.
- Total Quick Assets Trend
- Quick assets demonstrate a long-term growth trajectory, rising from 66,385 million USD in March 2022 to a peak of 143,089 million USD in March 2026. A recurring seasonal pattern is observed, with significant liquidity surges occurring in the fourth quarter of each year, specifically in December 2022, 2023, 2024, and 2025. This suggests a periodic accumulation of cash or short-term marketable securities coinciding with year-end operations.
- Current Liabilities Evolution
- Current liabilities show a steady and consistent upward trend, increasing from 139,508 million USD in March 2022 to 241,274 million USD by June 2026. The growth in liabilities has been relatively linear, reflecting an expansion of the company's short-term financing needs or operational payables as the scale of business increased.
- Quick Ratio Performance
- The quick ratio remained relatively stagnant between 0.42 and 0.48 during the first six quarters of the analysis. An upward shift began in December 2023, with the ratio stabilizing in the 0.54 to 0.56 range throughout 2024. A notable peak occurred in March 2026, reaching 0.66, which represents the highest level of liquidity efficiency in the period. However, a subsequent correction to 0.51 by June 2026 indicates a return to historical norms despite the overall growth in absolute asset values.
- Liquidity Correlation and Insight
- The relationship between quick assets and current liabilities reveals that while the company has significantly increased its liquid reserves, these gains have largely been offset by the growth in current liabilities. The persistent gap between the quick ratio and the 1.0 benchmark suggests a business model that relies heavily on inventory turnover or continuous operational cash inflows to satisfy short-term obligations rather than maintaining a high buffer of immediate liquid assets.
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Cash Ratio
Amazon.com Inc., cash ratio calculation (quarterly data)
| Jun 30, 2026 | 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 | 78,213) | 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 | 44,775) | 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 | 122,988) | 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 | 241,274) | 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 | 0.51 | 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. | 0.09 | 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. | 0.24 | 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. | 0.41 | 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: 2026-06-30), 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 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 122,988 ÷ 241,274 = 0.51
2 Click competitor name to see calculations.
The liquidity position, as measured by the cash ratio, demonstrates a general upward trajectory characterized by periodic volatility from March 2022 through June 2026. While the ratio fluctuates, there is a discernible trend toward increasing the proportion of highly liquid assets relative to short-term obligations over the analyzed period.
- Cash Asset Growth
- Total cash assets exhibited substantial growth, increasing from 66,385 million USD in March 2022 to a peak of 143,089 million USD in March 2026. This indicates a sustained accumulation of liquidity over the four-year span, despite intermittent quarterly dips.
- Liability Expansion
- Current liabilities rose steadily from 139,508 million USD in March 2022 to 241,274 million USD by June 2026. The growth in short-term obligations has largely mirrored the expansion of cash assets, though the variance in their growth rates accounts for the fluctuations in the cash ratio.
- Cash Ratio Dynamics
- The cash ratio began at 0.48 in March 2022 and reached its maximum value of 0.66 in March 2026. A period of relative stability was observed throughout 2024, with the ratio maintaining a consistent range between 0.54 and 0.56. A significant contraction is noted in the final reporting period of June 2026, where the ratio fell to 0.51, resulting from a decrease in cash assets to 122,988 million USD and a concurrent peak in current liabilities.
- Periodic Liquidity Patterns
- A recurring pattern of liquidity expansion is observed during the December quarters of 2022, 2023, 2024, and 2025, each marked by a notable increase in total cash assets. These year-end spikes typically correlate with temporary improvements in the cash ratio, which are often followed by normalization in the subsequent quarters.
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