Stock Analysis on Net
Stock Analysis on Net

Microsoft Corp. (NASDAQ:MSFT)

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Common-Size Balance Sheet: Assets
Quarterly Data

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

Microsoft Excel
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
Short-term investments
Cash, cash equivalents, and short-term investments
Accounts receivable, net of allowance for doubtful accounts
Inventories
Other current assets
Current assets
Property and equipment, net of accumulated depreciation
Operating lease right-of-use assets
Equity and other investments
Goodwill
Intangible assets, net
Other long-term assets
Long-term assets
Total assets

Based on: 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).

The composition of assets at the company exhibits several notable shifts over the analyzed period, spanning from September 2019 to December 2025. A significant trend involves the fluctuation of liquid assets, specifically cash, cash equivalents, and short-term investments, alongside changes in the allocation to longer-term assets like property and equipment and goodwill.

Liquidity Position
The proportion of total assets held as cash, cash equivalents, and short-term investments demonstrated a general decline from 48.98% in September 2019 to a low of 30.38% in March 2022. However, a substantial increase occurred in September 2023, reaching 32.29%, followed by a sharp drop to 17.22% in December 2023. This was followed by a moderate recovery to 13.45% by September 2025. This volatility suggests active management of liquid funds, potentially related to investment activities, acquisitions, or operational needs. The significant drop in late 2023 warrants further investigation.
Property, Plant, and Equipment
The percentage of assets allocated to property and equipment, net of accumulated depreciation, consistently increased from 13.77% in September 2019 to 32.69% in December 2024, before decreasing slightly to 31.26% in March 2025. This indicates a sustained investment in fixed assets, potentially supporting business expansion or modernization. The rate of increase accelerated between 2021 and 2024.
Goodwill and Intangible Assets
Goodwill represented a substantial portion of assets, starting at 15.10% in September 2019. It experienced fluctuations, peaking at 25.27% in December 2023, before declining to 17.98% by December 2025. Intangible assets also showed variability, increasing from 2.69% to 6.35% in December 2023, then decreasing to 3.05% by December 2025. These movements likely reflect acquisitions, impairments, or amortization of these assets. The significant increase in both in late 2023 coincides with the drop in liquid assets, potentially indicating a large acquisition.
Current Assets
The proportion of current assets to total assets generally decreased over the period, from 59.47% in September 2019 to 27.55% in December 2024, and remained relatively stable at 27.08% by December 2025. This decline is largely attributable to the shifts in cash and short-term investments, as well as changes in accounts receivable and other current assets. Accounts receivable remained relatively stable as a percentage of total assets, fluctuating between approximately 7.5% and 12.1%, while inventories remained a small percentage of total assets, generally below 1.2%.
Long-Term Assets
The percentage of long-term assets increased from 40.53% in September 2019 to 72.92% in December 2025. This increase is primarily driven by the growth in property and equipment, goodwill, and intangible assets. This suggests a strategic shift towards a more asset-intensive business model.

Overall, the asset composition demonstrates a transition from a highly liquid position to a greater reliance on long-term assets. The significant changes observed in late 2023, particularly the decrease in liquid assets and the increase in goodwill, warrant further investigation to understand the underlying strategic decisions and their potential impact on the company’s financial performance.