Common-Size Balance Sheet: Assets
Quarterly Data
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Apple Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28).
A structural shift in asset composition is evident over the analyzed period, characterized by a general migration from highly liquid current assets toward non-current asset categories. Total current assets, which represented 47.92% of total assets in December 2019, experienced a downward trend, fluctuating between 33% and 42% in subsequent years, eventually settling at 38.84% by March 2026.
- Liquidity and Cash Management
- Cash and cash equivalents remained relatively stable, typically oscillating between 6% and 12% of total assets. However, a significant contraction is observed in current marketable securities, which declined from a peak of 19.78% in December 2019 to a low of 5.22% in September 2025. This suggests a strategic reduction in the proportion of immediate liquid investments relative to the total asset base.
- Working Capital Components
- Accounts receivable and vendor non-trade receivables exhibit increased volatility and a general upward trajectory in the later periods. Accounts receivable reached a high of 11.07% in September 2025, while vendor non-trade receivables peaked at 9.28% in September 2022. Inventories have remained a minimal component of the balance sheet, consistently representing less than 2.3% of total assets, indicating highly efficient inventory turnover or a lean operational model.
- Non-Current Asset Evolution
- Non-current assets grew from 52.08% of the total balance sheet in December 2019 to 61.16% by March 2026. This growth is primarily driven by a substantial increase in other non-current assets, which rose from 11.88% to a peak of 25.00% in June 2023. Conversely, non-current marketable securities saw a steady decline from approximately 30% in 2019 to 21.04% by March 2026, indicating a reallocation of long-term capital away from traditional securities.
- Fixed and Intangible Assets
- Property, plant, and equipment (PPE) maintained a steady but slightly increasing presence, moving from 10.87% to 13.51% over the period, suggesting consistent capital expenditure in physical infrastructure. Intangible assets appeared as a new component of the common-size balance sheet in March 2026, representing 5.75% of total assets.
The overarching trend indicates a transition toward a more asset-heavy non-current structure. The simultaneous decline in both current and non-current marketable securities, coupled with the rise in other non-current assets and receivables, suggests a strategic pivot in capital allocation and liquidity management.