Stock Analysis on Net
Stock Analysis on Net

Microsoft Corp. (NASDAQ:MSFT)

Common-Size Balance Sheet: Assets 
Quarterly Data

Microsoft Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Cash and cash equivalents 4.62 3.65 4.53 4.89 5.12 3.27 3.98 3.58 4.05 3.68 18.05 8.42 6.99 4.29 6.36 3.82 3.63 6.05 5.71 4.26 4.44 4.75 5.72 4.51 4.10 3.13 4.70
Short-term investments 6.65 9.79 11.50 10.39 9.03 10.13 11.01 11.17 12.47 13.54 14.24 18.58 20.49 23.00 23.45 24.89 26.75 30.78 33.23 34.79 36.16 38.65 40.12 40.81 44.11 44.34 44.28
Cash, cash equivalents, and short-term investments 11.27% 13.45% 16.03% 15.28% 14.15% 13.40% 15.00% 14.75% 16.52% 17.22% 32.29% 27.01% 27.47% 27.30% 29.81% 28.71% 30.38% 36.83% 38.94% 39.05% 40.60% 43.39% 45.84% 45.31% 48.21% 47.47% 48.98%
Accounts receivable, net of allowance for doubtful accounts 8.65 8.50 8.31 11.29 9.19 9.03 8.44 11.11 9.09 9.10 8.29 11.82 9.85 9.83 8.69 12.13 9.46 9.85 8.15 11.40 8.52 8.98 7.59 10.62 7.95 8.32 6.84
Inventories 0.18 0.16 0.18 0.15 0.15 0.17 0.31 0.24 0.27 0.34 0.67 0.61 0.76 0.82 1.19 1.03 0.96 0.89 1.02 0.79 0.73 0.63 0.90 0.63 0.58 0.64 0.94
Other current assets 5.16 4.98 5.19 4.16 4.35 4.95 4.92 5.08 4.51 4.66 5.31 5.29 5.04 5.35 5.00 4.64 3.87 3.61 3.86 4.01 3.77 4.20 4.50 3.81 2.99 2.64 2.71
Current assets 25.26% 27.08% 29.71% 30.88% 27.84% 27.55% 28.67% 31.19% 30.39% 31.32% 46.57% 44.73% 43.12% 43.29% 44.70% 46.51% 44.67% 51.17% 51.97% 55.25% 53.62% 57.20% 58.83% 60.37% 59.73% 59.08% 59.47%
Property and equipment, net of accumulated depreciation 40.80 39.25 36.28 33.11 32.69 31.26 29.23 26.47 25.06 23.87 22.99 23.22 23.19 22.70 21.41 20.39 20.40 19.75 19.01 17.89 17.79 17.01 15.92 14.65 14.44 14.33 13.77
Operating lease right-of-use assets 3.52 3.77 3.90 4.01 4.35 4.27 3.92 3.70 3.59 3.48 3.46 3.48 3.65 3.74 3.71 3.60 3.75 3.63 3.45 3.32 3.46 3.39 3.01 2.90 2.96 2.98 2.83
Equity and other investments 4.85 3.19 1.80 2.49 2.85 2.92 3.02 2.85 3.06 2.84 2.56 2.40 2.48 1.95 1.90 1.89 2.00 2.05 1.91 1.79 1.75 1.25 1.03 0.98 0.93 0.97 0.96
Goodwill 17.24 17.98 18.78 19.31 21.21 22.32 22.82 23.28 24.61 25.27 15.21 16.48 17.87 18.63 18.75 18.51 19.55 14.96 15.04 14.89 16.09 14.54 14.58 14.39 14.74 14.94 15.10
Intangible assets, net 2.78 3.05 3.34 3.65 4.26 4.75 5.11 5.39 5.95 6.35 2.00 2.27 2.60 2.84 3.00 3.10 3.29 2.19 2.32 2.34 2.63 2.16 2.30 2.34 2.40 2.52 2.69
Other long-term assets 5.56 5.68 6.20 6.55 6.80 6.92 7.23 7.12 7.34 6.86 7.21 7.43 7.09 6.86 6.53 6.00 6.34 6.24 6.29 4.52 4.67 4.46 4.33 4.36 4.80 5.17 5.18
Long-term assets 74.74% 72.92% 70.29% 69.12% 72.16% 72.45% 71.33% 68.81% 69.61% 68.68% 53.43% 55.27% 56.88% 56.71% 55.30% 53.49% 55.33% 48.83% 48.03% 44.75% 46.38% 42.80% 41.17% 39.63% 40.27% 40.92% 40.53%
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% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).

A fundamental shift in asset composition is observed over the analyzed period, characterized by a transition from a highly liquid balance sheet to one dominated by long-term capital investments. Total current assets, which represented approximately 59.47% of total assets in September 2019, declined steadily to 25.26% by March 2026. Conversely, long-term assets rose from 40.53% to 74.74% during the same timeframe, indicating a strategic reallocation of resources toward fixed infrastructure.

Liquidity and Cash Management
A significant reduction in liquidity is evident. The combined weight of cash, cash equivalents, and short-term investments fell from 48.98% in September 2019 to 11.27% by March 2026. This decline was driven primarily by a sharp contraction in short-term investments, which plummeted from a peak of 44.34% in December 2019 to 6.65% by the end of the period. While cash and cash equivalents remained relatively stable as a percentage of assets for several years, they experienced a temporary spike to 18.05% in September 2023 before returning to a baseline range of 3% to 5%.
Fixed Asset Expansion
Property and equipment, net of accumulated depreciation, emerged as the primary driver of balance sheet growth. This category grew from 13.77% in September 2019 to 40.80% by March 2026. The trajectory shows a consistent upward trend, particularly accelerating after 2022, suggesting an aggressive investment phase in physical infrastructure and capital expenditures.
Intangible Assets and Goodwill
Goodwill and intangible assets exhibited more volatility. Goodwill increased from 15.10% in 2019 to a peak of 25.27% in December 2023, before gradually moderating to 17.24% by March 2026. Intangible assets remained relatively low and stable for most of the period but saw a significant temporary surge to 6.35% in December 2023, suggesting a specific acquisition or accounting adjustment during that quarter.
Working Capital Components
Accounts receivable maintained a fluctuating but generally consistent range, typically oscillating between 8% and 12% of total assets. Inventories remained a negligible portion of the asset base, consistently staying below 1.2% and trending toward 0.18% by March 2026, reflecting a business model with minimal reliance on physical inventory.

The overall trend reveals a structural pivot. The balance sheet evolved from a position of extreme liquidity and cash preservation to a capital-intensive model. The tripling of the relative weight of property and equipment, coupled with the reduction of short-term financial instruments, suggests a prioritization of long-term operational capacity over immediate liquidity.

AI Ask an analyst for more