Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Amazon.com Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of liabilities and stockholders’ equity exhibited several notable trends over the observed period from March 2021 to December 2025. Overall, a gradual shift occurred in the balance between liabilities and equity, with a corresponding evolution in the specific components within each category.
- Current Liabilities
- Current liabilities, as a percentage of total liabilities and stockholders’ equity, generally decreased from 35.72% in March 2021 to 26.65% in December 2025. Accounts payable consistently represented the largest portion of current liabilities, fluctuating between approximately 14% and 20% throughout the period, with a slight downward trend. The current portion of operating lease liabilities remained relatively stable, hovering around 1.5% to 1.7%. A significant decline is observed in the current portion of finance lease liabilities, decreasing from 3.05% to 0.19% over the period. The current portion of long-term debt showed an initial decrease followed by increases in 2022 and 2023, before declining again. Accrued expenses and other liabilities decreased from 12.67% to 9.23% over the period, while unearned revenue showed a similar, albeit less pronounced, decline.
- Long-Term Liabilities
- Long-term liabilities demonstrated more variability. Initially, long-term debt excluding the current portion constituted a substantial portion, peaking at 13.95% in June 2021 before generally decreasing to 8.03% by December 2025. Long-term lease liabilities, excluding current portions, remained relatively stable between 11% and 16%, with a gradual decline towards the end of the period. Other long-term liabilities experienced a decrease from 6.01% to 4.40% over the observed timeframe. Overall, long-term liabilities decreased from 32.30% to 23.10% of the total.
- Stockholders’ Equity
- Stockholders’ equity exhibited an increasing trend as a percentage of total liabilities and stockholders’ equity, rising from 31.98% in March 2021 to 50.25% in December 2025. Retained earnings consistently formed the largest component of equity, increasing from 18.78% to 30.63%. Additional paid-in capital also increased substantially, from 13.98% to 17.12%. Treasury stock represented a negative equity component, becoming more negative over time, from -0.57% to -0.96%. Accumulated other comprehensive income (loss) fluctuated, initially negative and becoming increasingly positive towards the end of the period, moving from -0.21% to 3.45%. Common stock remained a negligible percentage of the total.
The overall trend indicates a decreasing reliance on liabilities and a growing emphasis on equity financing. The reduction in current liabilities, particularly finance lease obligations, suggests improved short-term liquidity management. The increase in retained earnings and additional paid-in capital reflects profitability and potentially new equity issuances. The shift in the capital structure towards greater equity may indicate a strengthening financial position.