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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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Jun 30, 2026 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 6.06 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 20.23 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 26.30% 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 7.50 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
Inventory 1.08 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 0.00 0.00
Other current assets 2.37 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 37.26% 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 14.26 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 0.16 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 34.84 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 1.92 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 6.27 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 0.99 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 4.31 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 62.74% 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% 100.00%

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.

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