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 Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Alphabet Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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 examination of the asset composition reveals several noteworthy trends over the period from March 31, 2021, to December 31, 2025. Overall, total assets experienced considerable fluctuation, with a general upward trajectory punctuated by periods of decline. The most significant asset category, cash, cash equivalents, and marketable securities, demonstrated volatility, while long-term assets exhibited a more consistent growth pattern.
- Cash and Short-Term Investments
- The combined balance of cash, cash equivalents, and marketable securities initially increased from US$135.104 billion in March 2021 to US$142.003 billion in September 2021, before decreasing to US$113.762 billion by December 2022. A subsequent recovery occurred, peaking at US$126.843 billion in December 2025. This suggests active management of liquidity, potentially influenced by investment strategies and operational cash flow needs. Marketable securities alone followed a similar pattern, decreasing from US$118.704 billion in December 2021 to US$72.191 billion in December 2022, then increasing to US$96.135 billion in December 2023 and finally reaching US$126.843 billion in December 2025.
- Accounts Receivable
- Accounts receivable, net, showed a consistent upward trend from US$28.006 billion in March 2021 to US$62.886 billion in December 2025. This increase indicates a potential rise in credit sales or a lengthening of the collection period, or both. The most substantial increase occurred between September 2023 and December 2025, suggesting a recent acceleration in revenue recognition on credit.
- Non-Current Assets
- Non-current assets demonstrated a more stable growth trajectory. Property and equipment, net, increased steadily from US$87.606 billion in March 2021 to US$246.597 billion in December 2025, indicating ongoing investment in long-term productive assets. Goodwill also increased, albeit less dramatically, from US$22.341 billion to US$33.380 billion over the same period, potentially reflecting acquisitions. Deferred income taxes showed a significant increase from US$1.129 billion to US$9.113 billion, then to US$16.245 billion, suggesting changes in tax liabilities or the utilization of tax loss carryforwards. Non-marketable securities also increased, from US$25.294 billion to US$68.687 billion. Overall, non-current assets grew from US$154.958 billion to US$389.243 billion.
Current assets, encompassing cash, receivables, and other short-term holdings, exhibited a fluctuating pattern, peaking at US$188.143 billion in March 2021 and reaching US$206.038 billion in December 2025. The overall trend suggests a dynamic balance between liquidity management and the deployment of assets into longer-term investments. The substantial growth in both accounts receivable and property and equipment, net, suggests a focus on expanding operations and revenue generation. The fluctuations in cash and marketable securities indicate a flexible approach to capital allocation and potentially reflect responses to market conditions and investment opportunities.