Common-Size Balance Sheet: Assets
Quarterly Data
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Meta Platforms Inc., common-size consolidated balance sheet: assets (quarterly data)
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).
The asset composition of the balance sheet demonstrates a systemic shift from high liquidity toward long-term capital investment. Over the observed period, there is a marked transition from a balanced distribution between current and non-current assets to a structure dominated by non-current assets, which grew from 52.71% of total assets in March 2021 to 72.23% by March 2026.
- Liquidity and Current Asset Trends
- Current assets experienced a general downward trajectory, decreasing from 47.29% in early 2021 to 27.77% by March 2026. A significant component of this decline is attributed to marketable securities, which fell from a peak of 28.07% in June 2021 to fluctuate between 10% and 14% in later periods. Cash and cash equivalents exhibited higher volatility, peaking at 18.23% in December 2023 before experiencing a sharp contraction to 3.35% by September 2025, suggesting periodic large-scale capital deployments or strategic shifts in cash management.
- Capital Expenditure and Fixed Assets
- Property and equipment, net, emerged as the primary driver of asset growth, increasing steadily from 29.18% in March 2021 to 49.28% by March 2026. This expansion indicates a sustained and aggressive investment in physical infrastructure. The trend accelerated particularly between December 2022 and March 2024, where the ratio climbed from 42.81% to 44.38%, and continued to peak at 52.75% in September 2025, reflecting a strategic pivot toward asset-heavy operations.
- Intangible Assets and Other Investments
- Goodwill shows a consistent long-term decline, falling from 11.65% in March 2021 to 6.26% in March 2026, indicating that organic asset growth is outpacing the value of acquired intangibles. Non-marketable equity investments remained relatively stable around 3% for several years but saw a notable spike in 2025, reaching 8.25% in June 2025 before moderating to 7.19% by March 2026. Operating lease right-of-use assets remained the most stable component, hovering consistently between 5% and 8% throughout the entire period.
Overall, the financial structure reveals a strategic reallocation of resources. The reduction in the weight of liquid instruments and the simultaneous surge in property and equipment suggest a transition from a liquidity-focused posture to one centered on infrastructure expansion and long-term capacity building.