Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Apple Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 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 capital structure exhibits a long-term shift in the balance between liabilities and equity, characterized by a period of increasing leverage followed by a recent trend toward deleveraging. Total liabilities peaked at 85.64% in late 2022 before receding to 71.95% by mid-2026, indicating a strategic reduction in the company's overall reliance on borrowed capital relative to its total asset base.
- Liability Composition and Trends
- Current liabilities have demonstrated a general upward trajectory, rising from 29.99% in December 2019 to a peak of 48.33% in September 2024. This growth is primarily driven by fluctuations in accounts payable and other current liabilities, both of which exhibit cyclical peaks, particularly in the third quarter of each year. In contrast, non-current liabilities have decreased from peaks of 47.93% in early 2021 to 32.98% by June 2026. This contraction is most evident in the non-current portion of term debt, which declined from a high of 32.22% to 18.61% over the period.
- Equity and Capital Return Patterns
- Shareholders' equity experienced a significant contraction, dropping from 26.28% in December 2019 to a low of 14.36% in September 2022, before rebounding to 28.05% by June 2026. A critical driver of this volatility is observed in retained earnings, which shifted from 12.91% in late 2019 to a deficit of -5.31% by June 2023. This movement suggests an aggressive capital return strategy, likely through share repurchases and dividends, that exceeded accumulated earnings for several years. A subsequent recovery of retained earnings to 2.96% by June 2026 indicates a transition toward equity accumulation.
- Short-term Obligations and Operational Liabilities
- Commercial paper usage appears tactical and volatile, peaking at 3.52% in mid-2020 and 2.99% in early 2025, while frequently dropping below 1%, suggesting its use for opportunistic short-term liquidity management. Deferred revenue has remained relatively stable, fluctuating within a narrow range between 1.64% and 2.71%, reflecting a consistent proportion of total liabilities and equity derived from prepaid customer obligations.
- Capital Structure Stability
- Common stock and additional paid-in capital increased steadily from 13.50% in December 2019 to a peak of 27.09% in early 2025. This increase, combined with the volatility in retained earnings, underscores a dynamic management of the equity base. The overall trend toward the end of the period shows a strengthening of the equity position and a simultaneous reduction in long-term debt obligations.