Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common-Size Balance Sheet: Assets 
Quarterly Data

Apple Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 28, 2025 Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Sep 24, 2022 Jun 25, 2022 Mar 26, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018
Cash and cash equivalents 10.94 8.50 8.81 8.20 7.71 9.69 11.53 8.50 8.48 7.43 5.92 6.70 8.18 8.01 9.74 9.95 10.32 11.41 10.17 11.74 10.52 12.54 11.68 14.43 15.68 11.11 11.98
Current marketable securities 5.76 6.14 6.82 9.65 10.93 10.21 9.15 8.96 10.17 9.39 8.89 6.99 6.16 6.68 7.03 7.89 8.38 9.30 11.53 16.34 18.79 16.82 19.78 15.28 13.68 12.31 11.15
Accounts receivable, net 8.31 7.89 8.61 9.15 6.87 6.47 6.56 8.37 5.83 5.40 6.85 7.99 6.48 5.94 7.93 7.49 5.30 5.49 7.65 4.98 5.63 4.91 6.16 6.77 4.39 4.41 4.84
Vendor non-trade receivables 5.82 7.14 8.62 9.00 6.14 5.72 7.61 8.93 5.86 5.41 8.78 9.28 6.08 7.01 9.19 7.19 4.98 4.31 8.90 6.58 4.47 4.67 5.57 6.76 3.83 3.27 5.06
Inventories 1.79 1.89 2.01 2.00 1.86 1.85 1.84 1.80 2.19 2.25 1.97 1.40 1.62 1.56 1.54 1.87 1.57 1.55 1.40 1.25 1.25 1.04 1.20 1.21 1.04 1.43 1.33
Other current assets 4.33 4.26 3.85 3.91 4.31 4.11 3.95 4.17 4.07 4.11 4.74 6.02 4.87 4.51 4.75 4.02 4.14 3.97 3.87 3.48 3.46 4.90 3.53 3.65 3.27 3.54 3.33
Current assets 36.95% 35.83% 38.72% 41.92% 37.83% 38.06% 40.65% 40.72% 36.61% 33.99% 37.14% 38.38% 33.39% 33.70% 40.18% 38.41% 34.69% 36.03% 43.53% 44.37% 44.14% 44.87% 47.92% 48.10% 41.89% 36.07% 37.68%
Non-current marketable securities 23.41 25.49 25.46 25.06 27.51 28.21 28.14 28.52 31.06 33.26 32.90 34.25 38.98 40.27 36.38 36.43 40.00 39.90 33.54 31.15 31.70 30.83 29.33 31.12 36.00 42.49 42.44
Property, plant and equipment, net 14.63 14.15 13.39 12.52 13.42 12.91 12.35 12.40 13.00 13.07 12.39 11.94 11.99 11.21 10.30 11.24 11.71 11.22 10.71 11.35 11.25 11.20 10.87 11.04 11.68 11.33 10.60
Other non-current assets 25.00 24.53 22.43 20.50 21.24 20.82 18.86 18.37 19.33 19.69 17.57 15.43 15.64 14.82 13.15 13.92 13.60 12.85 12.22 13.13 12.92 13.10 11.88 9.74 10.44 10.11 9.28
Non-current assets 63.05% 64.17% 61.28% 58.08% 62.17% 61.94% 59.35% 59.28% 63.39% 66.01% 62.86% 61.62% 66.61% 66.30% 59.82% 61.59% 65.31% 63.97% 56.47% 55.63% 55.86% 55.13% 52.08% 51.90% 58.11% 63.93% 62.32%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

Cash and Cash Equivalents
Cash and cash equivalents as a percentage of total assets show a fluctuating trend from about 12.0% at the end of 2018, then generally declining to a low around 5.9% by late 2022. Subsequent quarters show a modest recovery reaching approximately 11.0% by mid-2025.
Current Marketable Securities
Current marketable securities rose from 11.15% at the end of 2018 to a peak of nearly 20% at the end of 2019, then decreased significantly through 2021, trading mostly between 6% and 11% afterward, indicating a substantial reduction in short-term investment liquidity during that time frame.
Accounts Receivable, Net
Accounts receivable relative to total assets exhibits variability, fluctuating between roughly 4.4% and 9.2%. Notable increases can be seen particularly in late 2020 and mid-2024, suggesting seasonal or cyclical upticks in amounts due from customers.
Vendor Non-Trade Receivables
This item shows notable volatility, ranging from lows near 3.3% to highs above 9%. Peaks around late 2019, early 2022, and late 2024 suggest variable amounts owed by vendors outside normal trade activities.
Inventories
Inventories are relatively low and stable, generally between 1% and 2.3% of total assets, with small increases noted in early 2023 and end of 2024, indicating a modest buildup of stock in certain periods but overall limited inventory holdings.
Other Current Assets
Other current assets remain fairly steady in the range of about 3.3% to 6.0%, with a gradual upward trend, especially between 2021 and 2023, suggesting increasing diversification or growth in other short-term asset categories.
Current Assets
Total current assets show considerable volatility, starting near 38% of total assets at the end of 2018, peaking above 48% in late 2019, then declining to around 33-34% in several quarters, with intermittent recoveries reaching roughly 42% by late 2024. This indicates shifting liquidity positions and asset allocations between current and non-current classifications.
Non-Current Marketable Securities
Non-current marketable securities as a percent of total assets decline from above 42% in 2018 down to approximately 23-28% from 2023 onward. This points to a strategic reduction in longer-term marketable securities holdings.
Property, Plant, and Equipment, Net
Property, plant, and equipment net percentage remains relatively stable around 10-15%, with a slight upward trend towards the later periods, peaking near 14.6% around mid-2025. This indicates consistent investment in tangible fixed assets over the time scale.
Other Non-Current Assets
Other non-current assets exhibit a clear upward trajectory, increasing from roughly 9.3% in 2018 to about 25% by mid-2025. This steady growth suggests an expansion in other long-term assets, potentially including intangibles or deferred charges.
Non-Current Assets
Overall, non-current assets as a total percentage of assets fluctuate between 51.9% and 66.3%. The proportion decreases notably around 2019 but resumes an upward trend from 2021 onward, remaining a significant majority of total assets and reflecting a long-term asset-heavy structure.
Total Assets
Total assets consistently represent 100% as a baseline for all metrics.