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.
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
The asset composition exhibits significant volatility in liquid reserves and a steady expansion of operational and long-term assets. Total assets remained relatively stable between 134 billion and 142 billion US dollars from 2021 through mid-2024, before experiencing a substantial increase that peaked at 168 billion US dollars in late 2025.
- Liquidity and Cash Management
- Cash and cash equivalents demonstrate a fluctuating trend, with peaks occurring in late 2022 and late 2024. Short-term and other investments show a more dramatic shift, declining from 14.8 billion US dollars in early 2021 to a low of 509 million US dollars by September 2024, followed by a rapid surge to 18.4 billion US dollars by September 2025. This suggests a strategic reallocation of liquid capital or a significant capital infusion in the latter period.
- Operational Working Capital
- Inventories represent the largest single component of the asset base, maintaining a baseline around 78 billion to 82 billion US dollars until 2024, after which a growth trend emerged, reaching 88.3 billion US dollars by June 2026. Accounts receivable and unbilled receivables have remained comparatively stable, although net accounts receivable grew modestly from 2.3 billion US dollars in early 2021 to 3.5 billion US dollars by mid-2026.
- Long-Term Asset Growth and Structural Changes
- Long-term assets remained consistent near 27 billion to 30 billion US dollars for several years but increased sharply to over 41 billion US dollars by June 2026. This growth is primarily driven by a significant increase in goodwill, which jumped from approximately 8 billion US dollars to 17.5 billion US dollars in December 2025, indicating a major acquisition or asset revaluation. Additionally, property, plant, and equipment saw a steady upward trajectory, rising from 11.6 billion US dollars in early 2021 to 16.3 billion US dollars by mid-2026.
- Other Asset Trends
- Financing receivables and operating lease equipment experienced a long-term decline, dropping from 1.8 billion US dollars in 2021 to a low of 241 million US dollars in late 2025, before a slight recovery in 2026. Deferred income taxes and other net assets showed minimal volatility, remaining relatively insignificant compared to the overall balance sheet scale.
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