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.
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Selected Financial Data since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Based on: 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-K (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-K (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31).
The asset structure exhibits a period of steady organic growth from 2020 through 2024, followed by a transformative expansion in 2025. Total assets increased from 7.2 billion USD in January 2020 to approximately 13 billion USD by January 2024, before escalating sharply to a peak of 48.2 billion USD in July 2025. This trajectory suggests a shift from incremental operational scaling to a major strategic acquisition or corporate restructuring.
- Liquidity and Cash Management
- Cash and cash equivalents maintained a general upward trend between 2020 and 2024. A significant anomaly is observed in April 2025, where cash balances surged to 14.1 billion USD from 3.6 billion USD in the previous quarter. This temporary spike suggests a substantial capital infusion, likely intended to fund the large-scale transaction evident in the subsequent quarter, as cash levels normalized to approximately 2.4 billion USD by January 2026.
- Operational Asset Growth
- Current operational assets show consistent long-term growth. Accounts receivable, net, increased from 799 million USD in January 2020 to 1.26 billion USD by April 2026, reflecting an expansion in revenue activity. Similarly, inventories grew from 148 million USD to 441 million USD over the same period, nearly tripling in value, which indicates an increase in the scale of physical product management or supply chain requirements.
- Strategic Expansion and Intangibles
- The most profound shift in the balance sheet occurs in July 2025. Goodwill surged from 3.4 billion USD to 26.9 billion USD, while net intangible assets rose from 180 million USD to 13 billion USD. This simultaneous spike in both accounts is a primary indicator of a massive acquisition. Following this event, intangible assets began a gradual decline to 11.8 billion USD by April 2026, consistent with standard amortization patterns.
- Fixed and Long-term Asset Trends
- Property and equipment, net, grew moderately from 457 million USD in 2020 to 714 million USD by April 2026, suggesting a steady investment in infrastructure. Operating lease right-of-use assets remained relatively stable, fluctuating between 460 million USD and 713 million USD. Deferred income taxes showed a steady increase until early 2025, after which they dropped significantly to a new baseline of approximately 113 million USD, likely as a result of the 2025 structural changes.
Overall, the financial data reveals a company that transitioned from a lean asset base of roughly 7 billion USD to a heavily intangible-weighted base of over 46 billion USD. The concentration of assets shifted heavily toward goodwill and intangible assets by 2026, altering the company's risk profile and asset composition fundamentally.