Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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).
An analysis of the asset structure reveals a period of fluctuation in liquidity coupled with steady growth in long-term physical infrastructure and a gradual reduction in intangible asset valuations.
- Liquidity and Current Assets
- Cash and cash equivalents experienced significant volatility, declining from a high of 14,950 million USD in March 2021 to a low of 4,749 million USD by December 2022. A subsequent recovery period saw balances stabilize between 8,000 million and 9,600 million USD throughout 2024 and 2025, before dipping again to 7,661 million USD in June 2026. Receivables showed a more consistent upward trajectory, increasing from 10,986 million USD to 13,955 million USD over the analyzed period. Total current assets fluctuated but generally remained within the 21,800 million to 29,500 million USD range.
- Fixed Asset Investment
- A consistent and sustained increase is observed in property and equipment, net of accumulated depreciation. This item grew from 52,317 million USD in March 2021 to 66,127 million USD by June 2026, indicating continuous capital expenditure and investment in physical infrastructure.
- Intangible Assets and Goodwill
- Net intangible assets exhibited a long-term downward trend, decreasing from 94,226 million USD in March 2021 to 79,052 million USD in June 2026. This decline is primarily driven by a steady reduction in other intangible assets, which fell from 34,861 million USD to 19,687 million USD, likely reflecting scheduled amortization. Franchise rights remained completely static at 59,365 million USD throughout the entire period. Goodwill showed significant volatility, including a notable reduction in September 2022 and another sharp decline to 53,070 million USD by June 2026.
- Total Asset Composition
- Total assets remained relatively stable but showed a slight overall contraction, moving from 278,511 million USD in March 2021 to 257,548 million USD by June 2026. The balance sheet is heavily weighted toward noncurrent assets, which consistently represent the vast majority of the total asset base. The growth in property and equipment has partially offset the declines seen in goodwill and other intangible assets.
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