Common-Size Balance Sheet: Assets
Quarterly Data
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Alphabet Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Alphabet Inc., common-size consolidated balance sheet: assets (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 assets at the company has undergone notable shifts over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A consistent pattern reveals a gradual reallocation of assets from highly liquid forms to longer-term investments and fixed assets. Current assets, initially representing over half of the total asset base, have steadily decreased as a percentage of total assets, while non-current assets have correspondingly increased.
- Cash, Cash Equivalents, and Marketable Securities
- The combined percentage of cash, cash equivalents, and marketable securities exhibited a consistent decline from 41.30% in March 2021 to 21.31% in December 2023, before a slight increase to 21.67% in September 2024 and a further increase to 21.25% in December 2024. This suggests a strategic shift away from holding substantial liquid assets, potentially indicating increased investment in operational activities or longer-term ventures. The most recent data point shows a slight decrease to 20.05% in March 2025 and 18.95% in June 2025, followed by a rise to 18.36% in September 2025 and 21.31% in December 2025.
- Accounts Receivable
- Accounts receivable as a percentage of total assets demonstrated fluctuation, generally trending upwards from 8.56% in March 2021 to a peak of 11.92% in December 2023. This increase could be attributed to growing sales on credit. However, the percentage decreased to 10.56% in December 2025, suggesting improved collection efficiency or a change in sales terms. The percentage remained relatively stable between 9.75% and 10.34% from March 2022 to September 2023.
- Property and Equipment
- Property and equipment, net, consistently increased as a proportion of total assets, rising from 26.78% in March 2021 to 38.93% in September 2025, before decreasing slightly to 40.48% in June 2025 and 41.71% in September 2025. This indicates a significant investment in fixed assets, potentially supporting expansion or modernization efforts. The increase is particularly pronounced in the later periods, suggesting an acceleration of capital expenditure.
- Goodwill and Other Non-Current Assets
- Goodwill experienced a moderate increase from 6.83% in March 2021 to 8.05% in September 2022, then decreased to 6.20% in September 2025. Other non-current assets showed a more substantial increase, rising from 1.83% in March 2021 to 3.22% in September 2024, before decreasing to 3.13% in September 2025. These changes suggest potential acquisitions or adjustments in long-term asset valuations.
- Deferred Income Taxes
- Deferred income taxes increased significantly as a percentage of total assets, from 0.35% in March 2021 to 3.02% in September 2023, before decreasing to 1.53% in December 2025. This increase likely reflects changes in tax regulations or the timing of recognizing taxable and deductible temporary differences. The recent decrease suggests a reversal of these effects.
Overall, the asset composition demonstrates a strategic shift towards long-term investments and operational assets, accompanied by a reduction in highly liquid holdings. The increases in property and equipment, coupled with changes in goodwill and deferred income taxes, suggest active capital management and evolving business strategies. The fluctuations in accounts receivable warrant continued monitoring to assess the effectiveness of credit and collection policies.