AMAZON COM INCAMZN
AMAZON COM INC Debt Disclosure
DEBT
As of December 31, 2025, we had $68.0 billion of unsecured senior notes outstanding (the “Notes”), including $15.0 billion issued in November 2025 for general corporate purposes. Our total long-term debt obligations are as follows (in millions):
| Maturities (1) | Stated Interest Rates | Effective Interest Rates | December 31, 2024 | December 31, 2025 | |||||||||||||||||||||||||
2014 Notes issuance of $6.0 billion | 2034 - 2044 | 4.80% - 4.95% | 4.93% - 5.12% | $ | 2,750 | $ | 2,750 | ||||||||||||||||||||||
2017 Notes issuance of $17.0 billion | 2027 - 2057 | 3.15% - 4.25% | 3.25% - 4.33% | 13,000 | 12,000 | ||||||||||||||||||||||||
2020 Notes issuance of $10.0 billion | 2027 - 2060 | 1.20% - 2.70% | 1.26% - 2.77% | 9,000 | 7,750 | ||||||||||||||||||||||||
2021 Notes issuance of $18.5 billion | 2026 - 2061 | 1.00% - 3.25% | 1.14% - 3.31% | 15,000 | 15,000 | ||||||||||||||||||||||||
April 2022 Notes issuance of $12.8 billion | 2027 - 2062 | 3.30% - 4.10% | 3.40% - 4.15% | 11,250 | 9,750 | ||||||||||||||||||||||||
December 2022 Notes issuance of $8.3 billion | 2027 - 2032 | 4.55% - 4.70% | 4.61% - 4.74% | 7,000 | 5,750 | ||||||||||||||||||||||||
2025 Notes issuance of $15.0 billion | 2028 - 2065 | 3.90% - 5.55% | 3.99% - 5.62% | — | 15,000 | ||||||||||||||||||||||||
| Other long-term debt | — | 836 | |||||||||||||||||||||||||||
| Total face value of long-term debt | 58,000 | 68,836 | |||||||||||||||||||||||||||
| Unamortized discount and issuance costs, net | (360) | (440) | |||||||||||||||||||||||||||
| Less: current portion of long-term debt | (5,017) | (2,748) | |||||||||||||||||||||||||||
| Long-term debt | $ | 52,623 | $ | 65,648 | |||||||||||||||||||||||||
___________________
(1)The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, December 2022, and 2025 Notes were 14.4, 15.4, 18.1, 13.2, 13.8, 4.4, and 15.6 years as of December 31, 2025. The combined weighted-average remaining life of the Notes was 14.1 years as of December 31, 2025.
Interest on the Notes is payable semi-annually in arrears. We may redeem the Notes at any time in whole, or from time to time, in part at specified redemption prices. We are not subject to any financial covenants under the Notes. The estimated fair value of the Notes was approximately $50.2 billion and $61.1 billion as of December 31, 2024 and 2025, which is based on quoted prices for our debt as of those dates.
As of September 30, 2024, we had repaid outstanding borrowings and terminated the secured revolving credit facility with a lender that was secured by certain seller receivables (the “Credit Facility”). The Credit Facility bore interest based on the daily Secured Overnight Financing Rate plus 1.25%, and had a commitment fee of up to 0.45% on the undrawn portion. There were $682 million of borrowings outstanding under the Credit Facility as of December 31, 2023, which had an interest rate of 6.6%.
As of December 31, 2025, future principal payments for our total long-term debt were as follows (in millions):
| Year Ended December 31, | |||||
| 2026 | $ | 2,752 | |||
| 2027 | 8,832 | ||||
| 2028 | 4,752 | ||||
| 2029 | 3,000 | ||||
| 2030 | 4,500 | ||||
| Thereafter | 45,000 | ||||
| $ | 68,836 | ||||
In January 2023, we entered into an $8.0 billion unsecured 364-day term loan with a syndicate of lenders (the “Term Loan”), maturing in January 2024 and bearing interest at the Secured Overnight Financing Rate specified in the Term Loan plus 0.75%. The Term Loan was classified as short-term debt and included within “Accrued expenses and other” on our consolidated balance sheets. As of December 31, 2023, the entire amount of the Term Loan had been repaid.
We have U.S. Dollar and Euro commercial paper programs (the “Commercial Paper Programs”) under which we may from time to time issue unsecured commercial paper up to a total of $30.0 billion (including up to €3.0 billion) at the date of issue, with individual maturities that may vary but will not exceed 397 days from the date of issue. In April 2025, we increased the size of the Commercial Paper Programs from $20.0 billion to $30.0 billion. There were no borrowings outstanding under the
Commercial Paper Programs as of December 31, 2024 and 2025. We use the net proceeds from the issuance of commercial paper for general corporate purposes.
We have a $15.0 billion unsecured revolving credit facility with a syndicate of lenders (the “Credit Agreement”), with a term that extends to November 2028 and may be extended for one or more additional one-year terms subject to approval by the lenders. The interest rate applicable to outstanding balances under the Credit Agreement is the applicable benchmark rate specified in the Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion of the credit facility. There were no borrowings outstanding under the Credit Agreement as of December 31, 2024 and 2025.
In October 2025, we entered into a $5.0 billion unsecured 364-day revolving credit facility with a syndicate of lenders (the “Short-Term Credit Agreement”), which replaced the prior 364-day revolving credit agreement entered into in October 2024. The Short-Term Credit Agreement matures in October 2026 and may be extended for one additional period of 364 days subject to approval by the lenders. The interest rate applicable to outstanding balances under the Short-Term Credit Agreement is the Secured Overnight Financing Rate specified in the Short-Term Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion. There were no borrowings outstanding under the Short-Term Credit Agreement or the prior 364-day revolving credit agreement as of December 31, 2024 and 2025.
We also utilize other short-term credit facilities for working capital purposes. There were $151 million and $455 million of borrowings outstanding under these facilities as of December 31, 2024 and 2025, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $9.5 billion of unused letters of credit as of December 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 2, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 4, 2022 | |
| 2020 | Feb 3, 2021 | |
| 2019 | Jan 31, 2020 | |
| 2018 | Feb 1, 2019 | |
| 2017 | Feb 2, 2018 | |
| 2016 | Feb 10, 2017 | |
| 2015 | Jan 29, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.