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.
Microsoft Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
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
32,105)
24,296)
28,849)
30,242)
28,828)
17,482)
20,840)
18,315)
19,634)
17,305)
80,452)
34,704)
26,562)
15,646)
22,884)
13,931)
12,498)
20,604)
19,165)
14,224)
13,702)
14,432)
17,205)
13,576)
11,710)
8,864)
13,117)
Short-term investments
46,167)
65,166)
73,163)
64,323)
50,790)
54,073)
57,588)
57,228)
60,387)
63,712)
63,499)
76,558)
77,865)
83,862)
84,378)
90,826)
92,195)
104,765)
111,450)
116,110)
111,705)
117,536)
120,772)
122,951)
125,916)
125,389)
123,519)
Cash, cash equivalents, and short-term investments
78,272)
89,462)
102,012)
94,565)
79,618)
71,555)
78,428)
75,543)
80,021)
81,017)
143,951)
111,262)
104,427)
99,508)
107,262)
104,757)
104,693)
125,369)
130,615)
130,334)
125,407)
131,968)
137,977)
136,527)
137,626)
134,253)
136,636)
Accounts receivable, net of allowance for doubtful accounts
60,041)
56,535)
52,894)
69,905)
51,700)
48,188)
44,148)
56,924)
44,029)
42,831)
36,953)
48,688)
37,420)
35,833)
31,279)
44,261)
32,613)
33,520)
27,349)
38,043)
26,322)
27,312)
22,851)
32,011)
22,699)
23,525)
19,087)
Inventories
1,219)
1,059)
1,130)
938)
848)
909)
1,626)
1,246)
1,304)
1,615)
3,000)
2,500)
2,877)
2,980)
4,268)
3,742)
3,296)
3,019)
3,411)
2,636)
2,245)
1,924)
2,705)
1,895)
1,644)
1,823)
2,622)
Other current assets
35,797)
33,134)
33,030)
25,723)
24,478)
26,428)
25,724)
26,021)
21,826)
21,930)
23,682)
21,807)
19,165)
19,502)
18,003)
16,924)
13,320)
12,280)
12,951)
13,393)
11,640)
12,769)
13,544)
11,482)
8,536)
7,473)
7,551)
Current assets
175,329)
180,190)
189,066)
191,131)
156,644)
147,080)
149,926)
159,734)
147,180)
147,393)
207,586)
184,257)
163,889)
157,823)
160,812)
169,684)
153,922)
174,188)
174,326)
184,406)
165,614)
173,973)
177,077)
181,915)
170,505)
167,074)
165,896)
Property and equipment, net of accumulated depreciation
Total assets exhibit a consistent and accelerating upward trajectory, growing from 278,955 million USD in September 2019 to 694,228 million USD by March 2026. This expansion is primarily driven by a significant increase in long-term assets, which have transitioned from representing approximately 40% of the total asset base to roughly 75% over the analyzed period.
Liquidity and Current Asset Dynamics
A strategic shift in liquidity management is observed. Short-term investments experienced a prolonged decline, falling from a peak of 125,916 million USD in March 2020 to 46,167 million USD by March 2026. Conversely, cash and cash equivalents remained volatile, with a notable anomaly in September 2023 where balances spiked to 80,452 million USD before stabilizing in the 20,000 to 32,000 million USD range. Accounts receivable show a steady long-term increase, rising from 19,087 million USD to 60,041 million USD, suggesting growth in credit sales or longer collection cycles associated with increased business volume.
Fixed Asset and Infrastructure Expansion
The most prominent growth vector is found in property and equipment, net of accumulated depreciation. This line item grew from 38,409 million USD in September 2019 to 283,228 million USD by March 2026. The scale of this increase indicates massive capital expenditure, likely directed toward physical infrastructure and capacity expansion. This growth is the primary driver behind the overall expansion of the balance sheet.
Intangible Assets and Strategic Acquisitions
Goodwill remained relatively stable around 42,000 to 50,000 million USD until December 2022, at which point it surged to approximately 118,931 million USD. This abrupt increase, coupled with a simultaneous spike in intangible assets from 8,895 million USD in September 2023 to 29,896 million USD in December 2023, indicates significant acquisition activity. Following these spikes, goodwill has remained plateaued near 119,661 million USD, while intangible assets have gradually declined, reflecting expected amortization.
Long-Term Asset Composition
Long-term assets have expanded from 113,059 million USD to 518,899 million USD. While property and equipment provide the bulk of this growth, other long-term assets also trended upward, increasing from 14,455 million USD to 38,599 million USD. Operating lease right-of-use assets showed moderate, steady growth, rising from 7,890 million USD to 24,403 million USD, indicating a gradual increase in leased operational footprints.
Overall, the balance sheet reflects a transition from a highly liquid position dominated by short-term investments toward a capital-intensive structure characterized by massive investments in physical infrastructure and strategic acquisitions.
