Amazon.com Inc. (NASDAQ:AMZN)

Current assets exhibited fluctuations over the five-year period. Initial values decreased from 2021 to 2022, followed by a period of growth through 2025. Adjusted current assets mirrored this pattern, consistently reporting slightly higher values than reported current assets.

Overall Trend

From 2021 to 2022, both current assets and adjusted current assets decreased. Current assets declined from US$161,580 million to US$146,791 million, while adjusted current assets decreased from US$162,680 million to US$148,191 million. Following this decline, a consistent upward trend is observed through 2025. Current assets increased to US$229,083 million, and adjusted current assets reached US$231,483 million.

Year-over-Year Changes

The largest percentage increase in current assets occurred between 2024 and 2025, with a growth of approximately 20.4%. The increase from 2022 to 2023 was also substantial, at roughly 17.3%. The decrease from 2021 to 2022 represented a decline of approximately 9.2%.

Adjusted current assets followed a similar pattern. The largest percentage increase was also between 2024 and 2025, at approximately 20.7%. The increase from 2022 to 2023 was approximately 18.8%, and the decrease from 2021 to 2022 was approximately 9.5%.

Relationship Between Current and Adjusted Assets

Adjusted current assets consistently exceeded current assets throughout the observed period. The difference between the two values remained relatively stable, ranging from approximately US$100 million to US$1,400 million annually. This suggests the adjustments applied are systematic and do not represent large, volatile changes.

The consistent growth in both current and adjusted current assets from 2023 to 2025 indicates a strengthening financial position. The relatively small and consistent difference between the two asset figures suggests the adjustments are routine and do not signal significant concerns regarding asset valuation or classification.

Total assets and adjusted total assets both demonstrate a consistent upward trend from 2021 through 2025. However, the magnitude of the increase varies across the observed period. The difference between reported total assets and adjusted total assets remains relatively stable over the five years.

Overall Growth

Total assets increased from US$420,549 million in 2021 to US$818,042 million in 2025, representing a cumulative growth of approximately 94.8%. Adjusted total assets exhibited a similar pattern, growing from US$421,649 million to US$820,442 million, a cumulative increase of roughly 94.9%.

Year-over-Year Growth Rates

The year-over-year growth rate in total assets decelerated over the period. Growth was most substantial between 2022 and 2023 (approximately 14.1%) and 2023 and 2024 (approximately 18.4%). Growth slowed to approximately 13.1% between 2024 and 2025. Adjusted total assets followed a similar pattern of decelerating growth rates.

Adjustment Variance

The difference between total assets and adjusted total assets was approximately US$1,100 million in 2021. This difference decreased to approximately US$613 million in 2022, then increased to approximately US$1,500 million in 2023, and further to approximately US$14,000 million in 2024. In 2025, the difference was approximately US$2,400 million. This suggests the nature or magnitude of the adjustments applied to total assets has fluctuated over the five-year period.

The consistent growth in both reported and adjusted total assets indicates overall expansion of the company’s resource base. The observed fluctuations in the adjustment variance warrant further investigation to understand the underlying accounting treatments and their impact on the reported financial position.

Current liabilities exhibited a consistent upward trend over the five-year period. Simultaneously, adjustments to current liabilities also demonstrated an increasing pattern, though at a potentially moderated rate compared to the unadjusted figures. The difference between reported and adjusted current liabilities widened over time, suggesting an increasing impact from the adjustments being made.

Overall Trends

Reported current liabilities increased from US$142,266 million in 2021 to US$218,005 million in 2025, representing a cumulative growth of approximately 53.2%. Adjusted current liabilities also rose, moving from US$130,439 million in 2021 to US$197,429 million in 2025, a cumulative increase of roughly 51.4%. The rate of increase appears to be slightly lower for adjusted current liabilities when compared to the unadjusted values.

Year-over-Year Changes

The largest year-over-year increase in reported current liabilities occurred between 2024 and 2025, with an addition of US$38,574 million. The largest year-over-year increase in adjusted current liabilities also occurred between 2024 and 2025, with an addition of US$36,101 million. The smallest year-over-year increase in reported current liabilities was between 2021 and 2022 (US$13,127 million), while the smallest year-over-year increase in adjusted current liabilities was between 2021 and 2022 (US$11,727 million).

Adjustment Impact

In 2021, the difference between reported and adjusted current liabilities was US$11,827 million. This difference grew to US$20,576 million by 2025. This widening gap indicates that the adjustments made to current liabilities are becoming a more substantial component of the overall current liability position. Further investigation into the nature of these adjustments would be necessary to understand the underlying drivers of this trend.

The consistent growth in both reported and adjusted current liabilities warrants continued monitoring. The increasing magnitude of the adjustments suggests a potential shift in the composition of current liabilities, or a change in accounting practices related to their classification. A deeper dive into the specific items being adjusted would provide valuable insight.

Total liabilities exhibited a generally increasing trend over the five-year period. However, a comparison with adjusted total liabilities reveals a consistent difference, suggesting the presence of items subject to adjustment. The magnitude of these adjustments also appears to be evolving.

Overall Trend in Total Liabilities

Total liabilities increased from US$282,304 million in 2021 to US$406,977 million in 2025. The growth was not linear; the largest absolute increase occurred between 2024 and 2025 (US$68,053 million), while the smallest occurred between 2022 and 2023 (US$9,347 million). This suggests potential fluctuations in financing activities or liability recognition.

Overall Trend in Adjusted Total Liabilities

Adjusted total liabilities also increased over the period, moving from US$267,783 million in 2021 to US$379,007 million in 2025. Similar to total liabilities, the growth rate varied, with the most significant increase observed between 2024 and 2025 (US$64,686 million). The adjusted figures consistently remain below the reported total liabilities.

Difference Between Total and Adjusted Liabilities

The difference between total liabilities and adjusted total liabilities was US$14,521 million in 2021. This difference widened to US$27,970 million in 2022, then narrowed slightly to US$20,927 million in 2023. It increased again to US$24,603 million in 2024, and further expanded to US$27,970 million in 2025. This indicates that the items being adjusted for are becoming a more substantial portion of the overall liability structure.

Growth Rate Comparison

While both total and adjusted liabilities increased, the adjusted figures demonstrate a slightly slower growth rate overall. This suggests that the adjustments are mitigating some of the increase in reported liabilities. The largest proportional increase in adjusted liabilities occurred between 2021 and 2022 (12.2%), while the largest proportional increase in total liabilities occurred between 2024 and 2025 (20.1%).

The consistent presence and evolving magnitude of the adjustments to total liabilities warrant further investigation to understand the nature of these adjustments and their impact on the company’s financial position.

Stockholders’ equity exhibited a consistent upward trajectory between 2021 and 2025. Simultaneously, adjusted stockholders’ equity demonstrated a similar pattern of growth over the same period. However, the magnitude of the increase differs between the two equity measures.

Overall Growth

Reported stockholders’ equity increased from US$138,245 million in 2021 to US$411,065 million in 2025, representing a cumulative growth of approximately 197.8%. Adjusted stockholders’ equity grew from US$153,866 million in 2021 to US$441,435 million in 2025, a cumulative increase of roughly 187.2%.

Year-over-Year Changes

The year-over-year growth in stockholders’ equity was relatively consistent, ranging from approximately 5.6% (2021-2022) to 47.8% (2022-2023) and 41.7% (2023-2024) to 43.8% (2024-2025). Adjusted stockholders’ equity showed similar patterns, with year-over-year growth fluctuating between 1.4% (2021-2022) and 47.4% (2022-2023), 41.2% (2023-2024) and 48.8% (2024-2025).

Difference Between Measures

A consistent difference exists between reported and adjusted stockholders’ equity throughout the observed period. The initial difference in 2021 was approximately US$15,621 million. This difference widened over time, reaching US$30,370 million by 2025. The adjustments consistently increase the reported equity value, suggesting the presence of items impacting equity not initially captured in the standard stockholders’ equity calculation.

The growth rates of both equity measures were notably higher between 2022 and 2025 compared to the 2021-2022 period, indicating an acceleration in equity accumulation during the latter years. The consistent positive adjustment to stockholders’ equity warrants further investigation to understand the nature and impact of these adjustments on the overall financial position.

Over the five-year period, significant changes are observed in the reported and adjusted capitalization structure. Total reported debt initially increased from 2021 to 2022, then decreased through 2024 before rising again in 2025. Stockholders’ equity demonstrated consistent growth throughout the period, with accelerating increases from 2022 onwards. Consequently, total reported capital also increased steadily over the five years.

Adjustments to the capitalization structure reveal a different pattern in debt. Adjusted total debt increased from 2021 to 2022, remained relatively stable between 2022 and 2024, and then increased again in 2025. Adjusted stockholders’ equity also exhibited consistent growth, mirroring the trend in reported equity, and accelerating in later years. Adjusted total capital increased consistently throughout the period, at a faster rate than reported total capital.

Debt Trends

Reported total debt increased by approximately 16.2% from 2021 to 2022, then decreased by 10.4% and 17.8% in 2023 and 2024 respectively, before increasing by 18.2% in 2025. Adjusted total debt showed a similar pattern, increasing by 17.1% from 2021 to 2022, remaining relatively flat for two years, and then increasing by 10.0% in 2025. The difference between reported and adjusted debt widened from US$58.3 billion in 2021 to US$89.2 billion in 2025, suggesting a substantial impact from the adjustments made.

Equity Trends

Stockholders’ equity increased consistently, growing by 5.6% from 2021 to 2022, 38.2% from 2022 to 2023, 47.8% from 2023 to 2024, and 44.2% from 2024 to 2025. Adjusted stockholders’ equity followed a similar trajectory, with growth rates of 1.5%, 35.3%, 40.4%, and 48.7% over the same periods. The difference between reported and adjusted equity narrowed from US$14.4 billion in 2021 to US$9.6 billion in 2025, indicating a convergence of the two equity measures.

Capital Structure Changes

Total reported capital increased by 47.0% over the five-year period, while adjusted total capital increased by 113.8%. This indicates that the adjustments to the capitalization structure resulted in a more substantial increase in the overall capital base. The gap between reported and adjusted total capital widened significantly, from US$69.9 billion in 2021 to US$120.0 billion in 2025, highlighting the material impact of the adjustments.

The consistent growth in both reported and adjusted stockholders’ equity suggests strong profitability and/or capital raising activities. The fluctuations in reported debt, coupled with the more stable adjusted debt, warrant further investigation into the nature of the adjustments being made. The increasing difference between reported and adjusted capital suggests that the adjustments are having a growing influence on the overall capitalization structure.

Net sales and adjusted net sales both demonstrate a consistent upward trend from 2021 through 2025. However, adjusted net sales consistently exceed reported net sales across the observed period.

Overall Growth

Net sales increased from US$469,822 million in 2021 to US$716,924 million in 2025, representing a cumulative growth of approximately 52.4%. Adjusted net sales exhibited a similar growth pattern, rising from US$472,241 million in 2021 to US$717,297 million in 2025, a cumulative increase of roughly 51.8%.

Year-over-Year Growth

The year-over-year growth rate for net sales decelerated slightly over the period. Growth was highest between 2021 and 2022 (9.4%), followed by 2022 and 2023 (11.7%), then 2023 and 2024 (11.0%), and finally 2024 and 2025 (12.4%). Adjusted net sales mirrored this pattern, with similar year-over-year growth rates.

Adjustment Impact

The difference between net sales and adjusted net sales widened slightly over the five-year period. In 2021, adjusted net sales were US$2,419 million higher than reported net sales. By 2025, this difference had increased to US$373 million. This suggests a potential increasing impact from items requiring adjustment to arrive at the adjusted net sales figure.

The consistent positive adjustment to net sales indicates the presence of items that are excluded from the initially reported revenue figure. Further investigation into the nature of these adjustments would be necessary to understand their underlying causes and potential implications for revenue recognition practices.

Reported net income demonstrates significant volatility over the five-year period. Initially positive and substantial, it experienced a considerable loss before recovering and exhibiting strong growth. Adjusted net income mirrors this pattern but with amplified magnitudes in both the loss and subsequent gains. The divergence between reported and adjusted net income suggests the presence of items impacting reported earnings that are excluded from the adjusted figure.

Net Income Trend

Net income began at US$33,364 million in 2021, decreased substantially to a loss of US$2,722 million in 2022, and then recovered to US$30,425 million in 2023. Further growth was observed in 2024, reaching US$59,248 million, and continued strongly into 2025, achieving US$77,670 million. This indicates a period of initial profitability, followed by a challenging year, and a subsequent return to, and exceeding, prior levels of profitability.

Adjusted Net Income Trend

Adjusted net income followed a similar trajectory to reported net income, starting at US$34,277 million in 2021. However, the decline in 2022 was more pronounced, resulting in a loss of US$11,581 million. Recovery in 2023 reached US$31,096 million, followed by US$61,582 million in 2024, and a substantial increase to US$118,177 million in 2025. The adjusted figure consistently shows larger swings, both positive and negative, compared to the reported net income.

Relationship Between Reported and Adjusted Net Income

The difference between adjusted and reported net income varied significantly across the period. In 2021, the adjustment added US$913 million to reported earnings. In 2022, the adjustment reduced net income by US$8,859 million, indicating substantial non-recurring or unusual items negatively impacted reported earnings. In 2023, the adjustment added US$671 million. This pattern continued with additions of US$2,334 million in 2024 and US$40,507 million in 2025. The increasing magnitude of the adjustments in the later years suggests a growing impact from these items on the overall financial performance.

The substantial growth in adjusted net income in 2025, significantly outpacing the growth in reported net income, warrants further investigation into the nature of the adjustments made. Understanding these adjustments is crucial for a comprehensive assessment of the company’s underlying economic performance.