Common-Size Balance Sheet: Assets
Quarterly Data
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Alphabet Inc. pages available for free this week:
- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Alphabet Inc., common-size consolidated balance sheet: assets (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), 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 asset composition reflects a significant structural transition, characterized by a shift from high liquidity toward a more capital-intensive balance sheet. There is a clear trend of decreasing reliance on liquid current assets in favor of long-term physical and strategic investments.
- Liquidity and Current Asset Contraction
- A consistent downward trend is observed in the proportion of current assets, which declined from 52.63% in March 2021 to 37.26% by June 2026. This contraction is primarily driven by the reduction in cash, cash equivalents, and marketable securities, which collectively fell from 41.30% to 26.30% of total assets. Marketable securities alone saw a substantial decrease from 33.17% to 20.23% over the period, indicating a strategic deployment of cash reserves.
- Expansion of Fixed Assets and Infrastructure
- There is a pronounced increase in the weight of property and equipment, net, which rose from 26.78% in March 2021 to a peak of 41.71% in September 2025, ending at 34.84% in June 2026. This trend suggests an aggressive investment in physical infrastructure. Consequently, the total share of non-current assets grew from 47.37% to 62.74%, underscoring a fundamental shift in the company's asset base toward long-term operational capacity.
- Strategic Non-Current Asset Shifts
- Non-marketable securities experienced a steady increase, rising from 7.73% to 14.26%, suggesting an increase in strategic equity investments. Conversely, operating lease assets showed a continuous decline, falling from 3.85% to 1.92%. Goodwill remained relatively stable, fluctuating within a narrow band between 5.61% and 8.21% throughout the period.
- Working Capital and Tax Asset Volatility
- Accounts receivable remained largely stable between 8% and 12% for the majority of the period, though a notable dip to 7.50% occurred by June 2026. Deferred income taxes exhibited significant volatility, increasing from 0.35% in March 2021 to a peak of 3.87% in March 2025, before plummeting to 0.16% by June 2026. Additionally, the appearance of inventory at 1.08% in the final period marks a departure from previous quarters where no inventory was recorded.