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
Dec 27, 2025 Sep 27, 2025 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
Cash and cash equivalents 11.95 10.00 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
Current marketable securities 5.69 5.22 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
Accounts receivable, net 10.52 11.07 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
Vendor non-trade receivables 8.01 9.24 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
Inventories 1.55 1.59 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
Other current assets 3.96 4.06 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
Current assets 41.68% 41.19% 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%
Non-current marketable securities 20.53 21.64 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
Property, plant and equipment, net 13.22 13.87 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
Other non-current assets 24.56 23.31 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
Non-current assets 58.32% 58.81% 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%
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%

Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 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).

The composition of assets for the analyzed entity demonstrates several notable shifts over the observed period, spanning from December 2019 to June 2025. A significant portion of assets consistently resides in marketable securities, both current and non-current, alongside non-current assets, particularly other non-current assets. Current assets, while substantial, exhibit more fluctuation than non-current assets.

Cash and Cash Equivalents
The proportion of cash and cash equivalents to total assets generally decreased from 11.68% in December 2019 to a low of 5.92% in December 2022. A subsequent increase is observed, peaking at 11.95% in September 2025, indicating periods of increased liquidity and potentially strategic cash management. Fluctuations suggest active deployment and accumulation of cash reserves.
Marketable Securities
Current marketable securities experienced a decline from 19.78% in December 2019 to 5.76% in June 2025. Non-current marketable securities followed a similar pattern, decreasing from 29.33% to 20.53% over the same period. This suggests a potential shift in investment strategy, possibly towards longer-term assets or operational investments. The combined effect of both categories shows a substantial reduction in the overall proportion of assets held in marketable securities.
Accounts Receivable and Vendor Receivables
Accounts receivable, net, and vendor non-trade receivables both show considerable variability. Accounts receivable increased from 6.16% in December 2019 to a high of 9.15% in September 2024, before decreasing to 7.89% in June 2025. Vendor non-trade receivables exhibited a similar pattern, rising to 9.28% in September 2022 and then declining to 6.14% in June 2025. These fluctuations may correlate with sales cycles, credit policies, or changes in vendor relationships.
Inventories
The percentage of inventories relative to total assets remained relatively stable, fluctuating between 1.04% and 2.25% throughout the period. A slight upward trend is noticeable in the later quarters, peaking at 2.01% in September 2024, potentially indicating increased production or anticipated demand. However, the overall proportion remains small.
Property, Plant, and Equipment
Property, plant, and equipment, net, as a percentage of total assets, generally increased from 10.87% in December 2019 to 14.63% in June 2025. This suggests ongoing investment in fixed assets, potentially supporting long-term growth initiatives. The increase is relatively consistent, indicating a sustained commitment to capital expenditures.
Other Non-Current Assets
Other non-current assets represent a significant and growing portion of total assets, increasing from 11.88% in December 2019 to 24.56% in June 2025. This substantial increase warrants further investigation to understand the composition of these assets and their impact on the entity’s financial position. This category appears to be a key driver of asset growth.
Current vs. Non-Current Assets
The balance between current and non-current assets shifted over the period. Initially, current assets represented approximately 48% of total assets, while non-current assets accounted for 52%. By June 2025, current assets decreased to 37.83% and non-current assets increased to 62.17%. This indicates a strategic move towards a more asset-heavy, long-term focused balance sheet.