An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Apple Inc., adjustments to financial statements

US$ in millions

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020
Adjustment to Total Assets
Total assets (as reported)	359,241)	364,980)	352,583)	352,755)	351,002)	323,888)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Total assets (adjusted)	359,241)	364,980)	352,583)	352,755)	351,002)	323,888)
Adjustment to Total Debt
Total debt (as reported)	99,887)	107,525)	112,112)	121,010)	125,567)	113,097)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)	—)
Add: Lease liabilities, operating leases (included in Other current liabilities)	1,579)	1,488)	1,410)	1,534)	1,449)	1,436)
Add: Lease liabilities, operating leases (included in Other non-current liabilities)	10,911)	10,046)	10,408)	9,936)	9,506)	7,745)
Total debt (adjusted)	112,377)	119,059)	123,930)	132,480)	136,522)	122,278)

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).

^{1, 2} Equal to total present value of future operating lease payments.

Apple Inc., Financial Data: Reported vs. Adjusted

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Apple Inc., adjusted financial ratios

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020
Total Asset Turnover¹
Reported total asset turnover	1.16	1.07	1.09	1.12	1.04	0.85
Adjusted total asset turnover	1.16	1.07	1.09	1.12	1.04	0.85
Debt to Equity²
Reported debt to equity	1.35	1.89	1.80	2.39	1.99	1.73
Adjusted debt to equity	1.52	2.09	1.99	2.61	2.16	1.87
Return on Assets³ (ROA)
Reported ROA	31.18%	25.68%	27.51%	28.29%	26.97%	17.73%
Adjusted ROA	31.18%	25.68%	27.51%	28.29%	26.97%	17.73%

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Apple Inc. adjusted total asset turnover ratio deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Apple Inc. adjusted debt to equity ratio deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Apple Inc. adjusted ROA deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.

Apple Inc., Financial Ratios: Reported vs. Adjusted

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	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net sales	416,161)	391,035)	383,285)	394,328)	365,817)	274,515)
Total assets	359,241)	364,980)	352,583)	352,755)	351,002)	323,888)
Activity Ratio
Total asset turnover¹	1.16	1.07	1.09	1.12	1.04	0.85
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net sales	416,161)	391,035)	383,285)	394,328)	365,817)	274,515)
Adjusted total assets	359,241)	364,980)	352,583)	352,755)	351,002)	323,888)
Activity Ratio
Adjusted total asset turnover²	1.16	1.07	1.09	1.12	1.04	0.85

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).

2025 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 416,161 ÷ 359,241 = 1.16

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 416,161 ÷ 359,241 = 1.16

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Apple Inc. adjusted total asset turnover ratio deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Total debt	99,887)	107,525)	112,112)	121,010)	125,567)	113,097)
Shareholders’ equity	73,733)	56,950)	62,146)	50,672)	63,090)	65,339)
Solvency Ratio
Debt to equity¹	1.35	1.89	1.80	2.39	1.99	1.73
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	112,377)	119,059)	123,930)	132,480)	136,522)	122,278)
Shareholders’ equity	73,733)	56,950)	62,146)	50,672)	63,090)	65,339)
Solvency Ratio
Adjusted debt to equity²	1.52	2.09	1.99	2.61	2.16	1.87

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).

2025 Calculations

¹ Debt to equity = Total debt ÷ Shareholders’ equity
= 99,887 ÷ 73,733 = 1.35

² Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ equity
= 112,377 ÷ 73,733 = 1.52

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Apple Inc. adjusted debt-to-equity ratio deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	112,010)	93,736)	96,995)	99,803)	94,680)	57,411)
Total assets	359,241)	364,980)	352,583)	352,755)	351,002)	323,888)
Profitability Ratio
ROA¹	31.18%	25.68%	27.51%	28.29%	26.97%	17.73%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income	112,010)	93,736)	96,995)	99,803)	94,680)	57,411)
Adjusted total assets	359,241)	364,980)	352,583)	352,755)	351,002)	323,888)
Profitability Ratio
Adjusted ROA²	31.18%	25.68%	27.51%	28.29%	26.97%	17.73%

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).

2025 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 112,010 ÷ 359,241 = 31.18%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 112,010 ÷ 359,241 = 31.18%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Apple Inc. adjusted ROA deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.

Apple Inc. (NASDAQ:AAPL)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

Apple Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Apple Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)