Stock Analysis on Net
Stock Analysis on Net

Alphabet Inc. (NASDAQ:GOOG)

Common-Size Balance Sheet: Assets
Quarterly Data

Alphabet Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 5.41 5.16 4.30 4.19 4.89 5.21 4.64 6.56 6.01 5.98 7.74 6.77 7.02 5.99 6.14 5.05 5.85 5.83 6.83 7.05 8.14
Marketable securities 12.61 16.15 14.06 14.76 15.16 16.03 17.03 17.72 20.52 21.59 22.49 24.12 24.14 25.16 26.32 30.14 31.67 33.04 34.05 33.46 33.17
Cash, cash equivalents, and marketable securities 18.02% 21.31% 18.36% 18.95% 20.05% 21.25% 21.67% 24.28% 26.53% 27.56% 30.23% 30.89% 31.15% 31.15% 32.45% 35.19% 37.52% 38.87% 40.88% 40.51% 41.30%
Accounts receivable, net 8.95 10.56 10.65 10.96 10.73 11.62 11.41 11.35 10.94 11.92 10.34 10.13 9.75 11.02 9.69 10.05 9.72 10.94 9.80 9.53 8.56
Other current assets 3.40 2.74 3.41 3.19 3.31 3.49 3.53 3.42 3.15 3.14 3.87 3.04 2.94 2.95 4.23 3.28 2.57 2.56 2.32 2.35 2.76
Current assets 30.37% 34.61% 32.42% 33.11% 34.09% 36.36% 36.61% 39.06% 40.62% 42.63% 44.44% 44.06% 43.84% 45.12% 46.37% 48.53% 49.81% 52.37% 53.00% 52.39% 52.63%
Non-marketable securities 15.19 11.54 11.89 10.47 10.73 8.44 8.41 8.24 8.35 7.71 7.79 8.15 8.45 8.35 8.49 8.63 8.55 8.22 7.51 7.61 7.73
Deferred income taxes 0.28 1.53 1.93 3.84 3.87 3.82 3.70 3.61 2.87 3.02 2.77 2.44 1.86 1.44 0.83 0.42 0.39 0.36 0.34 0.34 0.35
Property and equipment, net 39.92 41.43 41.71 40.48 38.93 37.99 37.48 36.44 35.15 33.39 31.69 31.64 31.82 30.85 30.25 29.91 29.18 27.17 27.24 27.34 26.78
Operating lease assets 2.20 2.56 2.71 2.84 2.89 3.02 3.15 3.28 3.38 3.50 3.58 3.78 3.91 3.94 3.82 3.77 3.64 3.61 3.72 3.87 3.85
Goodwill 8.21 5.61 6.20 6.44 6.77 7.08 7.42 7.04 7.16 7.26 7.35 7.63 7.85 7.93 8.05 6.74 6.44 6.39 6.51 6.68 6.83
Intangible assets, net 1.34 0.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other non-current assets 2.48 2.51 3.13 2.82 2.72 3.30 3.22 2.34 2.47 2.50 2.38 2.29 2.28 2.38 2.19 2.00 1.99 1.89 1.68 1.77 1.83
Non-current assets 69.63% 65.39% 67.58% 66.89% 65.91% 63.64% 63.39% 60.94% 59.38% 57.37% 55.56% 55.94% 56.16% 54.88% 53.63% 51.47% 50.19% 47.63% 47.00% 47.61% 47.37%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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).

A fundamental shift in the composition of the balance sheet is evident between March 2021 and March 2026, characterized by a transition from a highly liquid asset base to a more capital-intensive structure. Total current assets decreased from 52.63% of total assets to 30.37% over the analyzed period, while non-current assets expanded from 47.37% to 69.63%.

Liquidity and Cash Position
A consistent downward trend is observed in the proportion of highly liquid assets. Cash, cash equivalents, and marketable securities combined fell from 41.30% in March 2021 to 18.02% by March 2026. This decline was primarily driven by a significant reduction in marketable securities, which dropped from 33.17% to 12.61%. Cash and cash equivalents also saw a gradual contraction, ending the period at 5.41% compared to 8.14% at the start.
Fixed Asset Investment
There is a marked increase in the concentration of property and equipment, net, which rose from 26.78% in March 2021 to 39.92% in March 2026, peaking at 41.71% in September 2025. This trend indicates a sustained strategic reallocation of capital toward long-term physical infrastructure.
Other Non-Current Assets
Non-marketable securities exhibited a general upward trajectory, increasing from 7.73% to 15.19% of total assets. Goodwill remained relatively stable throughout the period, fluctuating between 5.61% and 8.21%. Deferred income taxes showed significant volatility, peaking at 3.87% in March 2024 before declining sharply to 0.28% by March 2026.
Working Capital Components
Accounts receivable, net, remained a relatively stable component of the asset base, generally oscillating between 8.5% and 11.9%, and concluding the period at 8.95%. Other current assets remained low and stable, typically ranging between 2.3% and 4.2%.

The overall trajectory indicates a strategic pivot toward increasing the asset intensity of the business. The significant reduction in liquid securities, paired with the growth in property, equipment, and non-marketable securities, suggests a shift from capital preservation and liquidity toward long-term operational investment and strategic asset acquisition.

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