Common-Size Balance Sheet: Assets
Quarterly Data
Apple Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-27), 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).
The asset composition reveals a strategic shift in liquidity management and capital allocation over the observed period. Total current assets, which initially represented 47.92% of the balance sheet in December 2019, experienced a general decline and subsequent stabilization, fluctuating between 33% and 42% from 2021 through 2026. This transition indicates a reduction in the relative proportion of short-term liquid assets in favor of long-term investments and infrastructure.
- Liquidity and Marketable Securities
- A pronounced downward trend is observed in the concentration of marketable securities. Current marketable securities declined from 19.78% in December 2019 to 5.96% by June 2026. Simultaneously, non-current marketable securities peaked at 40.27% in March 2022 before steadily decreasing to 21.95% by June 2026. This suggests a systematic reduction in the weight of the investment portfolio relative to total assets.
- Operational Assets and Working Capital
- Inventories remained a small fraction of total assets but exhibited a gradual increase, rising from 1.20% in 2019 to a peak of 2.89% in June 2026. Accounts receivable and vendor non-trade receivables demonstrated significant quarterly volatility, with combined receivables often fluctuating between 10% and 20% of total assets, reflecting seasonal working capital cycles.
- Fixed and Long-term Assets
- Property, plant, and equipment (net) showed a steady increase in relative importance, moving from 10.87% in December 2019 to 13.42% by June 2026, indicating sustained investment in physical infrastructure. Other non-current assets saw the most substantial growth, expanding from 11.88% to 20.24% over the period. Additionally, intangible assets emerged as a measurable component of the balance sheet in early 2026, accounting for approximately 5.31% to 5.75% of total assets.
Overall, the balance sheet structure has evolved from a more liquid-heavy position toward a more capital-intensive profile. The decrease in both current and non-current marketable securities is offset by the growth in other non-current assets, PP&E, and the recent introduction of intangible assets, signaling a reallocation of resources toward long-term operational capacity and strategic growth.
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