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)
Amazon.com Inc., solvency 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 solvency profile demonstrates a sustained trend of deleveraging beginning in mid-2022 and continuing through the third quarter of 2025. Across all primary solvency metrics, there is a consistent reduction in the reliance on debt relative to equity, assets, and total capital, indicating a significant strengthening of the long-term financial position.
- Debt-to-Equity and Capital Ratios
- A consistent downward trajectory is observed in the debt-to-equity ratio, which peaked at 0.62 in June 2022 before declining to a low of 0.18 by September 2025. When operating lease liabilities are incorporated, the ratio decreased from 1.08 in June 2022 to 0.41 in September 2025. Similarly, the debt-to-capital ratio declined from 0.38 to 0.15 over the same period, reflecting a strategic shift toward equity-based financing or debt repayment.
- Asset-Based Solvency and Financial Leverage
- The debt-to-assets ratio exhibited a steady decline from 0.19 in 2022 to 0.09 by September 2025. Including operating lease liabilities, this ratio moved from a high of 0.34 down to 0.21. Financial leverage also contracted significantly, falling from a peak of 3.19 in June 2022 to 1.97 by September 2025, suggesting a reduction in the use of borrowed funds to acquire assets.
- Interest Coverage and Debt Serviceability
- The interest coverage ratio experienced extreme volatility, reaching a critical low of -1.51 in December 2022, which indicates a period where earnings were insufficient to cover interest expenses. However, a rapid and aggressive recovery followed, with the ratio climbing steadily to reach 53.51 by June 2026. This trajectory represents a substantial improvement in the ability to service debt obligations through operational earnings.
- Recent Quarterly Fluctuations
- Between December 2025 and March 2026, a slight reversal in the deleveraging trend is noted. Debt-to-equity rose from 0.20 to 0.31, and debt-to-assets increased from 0.10 to 0.15. Despite this short-term uptick, the solvency ratios remain substantially lower than the levels recorded in 2022.
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Debt Ratios
Coverage Ratios
Debt to Equity
Amazon.com Inc., debt to equity 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 portion of finance lease liabilities | 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 | 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 | 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 | 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 | 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 | 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 | 0.26 | 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. | 4.91 | 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. | 0.32 | 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: 2026-06-30), 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
Debt to equity = Total debt ÷ Stockholders’ equity
= 145,675 ÷ 551,620 = 0.26
2 Click competitor name to see calculations.
The solvency profile exhibits a period of significant deleveraging followed by a recent, sharp increase in total liabilities. While the overall leverage position remains lower than the levels observed in early 2022, the trajectory of the debt-to-equity ratio indicates a shift in capital structure strategy starting in late 2025.
- Total Debt Trends
- Total debt demonstrated a fluctuating but generally downward trend from December 31, 2022, when it peaked at 85,932 million US$, reaching a low of 66,504 million US$ by September 30, 2025. This period of debt reduction was abruptly reversed in the final quarters of the analysis, with a substantial surge in borrowing. Debt levels climbed steeply from 66,504 million US$ in September 2025 to 145,675 million US$ by June 30, 2026, representing a more than twofold increase in total debt within nine months.
- Stockholders' Equity Growth
- Stockholders' equity maintained a consistent and aggressive upward trajectory throughout the entire observation period. Equity grew from 134,001 million US$ on March 31, 2022, to 551,620 million US$ by June 30, 2026. This continuous growth provided a substantial cushion that mitigated the impact of the increased debt levels observed in 2026, ensuring the company's overall solvency remained robust despite higher borrowing.
- Debt to Equity Ratio Interpretation
- The debt-to-equity ratio followed a clear downward trend for the majority of the period, falling from a peak of 0.62 in June 2022 to a minimum of 0.18 in September 2025. This indicates a prolonged phase of strengthening the balance sheet and reducing reliance on external debt. However, the ratio experienced a sudden spike to 0.31 by March 31, 2026, coinciding with the rapid increase in total debt. Despite this uptick, the ratio moderated slightly to 0.26 by June 30, 2026, remaining significantly below the 0.50–0.60 range seen in 2022.
In summary, the company successfully transitioned from a higher-leverage state to a highly equity-funded position by late 2025. The subsequent surge in debt in 2026 suggests a strategic shift, possibly for large-scale capital investment or acquisition, though the concurrent growth in equity has prevented a return to the higher solvency risks seen at the beginning 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)
| 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 | 1,688) | 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 | 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 | 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 | 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 | 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 | 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 | 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) | 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 | 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 | 0.44 | 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. | 5.75 | 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. | 1.48 | 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: 2026-06-30), 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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 241,995 ÷ 551,620 = 0.44
2 Click competitor name to see calculations.
An analysis of the solvency metrics indicates a significant strengthening of the capital structure over the observed period, characterized by a substantial expansion of stockholders' equity that outpaced the growth of total liabilities.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited a period of relative stability between March 2022 and December 2024, fluctuating within a range of approximately 129 billion to 155 billion US dollars. However, a sharp upward trajectory emerged starting in December 2025, with debt rising from 169.9 billion US dollars to 242 billion US dollars by June 2026. This represents a significant increase in total obligations during the final three quarters of the period.
- Stockholders' Equity Growth
- Stockholders' equity demonstrated consistent and aggressive growth throughout the entire timeframe. Starting at 134 billion US dollars in March 2022, equity increased steadily to 201.9 billion US dollars by December 2023, and continued its ascent to reach 551.6 billion US dollars by June 2026. This sustained growth indicates a strong accumulation of retained earnings or capital contributions, significantly enhancing the company's net asset base.
- Debt to Equity Ratio Evolution
- The debt to equity ratio reflects a marked improvement in solvency from 2022 through 2025. After peaking at 1.08 in June 2022, the ratio entered a prolonged downward trend, reaching a low of 0.41 by September 2025. This decline was driven primarily by the rapid growth of equity relative to a stable debt load. A temporary spike to 0.51 occurred in March 2026, coinciding with the surge in total debt, before moderating to 0.44 in June 2026 as equity growth continued to offset the increased leverage.
Overall, the data reveals a transition from a leveraged position where debt nearly equaled equity to a more conservative capital structure. Despite the recent increase in total debt in 2026, the substantial growth in stockholders' equity has maintained the solvency ratio at levels significantly lower than those recorded in 2022.
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Debt to Capital
Amazon.com Inc., debt to capital 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 portion of finance lease liabilities | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 0.21 | 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. | 0.83 | 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. | 1.49 | 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. | 0.24 | 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: 2026-06-30), 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
Debt to capital = Total debt ÷ Total capital
= 145,675 ÷ 697,295 = 0.21
2 Click competitor name to see calculations.
The solvency profile demonstrates a distinct shift from a period of strategic deleveraging to a sudden increase in leverage toward the end of the observed timeframe. While total capital grew consistently throughout the period, the relationship between debt and overall capital underwent significant fluctuations.
- Total Debt Trajectory
- Total debt exhibited a volatile pattern, initially rising to a peak of US$ 85,932 million by December 31, 2022. This was followed by a sustained period of reduction, reaching a minimum of US$ 66,504 million by September 30, 2025. However, a sharp reversal occurred in the final quarters, with debt escalating rapidly to US$ 145,675 million by June 30, 2026.
- Total Capital Expansion
- Total capital maintained a consistent and aggressive upward trajectory, growing from US$ 205,165 million in March 2022 to US$ 697,295 million by June 30, 2026. This continuous growth indicates a substantial expansion of the capital base, which served as a primary driver in reducing the solvency ratio during the mid-period.
- Debt to Capital Ratio Trends
- The debt to capital ratio remained relatively stable between 0.35 and 0.38 throughout 2022. Starting in March 2023, a consistent downward trend emerged, with the ratio declining to a low of 0.15 by September 30, 2025, signaling a strengthening of the solvency position. This trend reversed abruptly in early 2026, with the ratio climbing to 0.23 in March 2026 before settling at 0.21 by June 30, 2026, coinciding with the surge in total debt.
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Debt to Capital (including Operating Lease Liability)
Amazon.com Inc., debt to capital (including operating lease liability) 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 portion of finance lease liabilities | 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 | 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 | 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 | 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 | 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 | 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 | 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) | 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 | 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) | 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 | 0.30 | 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. | 0.85 | 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. | 1.41 | 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. | 0.60 | 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: 2026-06-30), 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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 241,995 ÷ 793,615 = 0.30
2 Click competitor name to see calculations.
A comprehensive analysis of the solvency metrics reveals a long-term strengthening of the capital structure, characterized by a significant reduction in the reliance on debt relative to total capital. While total debt experienced periods of stability and eventual sharp increases, the growth in total capital consistently outpaced debt accumulation, leading to a overall improvement in the solvency ratio.
- Debt to Capital Ratio Trend
- The ratio exhibited a general downward trajectory, declining from 0.49 in March 2022 to 0.30 by June 2026. After peaking at 0.52 in June 2022, the ratio entered a sustained period of decline, reaching its lowest point of 0.29 in September 2025. Despite a brief uptick to 0.34 in March 2026, the ratio ultimately stabilized at 0.30, indicating a more conservative leverage profile compared to the initial period.
- Total Capital Expansion
- Total capital, including operating lease liabilities, demonstrated consistent and aggressive growth throughout the observed period. Starting at 263,451 million USD in March 2022, capital expanded to 793,615 million USD by June 2026. This steady increase in the capital base served as the primary driver for the reduction in the debt-to-capital ratio, suggesting significant growth in equity or retained earnings.
- Debt Accumulation Patterns
- Total debt remained relatively stable between December 2022 and September 2025, fluctuating within a narrow range between approximately 147,838 million USD and 154,972 million USD. However, a sharp escalation in debt levels is observed starting in December 2025, with total debt rising rapidly to 241,995 million USD by June 2026. Despite this substantial nominal increase in debt, the simultaneous surge in total capital prevented the solvency ratio from returning to 2022 levels.
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Debt to Assets
Amazon.com Inc., debt to assets 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 portion of finance lease liabilities | 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 | 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 | 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 | 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 | 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 | 1,095,689) | 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 | 0.13 | 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. | 0.52 | 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. | 0.74 | 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. | 0.09 | 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: 2026-06-30), 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
Debt to assets = Total debt ÷ Total assets
= 145,675 ÷ 1,095,689 = 0.13
2 Click competitor name to see calculations.
The analysis of solvency metrics indicates a period of significant balance sheet expansion characterized by a long-term reduction in leverage, followed by a substantial increase in debt obligations in 2026.
- Asset Expansion
- Total assets demonstrated consistent and aggressive growth over the analyzed period. Starting at 410,767 million US dollars in March 2022, assets increased steadily to reach 1,095,689 million US dollars by June 2026. This represents a substantial enlargement of the organization's resource base, providing a larger cushion against liabilities.
- Debt Trajectory
- Total debt exhibited three distinct phases. First, a moderate increase occurred between March 2022 and December 2022, peaking at 85,932 million US dollars. This was followed by a sustained period of deleveraging, where debt declined consistently to a low of 66,504 million US dollars by June 2025. Finally, a sharp escalation in borrowing was observed in 2026, with total debt rising to 145,675 million US dollars by June 2026.
- Debt to Assets Ratio Analysis
- The solvency ratio reflects the interaction between asset growth and debt management. From March 2022 to December 2022, the ratio remained relatively stable between 0.17 and 0.19. Between January 2023 and September 2025, the ratio improved significantly, reaching a minimum of 0.09, which indicates a period of peak solvency. The surge in debt during the first half of 2026 caused the ratio to spike to 0.15 in March 2026, before moderating to 0.13 by June 2026 as asset growth offset a portion of the new liabilities.
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Debt to Assets (including Operating Lease Liability)
Amazon.com Inc., debt to assets (including operating lease liability) 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 portion of finance lease liabilities | 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 | 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 | 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 | 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 | 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 | 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 | 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) | 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 | 1,095,689) | 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 | 0.22 | 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. | 0.61 | 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 | 0.86 | 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. | 0.40 | 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: 2026-06-30), 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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 241,995 ÷ 1,095,689 = 0.22
2 Click competitor name to see calculations.
The analysis of solvency metrics reveals a period of significant balance sheet expansion coupled with a general improvement in the debt-to-asset ratio. While absolute debt levels experienced a late-period surge, the consistent and aggressive growth of total assets effectively lowered the company's relative leverage over the observed duration.
- Total Assets Trajectory
- A sustained and substantial upward trend is observed in total assets, which grew from 410,767 million US dollars in March 2022 to 1,095,689 million US dollars by June 2026. This represents more than a twofold increase in the asset base, indicating significant capital accumulation and expansion.
- Debt Accumulation Patterns
- Total debt, including operating lease liabilities, progressed through three distinct phases. First, an increase was noted from March 2022 to December 2022, reaching 154,972 million US dollars. This was followed by a period of relative stability between March 2023 and December 2024, where debt levels fluctuated narrowly around 150,000 million US dollars. Finally, a sharp increase occurred starting in late 2025, with total debt rising to 241,995 million US dollars by June 2026.
- Solvency Ratio Analysis
- The debt-to-assets ratio reflects an overall improvement in the solvency position. The ratio remained between 0.32 and 0.34 during much of 2022, before entering a steady decline to a minimum of 0.21 by September 2025. Although a temporary spike to 0.25 occurred in March 2026 due to increased borrowing, the ratio returned to 0.22 by June 2026. The reduction from 0.32 at the start of the period to 0.22 at the end indicates that asset growth significantly outpaced the growth of debt, thereby reducing the company's financial reliance on leveraged funding relative to its total resources.
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Financial Leverage
Amazon.com Inc., financial leverage 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) | ||||||||||||||||||||||||
| Total assets | 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 | 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 | 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. | 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. | 3.71 | 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: 2026-06-30), 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
Financial leverage = Total assets ÷ Stockholders’ equity
= 1,095,689 ÷ 551,620 = 1.99
2 Click competitor name to see calculations.
The financial trajectory from March 2022 to June 2026 is characterized by substantial expansion of the balance sheet and a concurrent reduction in financial leverage. There is a clear trend of increasing solvency as stockholders' equity grows at a faster pace than total assets.
- Asset Growth and Expansion
- Total assets exhibited consistent growth throughout the period, increasing from 410,767 million USD in March 2022 to 1,095,689 million USD by June 2026. This represents a significant expansion of the resource base, with a notable acceleration in growth occurring between December 2025 and June 2026.
- Equity Strengthening
- Stockholders' equity grew from 134,001 million USD in March 2022 to 551,620 million USD in June 2026. This steady climb in equity indicates a strong accumulation of capital, which has provided a more robust financial cushion and contributed to the overall deleveraging of the company.
- Financial Leverage Ratio Trend
- The financial leverage ratio experienced a sustained decline over the analyzed timeframe. After peaking at 3.19 in June 2022, the ratio trended downward, breaking below the 3.00 threshold in March 2023 and continuing a descent to 1.99 by June 2026. This trend signifies a reduction in the proportion of debt used to finance assets relative to equity.
- Solvency and Capital Structure Analysis
- The convergence of rising equity and a declining leverage ratio suggests a shift toward a more conservative capital structure. The reduction of the ratio from 3.07 to 1.99 over the period indicates a decreased reliance on external borrowing and an improved solvency profile, reducing the financial risk associated with debt obligations.
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Interest Coverage
Amazon.com Inc., interest coverage 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) | ||||||||||||||||||||||||
| Net income (loss) | 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 | 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 | 1,314) | 800) | 679) | 538) | 516) | 541) | 570) | 603) | 589) | 644) | 713) | 806) | 840) | 823) | 694) | 617) | 584) | 472) | ||||||
| Earnings before interest and tax (EBIT) | 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 | 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. | 8.85 | 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: 2026-06-30), 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
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= (82,160 + 40,615 + 26,817 + 28,635)
÷ (1,314 + 800 + 679 + 538)
= 53.51
2 Click competitor name to see calculations.
The solvency profile demonstrates a transition from operational instability and limited coverage in 2022 to a position of significant financial strength by mid-2026. This evolution is characterized by a substantial expansion in operational earnings relative to the cost of debt, resulting in a markedly improved capacity to service interest obligations.
- Earnings Before Interest and Tax (EBIT) Trends
- A period of significant volatility is observed in 2022, with EBIT fluctuating between negative values and a peak of 3,558 million in September 2022. Following a brief dip in December 2022, a sustained and aggressive growth trajectory began. EBIT expanded from 4,943 million in March 2023 to a substantial 82,160 million by June 2026, representing a massive increase in operational profitability.
- Interest Expense Dynamics
- Interest expenses showed an initial upward trend, rising from 472 million in March 2022 to a peak of 840 million in June 2023. A subsequent period of stabilization and slight decline occurred between June 2023 and March 2025, with expenses reaching a low of 516 million. However, a sharp increase is noted toward the end of the period, with expenses climbing to 1,314 million by June 2026.
- Interest Coverage Ratio Analysis
- The interest coverage ratio experienced a severe contraction during 2022, descending from 13.02 to a low of -1.51 by December 2022, indicating a period where earnings were insufficient to cover interest costs. From March 2023 onward, the ratio entered a phase of continuous and rapid improvement. The ratio rose from 2.27 in March 2023 to 29.48 by December 2024, eventually reaching 53.51 by June 2026. This trajectory indicates a comprehensive strengthening of the solvency position and a significant reduction in financial risk.
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