Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
Amazon.com Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 company experienced a prolonged period of deleveraging between early 2022 and late 2025, characterized by a consistent reduction in debt relative to equity, capital, and assets. This trend reversed slightly in early 2026, with solvency ratios beginning to climb again, though they remained generally lower than the levels observed in 2022.
- Debt to Equity and Capital Ratios
- A sustained downward trajectory in the debt-to-equity ratio is observed, falling from 0.53 in March 2022 to a minimum of 0.18 by September 2025. When operating lease liabilities are included, the ratio peaked at 1.08 in June 2022 before declining to 0.41 by September 2025. Similarly, the debt-to-capital ratio decreased from 0.35 in March 2022 to 0.15 in September 2025. A moderate increase in these ratios occurred throughout 2026, with the debt-to-equity ratio rising to 0.32 by September 2026.
- Debt to Assets and Financial Leverage
- The debt-to-assets ratio showed a gradual decline from 0.17 in March 2022 to a low of 0.09 in September 2025, before increasing to 0.16 by September 2026. The inclusion of operating lease liabilities maintains a similar pattern, moving from 0.32 down to 0.21 and ending at 0.24. Financial leverage followed this pattern of reduction, decreasing from 3.07 in March 2022 to 1.97 in September 2025, indicating a shift toward a more conservative capital structure before stabilizing around 2.03 in late 2026.
- Interest Coverage and Solvency Risk
- Interest coverage exhibited significant volatility. A sharp decline occurred between March 2022 (13.02) and December 2022, where the ratio reached a negative value of -1.51, suggesting a period of severe stress regarding interest obligations. Following this trough, a robust and consistent recovery is evident, with the ratio climbing to a peak of 53.51 in June 2026. This suggests a substantial increase in the company's ability to service its debt from operating earnings over the analyzed period.
Overall, the financial profile shifted from a period of higher leverage and transient interest coverage distress in 2022 toward a highly solvent position by 2025. The slight uptick in leverage ratios in 2026 suggests a strategic return to utilizing debt, although the company maintains a significantly stronger interest coverage capacity than it possessed at the start of the period.
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Debt to Equity
Amazon.com Inc., debt to equity calculation (quarterly data)
| Sep 30, 2026 | 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 portion of finance lease liabilities | 1,866) | 1,688) | 1,578) | 1,544) | 1,448) | 1,376) | 1,359) | 1,375) | 1,393) | 1,439) | 1,626) | 2,032) | 2,385) | 3,024) | 3,676) | 4,397) | 5,036) | 5,792) | 6,842) | ||||||
| Current portion of long-term debt | 6,827) | 3,330) | 2,832) | 2,748) | 3,997) | 5,005) | 5,014) | 5,017) | 5,248) | 7,429) | 8,848) | 8,494) | 5,995) | 3,997) | 2,000) | 2,999) | 4,247) | 4,998) | 2,681) | ||||||
| Long-term finance lease liabilities, excluding current portion | 12,629) | 11,763) | 11,747) | 10,742) | 10,317) | 9,827) | 9,024) | 9,227) | 9,426) | 9,388) | 9,614) | 10,077) | 10,081) | 10,434) | 10,771) | 11,386) | 11,595) | 12,625) | 14,085) | ||||||
| Long-term debt, excluding current portion | 173,125) | 128,894) | 119,074) | 65,648) | 50,742) | 50,718) | 53,374) | 52,623) | 54,890) | 54,889) | 57,634) | 58,314) | 61,098) | 63,092) | 67,084) | 67,150) | 58,919) | 58,053) | 47,556) | ||||||
| Total debt | 194,447) | 145,675) | 135,231) | 80,682) | 66,504) | 66,926) | 68,771) | 68,242) | 70,957) | 73,145) | 77,722) | 78,917) | 79,559) | 80,547) | 83,531) | 85,932) | 79,797) | 81,468) | 71,164) | ||||||
| Stockholders’ equity | 613,601) | 551,620) | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.32 | 0.26 | 0.31 | 0.20 | 0.18 | 0.20 | 0.22 | 0.24 | 0.27 | 0.31 | 0.36 | 0.39 | 0.43 | 0.48 | 0.54 | 0.59 | 0.58 | 0.62 | 0.53 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 4.62 | 4.91 | 6.57 | 8.04 | 9.43 | 12.61 | 23.53 | 42.25 | 29.32 | 31.54 | 116.72 | 27.65 | 33.10 | 173.11 | — | — | 37.82 | 17.48 | 20.52 | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 52.23 | ||||||
| TJX Cos. Inc. | 0.31 | 0.32 | 0.34 | 0.34 | 0.35 | 0.37 | 0.38 | 0.39 | 0.42 | 0.43 | 0.52 | 0.53 | 0.59 | 0.62 | 0.60 | 0.56 | 0.52 | 0.52 | 0.87 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 194,447 ÷ 613,601 = 0.32
2 Click competitor name to see calculations.
An analysis of the solvency profile from March 2022 through September 2026 reveals a period of strategic deleveraging followed by a significant increase in debt obligations, occurring alongside a consistent and substantial expansion of stockholders' equity.
- Total Debt Trajectory
- Debt levels exhibited moderate volatility during 2022, peaking at 85,932 million US$ in December. A sustained downward trend was observed throughout 2023 and the first three quarters of 2025, with total debt reaching a period low of 66,504 million US$ by September 30, 2025. However, a sharp escalation occurred in the final quarters of the analyzed period, with debt increasing rapidly to 194,447 million US$ by September 30, 2026.
- Stockholders' Equity Growth
- A consistent and aggressive upward trend is observed in stockholders' equity throughout the entire duration. Equity rose from 134,001 million US$ in March 2022 to 613,601 million US$ by September 30, 2026. This steady growth indicates a significant strengthening of the company's capital base, which provided a substantial buffer against the increase in liabilities observed in late 2025 and 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio experienced a prolonged decline from a peak of 0.62 in June 2022 to a low of 0.18 in September 2025, driven by the simultaneous reduction in total debt and the increase in equity. While the ratio rose to 0.32 by September 30, 2026, following the spike in total debt, it remained significantly lower than the 2022 levels. This suggests that the expansion of the equity base effectively mitigated the impact of the increased borrowing, maintaining a more conservative solvency position relative to the start of the period.
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Debt to Equity (including Operating Lease Liability)
Amazon.com Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | 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 portion of finance lease liabilities | 1,866) | 1,688) | 1,578) | 1,544) | 1,448) | 1,376) | 1,359) | 1,375) | 1,393) | 1,439) | 1,626) | 2,032) | 2,385) | 3,024) | 3,676) | 4,397) | 5,036) | 5,792) | 6,842) | ||||||
| Current portion of long-term debt | 6,827) | 3,330) | 2,832) | 2,748) | 3,997) | 5,005) | 5,014) | 5,017) | 5,248) | 7,429) | 8,848) | 8,494) | 5,995) | 3,997) | 2,000) | 2,999) | 4,247) | 4,998) | 2,681) | ||||||
| Long-term finance lease liabilities, excluding current portion | 12,629) | 11,763) | 11,747) | 10,742) | 10,317) | 9,827) | 9,024) | 9,227) | 9,426) | 9,388) | 9,614) | 10,077) | 10,081) | 10,434) | 10,771) | 11,386) | 11,595) | 12,625) | 14,085) | ||||||
| Long-term debt, excluding current portion | 173,125) | 128,894) | 119,074) | 65,648) | 50,742) | 50,718) | 53,374) | 52,623) | 54,890) | 54,889) | 57,634) | 58,314) | 61,098) | 63,092) | 67,084) | 67,150) | 58,919) | 58,053) | 47,556) | ||||||
| Total debt | 194,447) | 145,675) | 135,231) | 80,682) | 66,504) | 66,926) | 68,771) | 68,242) | 70,957) | 73,145) | 77,722) | 78,917) | 79,559) | 80,547) | 83,531) | 85,932) | 79,797) | 81,468) | 71,164) | ||||||
| Current portion of operating lease liabilities | 14,093) | 13,745) | 12,550) | 12,655) | 11,873) | 11,597) | 10,884) | 10,546) | 9,301) | 8,736) | 8,581) | 8,419) | 8,092) | 7,982) | 7,752) | 7,458) | 7,046) | 6,707) | 6,640) | ||||||
| Long-term operating lease liabilities, excluding current portion | 86,195) | 82,575) | 79,067) | 76,597) | 74,360) | 73,394) | 70,847) | 69,050) | 70,376) | 68,696) | 67,438) | 67,220) | 65,810) | 65,388) | 63,496) | 61,582) | 57,737) | 53,899) | 51,646) | ||||||
| Total debt (including operating lease liability) | 294,735) | 241,995) | 226,848) | 169,934) | 152,737) | 151,917) | 150,502) | 147,838) | 150,634) | 150,577) | 153,741) | 154,556) | 153,461) | 153,917) | 154,779) | 154,972) | 144,580) | 142,074) | 129,450) | ||||||
| Stockholders’ equity | 613,601) | 551,620) | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.48 | 0.44 | 0.51 | 0.41 | 0.41 | 0.46 | 0.49 | 0.52 | 0.58 | 0.64 | 0.71 | 0.77 | 0.84 | 0.91 | 1.00 | 1.06 | 1.05 | 1.08 | 0.97 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 5.40 | 5.75 | 7.70 | 9.38 | 10.95 | 14.62 | 28.03 | 50.04 | 34.44 | 37.07 | 136.54 | 32.24 | 38.30 | 199.91 | — | — | 43.73 | 20.47 | 23.99 | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 62.29 | ||||||
| TJX Cos. Inc. | 1.41 | 1.48 | 1.54 | 1.52 | 1.56 | 1.63 | 1.69 | 1.72 | 1.83 | 1.90 | 2.00 | 2.00 | 2.23 | 2.34 | 2.27 | 2.08 | 1.99 | 2.01 | 2.42 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 294,735 ÷ 613,601 = 0.48
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct transition from a period of high relative leverage in 2022 to a significantly strengthened equity position by 2026. The overall trajectory is characterized by an aggressive expansion of stockholders' equity, which consistently outpaced the growth of total debt for the majority of the analyzed period.
- Debt to Equity Ratio Trends
- A peak ratio of 1.08 was recorded in June 2022, after which a sustained downward trend was observed. The ratio declined steadily to reach a low of 0.41 by the second half of 2025. This progression indicates a substantial improvement in the company's solvency and a reduction in financial risk relative to its equity base.
- Stockholders' Equity Expansion
- Equity demonstrated consistent and accelerating growth, increasing from 134,001 million in March 2022 to 613,601 million by September 2026. This massive accumulation of equity acted as the primary catalyst for the reduction in the debt-to-equity ratio, effectively diluting the impact of the company's liabilities.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, remained relatively range-bound between 140,000 million and 160,000 million from mid-2022 through September 2025. However, a sharp upward inflection occurred starting in December 2025, with total debt climbing to 294,735 million by September 2026. This late-stage surge in borrowing resulted in a moderate uptick in the debt-to-equity ratio, which rose to 0.48 by the end of the period, although it remained well below the 2022 levels.
In summary, the data reveals a strategic shift in the capital structure. While the company significantly deleveraged its balance sheet between 2022 and 2025 through equity growth, the period ending in 2026 shows a return to increased borrowing. Despite the recent increase in total debt, the solvency position remains markedly stronger than at the start of the observation period.
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Debt to Capital
Amazon.com Inc., debt to capital calculation (quarterly data)
| Sep 30, 2026 | 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 portion of finance lease liabilities | 1,866) | 1,688) | 1,578) | 1,544) | 1,448) | 1,376) | 1,359) | 1,375) | 1,393) | 1,439) | 1,626) | 2,032) | 2,385) | 3,024) | 3,676) | 4,397) | 5,036) | 5,792) | 6,842) | ||||||
| Current portion of long-term debt | 6,827) | 3,330) | 2,832) | 2,748) | 3,997) | 5,005) | 5,014) | 5,017) | 5,248) | 7,429) | 8,848) | 8,494) | 5,995) | 3,997) | 2,000) | 2,999) | 4,247) | 4,998) | 2,681) | ||||||
| Long-term finance lease liabilities, excluding current portion | 12,629) | 11,763) | 11,747) | 10,742) | 10,317) | 9,827) | 9,024) | 9,227) | 9,426) | 9,388) | 9,614) | 10,077) | 10,081) | 10,434) | 10,771) | 11,386) | 11,595) | 12,625) | 14,085) | ||||||
| Long-term debt, excluding current portion | 173,125) | 128,894) | 119,074) | 65,648) | 50,742) | 50,718) | 53,374) | 52,623) | 54,890) | 54,889) | 57,634) | 58,314) | 61,098) | 63,092) | 67,084) | 67,150) | 58,919) | 58,053) | 47,556) | ||||||
| Total debt | 194,447) | 145,675) | 135,231) | 80,682) | 66,504) | 66,926) | 68,771) | 68,242) | 70,957) | 73,145) | 77,722) | 78,917) | 79,559) | 80,547) | 83,531) | 85,932) | 79,797) | 81,468) | 71,164) | ||||||
| Stockholders’ equity | 613,601) | 551,620) | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Total capital | 808,048) | 697,295) | 577,145) | 491,747) | 436,135) | 400,701) | 374,638) | 354,212) | 330,108) | 309,592) | 294,383) | 280,792) | 262,532) | 249,149) | 238,057) | 231,975) | 217,286) | 212,870) | 205,165) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.24 | 0.21 | 0.23 | 0.16 | 0.15 | 0.17 | 0.18 | 0.19 | 0.21 | 0.24 | 0.26 | 0.28 | 0.30 | 0.32 | 0.35 | 0.37 | 0.37 | 0.38 | 0.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 0.82 | 0.83 | 0.87 | 0.89 | 0.90 | 0.93 | 0.96 | 0.98 | 0.97 | 0.97 | 0.99 | 0.97 | 0.97 | 0.99 | 1.04 | 1.04 | 0.97 | 0.95 | 0.95 | ||||||
| Lowe’s Cos. Inc. | 1.35 | 1.49 | 1.62 | 1.67 | 1.61 | 1.62 | 1.69 | 1.72 | 1.73 | 1.68 | 1.67 | 1.72 | 1.62 | 1.41 | 1.31 | 1.24 | 1.06 | 1.01 | 0.98 | ||||||
| TJX Cos. Inc. | 0.23 | 0.24 | 0.25 | 0.25 | 0.26 | 0.27 | 0.28 | 0.28 | 0.30 | 0.30 | 0.34 | 0.35 | 0.37 | 0.38 | 0.37 | 0.36 | 0.34 | 0.34 | 0.46 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 194,447 ÷ 808,048 = 0.24
2 Click competitor name to see calculations.
The financial trajectory from March 2022 to September 2026 reveals a three-phase evolution in the company's solvency profile, characterized by an initial period of stability, a prolonged phase of deleveraging, and a sharp increase in debt utilization toward the end of the period.
- Total Capital Expansion
- A consistent and aggressive growth trend is observed in total capital, which rose from 205,165 million USD in March 2022 to 808,048 million USD by September 2026. This represents a substantial expansion of the capital base, indicating significant increases in equity or other capital resources over the observed timeframe.
- Debt to Capital Ratio Trend
- The debt to capital ratio experienced a sustained decline for the majority of the period. After peaking at 0.38 in June 2022, the ratio trended downward almost every quarter, reaching a minimum of 0.15 by September 2025. This downward trajectory indicates a strategic shift toward a more equity-heavy capital structure and a reduction in relative financial leverage.
- Debt Volatility and Re-leveraging
- Total debt remained relatively stable or declined between December 2022 (85,932 million USD) and September 2025 (66,504 million USD). However, a significant reversal occurred starting in December 2025, with total debt surging to 194,447 million USD by September 2026. This rapid increase in borrowing caused the debt to capital ratio to climb back to 0.24 by the end of the analysis period.
Overall, while the company successfully reduced its reliance on debt relative to its total capital for over three years, the abrupt increase in total debt during 2026 shifted the solvency profile back toward higher leverage, although the ratio remained below the 2022 peaks due to the massive growth in total capital.
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Debt to Capital (including Operating Lease Liability)
Amazon.com Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | 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 portion of finance lease liabilities | 1,866) | 1,688) | 1,578) | 1,544) | 1,448) | 1,376) | 1,359) | 1,375) | 1,393) | 1,439) | 1,626) | 2,032) | 2,385) | 3,024) | 3,676) | 4,397) | 5,036) | 5,792) | 6,842) | ||||||
| Current portion of long-term debt | 6,827) | 3,330) | 2,832) | 2,748) | 3,997) | 5,005) | 5,014) | 5,017) | 5,248) | 7,429) | 8,848) | 8,494) | 5,995) | 3,997) | 2,000) | 2,999) | 4,247) | 4,998) | 2,681) | ||||||
| Long-term finance lease liabilities, excluding current portion | 12,629) | 11,763) | 11,747) | 10,742) | 10,317) | 9,827) | 9,024) | 9,227) | 9,426) | 9,388) | 9,614) | 10,077) | 10,081) | 10,434) | 10,771) | 11,386) | 11,595) | 12,625) | 14,085) | ||||||
| Long-term debt, excluding current portion | 173,125) | 128,894) | 119,074) | 65,648) | 50,742) | 50,718) | 53,374) | 52,623) | 54,890) | 54,889) | 57,634) | 58,314) | 61,098) | 63,092) | 67,084) | 67,150) | 58,919) | 58,053) | 47,556) | ||||||
| Total debt | 194,447) | 145,675) | 135,231) | 80,682) | 66,504) | 66,926) | 68,771) | 68,242) | 70,957) | 73,145) | 77,722) | 78,917) | 79,559) | 80,547) | 83,531) | 85,932) | 79,797) | 81,468) | 71,164) | ||||||
| Current portion of operating lease liabilities | 14,093) | 13,745) | 12,550) | 12,655) | 11,873) | 11,597) | 10,884) | 10,546) | 9,301) | 8,736) | 8,581) | 8,419) | 8,092) | 7,982) | 7,752) | 7,458) | 7,046) | 6,707) | 6,640) | ||||||
| Long-term operating lease liabilities, excluding current portion | 86,195) | 82,575) | 79,067) | 76,597) | 74,360) | 73,394) | 70,847) | 69,050) | 70,376) | 68,696) | 67,438) | 67,220) | 65,810) | 65,388) | 63,496) | 61,582) | 57,737) | 53,899) | 51,646) | ||||||
| Total debt (including operating lease liability) | 294,735) | 241,995) | 226,848) | 169,934) | 152,737) | 151,917) | 150,502) | 147,838) | 150,634) | 150,577) | 153,741) | 154,556) | 153,461) | 153,917) | 154,779) | 154,972) | 144,580) | 142,074) | 129,450) | ||||||
| Stockholders’ equity | 613,601) | 551,620) | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Total capital (including operating lease liability) | 908,336) | 793,615) | 668,762) | 580,999) | 522,368) | 485,692) | 456,369) | 433,808) | 409,785) | 387,024) | 370,402) | 356,431) | 336,434) | 322,519) | 309,305) | 301,015) | 282,069) | 273,476) | 263,451) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.32 | 0.30 | 0.34 | 0.29 | 0.29 | 0.31 | 0.33 | 0.34 | 0.37 | 0.39 | 0.42 | 0.43 | 0.46 | 0.48 | 0.50 | 0.51 | 0.51 | 0.52 | 0.49 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 0.84 | 0.85 | 0.89 | 0.90 | 0.92 | 0.94 | 0.97 | 0.98 | 0.97 | 0.97 | 0.99 | 0.97 | 0.97 | 1.00 | 1.04 | 1.04 | 0.98 | 0.95 | 0.96 | ||||||
| Lowe’s Cos. Inc. | 1.30 | 1.41 | 1.52 | 1.56 | 1.51 | 1.52 | 1.57 | 1.60 | 1.61 | 1.57 | 1.57 | 1.60 | 1.51 | 1.34 | 1.26 | 1.20 | 1.05 | 1.01 | 0.98 | ||||||
| TJX Cos. Inc. | 0.59 | 0.60 | 0.61 | 0.60 | 0.61 | 0.62 | 0.63 | 0.63 | 0.65 | 0.66 | 0.67 | 0.67 | 0.69 | 0.70 | 0.69 | 0.68 | 0.67 | 0.67 | 0.71 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 294,735 ÷ 908,336 = 0.32
2 Click competitor name to see calculations.
The analysis of solvency metrics reveals a general trajectory of deleveraging relative to total capital from early 2022 through late 2025, followed by a shift in the debt profile during 2026. While total capital expanded consistently throughout the observed period, total debt remained relatively stable for several years before experiencing a significant acceleration in the final quarters.
- Capital Structure Expansion
- Total capital, including operating lease liabilities, grew steadily from 263,451 million USD in March 2022 to 908,336 million USD by September 2026. This continuous expansion of the capital base acted as a primary driver for the reduction in the debt-to-capital ratio for the majority of the timeframe.
- Debt Profile Dynamics
- Total debt exhibited a period of relative stability between December 2022 and December 2024, fluctuating within a narrow range near 150,000 million USD. However, a sharp upward trend emerged starting in December 2025, where debt increased from 169,934 million USD to 294,735 million USD by September 2026, representing a significant increase in leverage toward the end of the period.
- Debt to Capital Ratio Interpretation
- The debt-to-capital ratio demonstrated a sustained downward trend from a peak of 0.52 in June 2022 to a minimum of 0.29 in September 2025. This decline indicates an improvement in solvency as capital accumulation outpaced debt growth. This trend reversed in 2026, with the ratio climbing to 0.34 in March 2026 before fluctuating between 0.30 and 0.32, mirroring the surge in total debt levels.
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Debt to Assets
Amazon.com Inc., debt to assets calculation (quarterly data)
| Sep 30, 2026 | 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 portion of finance lease liabilities | 1,866) | 1,688) | 1,578) | 1,544) | 1,448) | 1,376) | 1,359) | 1,375) | 1,393) | 1,439) | 1,626) | 2,032) | 2,385) | 3,024) | 3,676) | 4,397) | 5,036) | 5,792) | 6,842) | ||||||
| Current portion of long-term debt | 6,827) | 3,330) | 2,832) | 2,748) | 3,997) | 5,005) | 5,014) | 5,017) | 5,248) | 7,429) | 8,848) | 8,494) | 5,995) | 3,997) | 2,000) | 2,999) | 4,247) | 4,998) | 2,681) | ||||||
| Long-term finance lease liabilities, excluding current portion | 12,629) | 11,763) | 11,747) | 10,742) | 10,317) | 9,827) | 9,024) | 9,227) | 9,426) | 9,388) | 9,614) | 10,077) | 10,081) | 10,434) | 10,771) | 11,386) | 11,595) | 12,625) | 14,085) | ||||||
| Long-term debt, excluding current portion | 173,125) | 128,894) | 119,074) | 65,648) | 50,742) | 50,718) | 53,374) | 52,623) | 54,890) | 54,889) | 57,634) | 58,314) | 61,098) | 63,092) | 67,084) | 67,150) | 58,919) | 58,053) | 47,556) | ||||||
| Total debt | 194,447) | 145,675) | 135,231) | 80,682) | 66,504) | 66,926) | 68,771) | 68,242) | 70,957) | 73,145) | 77,722) | 78,917) | 79,559) | 80,547) | 83,531) | 85,932) | 79,797) | 81,468) | 71,164) | ||||||
| Total assets | 1,243,390) | 1,095,689) | 916,630) | 818,042) | 727,921) | 682,170) | 643,256) | 624,894) | 584,626) | 554,818) | 530,969) | 527,854) | 486,883) | 477,607) | 464,378) | 462,675) | 428,362) | 419,728) | 410,767) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.16 | 0.13 | 0.15 | 0.10 | 0.09 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 | 0.18 | 0.19 | 0.19 | 0.19 | 0.17 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 0.53 | 0.52 | 0.53 | 0.56 | 0.56 | 0.58 | 0.54 | 0.58 | 0.55 | 0.55 | 0.55 | 0.57 | 0.56 | 0.54 | 0.54 | 0.56 | 0.54 | 0.51 | 0.49 | ||||||
| Lowe’s Cos. Inc. | 0.75 | 0.74 | 0.77 | 0.82 | 0.79 | 0.80 | 0.79 | 0.86 | 0.84 | 0.82 | 0.80 | 0.78 | 0.71 | 0.62 | 0.58 | 0.55 | 0.53 | 0.49 | 0.45 | ||||||
| TJX Cos. Inc. | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 | 0.10 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | 0.12 | 0.18 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 194,447 ÷ 1,243,390 = 0.16
2 Click competitor name to see calculations.
The analyzed period reveals a distinct three-phase trajectory in the company's solvency profile, characterized by an initial period of stability, a prolonged phase of deleveraging, and a recent substantial increase in debt obligations alongside aggressive asset expansion.
- Asset Expansion Trends
- Total assets exhibited consistent and accelerating growth throughout the period, rising from 410,767 million USD in March 2022 to 1,243,390 million USD by September 2026. This represents a tripling of the asset base, indicating significant capital investment and balance sheet expansion.
- Debt Obligation Fluctuations
- Total debt followed a non-linear path. After peaking at 85,932 million USD in December 2022, debt levels entered a steady decline, reaching a trough of 66,504 million USD in September 2025. However, a sharp reversal occurred in 2026, with total debt escalating rapidly to 194,447 million USD by the end of the period, suggesting a strategic shift toward increased leverage.
- Debt to Assets Ratio Dynamics
- The debt to assets ratio reflects the interplay between growing assets and fluctuating debt. The ratio remained stable between 0.17 and 0.19 during 2022 before trending downward to a minimum of 0.09 in September 2025. This period of decline indicates an improvement in solvency and a reduction in financial risk. Following the debt surge in 2026, the ratio climbed back to 0.16 by September 2026, though it remained below the peaks observed in 2022 due to the concurrently massive increase in total assets.
Overall, while the company significantly reduced its leverage relative to its assets between 2023 and 2025, the rapid accumulation of debt in 2026 has shifted the solvency position upward, although the expanded asset base continues to provide a substantial buffer.
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Debt to Assets (including Operating Lease Liability)
Amazon.com Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | 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 portion of finance lease liabilities | 1,866) | 1,688) | 1,578) | 1,544) | 1,448) | 1,376) | 1,359) | 1,375) | 1,393) | 1,439) | 1,626) | 2,032) | 2,385) | 3,024) | 3,676) | 4,397) | 5,036) | 5,792) | 6,842) | ||||||
| Current portion of long-term debt | 6,827) | 3,330) | 2,832) | 2,748) | 3,997) | 5,005) | 5,014) | 5,017) | 5,248) | 7,429) | 8,848) | 8,494) | 5,995) | 3,997) | 2,000) | 2,999) | 4,247) | 4,998) | 2,681) | ||||||
| Long-term finance lease liabilities, excluding current portion | 12,629) | 11,763) | 11,747) | 10,742) | 10,317) | 9,827) | 9,024) | 9,227) | 9,426) | 9,388) | 9,614) | 10,077) | 10,081) | 10,434) | 10,771) | 11,386) | 11,595) | 12,625) | 14,085) | ||||||
| Long-term debt, excluding current portion | 173,125) | 128,894) | 119,074) | 65,648) | 50,742) | 50,718) | 53,374) | 52,623) | 54,890) | 54,889) | 57,634) | 58,314) | 61,098) | 63,092) | 67,084) | 67,150) | 58,919) | 58,053) | 47,556) | ||||||
| Total debt | 194,447) | 145,675) | 135,231) | 80,682) | 66,504) | 66,926) | 68,771) | 68,242) | 70,957) | 73,145) | 77,722) | 78,917) | 79,559) | 80,547) | 83,531) | 85,932) | 79,797) | 81,468) | 71,164) | ||||||
| Current portion of operating lease liabilities | 14,093) | 13,745) | 12,550) | 12,655) | 11,873) | 11,597) | 10,884) | 10,546) | 9,301) | 8,736) | 8,581) | 8,419) | 8,092) | 7,982) | 7,752) | 7,458) | 7,046) | 6,707) | 6,640) | ||||||
| Long-term operating lease liabilities, excluding current portion | 86,195) | 82,575) | 79,067) | 76,597) | 74,360) | 73,394) | 70,847) | 69,050) | 70,376) | 68,696) | 67,438) | 67,220) | 65,810) | 65,388) | 63,496) | 61,582) | 57,737) | 53,899) | 51,646) | ||||||
| Total debt (including operating lease liability) | 294,735) | 241,995) | 226,848) | 169,934) | 152,737) | 151,917) | 150,502) | 147,838) | 150,634) | 150,577) | 153,741) | 154,556) | 153,461) | 153,917) | 154,779) | 154,972) | 144,580) | 142,074) | 129,450) | ||||||
| Total assets | 1,243,390) | 1,095,689) | 916,630) | 818,042) | 727,921) | 682,170) | 643,256) | 624,894) | 584,626) | 554,818) | 530,969) | 527,854) | 486,883) | 477,607) | 464,378) | 462,675) | 428,362) | 419,728) | 410,767) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.24 | 0.22 | 0.25 | 0.21 | 0.21 | 0.22 | 0.23 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.32 | 0.32 | 0.33 | 0.33 | 0.34 | 0.34 | 0.32 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 0.62 | 0.61 | 0.62 | 0.65 | 0.65 | 0.67 | 0.64 | 0.68 | 0.65 | 0.65 | 0.65 | 0.66 | 0.65 | 0.62 | 0.62 | 0.64 | 0.62 | 0.60 | 0.58 | ||||||
| Lowe’s Cos. Inc. | 0.84 | 0.84 | 0.86 | 0.92 | 0.89 | 0.90 | 0.89 | 0.96 | 0.94 | 0.91 | 0.88 | 0.87 | 0.81 | 0.72 | 0.68 | 0.66 | 0.63 | 0.58 | 0.54 | ||||||
| TJX Cos. Inc. | 0.37 | 0.40 | 0.41 | 0.40 | 0.39 | 0.41 | 0.43 | 0.42 | 0.41 | 0.43 | 0.45 | 0.45 | 0.44 | 0.47 | 0.46 | 0.44 | 0.43 | 0.45 | 0.49 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 294,735 ÷ 1,243,390 = 0.24
2 Click competitor name to see calculations.
The solvency profile reflects a period of substantial balance sheet expansion characterized by a general reduction in leverage relative to asset growth, followed by a significant increase in nominal debt obligations starting in late 2025.
- Asset Growth Trajectory
- Total assets exhibited consistent and accelerating growth throughout the period, rising from 410,767 million USD in March 2022 to 1,243,390 million USD by September 2026. This nearly threefold increase in the asset base provided a significant foundation for improving the overall solvency position for the majority of the analyzed timeframe.
- Debt Obligation Patterns
- Total debt, including operating lease liabilities, remained relatively stable between 147,838 million USD and 154,972 million USD from December 2022 through March 2025. A marked shift occurred in December 2025, where debt began a sharp ascent, reaching 294,735 million USD by September 2026. This indicates a substantial increase in leveraged financing during the final quarters of the period.
- Debt to Assets Ratio Interpretation
- The debt-to-assets ratio peaked at 0.34 in mid-2022 and followed a steady downward trend to a low of 0.21 by June 2025. This decline was a direct result of asset growth outpacing debt accumulation. Despite the surge in total debt during 2026, the ratio only moderately recovered to 0.24 by September 2026, remaining below the initial 2022 levels due to the massive scale of the expanded asset base.
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Financial Leverage
Amazon.com Inc., financial leverage calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Total assets | 1,243,390) | 1,095,689) | 916,630) | 818,042) | 727,921) | 682,170) | 643,256) | 624,894) | 584,626) | 554,818) | 530,969) | 527,854) | 486,883) | 477,607) | 464,378) | 462,675) | 428,362) | 419,728) | 410,767) | ||||||
| Stockholders’ equity | 613,601) | 551,620) | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 2.03 | 1.99 | 2.07 | 1.99 | 1.97 | 2.04 | 2.10 | 2.19 | 2.26 | 2.35 | 2.45 | 2.61 | 2.66 | 2.83 | 3.01 | 3.17 | 3.12 | 3.19 | 3.07 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 8.77 | 9.38 | 12.46 | 14.48 | 16.81 | 21.91 | 43.53 | 73.30 | 52.85 | 57.22 | 211.01 | 48.94 | 59.22 | 319.94 | — | — | 70.56 | 34.20 | 41.51 | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 115.06 | ||||||
| TJX Cos. Inc. | 3.76 | 3.71 | 3.75 | 3.78 | 3.97 | 3.93 | 3.96 | 4.07 | 4.44 | 4.38 | 4.47 | 4.45 | 5.02 | 5.02 | 4.95 | 4.74 | 4.67 | 4.49 | 4.94 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 1,243,390 ÷ 613,601 = 2.03
2 Click competitor name to see calculations.
The analyzed period demonstrates a consistent expansion of the balance sheet characterized by a substantial increase in both total assets and stockholders' equity, which has resulted in a significant reduction in overall financial leverage.
- Asset Expansion
- Total assets grew steadily from 410,767 million in March 2022 to 1,243,390 million by September 2026. This trajectory indicates a continuous and aggressive increase in the scale of the company's operational resources over the observed timeframe.
- Equity Growth
- Stockholders' equity exhibited a strong upward trend, rising from 134,001 million in March 2022 to 613,601 million by September 2026. The growth rate of equity has outpaced the growth rate of assets, contributing to a strengthened solvency position.
- Financial Leverage Trajectory
- The financial leverage ratio peaked at 3.19 in June 2022 and subsequently entered a sustained period of decline. A notable reduction is observed between December 2022 (3.17) and June 2025, where the ratio reached its lowest point of 1.97. In the final quarters of the period, the ratio stabilized, fluctuating narrowly between 1.99 and 2.07.
- Capital Structure Implications
- The downward trend in the financial leverage ratio suggests a strategic shift toward a more conservative capital structure. The transition from a ratio above 3.0 to approximately 2.0 indicates a diminished reliance on external debt and an increased reliance on equity to fund asset acquisition and operational growth, thereby reducing the company's long-term financial risk.
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Interest Coverage
Amazon.com Inc., interest coverage calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Net income (loss) | 20,685) | 62,647) | 30,255) | 21,192) | 21,187) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | ||||||
| Add: Income tax expense | 6,180) | 18,199) | 9,560) | 4,946) | 6,910) | 2,678) | 4,553) | 2,325) | 2,706) | 1,767) | 2,467) | 3,062) | 2,306) | 804) | 948) | (1,227) | 69) | (637) | (1,422) | ||||||
| Add: Interest expense | 1,691) | 1,314) | 800) | 679) | 538) | 516) | 541) | 570) | 603) | 589) | 644) | 713) | 806) | 840) | 823) | 694) | 617) | 584) | 472) | ||||||
| Earnings before interest and tax (EBIT) | 28,556) | 82,160) | 40,615) | 26,817) | 28,635) | 21,358) | 22,221) | 22,899) | 18,637) | 15,841) | 13,542) | 14,399) | 12,991) | 8,394) | 4,943) | (255) | 3,558) | (2,081) | (4,794) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 39.73 | 53.51 | 46.36 | 43.55 | 43.93 | 38.17 | 34.56 | 29.48 | 24.49 | 20.63 | 16.43 | 12.80 | 8.24 | 5.60 | 2.27 | -1.51 | 5.61 | 6.57 | 13.02 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Home Depot Inc. | 8.81 | 8.85 | 8.87 | 9.36 | 9.74 | 10.40 | 10.96 | 11.25 | 11.94 | 12.82 | 13.81 | 14.90 | 16.02 | 16.58 | 16.83 | 17.14 | 16.63 | 15.94 | 15.29 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (28,556 + 82,160 + 40,615 + 26,817)
÷ (1,691 + 1,314 + 800 + 679)
= 39.73
2 Click competitor name to see calculations.
The analysis indicates a significant recovery in operating profitability and a corresponding strengthening of the solvency position over the observed period. After a period of instability and negative earnings in 2022, a sustained upward trajectory in earnings before interest and tax (EBIT) has vastly enhanced the capacity to service debt obligations.
- Earnings Before Interest and Tax (EBIT) Trends
- A volatile trend is observed throughout 2022, with EBIT fluctuating between losses and modest gains, reaching a low of -4,794 million in March 2022. A definitive pivot toward growth occurred in March 2023, leading to a consistent climb in profitability. This trend reached an exceptional peak of 82,160 million in June 2026 before moderating to 28,556 million in September 2026.
- Interest Expense Patterns
- Interest costs increased steadily from 472 million in March 2022 to 823 million in March 2023. A period of relative stability and gradual decline followed, with expenses reaching a low of 516 million by June 2025. However, a sharp escalation in interest obligations is noted in the final quarters, with expenses rising to 1,691 million by September 2026.
- Interest Coverage Ratio Dynamics
- The interest coverage ratio experienced a severe decline during 2022, bottoming at -1.51 in December 2022, indicating a period where EBIT was insufficient to cover interest payments. From March 2023, a robust recovery is observed, with the ratio climbing from 2.27 to a peak of 53.51 in June 2026. This progression reflects a substantial increase in the margin of safety regarding debt servicing. A contraction to 39.73 in September 2026 is evident, resulting from the simultaneous decrease in EBIT and the increase in interest expenses.
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